IPO and Financial Overview - The company completed its Initial Public Offering (IPO) on November 1, 2021, raising gross proceeds of $230 million from the sale of 23,000,000 Units at $10.00 per Unit, including the full exercise of the underwriters' over-allotment option[104]. - Offering costs totaled $13,457,525, which included $4,000,000 in underwriting commissions and $8,650,000 in deferred underwriting commissions[117]. - As of September 30, 2021, the company reported a net loss of approximately $962, attributed to formation and operating costs, with no revenues generated to date[111]. - The company has no long-term debt obligations or capital lease obligations, indicating a clean balance sheet[112]. - The trust account holds proceeds from the IPO and Private Placement Warrants, which will be invested in U.S. government securities or money market funds until the completion of the initial Business Combination[106]. - The company has 18 months from the closing of the IPO to complete its initial Business Combination, or it will be required to liquidate and redeem public shares[107]. Administrative and Compliance Matters - The company has agreed to pay the Sponsor $10,000 per month for administrative services, which will cease upon the completion of the initial Business Combination or liquidation[113]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[124]. - As of September 30, 2021, the company did not have any off-balance sheet arrangements[122]. - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[110].
Focus Impact Acquisition Corp.(FIACU) - 2021 Q3 - Quarterly Report