Financial Performance - The company reported a net loss of $995,039 for the three months ended June 30, 2023, with general and administrative expenses of $1,429,989[159]. - For the six months ended June 30, 2023, the company had a net loss of $1,443,136, with general and administrative expenses totaling $2,273,335[160]. - Cash used in operating activities for the six months ended June 30, 2023 was $1,012,320[165]. - The Company incurred $30,000 in fees for office space and administrative support for the three months ended June 30, 2023, consistent with the previous year[178]. Trust Account and Investments - As of June 30, 2023, the company had investments held in the trust account amounting to $12,076,340[167]. - The company intends to use substantially all funds held in the trust account to complete its business combination[168]. - The company had cash of $103,975 available as of June 30, 2023, along with $370,778 available to be drawn on the 2022 Promissory Note III[169]. Business Combination Plans - The company plans to consummate the TriSalus Business Combination during the third quarter of 2023[169]. - The TriSalus Business Combination is subject to certain closing conditions, and the company will be renamed "TriSalus Life Sciences, Inc." upon completion[154]. - Management has until September 22, 2023, to consummate an initial business combination, or face mandatory liquidation[176]. Debt and Liabilities - As of June 30, 2023, the outstanding balance under the 2021 Promissory Note was $544,000, and it is non-interest bearing, maturing upon the closing of the initial business combination[170]. - The 2022 Promissory Note I had an outstanding balance of $400,000 as of June 30, 2023, also non-interest bearing and maturing upon the closing of the initial business combination[171]. - The 2022 Convertible Promissory Note had an outstanding balance of $1,500,000 as of June 30, 2023, with the option for the Sponsor to convert it into warrants at $1.50 per warrant[173]. - The First Extension Note had an outstanding balance of $234,411 as of June 30, 2023, and is repayable upon the consummation of an initial business combination[174]. - As of June 30, 2023, there were $300,000 included in accounts payable and accrued expenses[179]. - The underwriters of the Initial Public Offering are entitled to a deferred fee of $8,750,000, payable only upon the completion of an initial business combination[180]. Economic Factors - Various economic factors, including inflation and geopolitical instability, may adversely affect the Company's ability to complete an initial business combination[189]. IPO and Share Issuance - The company generated gross proceeds of $250,000,000 from its Initial Public Offering, with $14,161,525 incurred in related costs[163][164]. - The company entered into subscription agreements for the purchase of 4,015,002 shares of Series A Convertible Preferred Stock at a total purchase price of $40,150,020[156]. Off-Balance Sheet Financing - The Company has no off-balance sheet financing arrangements as of June 30, 2023[177].
MEDTECH ACQUISIT(MTAC) - 2023 Q2 - Quarterly Report