IPO and Fundraising - Cartica Acquisition Corp completed its IPO on January 7, 2022, raising gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[115]. - The company also raised an additional $15.9 million through the private sale of 15.9 million warrants at $1.00 each[116]. Financial Position - As of March 31, 2022, the company held marketable securities in the Trust Account amounting to $237,027,044, including $127,044 in interest income[124]. - As of March 31, 2022, the company had cash of $1,910,288 available for operational activities and due diligence on target businesses[127]. - The company has no off-balance sheet arrangements or obligations as of March 31, 2022[130]. Income and Expenses - For the three months ended March 31, 2022, the company reported a net income of $6,650,368, driven by a change in fair value of warrant liabilities of $7,867,560[121]. - Cash used in operating activities for the same period was $1,868,357, with significant expenses related to transaction costs and operating costs[122]. - The company incurred $466,500 in fees for administrative support services during the three months ended March 31, 2022[131]. Business Combination Timeline - The company has until July 7, 2023, to complete a business combination, with the option to extend this deadline by up to 24 months[119]. - A forward purchase agreement allows for the subscription of up to 3 million shares at $10.00 per share, totaling $30 million, to close concurrently with the initial business combination[136]. Accounting Standards - The new accounting standard ASU 2020-06 simplifies the diluted earnings per share calculation and is effective for fiscal years beginning after December 15, 2023[143]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[143]. - Management does not believe that any other recently issued accounting standards would have a material effect on the condensed financial statements[144].
Cartica Acquisition Corp(CITEU) - 2022 Q1 - Quarterly Report