CERo Therapeutics(US:CERO)2023-03-23 23:43Financial Performance - As of December 31, 2022, the company reported a net loss of $667,736, primarily due to operating expenses of $2,841,391 and Delaware franchise taxes of $64,050 [342]. - As of December 31, 2022, the company had a working capital deficit of $1,605,546 [345]. - The company projects insufficient funds to cover expenses over the next year, raising substantial doubt about its ability to continue as a going concern [350]. Cash and Securities - The company had $41,665,974 in cash and marketable securities held in the Trust Account, designated for a business combination or stock repurchase [345]. - Following the IPO, a total of $178,500,000 was placed in the Trust Account, with transaction costs amounting to $12,729,318 [344]. - The company intends to use substantially all funds in the Trust Account for completing a business combination and financing operations of the target business [347]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on October 8, 2021, raising gross proceeds of $175,000,000 from the sale of 17,500,000 units at $10.00 per unit [343]. Financial Obligations - The company has a deferred fee obligation of $9,150,000 to the underwriter, payable only upon completion of a business combination [355]. - The company entered into a promissory note with the Sponsor for up to $1,500,000 to fund ongoing operations, with $650,000 outstanding as of December 31, 2022 [348]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2022 [351].