Financial Position - As of June 30, 2023, the company had cash of approximately $37,000 and working capital of approximately $7,000[131]. - As of June 30, 2023, the company had an outstanding balance of $894,600 under the Additional Convertible Note[128]. - The company has no off-balance sheet arrangements as of June 30, 2023, and December 31, 2022[151]. Income and Earnings - For the three months ended June 30, 2023, the company reported a net income of approximately $1.8 million, driven by a net gain from the change in fair value of derivative liabilities of approximately $790,000 and investment income on the Trust Account of approximately $1.6 million[136]. - For the six months ended June 30, 2023, the company achieved a net income of approximately $4.6 million, with a net gain from the change in fair value of derivative liabilities of approximately $1.2 million and investment income on the Trust Account of approximately $4.3 million[138]. - Diluted net income per share for the three and six months ended June 30, 2023, is the same as basic net income per share due to anti-dilutive effects of warrants[149]. Initial Public Offering - The company completed its Initial Public Offering on November 15, 2021, raising gross proceeds of $230.0 million from the sale of 23,000,000 units at $10.00 per unit[125]. - The company incurred offering costs of approximately $5.7 million related to its Initial Public Offering[125]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after the completion of its initial Business Combination[124]. - The company has until November 15, 2023, to consummate an initial Business Combination, with the possibility of extending this period up to February 15, 2024[133]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which will be re-measured at each balance sheet date until exercised[143]. Reporting and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[152]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[153]. Expenses - The company reported general and administrative expenses of approximately $529,000 for the three months ended June 30, 2023[136]. - The company included Class B ordinary shares in the weighted average number for diluted income calculations after the over-allotment option was exercised[150].
Chain Bridge I(CBRGU) - 2023 Q2 - Quarterly Report