Inception Growth Acquisition Ltd Files Q1 2024 10-Q

TL;DR

SPAC Inception Growth Acquisition Ltd filed its Q1 10-Q. No major business updates yet.

AI Summary

Inception Growth Acquisition Ltd filed its quarterly report for the period ended March 31, 2024. The company, incorporated in Delaware with IRS number 86-2648456, is a blank check company. Its principal executive offices are located at 875 Washington Street, New York, NY 10014.

Why It Matters

This filing provides an update on the financial status and operations of Inception Growth Acquisition Ltd, a special purpose acquisition company (SPAC), which is crucial for investors tracking its progress towards a potential business combination.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a SPAC with no immediate significant financial events or disclosures mentioned in the provided text.

Key Numbers

• 001-41134 — Commission File Number (Identifies the company's filing with the SEC.)
• 86-2648456 — IRS Number (Company's tax identification number.)

Key Players & Entities

• Inception Growth Acquisition Ltd (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 001-41134 (other) — Commission File Number
• 86-2648456 (other) — IRS Employer Identification No.
• 875 Washington Street, New York, NY 10014 (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.0001 — onsisting of one share of common stock, $0.0001 par value, one-half (1/2) of one redeem
• $11.50 — of common stock at an exercise price of $11.50 IGTAW The Nasdaq Stock Market LLC Righ

Filing Documents

• ea0206165-10q_inception.htm (10-Q) — 471KB
• ea020616501ex31-1_inception.htm (EX-31.1) — 12KB
• ea020616501ex31-2_inception.htm (EX-31.2) — 11KB
• ea020616501ex32-1_inception.htm (EX-32.1) — 7KB
• ea020616501ex32-2_inception.htm (EX-32.2) — 6KB
• 0001213900-24-045197.txt ( ) — 3596KB
• igta-20240331.xsd (EX-101.SCH) — 42KB
• igta-20240331_cal.xml (EX-101.CAL) — 18KB
• igta-20240331_def.xml (EX-101.DEF) — 185KB
• igta-20240331_lab.xml (EX-101.LAB) — 305KB
• igta-20240331_pre.xml (EX-101.PRE) — 179KB
• ea0206165-10q_inception_htm.xml (XML) — 344KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1. Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the three months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4. Control and Procedures 28

– OTHER INFORMATION

PART II – OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 32 i PART I – FINANCIAL INFORMATION INCEPTION GROWTH ACQUISITION LIMITED CONDENSED CONOSLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 44,240 $ 60,440 Total current assets 44,240 60,440 Cash and investments held in trust account 32,775,852 32,055,202 TOTAL ASSETS $ 32,820,092 $ 32,115,642 LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities: Accrued liabilities $ 1,285,824 $ 1,278,332 Income tax payable 300,473 391,545 Note payable – related party 720,000 90,000 Amount due to a related party 316,008 286,007 Total current liabilities 2,622,305 2,045,884 Deferred underwriting compensation 2,250,000 2,250,000 TOTAL LIABILITIES 4,872,305 4,295,884 Commitments and contingencies (note 8) - - Temporary equity: Common stock, subject to possible redemption: 2,950,891 shares (at redemption value of $ 11.10 and $ 10.86 per share, respectively) 32,775,852 32,055,202 Shareholders' deficit: Common stock, $ 0.0001 par value; 26,000,000 shares authorized; 2,637,500 shares issued and outstanding (excluding 2,950,891 shares, subject to possible redemption) 264 264 Accumulated deficit ( 4,828,329 ) ( 4,235,708 ) Total shareholders' deficit ( 4,828,065 ) ( 4,235,444 ) TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT $ 32,820,092 $ 32,115,642 See accompanying notes to unaudited condensed consolidated financial statements. 1 INCEPTION GROWTH ACQUISITION LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three months ended March 31, 2024 Three months ended March 31, 2023 (restated) Formation, general and administrative expense $ ( 254,518 ) $ ( 410,115 ) Non-redemption agreement expense - ( 452,026 ) Loss from operations ( 254,518 ) ( 862,141 ) Other income: Dividend income 420,650 1,125,264 Total other income 420,650 1,125,264 Income before inco

Business

Business Combination The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80 % of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with an Initial Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $ 5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the

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