ALPHA PARTNERS(APTMU) - 2023 Q1 - Quarterly Report

IPO and Fundraising - The Company completed its IPO on July 30, 2021, raising gross proceeds of $250.0 million from the sale of 25,000,000 Units at $10.00 per Unit, with offering costs of approximately $13.75 million[130]. - Underwriters partially exercised the over-allotment option to purchase an additional 3,250,000 Units at an offering price of $10.00 per Unit, totaling $32,500,000[156]. - A cash underwriting discount of $0.20 per Unit was paid, amounting to $5,650,000, with an additional deferred fee of $0.35 per Unit, totaling $9,887,500, payable upon completion of a Business Combination[157]. - The company has 28,250,000 Class A ordinary shares sold in the IPO, which contain a redemption feature that allows for redemption in connection with liquidation or Business Combination[160]. Financial Position - As of March 31, 2023, the Company held cash of $343,009 and current liabilities of $1,303,590, indicating a working capital deficit of $423,534[137][152]. - As of March 31, 2023, the Company recorded a receivable of $374,975 related to potential business combination expenses, which was paid in April 2023[139]. - The Company has no off-balance sheet arrangements as of March 31, 2023[155]. Income and Expenses - For the three months ended March 31, 2023, the Company recorded a net income of $2,120,863, primarily from interest and dividend income of $3,040,790[141]. - The Company incurred net cash used in operating activities of $383,860 for the three months ended March 31, 2023, primarily due to operational costs[143]. - The Company has incurred significant costs in pursuit of its initial business combination and may require additional financing to complete it[151]. Business Combination - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[140]. - The Company intends to use substantially all funds in the Trust Account to complete its initial business combination, with no assurance of success[148]. - The Company has until July 30, 2023, to complete a Business Combination, after which a mandatory liquidation will occur if not completed[153]. Accounting and Reporting - Changes in redemption value of redeemable ordinary shares are recognized immediately, adjusting the carrying value to equal the redemption value at the end of each reporting period[161]. - Warrants are classified as either equity or liability based on specific terms and applicable guidance, with assessments conducted at issuance and quarterly[162]. - For warrants meeting equity classification criteria, they are recorded as additional paid-in capital; otherwise, they are recorded at fair value with changes recognized as non-cash gains or losses[163]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[164].