Financial Performance - The company had a net loss of approximately $558,000 for the three months ended June 30, 2023, with general and administrative expenses totaling approximately $883,000[149]. - For the six months ended June 30, 2023, the company reported a net income of approximately $650,000, primarily from other income of approximately $2.1 million from the write-off of legal fees[151]. - The company had a net income of approximately $4.9 million for the six months ended June 30, 2022, driven by non-operating gains from the change in fair value of derivative warrant liabilities[152]. - The company has incurred approximately $1.1 million in general and administrative expenses for the six months ended June 30, 2023[151]. Business Combination - The company extended the deadline to complete a business combination to December 22, 2023, with stockholders redeeming approximately $160.7 million for public shares[134][136]. - A proposed business combination with Global Hydrogen is expected to close in the second half of 2023, subject to stockholder approval and customary closing conditions[133]. - The business combination with Global Hydrogen involves a valuation of $57.5 million, with shares exchanged based on a defined exchange ratio[132]. - The company plans to liquidate and dissolve if a business combination is not completed by December 22, 2023[127][128]. - The company has until December 22, 2023, to consummate a business combination, raising substantial doubt about its ability to continue as a going concern[144]. Capital and Funding - The company raised gross proceeds of $172.5 million from its initial public offering, with offering costs of approximately $10.0 million[124]. - As of June 30, 2023, the trust account held $11,963,187 in cash and investments, including approximately $143,000 in interest income[126]. - The company had $172.5 million placed in the trust account at the closing of the initial public offering[155]. - The company issued an unsecured promissory note to the Sponsor for borrowings of up to $300,000, which is payable upon the earlier of December 31, 2023, or the completion of the business combination[160]. Legal and Settlement Matters - The company received $2.75 million as part of a settlement agreement related to the terminated TradeZero merger agreement[140]. - The company received $2.75 million from a lawsuit settlement in January 2023, which was used to pay accounts payable and expenses[143]. Stockholder Information - The company has a total of 5,494,554 shares of common stock outstanding after redemptions[136]. - The company is a blank check company formed for the purpose of effecting a business combination with one or more businesses[123]. Operational Status - The company has not generated any operating revenues to date and will not do so until after completing its initial business combination[148]. - The company incurred $30,000 in administrative services expenses for the three months ended June 30, 2023, under an agreement with the Sponsor[161]. - No off-balance sheet arrangements were reported as of June 30, 2023, and December 31, 2022[168]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[169].
Global Gas(HGAS) - 2023 Q2 - Quarterly Report