Financial Performance - The company had a net loss of approximately $313,000 for the three months ended June 30, 2022, consisting of $171,000 in general and administrative expenses, $30,000 in related party expenses, and $112,000 of loss from investments held in the trust account [145]. - For the six months ended June 30, 2022, the company reported a net loss of approximately $633,000, which included $443,000 in general and administrative expenses and $130,000 of loss from investments held in the trust account [146]. - The company incurred a net loss of approximately $40,000 from inception through June 30, 2021, consisting entirely of general and administrative expenses [147]. Cash and Capital Structure - As of June 30, 2022, the company had approximately $4,000 in cash and working capital of approximately $166,000, with the ability to borrow up to $1,500,000 under the 2022 Note [139]. - The company raised gross proceeds of $276.0 million from its Initial Public Offering, incurring offering costs of approximately $16.3 million [133]. - The company entered into a convertible promissory note (the "2022 Note") allowing it to borrow up to $1,500,000 from the Sponsor, with the option to convert loans into Private Placement Warrants at $1.00 per warrant [141]. - The underwriters received an underwriting discount of approximately $5.5 million upon the closing of the Initial Public Offering, with an additional $9.7 million in deferred underwriting commissions [150]. Business Operations and Future Outlook - The company has until May 22, 2023, to consummate an initial business combination, after which it will face mandatory liquidation if not completed [142]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination [144]. Regulatory and Reporting Status - As of June 30, 2022, the company had no off-balance sheet arrangements [158]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [159]. - The company is exempt from certain reporting requirements for a period of five years following its initial public offering [161]. - The company is classified as a smaller reporting company and is not required to provide specific market risk disclosures [162]. Administrative Expenses - The company incurred $30,000 in administrative service expenses for the three months ended June 30, 2022, under an agreement with an affiliate of the Sponsor [154].
pan-Africa Corp(BLEUU) - 2022 Q2 - Quarterly Report