WM Technology(MAPS) - 2020 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2020, the company reported a net income of $1,627,107, which includes interest income of $932,037 and an unrealized gain of $1,152,686 on marketable securities[97]. - Cash used in operating activities for the three months ended March 31, 2020, was $99,596, with net income offset by interest and unrealized gains on marketable securities[100]. 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[98]. - The company incurred transaction costs of $14,413,362 related to the Initial Public Offering, including $5,000,000 in underwriting fees[99]. Marketable Securities and Trust Account - As of March 31, 2020, the company had marketable securities in the Trust Account totaling $254,009,716, which will be used to complete a Business Combination[101]. - The company plans to use funds held outside the Trust Account, totaling $794,993, primarily for identifying and evaluating target businesses[102]. Business Combination and Acquisition Plans - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of completing a Business Combination[95]. - The company has a contractual obligation to pay its Sponsor a monthly fee of $20,000 for office space and administrative services until the completion of a Business Combination[106]. Accounting Policies and Controls - The company has identified critical accounting policies that may affect reported amounts and has concluded that its disclosure controls and procedures were effective as of March 31, 2020[114]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2020[105].