Financial Performance - For the three months ended March 31, 2022, the company reported a net loss of $569,282, primarily due to operating expenses of $527,059 and Delaware franchise taxes of $50,000[91]. - Cash used in operating activities for the period ended March 31, 2022, was $300,412, while net cash provided by financing activities was $2,276,865, reflecting proceeds from the IPO[98]. - The company does not expect to generate any operating revenues until after the completion of its initial Business Combination[90]. Capital Raising - The company generated gross proceeds of $75,000,000 from the IPO of 7,500,000 units, with each unit containing one share of common stock and one right to receive 1/10 of one share upon the consummation of a Business Combination[92]. - The company also raised $3,745,000 from the sale of 347,500 private placement units at a price of $10.00 per unit, generating additional capital for operations[94]. - The company incurred offering costs for the IPO amounting to $4,663,218, which included $1,500,000 in underwriting fees and $2,625,000 in deferred underwriting fees[97]. - The company may need to raise additional funds to complete its business combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[102]. Financial Position - As of March 31, 2022, the company had cash and marketable securities held in the trust account totaling $77,284,648, which will be used to complete the business combination[99]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022, indicating a clean balance sheet[103]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[109].
Welsbach Technology Metals Acquisition Corp.(WTMAU) - 2022 Q1 - Quarterly Report