Financial Performance - The company reported a net loss of $448,097 for the three months ended March 31, 2023, compared to a net income of $2,836,725 for the same period in 2022[150][151]. - Cash used in operating activities for the three months ended March 31, 2023, was $698,415, compared to $425,954 for the same period in 2022[154][155]. - General and administrative expenses for the three months ended March 31, 2023, were $843,346[150]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[149]. Investments and Financial Position - As of March 31, 2023, the company had investments held in the trust account amounting to $20,219,328, with no withdrawals made from the interest income during the period[156]. - Interest earned on marketable securities held in the trust account was $157,033 for the three months ended March 31, 2023[150]. - The company has outstanding promissory notes totaling $2,564,222 as of March 31, 2023, related to funding from the Sponsor[159][161][164]. - As of March 31, 2023, the company has no off-balance sheet financing arrangements or long-term debt obligations[166]. Initial Public Offering and Business Combination - The company generated gross proceeds of $250,000,000 from its Initial Public Offering, with $14,161,525 incurred in related costs[152][153]. - The total deferred fee to underwriters from the Initial Public Offering amounts to $8,750,000, contingent upon the completion of an initial business combination[170]. - The TriSalus Business Combination is expected to rename the company to "TriSalus Life Sciences, Inc." upon completion[145]. - The company has until June 22, 2023, to consummate an initial business combination, or it will face mandatory liquidation[165]. Legal and Administrative Costs - Legal fees of $508,525 and investment advisory fees of $400,000 were incurred but are no longer due following the termination of the Memic Business Combination Agreement[172]. - The company incurred $30,000 in fees for office space and administrative support for both the three months ended March 31, 2023, and March 31, 2022[168]. Accounting and Reporting - The company evaluates its financial instruments, including warrants, and classifies them as liabilities at fair value, subject to re-measurement at each reporting period[176]. - Class A common stock subject to possible redemption is classified as temporary equity due to certain redemption rights outside the company's control[177]. - The company has two classes of common stock, with income and losses shared pro rata between Class A and Class B common stock[178]. - Management does not anticipate that recently issued accounting standards will materially affect the company's financial statements[180]. Risks and Market Conditions - Various factors, including economic downturns and geopolitical instability, may adversely affect the company's results of operations and ability to complete an initial business combination[181]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[182].
MEDTECH ACQUISIT(MTAC) - 2023 Q1 - Quarterly Report