Desktop Metal(DM) - 2019 Q4 - Annual Report

Financial Performance - The company had a net income of $2,729,032 for the year ended December 31, 2019, consisting of interest income of $5,142,140 and an unrealized gain of $169,784, offset by operating costs of $1,856,857 and income tax provision of $726,035 [352]. - Cash used in operating activities for the year ended December 31, 2019 was $2,697,806, which included changes in operating assets and liabilities that used $150,569 [356]. Initial Public Offering - The company raised gross proceeds of $261,000,000 from the Initial Public Offering of 26,100,000 Units at $10.00 per Unit, along with an additional $39,933,000 from the over-allotment option and Private Placement Warrants [353][354]. - The company incurred $17,082,640 in transaction costs related to the Initial Public Offering, including $6,003,000 in underwriting fees and $10,505,250 in deferred underwriting fees [355]. Trust Account and Marketable Securities - As of December 31, 2019, the company held marketable securities in the Trust Account amounting to $304,528,924, which included approximately $4,379,000 of interest income and unrealized gains [358]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [359]. Cash and Debt Management - The company had cash of $138,533 held outside the Trust Account as of December 31, 2019, intended for identifying and evaluating target businesses [360]. - The company does not have any long-term debt or capital lease obligations, but incurs a monthly fee of $35,000 for administrative support [365]. - The company does not believe it will need to raise additional funds for operating expenditures but may require financing to complete its Business Combination [363]. Acquisition Plans - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of a Business Combination [349].