WM Technology(MAPS) - 2019 Q3 - Quarterly Report

Financial Performance - As of September 30, 2019, the company had net income of $553,123, consisting of interest income on marketable securities of $620,669 and an unrealized gain of $66,074, offset by operating costs of $133,620[95]. - The company incurred cash used in operating activities of $374,360 from inception through September 30, 2019, with net income offset by interest and unrealized gains[98]. Initial Public Offering - The company completed its Initial Public Offering on August 12, 2019, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit[96]. - A total of $250,000,000 was placed in the Trust Account, with transaction costs amounting to $14,413,362, including $5,000,000 in underwriting fees[97]. Trust Account and Cash Management - As of September 30, 2019, cash and marketable securities held in the Trust Account totaled $250,686,743, intended for completing a Business Combination[99]. - The company had cash of $987,278 held outside the Trust Account, primarily for identifying and evaluating target businesses[100]. - The company plans to use substantially all funds in the Trust Account for its Business Combination, with remaining proceeds for working capital[99]. Financing and Obligations - The company may need additional financing to complete its Business Combination or to cover redemptions of public shares[102]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2019[103]. - The company has a contractual obligation to pay the Sponsor a monthly fee of $20,000 for office space and administrative services until the completion of a Business Combination[104].