Financial Performance - The company reported a net income of $11,141,792 for the three months ended June 30, 2021, primarily due to a gain on the change in fair value of warrant liabilities of $11,360,000[104]. - For the period from inception through June 30, 2021, the company had a net income of $6,256,541, which included a gain on the change in fair value of warrant liabilities of $10,240,000[105]. Capital Raising Activities - The company completed an initial public offering of 20,000,000 units, generating gross proceeds of $200,000,000 on March 25, 2021[106]. - The private sale of 6,000,000 warrants generated an additional $6,000,000 in gross proceeds, which were added to the trust account[106]. - The company reported net cash provided by financing activities of $201,592,484, primarily from the issuance of units in the initial public offering[108]. - The company completed its Initial Public Offering of 20,000,000 Units at $10.00 per Unit, generating gross proceeds of $200,000,000[123]. - The company also sold 6,000,000 Private Placement Warrants at a price of $1.00 per Warrant, generating additional gross proceeds of $6,000,000[123]. Cash and Liquidity - As of June 30, 2021, the company had cash of $1,115,380 held outside the trust account, intended for identifying and evaluating target businesses[109]. - Net cash used in operating activities from inception through June 30, 2021, was $477,104, influenced by non-cash adjustments related to warrant liabilities[107]. - The company does not expect to raise additional funds following the initial public offering to meet operating expenditures prior to the initial business combination[111]. Equity and Redemption - As of June 30, 2021, 17,587,842 Class A ordinary shares were subject to possible redemption, classified as temporary equity[115]. Internal Controls and Compliance - Management does not anticipate that any recently issued accounting standards will have a material effect on the financial statements[120]. - There were no changes in internal control over financial reporting that materially affected the company's reporting[121]. - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were not effective as of June 30, 2021[120]. - The company plans to enhance processes to better evaluate and apply accounting standards due to the revision of warrant classifications[121]. - The financial statement revisions did not impact cash and cash equivalents or total assets previously reported[121]. - The company is committed to improving communication among personnel and third-party professionals regarding complex accounting applications[121]. Risk Factors and Legal Proceedings - There have been no material changes to previously disclosed risk factors that could significantly impact operations or financial condition[123]. - The company has not reported any legal proceedings as of the date of the report[123]. Off-Balance Sheet Arrangements - There were no off-balance sheet arrangements as of June 30, 2021[112].
Magnum Opus Acquisition (OPA) - 2021 Q2 - Quarterly Report