WinVest Acquisition (WINV) - 2021 Q3 - Quarterly Report

Financial Performance - As of September 30, 2021, the company reported a net loss of $66,559, primarily due to legal and professional fees related to its formation [99]. - As of September 30, 2021, the company had cash of $603,204 and working capital of $959,137 [100]. - The company generated non-operating income in the form of interest income from the proceeds of the Initial Public Offering [94]. - The company has not commenced core operations and will not generate operating revenues until after completing an initial business combination [94]. Initial Public Offering - The company completed its Initial Public Offering on September 17, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at an offering price of $10.00 per unit [101]. - Following the Initial Public Offering, the company had $116,150,000 in marketable securities held in the Trust Account as of September 27, 2021 [106]. - The company incurred total underwriting discounts and commissions of $2,400,000, with additional deferred underwriting commissions of $4,025,000 payable upon the completion of a business combination [105][113]. Business Combination Plans - The company intends to use substantially all funds in the Trust Account to complete its business combination and may withdraw interest to pay taxes and up to $100,000 of dissolution expenses [108]. - The company has until December 17, 2022, to consummate its initial business combination, with the possibility of extending this period by up to six months [97]. Debt and Obligations - The company has no long-term debt or capital lease obligations as of September 30, 2021, but incurs a monthly fee of $10,000 for administrative support services [111].