AlTi (ALTI) - 2021 Q3 - Quarterly Report

Financial Performance - The company reported a net loss of approximately $1.5 million for the nine months ended September 30, 2021, which included a loss from operations of $0.5 million and a gain from the change in fair value of warrant liabilities of $2.9 million[104]. - For the three months ended September 30, 2021, the company had a net loss of approximately $5.9 million, which included a loss from operations of $0.24 million[104]. - The company has incurred significant costs in pursuit of its acquisition plans and cannot assure the success of its initial Business Combination[94]. Initial Public Offering - The company completed its Initial Public Offering on February 26, 2021, raising gross proceeds of $345 million from the sale of 34.5 million units at $10.00 per unit[105]. - Following the Initial Public Offering, $345 million was placed in the Trust Account, with $19,540,060 incurred in transaction costs[106]. - All 34,500,000 Class A ordinary shares sold in the IPO have a redemption feature, classified as temporary equity[117]. Trust Account and Funds - As of September 30, 2021, the company had marketable securities held in the Trust Account amounting to $345,024,019, consisting of securities in a money market fund[107]. - The company plans to use substantially all funds held in the Trust Account to complete its Business Combination and pay related expenses, including $12,075,000 for deferred underwriting commissions[107]. - As of September 30, 2021, the company had approximately $0.7 million in cash available for working capital needs, with all remaining cash held in the Trust Account[106]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence[108]. - The company does not anticipate needing to raise additional funds for operating expenditures, but may require financing for a Business Combination if costs exceed estimates[110]. Debt and Obligations - The company has no long-term debt obligations, only a monthly fee of $10,000 to the Sponsor for administrative support[112]. - A deferred underwriting commission of $12,075,000 is contingent upon the completion of the initial Business Combination[113]. - There are no off-balance sheet arrangements as of September 30, 2021[111]. Shareholder Equity and Accounting - Changes in redemption value of ordinary shares are recognized immediately, affecting additional paid-in capital and accumulated deficit[118]. - The company has not considered the effect of 20,400,000 ordinary shares underlying warrants in the diluted loss per share calculation[119]. - Basic and diluted net income per ordinary share is calculated using the two-class method, allocated proportionally between Class A and Class B shares[120]. - Management does not foresee any material impact from recently issued accounting standards on financial statements[121]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[122].