stellation Acquisition I(CSTA) - 2023 Q2 - Quarterly Report

Financial Performance - The Company had a net income of approximately $0.8 million for the three months ended June 30, 2023, driven by$0.5 million in interest income and a $0.6 million gain from the change in fair value of warrant liabilities[138]. - For the six months ended June 30, 2023, the Company experienced a net loss of approximately$0.2 million, which included $1.9 million in interest income offset by$1.6 million in operational losses[139]. - The Company has not engaged in any operations or generated revenues to date, relying solely on non-operating income from interest and dividends[137]. Capital Structure - The Company raised gross proceeds of $310.0 million from its Initial Public Offering, with offering costs amounting to$17.6 million[125]. - The Company incurred an underwriting discount of approximately $6.2 million and agreed to pay deferred underwriting fees of about$10.85 million upon completion of an Initial Business Combination[144]. Working Capital and Liquidity - As of June 30, 2023, the Company reported a working capital deficit of $1,823,418 and only$3,236 in its operating bank account[132]. - The Company liquidated U.S. government treasury obligations held in the Trust Account on January 27, 2023, with the remaining balance in the Trust Account being $46,138,503 after redemptions[136]. - As of June 30, 2023, the Company had no long-term debt obligations or off-balance sheet arrangements[142][146]. Business Combination Timeline - The Company has until August 29, 2023, to complete a Business Combination, or it will be required to liquidate[133]. Trust Account Interest - Interest on the Trust Account's deposit is currently approximately 2.5% - 3.0% per annum, subject to variability[150].