Cactus Acquisition Corp. 1 Ltd.(CCTSU) - 2021 Q3 - Quarterly Report

Financial Performance - The company reported net losses of $20,000 for the three months ended September 30, 2021, and $284,363 for the period from inception to September 30, 2021, primarily due to formation and operating expenses [75]. - The company has not generated any operating revenues and will not do so until after the completion of its Initial Business Combination [74]. Cash and Funding - As of September 30, 2021, the company had $39,084 in cash and had incurred significant costs related to being a public company, including legal and compliance expenses [76][74]. - The company completed its Initial Public Offering on November 2, 2021, raising gross proceeds of $126.5 million from the sale of 12,650,000 Units at $10.00 per Unit [77]. - The net proceeds from the Initial Public Offering, after deducting offering expenses and underwriting commissions, amounted to $130,189,703, with $129,030,000 deposited into an interest-bearing trust account [78]. - The company intends to use substantially all funds in the trust account to complete a Business Combination, with remaining proceeds allocated for working capital to finance operations of the target business [80]. - 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 [83]. Liabilities and Obligations - The company has no long-term debt or significant liabilities, apart from a monthly fee of $10,000 to the Sponsor for office space and administrative services [85]. - The company has no off-balance sheet financing arrangements as of September 30, 2021 [84]. Business Combination Efforts - The company has engaged in discussions with potential Business Combination targets but has not yet reached a binding agreement [72].