IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on December 9, 2021, raising gross proceeds of $172.5 million from the sale of 17,250,000 units at $10.00 per unit[259]. - Following the IPO, approximately $169.05 million from the net proceeds was placed in a Trust Account, which will be invested in U.S. government securities[261]. - The company incurred a total underwriting discount of $3.45 million at the IPO closing, with an additional deferred fee of $6.04 million payable upon completion of a business combination[262]. Financial Position and Performance - As of December 31, 2021, the company had cash of approximately $953,432 and current liabilities of $322,969, indicating a working capital of approximately $0.8 million[270]. - The company reported a net income of approximately $1.66 million for the period from inception through December 31, 2021, primarily due to non-operating gains from changes in fair value of derivative warrant liabilities[271]. - The company reported a net income (loss) per ordinary share, with diluted net income (loss) per share being the same as basic net income (loss) per share for the year ended December 31, 2021[286]. Business Combination and Future Plans - The company has until March 9, 2023, to complete a business combination, after which a mandatory liquidation will occur if not completed[276]. - The company plans to use its funds for identifying and evaluating prospective business combination candidates and related transaction costs[274]. - The company has not yet selected a specific business combination target but intends to focus on companies providing goods and services to Spanish-speaking markets[259]. Shareholder and Equity Information - The company’s sponsor purchased 8,950,000 private placement warrants at $1.00 each, which are exercisable at $11.50 per share[260]. - The company will provide public shareholders the opportunity to redeem their shares for a pro rata portion of the Trust Account, initially valued at $10.00 per share[265]. - The company has two classes of shares, Class A and Class B, with income and losses shared pro rata between them[285]. - The company’s ordinary shares subject to possible redemption are presented at redemption value as temporary equity, reflecting certain redemption rights outside of the company's control[284]. Accounting and Reporting - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows, effective January 1, 2022[288]. - The company does not believe that any recently issued accounting pronouncements would have a material effect on its financial statements[289]. - The company’s financial statements are prepared in accordance with generally accepted accounting principles in the United States[281]. - The company evaluates its estimates and judgments related to fair value and accrued expenses on an ongoing basis[280]. - The company’s accounting for warrants requires professional judgment and is assessed at the time of issuance and each subsequent quarterly period[282]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[291].
APx Acquisition I(APXI) - 2021 Q4 - Annual Report