Financial Performance - The company reported a net loss of $816,133 for the three months ended September 30, 2022, and a net loss of $1,594,068 for the nine months ended September 30, 2022, primarily due to operating expenses of $1,062,557 and $1,852,616 respectively[123]. - The Company reported no dilutive securities as of September 30, 2022, resulting in basic and diluted loss per share being the same[144]. IPO and Fundraising - 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 of common stock upon the consummation of the Business Combination[125]. - 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 payable[130]. - The company granted underwriters a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments, generating gross proceeds of $2,276,860[128]. - A promissory note of $300,000 was agreed upon by the Sponsor to cover IPO-related expenses, with no amounts drawn against it as of September 30, 2022[136]. - A convertible promissory note of $772,769 was issued to the Sponsor, payable upon the consummation of the initial business combination or convertible into private units[138]. Cash and Securities - As of September 30, 2022, the company had cash and marketable securities held in the trust account amounting to $78,510,772, which will be used to complete the business combination[132]. - The company has cash of $436,356 outside of the trust account, intended for identifying and evaluating target businesses and conducting due diligence[133]. - The Company does not anticipate needing to raise additional funds for operating expenditures, but may require financing for a Business Combination or to redeem Public Shares[135]. - The Company has no off-balance sheet arrangements or long-term debt obligations as of September 30, 2022[139]. Business Combination Plans - The company entered into a Merger Agreement with WaveTech Group, Inc., valuing WaveTech at a pre-money enterprise valuation of $150.0 million[112]. - The company plans to rename itself WaveTech Group Inc. following the completion of the merger[113]. - The company expects to incur significant costs in pursuing its acquisition plans and does not assure the success of completing a business combination[109]. Income and Equity - The company expects to generate non-operating income in the form of interest income from the proceeds of the IPO placed in the Trust Account[122]. - Underwriters received a cash underwriting discount of $1,545,537 and are entitled to deferred commissions of $2,704,690 from the IPO[140]. - Common stock subject to possible redemption is classified as temporary equity, with changes in redemption value recognized immediately[142]. Risks and Regulations - Various factors, including economic downturns and geopolitical instability, may adversely affect the Company's results of operations and ability to complete a Business Combination[146]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[147].
Welsbach Technology Metals Acquisition Corp.(WTMAU) - 2022 Q3 - Quarterly Report