Welsbach Technology Metals Acquisition (WTMA) - 2023 Q3 - Quarterly Report

Financial Position - As of September 30, 2023, the company had cash and marketable securities held in the trust account totaling $39,613,658[151] - The company has no long-term debt, capital lease obligations, or operating lease obligations as of September 30, 2023[170] - The Company has no off-balance sheet arrangements or obligations as of September 30, 2023[169] Income and Loss - For the three months ended September 30, 2023, the company reported a net income of $164,293, primarily from interest and dividends earned on marketable securities[139] - For the nine months ended September 30, 2023, the company incurred a net loss of $39,380, with operating expenses amounting to $1,744,482[140] Share Redemption - The company redeemed approximately 4,097,964 shares of common stock for a total of $42.6 million at a redemption price of $10.40 per share on March 24, 2023[129] - On September 29, 2023, the company redeemed 1,456,871 shares for $15.7 million at a redemption price of $10.79 per share, leaving $23.4 million in the trust account[132] Business Combination and Acquisition Plans - The company has extended its business combination period to June 30, 2024, allowing additional time to complete a merger or acquisition[133] - The company has incurred significant costs related to its acquisition plans and does not expect to generate operating revenues until after completing a business combination[138] - The company faces substantial doubt about its ability to continue as a going concern through August 30, 2023, if it does not complete a business combination[155] Promissory Notes and Working Capital - The company issued a promissory note for $50,000 to the Sponsor, contributing to a total working capital loan of $534,000[137] - As of September 30, 2023, the outstanding balance under the Promissory Notes was $2,296,371, compared to $1,545,537 as of December 31, 2022[165] - The Company issued a total of six promissory notes in the principal amount of $125,000 each to the Sponsor, with no interest, payable upon consummation of the initial business combination[161] - The Company issued Working Capital Notes totaling $484,100 as of September 30, 2023, with no outstanding balance as of December 31, 2022[175] Underwriting and Agreements - The underwriters received a cash underwriting discount of $1,545,537 at the closing of the IPO, with deferred underwriting commissions of $2,704,690[170] - The Company has entered into a backstop agreement with Welsbach Holdings Pte Ltd to guarantee any deficiency of restricted cash as of September 30, 2023[168] Company Classification and Risks - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[180] - The Company may face adverse effects on its operations due to economic uncertainties, including inflation and geopolitical instability[179] - The company is a smaller reporting company and is not required to provide detailed market risk disclosures[183] - Management's estimates and assumptions significantly impact the reported amounts of assets and liabilities[182] - Actual results may materially differ from the estimates made by management[182]