Financial Performance - The company had a net loss of approximately $320,000 for the three months ended March 31, 2022, consisting of $272,000 in general and administrative expenses, $30,000 in related party expenses, and $18,000 of loss from investments held in the trust account [133]. - The company incurred approximately $30,000 in administrative expenses for the three months ended March 31, 2022, under an agreement for office space and support services [139]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination [132]. Cash and Capital Structure - As of March 31, 2022, the company had approximately $54,000 in cash and working capital of approximately $0.4 million [127]. - The company raised gross proceeds of $276.0 million from its Initial Public Offering, incurring offering costs of approximately $16.3 million [121]. - The company has a convertible promissory note with the Sponsor allowing for borrowings up to $1,500,000, which may be converted into Private Placement Warrants at a price of $1.00 per warrant [129]. Business Combination Requirements - The company must complete a business combination with a target having a fair market value equal to at least 80% of the net assets held in the trust account [125]. - The company will cease operations and redeem public shares if a business combination is not completed within 18 months from the Initial Public Offering closing date [126]. - The company has broad discretion in applying the net proceeds from the Initial Public Offering and Private Placement towards consummating a business combination [125]. Underwriting and Fees - The underwriters received an underwriting discount of approximately $5.5 million and deferred underwriting commissions of approximately $9.7 million, contingent upon the completion of a business combination [136]. Regulatory Classification - The company is classified as an "emerging growth company" and is exempt from certain financial reporting requirements for five years post-IPO or until it no longer qualifies [146]. - The company is defined as a smaller reporting company and is not required to provide specific market risk disclosures [147].
pan-Africa Corp(BLEUU) - 2022 Q1 - Quarterly Report