References in this report (the “Quarterly Report”) to “we”, “us” or the “Company” refer to
Special Note Regarding Forward-Looking Statements
This quarterly report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act which are not historical facts. and involve risks and uncertainties. which could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q, including, without limitation, statements in this “Management’s Review and Analysis of the Financial Condition and Results of Operations “Regarding the financial condition, business strategy and plans and objectives of the Company’s management for future operations, are forward-looking statements. Words such as “expect”, “believe”, “anticipate”, “intend”, “estimate”, “seek” and variations and similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements relate to future events or future performance, but reflect the current beliefs of management, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results described in forward-looking statements. For information identifying material factors that could cause actual results to differ materially from those anticipated in forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering. savings deposited with the
We are a blank check company incorporated under the laws of
We expect to continue to incur significant costs in pursuing our acquisition plans. We cannot assure you that our plans to raise capital or complete our first business combination will be successful.
Results of Operations
We have not engaged in any activity or generated any income to date. Our only activities through
For the period of
Liquidity and capital resources
Simultaneously with the closing of the initial public offering, the Company concluded the sale of 1,045,000 units, at a price of
3,600,000 additional shares issued for a total amount of
Following the initial public offering and the sale of the private shares, a total of
We intend to use substantially all of the funds held in the trust account (excluding deferred sales charges and interest to pay taxes) to acquire one or more target businesses and to pay our expenses. relating to it. To the extent that our common shares are used in whole or in part to affect our business combination, the remaining proceeds held in the trust account as well as any other unspent net proceeds will be used as working capital to fund our operations. the target company or companies.
Until a business combination is completed, the Company will use funds held outside the trust account to pay existing accounts payable, identify and assess potential acquisition candidates, perform business due diligence on potential target companies, travel to and from offices, factories or similar locations of potential target companies, review corporate documents and material agreements of potential target companies, select the target company to acquire and structure, negotiate and finalize the business combination. If the Company’s estimates of the costs of identifying a target business, exercising in-depth due diligence and negotiating a Business Combination are lower than the actual amount required to do so, the Company may dispose of insufficient funds to operate a business prior to a Combination. In addition, the Company may need to obtain additional financing either to complete a Business Combination or because it is obligated to buy back a significant number of its public shares when completing a Business Combination. , in which case the Company may issue additional securities or contract debts in connection with this business combination. In order to finance the transaction costs associated with a business combination, our officers, directors, original shareholders and their affiliates may, but are not obligated to, lend funds to us as required. If the Company carries out a Business Combination, the Company will reimburse the amounts loaned. In the event that a business combination is not closed, the Company may use any funds available to it outside the trust account to repay the amounts so loaned.
If the Company is unable to raise additional capital, it may need to take additional measures to conserve liquidity, which could include, but is not necessarily limited to, the suspension of the continuation of a potential transaction. The Company cannot guarantee that new financing will be available to it on commercially acceptable terms, if at all.
Off-balance sheet provisions
We had no off-balance sheet arrangements at
We have no long-term debt, capital leases, operating leases or long-term liabilities.
16 Critical Accounting Policies
The preparation of condensed financial statements and related information in accordance with generally accepted accounting principles in
Recent Accounting Standards
Management of the Company does not believe that other accounting standards recently issued, but not yet in effect, if currently adopted, would have a material impact on the accompanying financial statements.
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