Holley (US:HLLY)2020-11-19 23:43Financial Performance - The company had a net loss of $5,000 from inception through September 30, 2020, primarily due to formation costs [94]. - The company incurred $14,215,163 in transaction costs related to the Initial Public Offering, including $5,000,000 in underwriting fees [97]. Initial Public Offering - The Initial Public Offering on October 9, 2020, raised gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit [96]. - An additional $7,000,000 was generated from the sale of 4,666,667 Private Placement Warrants at $1.50 each [96]. - After the Initial Public Offering, $250,000,000 was placed in the Trust Account, with $1,122,742 in cash available for working capital [97]. - The underwriter is entitled to a deferred fee of $8,750,000, payable only if a Business Combination is completed [104]. Liquidity and Funding - As of September 30, 2020, the company had no cash prior to the Initial Public Offering, relying on initial share purchases and loans from the Sponsor for liquidity [95]. - The company intends to use funds in the Trust Account primarily to complete a Business Combination and may withdraw interest to pay taxes [98]. - The company does not anticipate needing additional funds for operating expenditures for at least the next 12 months, but may require financing for a Business Combination [101]. - There are no off-balance sheet financing arrangements or long-term liabilities as of September 30, 2020 [102][103].