Thu, Jul 18, 8:07 PM (51 days ago)
Inception Growth Acquisition Limited (the "Company") filed an amendment (10-Q/A) to its quarterly report for the period ending September 30, 2023, to correct errors in its previously issued financial statements. The restatement primarily addresses an overstatement of deferred underwriting compensation by $337,500 and reclassification of non-redemption agreement expense to profit & loss. These adjustments did not impact the Company's cash position, revenues, or liquidity. For Q3 2023, the Company reported a net income of $62,302, driven by dividend and interest income offsetting general and administrative expenses. For the nine months ended September 30, 2023, net income was $317,367, compared to a net loss of $39,607 for the same period in 2022. Significant uncertainties remain regarding the Company’s ability to complete a business combination by December 13, 2023. If unsuccessful, the Company may face liquidation, raising concerns about its ability to continue as a going concern. The Company has been extending the deadline for completing a business combination by depositing funds into its trust account, with the latest extension pushing the deadline to December 13, 2023.