Financial Performance - For the three months ended March 31, 2021, the Company reported a net loss of approximately $2.0 million, which included $0.4 million in formation and operating costs and $0.7 million in unrealized losses on warrants[117]. - The Company has not engaged in any operations or generated any revenues to date, with activities focused on organizational tasks and identifying a target for the initial Business Combination[116]. Capital Structure - The Company completed its IPO on March 9, 2021, raising total gross proceeds of $276 million from the sale of 27,600,000 units[112]. - The Company has placed $276 million in a U.S.-based trust account, which includes $268.48 million from the IPO and $7.52 million from the private sale of warrants[114]. - As of March 31, 2021, the Company had approximately $1.0 million in its operating bank account and working capital of approximately $1.2 million[118]. Financing Needs - The Company may need to obtain additional financing to complete a Business Combination or if a significant number of public shares are redeemed[120]. - The Company believes it will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from the filing date[119]. Operational Costs - The Company incurred a monthly fee of $10,000 for office space and administrative support, which began on November 5, 2020[129]. - The Company has no long-term debt or significant market risk as of March 31, 2021, with investments held in the Trust Account limited to U.S. government treasury obligations[130]. Risk Management - The Company has not engaged in any hedging activities since inception and does not expect to do so in the future[131].
Iris Acquisition p(IRAA) - 2021 Q1 - Quarterly Report