Pinstripes Holdings(PNST) - 2022 Q3 - Quarterly Report

Financial Position - As of September 30, 2022, the company had cash of $585,550 and working capital of approximately $260,576[105]. - As of September 30, 2022, the Trust Account held treasury securities valued at $248,048,732, including approximately $1,709,000 of interest income[113]. - The company has no long-term debt or significant off-balance sheet arrangements as of September 30, 2022[118]. Income and Earnings - For the three months ended September 30, 2022, the company reported a net income of $2,281,306, driven by a $1,454,500 gain on the change in the fair value of warrant liabilities[108]. - For the nine months ended September 30, 2022, the company achieved a net income of $13,174,118, with a significant gain of $13,214,963 on the change in the fair value of warrant liabilities[109]. - The Company calculates net income per share for redeemable Class A common stock by dividing net income by the weighted average number of redeemable shares outstanding since original issuance[126]. - For non-redeemable Class B common stock, net income per share is calculated using the weighted average number of non-redeemable shares outstanding for the period[126]. - As of September 30, 2022, the Company had no dilutive securities or contracts that could convert into common stock and share in earnings[126]. Initial Public Offering - The company completed its Initial Public Offering on January 24, 2022, raising gross proceeds of $241,500,000 from the sale of 24,150,000 Units[111]. - Following the Initial Public Offering, a total of $246,330,000 was placed in the Trust Account, which includes $237,720,000 from the IPO proceeds[112]. - The underwriters are entitled to a deferred fee of $0.40 per Unit, totaling $9,660,000, which will be payable only upon the completion of an Initial Business Combination[120]. Business Operations - The company intends to use substantially all funds in the Trust Account to complete its Initial Business Combination[114]. - The company is contractually obligated to pay a monthly fee of $10,000 to an affiliate of its Sponsor for office space and operational support[119]. Accounting Standards - The Financial Accounting Standards Board issued ASU No. 2020-06, effective for fiscal years beginning after December 15, 2023, simplifying accounting for convertible instruments[127]. - ASU 2020-06 also simplifies the diluted earnings per share calculation in certain areas[127]. - The Company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[127]. - Management believes that no other recently issued accounting standards would materially affect the financial statements if adopted[129]. Market Risk Disclosures - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies[130].