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Investcorp Europe Acquisition Corp I (IVCB0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $33,435,070 for the three months ended September 30, 2024, primarily due to a $30,000,000 termination payment related to the Business Combination Agreement with Zacco Holdings.
The company recorded a gain of $2,112,000 from changes in the fair value of warrant liabilities and a gain of $1,800,000 from the forgiveness of legal fees.
Interest income on cash held in the Trust Account was $1,149,908, while operating costs amounted to $1,954,150.
Investcorp Europe Acquisition Corp I terminated its Business Combination Agreement with Zacco Holdings on September 24, 2024, and received a termination payment of $30 million.
On October 22, 2024, the company declared a distribution of the net termination payment, amounting to $0.60 per Class A Ordinary Share, to be paid on November 12, 2024.
As of September 30, 2024, the company had $10,633,602 in operating bank accounts and working capital of $11,358,972.
The company's liquidity needs have been met through a combination of sponsor loans and funds held outside the Trust Account.
Investcorp Europe Acquisition Corp I is considering whether to seek an alternative business combination or dissolve.
The filing notes a material weakness in internal controls over financial reporting, specifically related to the accuracy and completeness of accrued expenses and classification of certain financial items.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Investcorp Europe Acquisition Corp I quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.