Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $542,884, driven by interest and dividend income of $1,275,127 from investments held in the Trust Account[153]. - For the nine months ended September 30, 2022, the company recorded a net income of $6,769,548, resulting from a gain on fair value of warrant liability of $6,949,642 and interest income of $1,684,938[155]. - The company incurred net cash used in operating activities of $1,120,106 for the nine months ended September 30, 2022, primarily due to changes in fair value of the warrant liability[157]. Initial Public Offering (IPO) - The company completed its IPO on July 30, 2021, raising gross proceeds of $250.0 million from the sale of 25,000,000 Units at $10.00 per Unit, with offering costs of approximately $13.75 million[144]. - Underwriters partially exercised the over-allotment option to purchase an additional 3,250,000 Units at an offering price of $10.00 per Unit, totaling $32,500,000[167]. - A cash underwriting discount of $0.20 per Unit was paid, amounting to $5,650,000 in total, with an additional deferred fee of $0.35 per Unit, totaling $9,887,500[168]. Financial Position - As of September 30, 2022, the company held cash of $1,004,079 and current liabilities of $697,140, compared to cash of $2,124,185 and current liabilities of $193,254 as of December 31, 2021[151]. - As of September 30, 2022, the company had no off-balance sheet arrangements[166]. - The company has 28,250,000 Class A ordinary shares subject to possible redemption, which are classified outside of permanent equity due to redemption provisions[171]. Business Combination - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[152]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination, with the remaining proceeds potentially used for working capital[163]. - If the company fails to complete a business combination within the Combination Period, it will redeem Public Shares at a per-share price equal to the amount in the Trust Account[150]. - The company has incurred significant costs in pursuit of its initial business combination and may need additional financing to complete it[165]. Shareholder Equity - Changes in redemption value of redeemable ordinary shares are recognized immediately, adjusting the carrying value to equal the redemption value at each reporting period[172]. - Warrants are assessed for classification as either equity or liability based on specific terms, with initial fair value estimated using binomial/lattice and Black-Scholes models[175].
Plum Acquisition(PLMJ) - 2022 Q3 - Quarterly Report