Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of 1,597,474[120]. - For the nine months ended September 30, 2023, the company had a net loss of 5,344,586, offset by an unrealized gain on marketable securities of 9,337,388, raising substantial doubt about its ability to continue as a going concern[133]. Initial Public Offering - The company generated gross proceeds of 10.00 per Unit[125]. - The company incurred 4,600,000 in underwriting fees[126]. - Following the Initial Public Offering, the net proceeds have been invested in U.S. government obligations with a maturity of 185 days or less, minimizing interest rate risk[145]. Business Combination - As of September 30, 2023, the company had cash and marketable securities held in the Trust Account totaling $49,992,699, which will be used for a Business Combination[129]. - The company has until April 22, 2024, to consummate a Business Combination, or it will face mandatory liquidation[134]. - The company may need to obtain additional financing to complete its Business Combination or to redeem a significant number of public shares[131]. Operational Status - The company has not engaged in any operations or generated revenues to date, relying on interest income from cash and cash equivalents[119]. - The company expects to incur increased expenses as a result of being a public company, particularly for legal and financial reporting compliance[118]. Regulatory and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[142]. - 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[143]. - As of September 30, 2023, the company had no off-balance sheet arrangements or contractual obligations[141].
Aeries Technology(AERT) - 2023 Q3 - Quarterly Report