Company: COOT
Filing Date: 2025-05-09
Form Type: S-1/A
Source: 0001641172-25-009369
Chunk: 145

Company: Australian Oilseeds Holdings Ltd
Filing Date: 2025-05-09
Form: S-1/A
Chunk 145
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900 |     |     |          - |   |
|                                                  |     |           | 3,733,068 |     |     |  3,024,210 |   |
| Cash from reverse recapitalization               |     |           |           |     |     |  3,024,210 |   |
| SPAC reverse recapitalization professional fees  |     |           |           |     |     | (1,315,013 | ) |
| Net proceeds from reverse recapitalization       |     |           |           |     |     |  1,709,197 |   |

| F-8 |

Pursuant to the Business Combination Agreement, the SPAC does not meet the definition of a business under the guidance of IFRS 3, hence the Transaction was accounted for as a recapitalization in accordance with IFRS 2. Under this method of accounting, EDOC is treated as the acquired company and Australian Oilseeds Investments Pty Ltd. is treated as the acquirer for financial statement reporting purposes. Australian Oilseeds Investments Pty Ltd. has been determined to be the accounting acquirer based on evaluation of the facts and circumstances of the business combination.

Entities involved in SPAC mergers need to determine which entity is the predecessor whose financial statements will become the historical financial statements of the combined company. The determination of which entity is the predecessor and successor in the merger transaction is separate from the determination of which entity is the accounting acquirer. Regulation C, Rule 405 defines a predecessor as “a person the major portion of the business and assets of which another person acquired in a single succession, or in a series of related successions in each of which the acquiring person acquired the major portion of the business and assets of the acquired person”. SPACs are blank-check companies whose sole purpose is to acquire a target or targets with the capital raised from their IPO. Given that EDOC did not have any significant activities, EDOC’s own operations before the succession are insignificant relative to the operations of AOI. For example, EDOC’s financial statements do not report any significant revenues other than investment income on assets held in trust. Additionally, AOI’s total assets of approximately AUD$ 32million at closing, March 21, 2024, were significantly greater than EDOC’s total assets of approximately AUD$ 0.01million, excluding the Trust account. Lastly, AOI management’s team has continued as the management of the combined entities. As such,