Financial Performance - For the three months ended June 30, 2022, the Company reported a net income of $2,682,422, which included $245,587 in interest income and a $2,636,250 unrealized gain on fair value changes of warrants [125]. - For the six months ended June 30, 2022, the net income was $10,343,389, comprising $259,302 in interest income and a $10,650,450 unrealized gain on fair value changes of warrants [126]. - As of June 30, 2022, the Company had $665,774 in its operating bank account and working capital of $289,100 [128]. IPO and Capital Structure - 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 [120]. - The underwriters received a cash underwriting discount of $3.45 million and a deferred fee of $6.04 million, payable upon completion of an initial business combination [123]. - The Company placed $175.95 million from the IPO and Private Placement Warrants proceeds into a Trust Account, invested in U.S. government securities [122]. Business Combination and Strategy - The Company has until March 9, 2023, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed [131]. - The Company intends to focus its search for a business combination on companies in a Spanish-speaking market or those providing goods and services to such markets [119]. Regulatory and Accounting Matters - The Financial Accounting Standards Board issued ASU 2020-06 to simplify accounting for certain financial instruments, effective January 1, 2022 [144]. - The company is assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows [144]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [146]. - The company may not be required to provide certain disclosures and reports under the JOBS Act for a period of five years or until it is no longer an "emerging growth company" [147]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act [147]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [148]. Expenses and Reimbursements - The Company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence costs [124]. - 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 [132].
APx Acquisition I(APXI) - 2022 Q2 - Quarterly Report