IPO Details - The Company completed its IPO on March 9, 2021, raising total gross proceeds of $276 million from the sale of 27,600,000 units[100]. - The Company incurred transaction costs for the IPO amounting to $15,627,893, which included $5,520,000 in underwriting discounts[103]. - The net proceeds from the IPO are held in a Trust Account and invested only in U.S. government treasury obligations or money market funds[123]. Financial Performance - For the nine months ended September 30, 2021, the Company reported a net income of approximately $4.6 million, primarily due to a $6.6 million unrealized gain on the change in fair value of warrants[107]. - As of September 30, 2021, the Company had approximately $577,871 in its operating bank account and working capital of approximately $637,029[109]. - The Company has not generated any operating revenues to date and will not do so until the completion of its initial Business Combination[106]. Business Combination - The Company has reviewed several opportunities for a Business Combination but has not yet determined if it will complete any[104]. - The Sponsor has agreed to loan the Company up to $1,141,000 to fund working capital deficiencies or transaction costs related to a Business Combination[109]. - The Company does not believe it will need to raise additional funds to meet expenditures prior to its initial Business Combination[111]. - As of September 30, 2021, the Company did not have any off-balance sheet arrangements[121].
Iris Acquisition p(IRAA) - 2021 Q3 - Quarterly Report