Blade(US:BLDE)2021-03-10 11:04Financial Performance - The company had a net income of $127,718 for the year ended December 31, 2020, consisting of interest income of $1,016,670, offset by operating costs of $678,487 and a provision for income taxes of $210,465[318]. - Cash used in operating activities for the year ended December 31, 2020, was $794,467, with net income impacted by interest income from marketable securities[323]. Marketable Securities - As of December 31, 2020, the company held marketable securities in the Trust Account amounting to $276,943,339, including approximately $1,943,000 of interest income[322]. - The company intends to use substantially all funds in the Trust Account to complete a Business Combination, with interest income potentially used for tax payments[325]. Initial Public Offering - The company generated gross proceeds of $275,000,000 from its Initial Public Offering of 27,500,000 Units at $10.00 per Unit[320]. Merger Agreement - The company entered into a Merger Agreement with Blade, where each outstanding share of Blade common stock will be converted into shares of the company's Class A common stock at a reference price of $10.00[315]. - The company incurred $110,000 for consulting services related to market and industry research, with an additional $990,000 contingent on a successful Business Combination with Blade[332]. Cash and Financing - As of December 31, 2020, the company had cash of $846,068 held outside the Trust Account for operational and due diligence expenses[326]. - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2020[329]. - The company may need additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient[328].