Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $576,067, primarily due to $1,675,392 in dividend and interest income earned in the Trust Account [127]. - The company incurred $9,897,599 in transaction costs related to its IPO, including $3,000,000 in underwriting fees [129]. - As of March 31, 2023, the company had cash of $16,133, negative working capital of $2,495,637, and an accumulated deficit of $6,713,509 [138]. - The company raised gross proceeds of $150,000,000 from its IPO by issuing 15,000,000 Units at a price of $10.00 per Unit [129]. - The company has not generated any operating revenues to date and does not expect to do so until the completion of its initial Business Combination [126]. Business Combination and Compliance - The company has until July 29, 2023, to consummate its initial Business Combination, or it will face mandatory liquidation [139]. - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination [132]. - The company may need to raise additional capital through loans or investments to meet its working capital needs [138]. - The company received a notice from Nasdaq indicating non-compliance with the Minimum Public Holders Rule, giving it 45 days to submit a compliance plan [140]. Administrative Costs and Reporting - The company has incurred general and administrative costs of $756,466 for the three months ended March 31, 2023, an increase from $535,142 for the same period in 2022 [127]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years post-IPO [148]. - The company may not be required to provide an auditor's attestation report on internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act [148]. - The company is exempt from certain executive compensation disclosures required for non-emerging growth public companies under the Dodd-Frank Act [148]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [149].
ALPHA HEALTHCARE(ALPA) - 2023 Q1 - Quarterly Report