Financial Position - As of March 31, 2023, the company held cash of $343,009 and current liabilities of $1,303,590[140] - The company has a working capital deficit of $423,534 as of March 31, 2023, which may not be sufficient for operations over the next 12 months[155] Income and Expenses - For the three months ended March 31, 2023, the company recorded net income of $2,120,863, primarily from interest and dividend income of $3,040,790[144] - The company incurred operating and formation costs of $450,768 for the three months ended March 31, 2023[144] - The company expects to continue incurring significant costs in pursuit of its initial business combination[154] Business Combination - The company must complete a business combination by July 30, 2023, or face mandatory liquidation[156] - The company has recorded a receivable of $374,975 related to potential business combination expenses as of March 31, 2023[142] - The company has not generated any operating revenues to date and does not expect to until after completing a business combination[143] - The company intends to use substantially all funds in the Trust Account to complete its initial business combination[151] IPO and Underwriting - The company generated gross proceeds of $250.0 million from its IPO, with offering costs of approximately $13.75 million[133] - 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[159] - The cash underwriting discount paid to underwriters was $0.20 per Unit, amounting to $5,650,000 in total, with an additional deferred fee of $0.35 per Unit, totaling $9,887,500[160] Share and Warrant Classification - A total of 28,250,000 Class A ordinary shares sold in the IPO contain a redemption feature, classified outside of permanent equity due to SEC guidance[163] - Changes in redemption value of redeemable ordinary shares are recognized immediately, adjusting the carrying value to equal the redemption value at each reporting period[164] - Warrants are classified as either equity or liability based on specific terms and applicable guidance, with assessments conducted at issuance and quarterly[165] - For warrants meeting equity classification criteria, they are recorded as additional paid-in capital; otherwise, they are recorded at fair value[166] - The initial fair value of Public Warrants was estimated using a binomial/lattice model, while the fair value of Founder and Private Placement Warrants was set equal to Public Warrants due to volatility issues[166] Accounting Standards and Reporting - Management believes that recently issued accounting standards will not materially affect the financial statements[167] - The company is classified as a smaller reporting company, making certain market risk disclosures not applicable[168]
Plum Acquisition(PLMJ) - 2023 Q1 - Quarterly Report