IPO and Fundraising - The company completed its Initial Public Offering (IPO) on December 14, 2021, raising gross proceeds of $200 million from the sale of 20 million units at $10.00 per unit[112]. - An additional 1,562,401 units were sold through the over-allotment option, generating gross proceeds of $15,624,010[112]. - The company raised $11,124,960 from the private placement of 11,124,960 warrants at $1.00 each[113]. - Total transaction costs amounted to $12,926,100, including $4,312,480 in underwriting discounts and $7,546,840 in deferred underwriting discounts[114]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $4,312,480, with an additional deferred fee of $0.35 per Unit, amounting to $7,546,840, payable upon completion of an initial business combination[143]. Financial Position and Performance - As of September 30, 2022, the company had $465,161 in its operating bank account and working capital of approximately $701,659[128]. - For the three months ended September 30, 2022, the company reported a net income of $492,290, driven by interest income of $973,225, offset by formation and operating costs of $261,873 and a change in fair value of warrant liability of $219,062[135]. - For the nine months ended September 30, 2022, the company achieved a net income of $9,676,840, primarily from a change in fair value of warrant liability of $9,200,588 and interest income of $1,275,125, after accounting for formation and operating costs of $954,754[136]. - The company has not generated any operating revenues to date and expects to incur increased expenses post-Initial Public Offering due to public company compliance requirements[134]. - As of September 30, 2022, the company had 21,562,401 Class A ordinary shares presented at redemption value as temporary equity, reflecting certain redemption rights[148]. - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2022[138][153]. Business Combination and Going Concern - The company has until June 8, 2023, to complete a business combination, or it will face mandatory liquidation[132]. - If a business combination is not completed, the company will redeem public shares at a price of $10.20 per share, based on the amount in the Trust Account[118]. - The company has raised concerns about its ability to continue as a going concern for the next twelve months due to uncertainty in completing a business combination[132]. - The company must complete a business combination with a fair market value of at least 80% of the net assets held in the Trust Account[117]. Future Expectations and Agreements - The company can raise additional capital through Working Capital Loans from initial shareholders, but there is no obligation for them to provide funds[133]. - The company expects to generate non-operating income in the form of interest income on cash and cash equivalents after the Initial Public Offering[134]. - The company has entered into a consulting services agreement for investment banking services related to the initial Business Combination, with potential share options for the vendor[144]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[155].
Healthcare AI Acquisition Corp.(HAIAU) - 2022 Q3 - Quarterly Report