Nukkleus(US:NUKK)2021-10-13 01:04Financial Performance - The company reported a net loss of $20,373 for the three months ended March 31, 2021, which included operating costs of $78,411 and a decrease in fair value of derivative warrant liabilities of $56,901, offset by interest income of $1,137 [136]. - Cash used by operating activities for the three months ended March 31, 2021, was $85,864, influenced by a net loss of $20,373 and changes in operating assets and liabilities [143]. Cash and Securities - As of March 31, 2021, the company had cash and marketable securities held in the Trust Account amounting to $46,004,188, which will be used to complete a Business Combination [145]. - The company generated gross proceeds of $40,000,000 from the Initial Public Offering of 4,000,000 Units at a price of $10.00 per Unit [140]. - Following the exercise of the underwriters' over-allotment option, the company raised an additional $6,210,000 from the sale of 600,000 Units and 21,000 Private Units [141]. - The company incurred transaction costs of $2,069,154 related to the Initial Public Offering, including $1,610,000 in underwriting fees [142]. Business Strategy - The company intends to focus on businesses primarily located in the Asia-Pacific region for potential Business Combinations [132]. - The company may incur significant costs in pursuing acquisition plans and cannot assure the success of completing a Business Combination [134]. - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and conducting due diligence [146]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2021 [150].