Financial Performance - As of September 30, 2023, the company had a net loss of approximately $472,000, with general and administrative expenses totaling approximately $260,000 and a loss from the change in fair value of derivative liabilities of approximately $791,000 [141]. - For the nine months ended September 30, 2023, the company reported a net income of approximately $4.1 million, driven by investment income on the Trust Account of approximately $4.8 million and a gain from the change in fair value of derivative liabilities of approximately $452,000 [143]. - The company had cash of approximately $33,000 and a working capital deficit of approximately $53,000 as of September 30, 2023 [136]. - The company had an outstanding balance of $2,244,600 under Working Capital Loans as of September 30, 2023 [137]. - As of September 30, 2023, diluted net income per share is the same as basic net income per share due to anti-dilutive effects of warrants, remaining at $0.00 for both three and nine months periods [152]. Initial Public Offering - The company raised gross proceeds of $230.0 million from its Initial Public Offering, with net proceeds of $234.6 million placed in a trust account [130][135]. - The company incurred offering costs of approximately $5.7 million related to the Initial Public Offering [130]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after the completion of its initial Business Combination [129][140]. - 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 [138]. Financial Liabilities - As of September 30, 2023, the company had an outstanding balance of $1,094,600 under the Additional Convertible Note [133]. Equity and Shareholder Information - The company recognized changes in redemption value for Class A ordinary shares subject to possible redemption, with 4,151,134 shares presented at redemption value as temporary equity as of September 30, 2023 [149]. - The company included Class B ordinary shares in the weighted average number for diluted income calculations after the over-allotment option was exercised [153]. Accounting and Compliance - The company is evaluating the impact of ASU 2022-03 on its financial statements, which will be effective for fiscal years beginning after December 15, 2023 [154]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [157]. - Management concluded that disclosure controls and procedures were effective as of September 30, 2023, ensuring timely and accurate reporting [160]. - Internal control over financial reporting was assessed as effective as of September 30, 2023, based on established frameworks [161]. - No changes to internal control over financial reporting occurred during the fiscal quarter ended September 30, 2023, indicating stability [162]. Legal and Risk Factors - The company has no legal proceedings pending, reflecting a low risk profile [163]. - Risk factors that could materially affect results are detailed in the Annual Report on Form 10-K filed on March 17, 2023 [163]. - There were no off-balance sheet arrangements as of September 30, 2023, indicating a stable financial position [156].
Chain Bridge I(CBRGU) - 2023 Q3 - Quarterly Report