Financial Performance - For the three months ended June 30, 2021, the company reported a net income of $215,625, attributed entirely to the change in fair value of warrant liability[115]. - For the period from February 5, 2021, through June 30, 2021, the company experienced a net loss of $2,039,889, resulting from a loss on sale of warrants of $1,213,542 and a change in fair value of warrant liability of $814,583[117]. Liquidity and Funding - As of June 30, 2021, the company had $500,000 in its operating bank account[120]. - The company completed its Initial Public Offering on July 30, 2021, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit[120]. - The underwriters partially exercised the over-allotment option on August 5, 2021, purchasing an additional 3,250,000 units, generating gross proceeds of $32,500,000[121]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination[123]. - The company expects primary liquidity requirements to include approximately $155,000 for legal and accounting expenses, $75,000 for regulatory reporting, and $700,000 for director & officer liability insurance premiums[128]. - The company issued a promissory note for up to $300,000 to cover expenses related to the Initial Public Offering, with $151,402 outstanding as of June 30, 2021[132]. - The company does not anticipate needing to raise additional funds prior to completing its initial business combination, aside from potential loans from affiliates[126]. Operations and Revenue - The company has not engaged in any operations or generated operating revenues to date, with non-operating income expected to come from interest on cash and cash equivalents[114]. - As of June 30, 2021, the company was not subject to any market or interest rate risk[140]. Warrant Accounting - Issued or modified warrants that meet equity classification criteria are recorded as additional paid-in capital at issuance[139]. - Warrants not meeting equity classification criteria are recorded at their initial fair value on the date of issuance[139]. - Changes in estimated fair value of warrants are recognized as a non-cash gain or loss on the statements of operations[139]. - The fair value of the Founder Warrants was estimated using a Black-Scholes Option Pricing Model[139].
Plum Acquisition(PLMJ) - 2021 Q2 - Quarterly Report