[SCHEDULE 13G/A] InFinT Acquisition Corporation SEC Filing

Rhea-AI Filing Summary

ScanTech AI Systems Inc. (STAI) – Q1 2025 10-Q highlights

• Reverse recapitalization: On 2 Jan 2025 STAI completed a SPAC merger with Mars Acquisition Corp., issuing 18.7 M shares and converting c.$104 M of debt, warrants and derivatives into equity. The transaction generated a $29.3 M P&L gain and a $54.5 M APIC gain; 25.6 M shares were outstanding at 31 Mar 2025 and 48.3 M at 15 Jul 2025.
• Income statement: First commercial revenue of $365 K (none in Q1 24). Gross profit c.$127 K; operating expenses rose to $5.8 M (vs. $2.0 M). Other income of $3.0 M (mainly debt-related gains) narrowed net loss to $2.69 M (Q1 24 loss $18.4 M). Diluted loss per share $0.12 on 23.2 M weighted shares.
• Balance sheet: Assets $5.3 M; liabilities $61.2 M; shareholders’ deficit $55.9 M. Cash improved to $0.77 M (22 K at 31 Dec 24) but working-capital deficit is $38.3 M. Earn-out liability recorded at $30 K.
• Cash flow: Ops used $3.68 M; financing provided $4.44 M (new Seaport loan, equity issuances); net cash ↑ $0.75 M.
• Going-concern: Management cites substantial doubt due to limited cash, heavy current liabilities and reliance on Seaport funding; certification, customer wins and additional capital are critical.

Key metrics vs. 31 Dec 24: Cash +£0.75 M; APIC £131.2 M (was nil); common shares 25.6 M (14.2 M). Short-term debt incl. related parties cut to £10.2 M (from £49.9 M) via conversions.

Insights

Financial Analyst

TL;DR Debt-to-equity swap trims leverage and narrows loss, but liquidity and going-concern risk remain acute.

Profitability: First revenue is symbolically positive, yet gross margin (35%) cannot cover opex; cash burn is still $3.7 M/qtr. Net loss contraction stems largely from non-cash debt gains rather than operations.
Capital structure: Converting $104 M of obligations into 6.7 M shares eliminates high-interest debt and derivative overhang, improving future earnings quality. However total liabilities still exceed assets 11.5× and shareholder deficit is $56 M.
Liquidity: $0.8 M cash covers <1 month of burn; company depends on Seaport loans and further equity raises. Working-capital gap of $38 M plus $17.8 M third-party interest payable underscore refinancing urgency.
Outlook: Certification milestones, commercial traction and capital access will dictate sustainability. Until then, risk profile is high.

Corporate Governance Expert

TL;DR Complex SPAC recap boosted float but left investors with substantial dilution and governance challenges.

The reverse recapitalization introduced numerous share issuances, earn-out provisions and related-party settlements. Founder, Seaport and other insiders now hold sizable positions, while public float expanded to 48 M shares as of July. Earn-out triggers tied to aggressive 2025–2028 revenue/EBITDA thresholds mitigate over-dilution yet may influence strategic choices. Going-concern language, dependence on a single distributor and one customer heighten oversight needs. Investors should track lock-up expirations, subsequent registration filings and board independence to gauge alignment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Currenc Group Inc.

(Name of Issuer)

Common shares

(Title of Class of Securities)

G47862100

(CUSIP Number)

06/27/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G47862100

1

Names of Reporting Persons

Wong Nga Man

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,501,309.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,501,309.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,501,309.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Currenc Group Inc.
(b)	Address of issuer's principal executive offices: 410 North Bridge Road, SPACES CITY HALL, SINGAPORE, SINGAPORE, 188726
Item 2.
(a)	Name of person filing: Nga Man Wong
(b)	Address or principal business office or, if none, residence: Flat 3, G/F, Bock G, Fontana Villa, Tuen Mun, Hong Kong
(c)	Citizenship: Hong Kong
(d)	Title of class of securities: Common shares
(e)	CUSIP No.: G47862100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,501,309 Common Shares
(b)	Percent of class: 5.92%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,501,309 Common Shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,501,309 Common Shares
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Wong Nga Man

Signature:	Eric Hwang
Name/Title:	with POA of Wong Nga Man
Date:	07/25/2025

Comments accompanying signature: POA already submitted with original EDGAR application

FAQ

What was ScanTech AI Systems' revenue in Q1 2025?

STAI reported $365,471 in revenue, its first recorded sales (none in Q1 2024).

How large is STAI's net loss for the quarter?

Net loss totaled $2.69 million ($0.12 per share), versus $18.44 million a year earlier.

How much debt was converted to equity during the SPAC merger?

Approximately $104 million of debt, warrants and derivatives were exchanged for 6.7 million shares.

What is STAI's cash position after the quarter?

Cash rose to $771,171 as of 31 Mar 2025, up from $22,317 at year-end.

Does the filing raise a going-concern warning?

Yes. Management states there is substantial doubt about the company’s ability to continue for 12 months without new funding.

How many common shares are outstanding?

There were 25.6 million shares at 31 Mar 2025 and 48.3 million at 15 Jul 2025.