Financial Performance - The company reported a net income of $215,625 for the three months ended June 30, 2021, resulting entirely from the change in fair value of warrant liability [109]. - For the period from inception through June 30, 2021, the company had a net loss of $2,039,889, which included a loss on sale of warrants of $1,213,542 and a change in fair value of warrant liability of $814,583 [111]. - The company has not engaged in any operations or generated operating revenues to date, with future income expected to come from interest on cash and cash equivalents held after the Initial Public Offering [109]. Initial Public Offering - The company consummated its Initial Public Offering on July 30, 2021, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit [113]. - The underwriters partially exercised their over-allotment option on August 5, 2021, purchasing an additional 3,250,000 units for gross proceeds of $32,500,000 [114]. - The underwriters received a cash underwriting discount of $0.20 per unit, totaling $5,650,000 upon closing of the Initial Public Offering and partial exercise of the over-allotment option [126]. Financial Position - As of June 30, 2021, the company had $500,000 in its operating bank account [112]. - The company issued a promissory note for up to $300,000 to cover expenses related to the Initial Public Offering, with $151,402 outstanding as of June 30, 2021 [124]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination [115]. Expenses and Costs - The company expects to incur approximately $155,000 for legal, accounting, due diligence, and other expenses related to business combinations [120]. Warrant Accounting - Issued or modified warrants that meet equity classification criteria are recorded as additional paid-in capital at issuance [131]. - Warrants not meeting equity classification criteria are recorded at their initial fair value on the date of issuance [131]. - Changes in estimated fair value of warrants are recognized as non-cash gains or losses on the statements of operations [131]. - The fair value of the Founder Warrants was estimated using a Black-Scholes Option Pricing Model [131]. Risk Factors - As of June 30, 2021, the company was not subject to any market or interest rate risk [132].
Alpha Partners Technology Merger (APTM) - 2021 Q2 - Quarterly Report