Owlet(US:OWLT)2020-11-13 21:22Financial Performance - The company reported a net loss of $30,155 for the three months ended September 30, 2020, with operating costs of $36,307 and interest income of $6,152 from marketable securities[96]. - The company has not engaged in any operations or generated revenues to date, with all activities focused on preparing for the IPO and searching for a target company[95]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on September 17, 2020, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit, including an over-allotment option[98]. - The company incurred $12,948,806 in transaction costs related to the IPO, which included $4,204,000 in underwriting fees and $8,050,000 in deferred underwriting fees[100]. Trust Account and Cash Management - Following the IPO, the company placed $230,000,000 in a Trust Account and had $1,977,519 in cash available for working capital purposes[100]. - As of September 30, 2020, the company had cash and marketable securities in the Trust Account totaling $230,006,152, intended for use in completing a Business Combination[102]. - The company had cash of $1,438,624 outside the Trust Account as of September 30, 2020, primarily for identifying and evaluating target businesses[103]. Debt and Financing - The company does not have any long-term debt or capital lease obligations, only a monthly fee of $10,000 to an affiliate of the Sponsor for administrative support[107]. - The company may need additional financing to complete a Business Combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[105]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of September 30, 2020[106].