Financial Performance - For the three months ended September 30, 2021, the company recorded a net income of $3,013,329, primarily due to a gain on fair value of warrant liability of $3,812,458 [130]. - From inception (February 5, 2021) through September 30, 2021, the company reported a net income of $973,440, which included a gain on fair value of warrant liability of $2,997,875 [130]. - Net cash used in operating activities from inception through September 30, 2021, was $847,941, primarily due to changes in fair value of the warrant liability [131]. - Net cash provided by financing activities during the same period was $285,715,719, mainly from proceeds of the Initial Public Offering and private placement [132]. Cash and Investments - As of September 30, 2021, the company had cash of $2,367,778 held outside the trust account, intended for identifying and evaluating prospective partner businesses [137]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination [138]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from the Initial Public Offering of 25,000,000 units at $10.00 per unit [133]. - The underwriters partially exercised the over-allotment option, purchasing an additional 3,250,000 units for gross proceeds of $32,500,000 [136]. - The company issued a promissory note for up to $300,000 to cover expenses related to the Initial Public Offering, which was repaid on August 6, 2021 [143]. Warrant Liability - The company recorded warrants as a component of additional paid-in capital if they meet equity classification criteria [152]. - For warrants not meeting equity classification, they are recorded at initial fair value and adjusted for changes in estimated fair value as non-cash gains or losses [152]. Risk Factors - As of September 30, 2021, the company was not subject to any market or interest rate risk [153]. - The company has no off-balance sheet arrangements as of September 30, 2021 [142].
Alpha Partners Technology Merger (APTM) - 2021 Q3 - Quarterly Report