Spruce Power (US:SPRU)2020-08-14 20:07Financial Performance - The company reported a net loss of $102,121 for the three months ended June 30, 2020, with operating costs of $216,022 offset by interest income of $86,754 and an income tax benefit of $27,147 [98]. - For the six months ended June 30, 2020, the company achieved a net income of $409,268, driven by interest income of $865,346 against operating costs of $347,286 and a provision for income taxes of $108,792 [98]. - Cash used in operating activities for the six months ended June 30, 2020, was $392,140, with net income of $409,268 offset by interest earned on marketable securities [104]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on July 16, 2019, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit [101]. - Following the IPO, $230,000,000 was placed in the Trust Account, with transaction costs totaling $13,185,704, including $4,600,000 in underwriting fees [103]. Trust Account and Marketable Securities - As of June 30, 2020, the company held marketable securities in the Trust Account valued at $232,265,211, which includes approximately $2,265,000 of interest income [105]. - The company intends to use substantially all funds in the Trust Account for acquiring a target business and covering related expenses [106]. - As of June 30, 2020, the company had cash held outside the Trust Account amounting to $752,835, intended for evaluating prospective acquisition candidates [107]. Debt and Financing - The company does not have any long-term debt or off-balance sheet financing arrangements as of June 30, 2020 [109]. - The company has a forward purchase contract with the Sponsor to purchase up to $150,000,000 of its securities in connection with the initial Business Combination [110].