Financial Position - As of June 30, 2023, the company had approximately $33,000 in cash and a working capital deficit of approximately $120,000[110]. - The company has a convertible promissory note (the "2022 Note") allowing it to borrow up to $1,500,000 from the Sponsor, with approximately $774,000 outstanding as of June 30, 2023[112]. - The company must complete a business combination by August 22, 2023, or it will cease operations and redeem public shares[109]. - As of June 30, 2023, the Company did not have any off-balance sheet arrangements[139]. Income and Revenue - For the three months ended June 30, 2023, the company reported a net income of approximately $1.5 million, driven by a gain of approximately $1.9 million from investments held in the trust account[116]. - For the six months ended June 30, 2023, the company achieved a net income of approximately $4.3 million, with a gain of approximately $5.0 million from investments held in the trust account[118]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[115]. Expenses - The company incurred approximately $623,000 in general and administrative expenses for the six months ended June 30, 2023[118]. - The Company incurred expenses of $30,000 and $60,000 for the three and six months ended June 30, 2023, respectively, under the Administrative Services Agreement[125]. Initial Public Offering - The company raised gross proceeds of $276.0 million from its Initial Public Offering, incurring offering costs of approximately $16.3 million[105]. - The underwriters received an underwriting discount of approximately $5.5 million and deferred commissions of approximately $9.7 million, contingent on the completion of a business combination[122]. - The company has broad discretion regarding the application of net proceeds from its Initial Public Offering, primarily intended for a business combination[108]. Shareholder Agreements - The Company entered into non-redemption agreements with ten unaffiliated third parties, resulting in a commitment not to redeem 1,500,000 ordinary shares, with an estimated fair value of $363,750 for the transferred Founder Shares[133]. Earnings Per Share - The diluted net income (loss) per share for the three and six months ended June 30, 2023, is the same as the basic net income (loss) per share due to anti-dilutive effects of warrants[135]. Internal Controls - The Company's disclosure controls and procedures were evaluated and deemed effective as of June 30, 2023[143]. - There were no changes in internal control over financial reporting that materially affected the Company during the reporting period[144]. Accounting Standards - The Company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[136].
pan-Africa Corp(BLEUU) - 2023 Q2 - Quarterly Report