Technology & Telecommunication Acquisition Corporation, a blank check company focused on vision sensing technologies, has released its Form 10-Q report for the quarter ended August 31, 2023. The report provides insights into the company's financial performance and operational activities as it continues to seek a suitable business combination.
Financial Highlights
- Net Income: $116,225 for the three months ended August 31, 2023, and $798,474 for the nine months ended August 31, 2023, reflecting an increase in interest income from marketable securities held in the trust account.
- Net Income Per Share: $0.02 for the three months ended August 31, 2023, and $0.10 for the nine months ended August 31, 2023, indicating improved earnings per share compared to the previous year.
- Interest Earned on Marketable Securities Held in Trust Account: $423,773 for the three months ended August 31, 2023, and $1,590,292 for the nine months ended August 31, 2023, contributing significantly to the net income.
Business Highlights
- Company Overview: Technology & Telecommunication Acquisition Corporation is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more target businesses. The company focuses on companies with operations in vision sensing technologies.
- Operational Activities: As of August 31, 2023, the company had not commenced any operations. All activities from inception through this date relate to the company’s formation and initial public offering. The company will not generate any operating revenues until after the completion of its initial business combination.
- Initial Public Offering: The company completed its Initial Public Offering on January 20, 2022, raising gross proceeds of $115,000,000 through the sale of 11,500,000 units. Each unit consists of one ordinary share and one redeemable warrant.
- Private Placement: Simultaneously with the Initial Public Offering, the company completed a private placement of 532,500 units to its sponsor, generating gross proceeds of $5,325,000.
- Trust Account: The proceeds from the Initial Public Offering and Private Placement were placed in a trust account. As of August 31, 2023, the trust account held $32,914,283 in investments.
- Future Outlook: The company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial business combination. The company is within 12 months of its mandatory liquidation as of the time of filing this report.
SEC Filing: