Thu, Jul 18, 8:01 PM (51 days ago)
Inception Growth Acquisition Limited filed an amendment (10-Q/A) to its quarterly report for the period ending March 31, 2022, to correct an overstatement of $337,500 in deferred underwriting compensation. This restatement does not impact the company's cash position, revenues, earnings per share, or liquidity. The revised deferred underwriting compensation is now $2,250,000, and the accumulated deficit has been adjusted accordingly. The company's net loss for the quarter was $217,899, primarily due to general and administrative expenses. As of March 31, 2022, the company had cash and equivalents of $796,731 and investments in the trust account totaling $104,545,878. The company remains focused on identifying and evaluating potential business combination targets, with sufficient cash to meet its needs for the next twelve months. The amendment includes updated certifications from the CEO and CFO and revised financial statements in XBRL format.