Financial Performance - The company reported a net loss of $5,431,247 for the three months ended September 30, 2021, primarily due to a loss on the change in fair value of warrant liabilities of $5,180,000[119]. - For the period from inception through September 30, 2021, the company had a net income of $825,294, resulting from a gain on the change in fair value of warrant liabilities of $5,060,000 and interest income of $6,205[120]. Initial Public Offering - The company completed an initial public offering on March 25, 2021, generating gross proceeds of $200,000,000 from the sale of 20,000,000 units[121]. - The company had net cash provided by financing activities of $201,562,313, which included $196,000,000 from the issuance of units in the initial public offering[123]. Cash Flow and Liquidity - Net cash used in operating activities from inception through September 30, 2021, was $670,907, influenced by non-cash adjustments related to warrant liabilities and interest income[122]. - As of September 30, 2021, the company held cash of $891,406 outside the trust account, intended for identifying and evaluating target businesses[124]. - The company does not anticipate needing to raise additional funds following the initial public offering to meet operating expenditures prior to the initial business combination[126]. Internal Controls and Compliance - A material weakness in internal control over financial reporting was identified, leading to the restatement of financial statements for March 25, 2021, and subsequent periods[135]. - The company plans to enhance its processes to better comply with complex accounting standards following the restatement of its financial statements[136]. - The company has filed certifications from both the Chief Executive Officer and Chief Financial Officer in compliance with the Sarbanes-Oxley Act of 2002[31.1][31.2]. Reporting and Documentation - The Inline XBRL Instance Document is included, indicating that the financial data is embedded within the document[101.INS]. - The report is signed by the Chief Executive Officer and Chief Financial Officer, confirming the accuracy of the financial statements[143].
Magnum Opus Acquisition (OPA) - 2021 Q3 - Quarterly Report