Financial Performance - The company generated a net income of $9,050,784 for the six months ended June 30, 2022, primarily from a change in fair value of warrant liabilities of $10,527,000 and interest income of $271,557 [137]. - Cash used in operating activities for the six months ended June 30, 2022, was $2,156,034, with net income impacted by transaction costs of $378,343 [139]. - The company incurred $621,500 in fees for administrative support services for the six months ended June 30, 2022 [148]. IPO and Capital Structure - 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 [130]. - A forward purchase agreement allows Cartica Funds to subscribe for up to 3 million shares at $10.00 per share, totaling up to $30 million, to be used in the initial business combination [151]. - As of June 30, 2022, the company had 27,400,000 warrants issued and outstanding [155]. Trust Account and Marketable Securities - As of June 30, 2022, the company held marketable securities in the Trust Account amounting to $237,171,557, including $271,557 of interest income [141]. - As of June 30, 2022, the company had cash of $1,622,611 available for identifying and evaluating target businesses [144]. Business Combination and Liquidation - The company has until July 7, 2023, to complete a business combination, with the possibility of extending this deadline by up to 24 months [134]. - If a business combination is not completed by the liquidation date, the company will redeem public shares at a price equal to the amount in the Trust Account [134]. Accounting Policies and Standards - The company applies the two-class method for calculating net income (loss) per ordinary share, excluding accretion associated with redeemable shares of Class A ordinary shares [156]. - The company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity [155]. - The FASB issued ASU 2020-06, effective for fiscal years beginning after December 15, 2023, which simplifies accounting for certain financial instruments and impacts diluted earnings per share calculations [157]. - Management does not anticipate that recently issued accounting standards will materially affect the condensed financial statements [158]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements or obligations as of June 30, 2022 [147].
Cartica Acquisition Corp(CITEU) - 2022 Q2 - Quarterly Report