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Aeries Technology(AERT) - 2022 Q2 - Quarterly Report
AERTAeries Technology(AERT)2022-08-23 00:46

Financial Performance - The company generated net income of 6,174,392forthethreemonthsendedJune30,2022,primarilyfromanunrealizedgainonmarketablesecuritiesandagainfromthechangeinfairvalueofderivativewarrantliabilities[97].−ForthesixmonthsendedJune30,2022,thecompanyreportednetincomeof6,174,392 for the three months ended June 30, 2022, primarily from an unrealized gain on marketable securities and a gain from the change in fair value of derivative warrant liabilities [97]. - For the six months ended June 30, 2022, the company reported net income of 9,974,146, with general and administrative expenses totaling 657,321[97].−Thecompanyincurredcashusedinoperatingactivitiesof657,321 [97]. - The company incurred cash used in operating activities of 364,764 for the six months ended June 30, 2022 [100]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on October 22, 2021, raising gross proceeds of 200,000,000fromthesaleof20,000,000sharesat200,000,000 from the sale of 20,000,000 shares at 10.00 per unit [99]. - Following the IPO, a total of 232,300,000wasplacedintheTrustAccount,afterincurringtransactioncostsof232,300,000 was placed in the Trust Account, after incurring transaction costs of 21,834,402 [100]. Trust Account and Cash Position - As of June 30, 2022, the company had cash and marketable securities held in the Trust Account amounting to 232,485,071[102].−Thecompanyhasaworkingcapitalof232,485,071 [102]. - The company has a working capital of 42,099 as of June 30, 2022, raising concerns about its ability to continue as a going concern [106]. Business Combination and Financing - The company has until April 22, 2023, to consummate a Business Combination, or it will face mandatory liquidation [107]. - The company may need to obtain additional financing to complete its Business Combination or due to potential redemptions of public shares [105]. Private Placement and Warrants - The company raised 8,900,000throughthepurchaseof8,900,000privateplacementwarrantsat8,900,000 through the purchase of 8,900,000 private placement warrants at 1.00 per warrant, allowing the purchase of Class A ordinary shares at $11.50 each [114]. Regulatory and Reporting Considerations - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [117]. - 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 [118]. Risk Factors - As of June 30, 2022, the company was not subject to market or interest rate risk, with IPO proceeds invested in U.S. government obligations and money market funds [119]. - As of June 30, 2022, the company had no off-balance sheet arrangements or contractual obligations, and no operations conducted to date [116].