IPO and Financial Proceeds - The Company completed its IPO on March 9, 2021, raising total gross proceeds of $276 million from the sale of 27,600,000 units[99]. - The Trust Account holds approximately $276 million, comprised of IPO proceeds and private warrant sales, which are invested in U.S. government treasury obligations[101]. - The Company incurred transaction costs of $15,627,893 related to the IPO, which included $5,520,000 in underwriting discounts[102]. Financial Performance - For the six months ended June 30, 2021, the Company reported a net loss of approximately $2.0 million, primarily due to formation and operating costs of $0.8 million and transaction costs of $0.6 million[104]. - As of June 30, 2021, the Company had approximately $692,979 in its operating bank account and working capital of approximately $882,551[106]. Operations and Revenue - The Company has not engaged in any operations or generated any revenues to date, with activities focused on preparing for the IPO and identifying a target for the initial Business Combination[103]. - The Company does not anticipate needing to raise additional funds for operating expenditures prior to the initial Business Combination[108]. Debt and Risk Management - As of June 30, 2021, the Company had no long-term debt or significant market risk exposure, with investments held in the Trust Account being short-term[117]. - The Company has not engaged in any hedging activities since inception and does not expect to do so in the future[118]. Funding and Loans - The Company has a loan agreement with the Sponsor for up to $1,141,000 to fund working capital deficiencies or transaction costs related to a Business Combination[106].
Iris Acquisition p(IRAA) - 2021 Q2 - Quarterly Report