Financial Performance - The company reported a net loss of $208,653 for the three months ended June 30, 2022, and a net loss of $777,935 for the six months ended June 30, 2022, primarily due to operating expenses of $263,001 and $790,059 respectively[91]. - Cash used in operating activities for the period ended June 30, 2022, was $409,804, while net cash provided by financing activities was $2,276,862, reflecting proceeds from the IPO[98]. IPO and Fundraising - The company generated gross proceeds of $75,000,000 from its 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 of common stock upon the consummation of a Business Combination[92]. - The company incurred offering costs for the IPO totaling $4,663,218, which included $1,500,000 in underwriting fees and $2,625,000 in deferred underwriting fees[97]. - The company has granted underwriters a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments, which partially exercised resulted in gross proceeds of $2,276,860[95]. - The company does not believe it will need to raise additional funds to meet operating expenditures prior to its business combination, but may need additional financing if costs exceed estimates[102]. Cash and Securities - As of June 30, 2022, the company had cash and marketable securities held in the trust account amounting to $77,388,998, which will be used to complete its business combination[99]. - The company has no long-term debt, capital lease obligations, or operating lease obligations as of June 30, 2022[104]. - The company has no off-balance sheet arrangements as of June 30, 2022, and does not participate in transactions that create relationships with variable interest entities[103]. Acquisition Plans - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of completing a business combination[89].
Welsbach Technology Metals Acquisition Corp.(WTMAU) - 2022 Q2 - Quarterly Report