Financial Performance - For the three months ended March 31, 2022, the Company reported a net income of $7,660,967, which included $8,014,200 of unrealized gains on fair value changes of warrants [113]. - As of March 31, 2022, the Company had $792,547 in its operating bank account and working capital of $451,014 [114]. IPO and Fundraising - The Company generated gross proceeds of $172.5 million from the IPO, selling 17,250,000 units at $10.00 per unit, including 2,250,000 units from the underwriters' over-allotment option [107]. - The underwriters received a cash underwriting discount of $3.45 million, with an additional deferred fee of $6.04 million payable upon completion of a Business Combination [111]. - The Company placed $175.95 million from the IPO and Private Placement Warrants proceeds into a Trust Account, which will be invested in U.S. government securities [110]. Business Combination Plans - The Company has until March 9, 2023, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed [116]. - The Company intends to focus its search for a business combination on companies in the SSLA or those providing goods and services to Spanish-speaking markets [106]. - The Company has not yet selected a specific business combination target and has not engaged in substantive discussions with any potential targets [106]. Public Company Status - The Company expects to incur increased expenses due to being a public company, including legal and financial reporting costs, and anticipates these expenses will increase substantially after this period [112]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [130]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years or until it no longer qualifies as an "emerging growth company" [131]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures as defined by Rule 12b-2 of the Exchange Act [132]. Administrative Services - The Company may reimburse the Sponsor up to $10,000 per month for administrative services until the completion of the initial business combination or liquidation [117].
APx Acquisition I(APXI) - 2022 Q1 - Quarterly Report