Alset Capital Acquisition (ACAX) - 2022 Q3 - Quarterly Report

Financial Performance - As of August 31, 2022, the company reported a net income of $122,132 for the three months and$14,650 for the nine months, primarily from interest income[102]. - The company has not commenced any operations and has not generated any revenues to date, with future income expected only after completing a Business Combination[101]. Initial Public Offering - The company raised approximately $87.1 million from its Initial Public Offering, with$1.9 million in its operating bank account post-IPO[94]. - The company incurred a cash underwriting discount of $1,725,000 and a deferred fee of$3,018,750, contingent upon completing a Business Combination[107]. Working Capital and Financial Position - The company has a working capital of approximately $1.65 million as of August 31, 2022, which is expected to cover operational needs until the completion of a Business Combination[99]. - The company has no long-term debt obligations or off-balance sheet arrangements as of August 31, 2022[103][111]. Business Combination Plans - The company has a 12-month period to complete its initial Business Combination, extendable up to 21 months under certain conditions[95]. - The company plans to utilize funds for evaluating prospective Business Combination candidates and related expenses[99]. Administrative Agreements - The company has entered into an agreement to pay the Sponsor$10,000 per month for administrative services[104]. Regulatory Classification - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[113].