Financial Performance - For the three months ended September 30, 2022, the company reported a net loss of $2,018,483, primarily due to a loss on the change in fair value of warrant liabilities amounting to $1,440,000[116]. - For the nine months ended September 30, 2022, the company achieved a net income of $11,126,044, driven by a gain on the change in fair value of warrant liabilities of $13,820,000[117]. - The company incurred formation and operating costs of $1,471,737 for the three months ended September 30, 2022[116]. - The company had net cash used in operating activities of $658,086 for the nine months ended September 30, 2022[121]. - The company had no cash flows from investing activities for the nine months ended September 30, 2022[122]. 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[120]. - The company has 20,000,000 Class A ordinary shares sold in the Initial Public Offering, all of which contain a redemption feature[136]. Business Combination - The company entered into a business combination agreement with Asia Innovations Group Limited on September 30, 2022, which involves a merger with Connect Merger Sub[129]. - The company does not currently anticipate needing to raise additional funds prior to the closing of its initial business combination[126]. Internal Controls and Reporting - Management identified a material weakness in internal control over financial reporting as of September 30, 2022, leading to a restatement of financial statements[141]. - The company has enhanced processes to better apply accounting requirements and improve internal controls over financial reporting[143]. - There were no changes in internal control over financial reporting during the third fiscal quarter ended September 30, 2022, that materially affected internal controls[144]. - Management does not believe that recently issued accounting standards will have a material effect on the financial statements[139]. Legal and Regulatory Matters - The company is subject to laws and regulations that may change and could adversely affect its business and operations[146]. - No legal proceedings are currently pending against the company[146]. Shareholder Information - Changes in the redemption value of redeemable ordinary shares are recognized immediately, affecting additional paid-in capital and accumulated deficit[137]. - The net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of ordinary shares outstanding, with Class A and Class B shares presented as one class[138]. - The company has not considered the effect of warrants sold in the Initial Public Offering in the calculation of diluted income (loss) per share[138]. Certifications and Signatures - The certifications of the Principal Executive Officer and Principal Financial Officer were furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002[31.1][32.1]. - The report was signed on behalf of Magnum Opus Acquisition Limited by the Chief Executive Officer and Chief Financial Officer on November 14, 2022[152][153].
Magnum Opus Acquisition (OPA) - 2022 Q3 - Quarterly Report