IPO and Fundraising - The company completed its IPO on July 30, 2021, raising gross proceeds of $250.0 million from the sale of 25,000,000 Units at $10.00 per Unit[110]. - An additional 3,250,000 Over-Allotment Units were sold, generating approximately $32.5 million in gross proceeds[110]. - The company raised $8.0 million from a Private Placement of 800,000 units at $10.00 per unit, alongside an additional $650,000 from 65,000 Additional Private Placement Units[111]. Financial Position - As of March 31, 2022, the company held cash of $1,740,087 and current liabilities of $391,158[117]. - For the three months ended March 31, 2022, the company reported a net income of $3,218,049, primarily due to a gain on fair value of warrant liability of $3,814,259[119]. - The company incurred net cash used in operating activities of $384,098 for the three months ended March 31, 2022[121]. Business Operations and Expectations - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[118]. - The company must complete one or more initial business combinations with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[115]. - If the company fails to complete a business combination within the Combination Period, it will redeem Public Shares at a per-share price equal to the amount in the Trust Account[116]. - The company expects to incur significant costs in pursuit of its initial business combination and may need additional financing to complete it[125]. Shareholder and Equity Information - Net income (loss) per ordinary share is calculated by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period[131]. - There are 28,250,000 Class A ordinary shares sold in the IPO, which contain a redemption feature related to liquidation and shareholder votes[132]. - Changes in redemption value of redeemable ordinary shares are recognized immediately, adjusting the carrying value to equal the redemption value at the end of each reporting period[133]. Warrant Classification - Warrants are classified as either equity or liability based on specific terms and applicable guidance, with assessments conducted at issuance and quarterly[134]. - For warrants meeting equity classification criteria, they are recorded as additional paid-in capital; otherwise, they are recorded at initial fair value[135]. Accounting Standards and Reporting - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[136]. - The company is classified as a smaller reporting company, making certain market risk disclosures not applicable[137].
Alpha Partners Technology Merger (APTM) - 2022 Q1 - Quarterly Report