Investcorp AI Acquisition Corp. Files Q3 2024 10-Q

TL;DR

Investcorp AI Acquisition Corp. 10-Q filed. Warrant liabilities updated. Financials for Q3 2024 out.

AI Summary

Investcorp AI Acquisition Corp. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Investcorp India Acquisition Corp. and Investcorp Acquisition Corp., reported changes in valuation inputs affecting warrant liabilities. Financial data for various periods in 2023 and 2024 are included in the filing.

Why It Matters

This filing provides an update on the financial status and operational details of Investcorp AI Acquisition Corp., which is crucial for investors to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Latest quarterly financial data)
• 20241119 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• Investcorp AI Acquisition Corp. (company) — Filer of the 10-Q
• Investcorp India Acquisition Corp. (company) — Former name of the filer
• Investcorp Acquisition Corp. (company) — Former name of the filer
• September 30, 2024 (date) — End of reporting period
• 20241119 (date) — Filing date

FAQ

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
• $0 — ,380 Class A ordinary shares, par value $0.0001, and 6,468,750 of the registrant's

Filing Documents

• d849893d10q.htm (10-Q) — 686KB
• d849893dex311.htm (EX-31.1) — 7KB
• d849893dex312.htm (EX-31.2) — 7KB
• d849893dex321.htm (EX-32.1) — 3KB
• d849893dex322.htm (EX-32.2) — 3KB
• 0001193125-24-261734.txt ( ) — 4026KB
• ncna-20240930.xsd (EX-101.SCH) — 40KB
• ncna-20240930_cal.xml (EX-101.CAL) — 19KB
• ncna-20240930_def.xml (EX-101.DEF) — 227KB
• ncna-20240930_lab.xml (EX-101.LAB) — 274KB
• ncna-20240930_pre.xml (EX-101.PRE) — 266KB
• d849893d10q_htm.xml (XML) — 562KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations for the three and nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) 4 Condensed Statements of Changes in Shareholders' Deficit for the three and nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) 5 Condensed Statements of Cash Flows for the nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) 6 Notes to Condensed Financial Statements (Unaudited) 7 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 29 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 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 from Registered Securities 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM1. FINANCIAL STATEMENTS. INVESTCORP AI ACQUISITION CORP. CONDENSED BALANCE SHEETS September 30, 2024 (Unaudited) December 31, 2023 ASSETS Current Assets Cash $ 73,202 $ 276,777 Other assets – current 7,001 192,366 Total current assets 80,203 469,143 Cash and securities held in Trust Account 17,169,326 108,031,746 Total Assets $ 17,249,529 $ 108,500,889 LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT Current Liabilities Accrued expenses $ 979,548 $ 631,810 Working Capital Loan - Sponsor 780,000 300,000 Convertible Promissory Note - Sponsor 1,300,000 500,000 Due to Sponsor 143,032 231,834 Total current liabilities 3,202,580 1,663,644 Warrant liability 1,741,501 870,751 Total Liabilities 4,944,081 2,534,395 Commitments and Contingencies (Note 6) Class A common stock: 1,475,380 and 9,789,446 shares subject to possible redemption at September 30, 2024 and December 31, 2023, respectively 17,169,326 108,031,746 Shareholders' Deficit Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; no ne outstanding — — Class A ordinary shares, $ 0.0001 par value; 479,000,000 shares authorized; no ne issued or outstanding — — Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding 647 647 Additional paid in capital — — Accumulated deficit ( 4,864,525 ) ( 2,065,899 ) Total Shareholders' Deficit ( 4,863,878 ) ( 2,065,252 ) Total Liabilities and Shareholders' Deficit $ 17,249,529 $ 108,500,889 The accompanying notes are an integral part of the unaudited condensed financial statements 3 Table of Contents INVESTCORP AI ACQUISITION CORP. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Formation costs and operating expenses $ 614,608

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