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Semper Paratus Acquisition (LGST) - 2023 Q1 - Quarterly Report
LGSTSemper Paratus Acquisition (LGST)2023-05-22 21:08

Financial Performance - As of March 31, 2023, the company reported a net income of 1,235,400,drivenbyanunrealizedgainoninvestmentsheldintheTrustAccountof1,235,400, driven by an unrealized gain on investments held in the Trust Account of 1,780,062[125] - For the three months ended March 31, 2022, the company experienced a net loss of 25,988,withgeneralandadministrativeexpensesamountingto25,988, with general and administrative expenses amounting to 282,879[126] IPO and Fundraising - The company completed its IPO on November 8, 2021, raising gross proceeds of 300,000,000fromthesaleof30,000,000unitsat300,000,000 from the sale of 30,000,000 units at 10.00 per unit[127] - An additional 45,000,000wasraisedthroughtheexerciseoftheunderwriter′soverallotmentoption,with45,000,000 was raised through the exercise of the underwriter's overallotment option, with 2,700,000 in underwriting fees deferred until the completion of a Business Combination[129] Trust Account and Investments - As of March 31, 2023, the company had placed 351,900,000inaTrustAccount,whichwillbeinvestedinU.S.governmentsecuritiesuntilaBusinessCombinationiscompleted[130]−ThecompanyintendstousesubstantiallyallfundsintheTrustAccounttocompleteitsBusinessCombinationandforworkingcapitalofthetargetbusiness[133]DebtandFinancialObligations−ThecompanyhadnoborrowingsunderWorkingCapitalLoansasofMarch31,2023,anddoesnotanticipateneedingtoraiseadditionalfundsforoperatingexpenditures[134]−Thecompanyhasnolong−termdebtorcapitalleaseobligations,withdeferredunderwritingcommissionstotaling351,900,000 in a Trust Account, which will be invested in U.S. government securities until a Business Combination is completed[130] - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business[133] Debt and Financial Obligations - The company had no borrowings under Working Capital Loans as of March 31, 2023, and does not anticipate needing to raise additional funds for operating expenditures[134] - The company has no long-term debt or capital lease obligations, with deferred underwriting commissions totaling 14,700,000 contingent upon the completion of a Business Combination[139] - The company does not have any off-balance sheet arrangements as of March 31, 2023[138] Internal Controls and Accounting Standards - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[147] - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of March 31, 2023, concluding they were effective[152] - There were no changes in the internal control over financial reporting during the most recently completed fiscal quarter that materially affected the internal control[153]