Tue, Aug 20, 8:34 PM (147 days ago)
For the quarter ending June 30, 2024, Investcorp India Acquisition Corp reported a net income of $1,681,247, down from $3,532,578 in the same period last year. Operating expenses totaled $319,152, with interest income from marketable securities at $1,419,899. The company's cash position decreased slightly to $272,826, with a working capital deficit of $2,307,772. The Trust Account holds $111,451,040, primarily in U.S. government securities, which may be used for a future business combination. The company extended the deadline for a business combination to May 12, 2025. Shareholders redeemed 8,314,006 Class A shares for approximately $94.8 million during this period, indicating liquidity concerns. The company faces uncertainties related to rising interest rates and geopolitical tensions, which could impact its operations and business combination prospects. Management emphasizes the importance of completing a business combination by the new deadline to avoid mandatory liquidation. Overall, the financial health reflects challenges in sustaining operations without a completed merger, alongside significant cash reserves in the Trust Account.