Financial Performance - For the three months ended September 30, 2021, the company reported a net income of $4,773,118, consisting of operating costs of $549,272 and a change in fair value of warrant liability of $5,322,390 [114]. - For the nine months ended September 30, 2021, the company had a net income of $2,719,696, with operating costs of $1,461,885 and a change in fair value of warrant liability of $4,767,900 [114]. - Cash used in operating activities for the nine months ended September 30, 2021, was $1,655,485, with net income affected by changes in fair value of warrant liability [118]. Initial Public Offering - The company completed its Initial Public Offering on March 4, 2021, raising gross proceeds of $300,000,000 from the sale of 30,000,000 Units at $10.00 per Unit [115]. - Following the Initial Public Offering and the sale of Private Placement Warrants, a total of $309,450,720 was placed in the Trust Account [117]. - The company incurred $17,501,346 in Initial Public Offering related costs, including $6,189,014 in underwriting fees [117]. Trust Account and Cash Management - As of September 30, 2021, the company had cash held in the Trust Account amounting to $309,450,720, which is intended to be used for completing a Business Combination [119]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence [121]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2021 [124]. - The company may need to obtain additional financing to complete a Business Combination or to address potential redemptions of Public Shares [123].
Brand Engagement Network Inc.(BNAI) - 2021 Q3 - Quarterly Report