Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $1,532,112, which included general and administrative expenses of $2,271,372 and a loss from the change in fair value of derivative warrant liabilities of $1,629,960 [120]. - For the three months ended March 31, 2022, the company reported net income of $3,799,755, which included a gain from the change in fair value of derivative warrant liabilities of $4,082,040 [121]. - Cash provided in operating activities for the three months ended March 31, 2023, was $147,062, with net loss offset by interest earned on investments held in the Trust Account [125]. IPO and Financing - The company generated gross proceeds of $200,000,000 from its Initial Public Offering (IPO) by issuing 20,000,000 shares at a price of $10.00 per Unit [123]. - The company incurred $21,834,402 in transaction costs related to the IPO, including $4,600,000 in underwriting fees and $8,050,000 in deferred underwriting fees [124]. - The company may need to obtain additional financing to complete its Business Combination or to redeem a significant number of public shares, which could involve issuing additional securities or incurring debt [129]. Business Combination and Liquidity - As of March 31, 2023, the company had cash and marketable securities held in the Trust Account amounting to $237,085,266, which will be used to complete a Business Combination [127]. - As of March 31, 2023, the company had a working capital deficit of $6,264,174, raising substantial doubt about its ability to continue as a going concern [130]. - The company has until October 22, 2023, to consummate a Business Combination, after which mandatory liquidation may occur if not completed [131]. Regulatory and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [140]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [141]. - As of March 31, 2023, the company had no off-balance sheet arrangements or contractual obligations [139]. Risk and Investment - As of March 31, 2023, the company was not subject to any market or interest rate risk [142]. - The net proceeds from the Initial Public Offering have been invested in U.S. government obligations with a maturity of 185 days or less [142]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence [126].
Aeries Technology(AERT) - 2023 Q1 - Quarterly Report