CERo Therapeutics(CERO) - 2022 Q1 - Quarterly Report

Financial Performance - As of March 31, 2022, the company reported a net loss of $377,997, which included general and administrative expenses of $404,777 and an unrealized gain on marketable securities of $26,780 [108]. - Cash used in operating activities for the three months ended March 31, 2022, was $308,091 [113]. IPO and Fundraising - The company completed its IPO on October 8, 2021, raising gross proceeds of $155,000,000 from the sale of 15,500,000 units at $10.00 per unit [109]. - An additional $20,000,000 was raised through the sale of 2,000,000 over-allotment units, incurring $1,400,000 in underwriting fees [111]. Trust Account and Cash Position - As of March 31, 2022, the company had $178,500,000 placed in a trust account, invested in U.S. government securities [112]. - The company had cash of $790,482 held outside the trust account as of March 31, 2022 [115]. Debt and Financing Arrangements - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $20,000 to the Sponsor for administrative services [121]. - The underwriter is entitled to deferred underwriting commissions of $9,150,000, payable only upon the completion of a Business Combination [122]. - The company has not entered into any off-balance sheet financing arrangements as of March 31, 2022 [120]. - The company may need additional financing to complete a Business Combination or to cover redemptions of Public Shares [119].