Filing summary
Entity and period: The supplied filing is INFINT Acquisition Corporation’s unaudited Form 10-Q for the quarter ended June 30, 2023, filed August 14, 2023. It is not identified in the filing as Currenc Group Inc.; investors should verify the filing and issuer before relying on this summary. INFINT was a blank-check company seeking a business combination, not an operating business.
Financial results and position
| Metric | Three months ended June 30 | Six months ended June 30 |
|---|---|---|
| Revenue | No operating revenue | No operating revenue |
| Operating costs | $496,846 (2023); $1,257,618 (2022) | $1,129,766 (2023); $1,740,627 (2022) |
| Trust-account interest income | $1,218,775 (2023); $274,119 (2022) | $2,849,933 (2023); $294,561 (2022) |
| Net income (loss) | $721,929 (2023); $(983,499) (2022) | $1,720,167 (2023); $(1,446,066) (2022) |
- At June 30, 2023, total assets were $103.9 million, including $103.9 million in the trust account and $11,816 of operating cash. Current liabilities were $3.63 million; total liabilities were $9.63 million, including a $6.0 million deferred underwriting fee payable upon a business combination. Shareholders’ deficit was $9.62 million.
- Working capital deficit was approximately $3.62 million. A $75,000 non-interest-bearing related-party working-capital loan was outstanding. The filing reports no long-term debt or off-balance-sheet financing arrangements.
- For the first half, operating cash use was $334,651. Trust withdrawals and share redemptions were each $109.31 million; Seamless extension contributions totaled $1.45 million through June 30.
- Profitability reflected trust interest, not business operations. There is no meaningful operating margin disclosed.
Changes versus prior comparable period
- First-half net income improved from a $1.45 million loss in 2022 to $1.72 million income in 2023, primarily as trust interest rose to $2.85 million from $295,000; operating costs also declined.
- In February 2023, holders redeemed 10,415,452 public shares for approximately $109.31 million, reducing trust assets from $208.9 million at December 31, 2022 to $103.9 million at June 30, 2023. The number of redeemable Class A shares fell from 19,999,880 to 9,584,428.
Business combination, outlook, and risks
- INFINT had a proposed business combination with Seamless Group Inc. under an agreement signed in August 2022. The filing describes $400 million of aggregate consideration in INFINT shares, subject to the agreement and closing conditions.
- The then-current deadline to complete a business combination was August 23, 2023. A shareholder meeting was scheduled for August 18 to consider extending the deadline to February 23, 2024. The filing does not establish the outcome of that vote.
- Seamless was required to make monthly trust contributions; the filing reports $1.45 million deposited through June 30 and a further $290,000 in July. It reports $1.74 million deposited by August 13.
- Management cited substantial doubt about INFINT’s ability to continue as a going concern, given minimal operating cash, a working-capital deficit, and the risk of liquidation if a business combination was not completed. Public warrants could expire worthless if no transaction closed.
- Disclosure controls were deemed ineffective due to a material weakness related to accounting for complex financial instruments. The filing also describes a material weakness concerning cash-flow classification of redemption activity. Management outlined remediation steps but gave no assurance they would succeed.
- No legal proceedings were reported. The filing says there were no material changes to previously disclosed risks apart from the control weaknesses noted above.
Important facts to verify
- Confirm that INFINT Acquisition Corporation—not Currenc Group Inc.—is the issuer whose filing was intended.
- Verify the outcome of the August 18 extension vote and the status and closing conditions of the Seamless transaction.
- Reconcile the filing’s cash disclosures: the June 30 balance sheet shows $11,816 of cash, while one going-concern note refers to $141,549; the filing text does not provide a clear explanation for this discrepancy.
- Review the related-party loan balance, monthly sponsor/Seamless funding commitments, deferred underwriting fee, and funds available after redemptions and transaction costs.
- Assess the material weaknesses, subsequent remediation, and reliability of the reported financial statements and cash-flow classifications.