Financial Position - As of March 31, 2024, the company reported a cash balance of $5,115 and a working capital deficit of $451,186[151]. - As of March 31, 2024, 1,006,683 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[161]. - The company has not had any off-balance sheet arrangements as of March 31, 2024[167]. Financial Performance - For the three months ended March 31, 2024, the company incurred a net loss of approximately $1.2 million, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.0 million[156]. - The company had a net income of approximately $2.8 million for the three months ended March 31, 2023, driven by investment income on the Trust Account of approximately $2.6 million[157]. - The company reported general and administrative expenses of approximately $510,000 for the three months ended March 31, 2024[156]. Business Operations - The company has until November 15, 2024, to complete an initial Business Combination, or it must cease operations and liquidate[153]. - The company received $25,000 from CBG and CB Co-Investment to cover certain expenses in exchange for founder shares[152]. - The fair value of the converted loan from CB Co-Investment was $57,500, included in contingently issuable private placement warrants[152]. Risk Factors - The company filed its Annual Report on Form 10-K with the SEC on March 29, 2024, detailing risk factors that could materially affect actual results[174]. - The company emphasizes the importance of reviewing risk factors to understand potential impacts on business and financial condition[174]. - The company has no ongoing legal proceedings to report[174]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised[160].
Chain Bridge I(CBRGU) - 2024 Q1 - Quarterly Report