Financial Performance - For the three months ended June 30, 2023, the company reported a net income of 1,475,740, and gains from the change in fair value of derivative warrant liabilities of 500,925, consisting of general and administrative expenses of 4,080,757 [120]. Initial Public Offering (IPO) - The company raised gross proceeds of 10.00 per unit [123]. - The company incurred 4,600,000 in underwriting fees [124]. Cash and Working Capital - As of June 30, 2023, the company had cash and marketable securities held in the Trust Account amounting to 7,739,914 as of June 30, 2023 [130]. Business Combination - The company has until October 22, 2023, to consummate a Business Combination, or it will face mandatory liquidation [131]. - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination and for working capital of the target business [127]. - The company may need to obtain additional financing to complete its Business Combination or to redeem a significant number of public shares [129]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial Business Combination [116]. Regulatory and Reporting - As of June 30, 2023, the company had no off-balance sheet arrangements or contractual obligations [139]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [141]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [142]. - Following the IPO, net proceeds have been invested in U.S. government obligations with a maturity of 185 days or less, minimizing interest rate risk exposure [143].
Aeries Technology(AERT) - 2023 Q2 - Quarterly Report