Investcorp India Acquisition Corp. Files 2023 10-K

TL;DR

<b>Investcorp India Acquisition Corp. has filed its 2023 10-K, detailing financial performance and operational adjustments, including share surrenders and over-allotment option exercises.</b>

AI Summary

Investcorp India Acquisition Corp (IVCAF) filed a Annual Report (10-K) with the SEC on April 17, 2024. The company filed its 10-K for the fiscal year ending December 31, 2023. The filing details financial information and business operations for the period. Share amounts were retroactively restated due to the surrender of 718,750 Class B ordinary shares on March 22, 2022. An aggregate of up to 843,750 shares were subject to forfeiture if the over-allotment option was not exercised. The underwriter exercised the full over-allotment option on May 12, 2022.

Why It Matters

For investors and stakeholders tracking Investcorp India Acquisition Corp, this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health and strategic decisions throughout 2023. Understanding the share adjustments and warrant exercises is crucial for assessing the company's capital structure and potential dilution.

Risk Assessment

Risk Level: low — Investcorp India Acquisition Corp shows low risk based on this filing. The company is a blank check company with no ongoing operations, and its primary risk is the inability to complete an initial business combination, which is typical for SPACs.

Analyst Insight

Monitor future filings for updates on business combination progress and financial performance post-acquisition.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-17 — Filing Date (Date of 10-K submission)
• 718,750 — Class B Shares Surrendered (Retroactive adjustment detail)
• 843,750 — Shares Subject to Forfeiture (Over-allotment option detail)

Key Players & Entities

• Investcorp India Acquisition Corp. (company) — Filer name
• Investcorp Acquisition Corp. (company) — Former company name
• 718,750 (dollar_amount) — Shares of Class B ordinary shares surrendered
• 843,750 (dollar_amount) — Shares subject to forfeiture

FAQ

Risk Factors

• Inability to Complete an Initial Business Combination [high — financial]: The company is a blank check company and has no operating history or revenues. Its ability to complete an initial business combination is subject to significant risks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-17: 10-K Filing Date — Date the annual report was officially submitted to the SEC.
• 2022-03-22: Class B Share Surrender — Date of retroactive share adjustment.
• 2022-05-12: Over-allotment Option Exercise — Date the underwriter exercised the full over-allotment option.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Investcorp India Acquisition Corp.)

Blank Check Company

A shell corporation that is set up to acquire or merge with an existing company. (This classification is key to understanding Investcorp India Acquisition Corp.'s business model and risks.)

Over-allotment Option

An option that allows an underwriter to sell more shares than initially planned in an offering, typically to cover excess demand. (The exercise of this option impacts the total number of shares outstanding and potential dilution.)

Key Financial Figures

• $0.0001 — LC Class A ordinary shares, par value $0.0001 per share IVCA The Nasdaq Stock Mar
• $11.50 — ary share, each at an exercise price of $11.50 per share IVCAW The Nasdaq Stock Ma
• $10.70 — Market LLC closing price on that day of $10.70 per share. As of April 1 6 , 2024 ,
• $0 — ,446 Class A ordinary shares, par value $0.0001, and 6,468,750 of the registrant's
• $25,000 — ares for an aggregate purchase price of $25,000 or approximately $0.0035 per share. In
• $0.0035 — chase price of $25,000 or approximately $0.0035 per share. In March 2022, our Sponsor s
• $0.0039 — hase price of $25,000, or approximately $0.0039 per share. As of December 31, 2023 an
• $10.00 — he Units sold, the "Public Shares"), at $10.00 per Unit, generating gross proceeds of
• $225,000,000 — per Unit, generating gross proceeds of $225,000,000. Each Unit consists of one Class A ordi
• $33,750,000 — Units issued for an aggregate amount of $33,750,000. Simultaneously with the closing of t
• $1.00 — vate Placement Warrants") at a price of $1.00 per Private Placement Warrant in a priv
• $14,400,000 — Sponsor"), generating gross proceeds of $14,400,000. In connection with the underwriter's e
• $1,687,500 — nt Warrant generating total proceeds of $1,687,500. On August 11, 2023, the Company held
• $5,000,001 — s net tangible assets to be less than US$5,000,001 (the "Redemption Limitation Amendment P
• $100,000 — count the lessor or (x) an aggregate of $100,000 or (y) $0.025 per share for each Class

Filing Documents

• d82380d10k.htm (10-K) — 1241KB
• d82380dex311.htm (EX-31.1) — 6KB
• d82380dex312.htm (EX-31.2) — 6KB
• d82380dex321.htm (EX-32.1) — 2KB
• d82380dex322.htm (EX-32.2) — 2KB
• d82380dex971.htm (EX-97.1) — 16KB
• 0001193125-24-098000.txt (&nbsp;) — 4819KB
• ivca-20231231.xsd (EX-101.SCH) — 41KB
• ivca-20231231_cal.xml (EX-101.CAL) — 23KB
• ivca-20231231_def.xml (EX-101.DEF) — 249KB
• ivca-20231231_lab.xml (EX-101.LAB) — 289KB
• ivca-20231231_pre.xml (EX-101.PRE) — 292KB
• d82380d10k_htm.xml (XML) — 512KB

Business

Business 1 Item1A.

Risk Factors

Risk Factors 9 Item1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 53 Item 2.

Properties

Properties 53 Item 3.

Legal Proceedings

Legal Proceedings 53 Item 4. Mine Safety Disclosures 53 PART II 54 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54 Item 6. [Reserved] 55 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 60 PART III 61 Item 10. Directors, Executive Officers and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 Item 13. Certain Relationships and Related Transactions, and Director Independence 65 Item 14. Principal Accounting Fees and Services 68 PART IV 68 Item 15. Exhibit, Financial Statement, and Schedules 68 Item 16. Form 10-K Summary 89 ii PART I ITEM1. BUSINESS In this Annual Report on Form 10-K (the "Form 10-K"), references to the "Company" and to "we," "us," and "our" refer to Investcorp India Acquisition Corp. General Investcorp India Acquisition Corp is a blank check company incorporated in the Cayman Islands on February 19, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the "Business Combination"). We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search for a target located in India in industries that we believe have high-potential for growth and generating strong returns for our shareholders. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. On January 11, 2022, the Company changed its name from Investcorp Acquisition Corp. to Investcorp India Acquisition Corp. In March 2021, our Sponsor subscribed for an aggregate of 7,187,500 founder shares for an aggregate purchase price of $25,000 or approximately $0.0035 per share. In March 2022, our Sponsor surrendered, for no consideration, 718,750 founder shares, resulting in our Sponsor holding 6,468,750 founder shares for an agg

View Full Filing

View this 10-K filing on SEC EDGAR