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Investcorp AI Acquisition Corp has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $229,238 for the three months ended September 30, 2024, compared to a net income of $1,210,015 for the same period in 2023.
Operating costs for the three months ended September 30, 2024, were $614,608, offset by interest income from marketable securities held in the Trust Account of $965,870.
The company reported a loss of $580,500 due to the change in the fair value of warrants for the three months ended September 30, 2024.
For the nine months ended September 30, 2024, the company had a net income of $1,786,538, which includes operating costs of $1,127,875 and interest income of $3,785,163.
The company had $73,202 in cash and a working capital deficit of $3,122,377 as of September 30, 2024.
Investcorp AI Acquisition Corp completed its Initial Public Offering on May 12, 2022, raising gross proceeds of $225,000,000, with an additional $33,750,000 from the underwriter's over-allotment option.
The company has extended the date by which it must consummate a business combination to May 12, 2025, following an extraordinary general meeting held on August 12, 2024.
During the quarter, the company announced a business combination agreement with Bigtincan Holdings Limited, an Australian public company.
The company continues to focus on completing its initial business combination and managing its financial position, with an emphasis on maintaining liquidity and addressing going concern considerations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Investcorp AI Acquisition Corp. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.