Financial Performance - The Company had a net income of $56,851 for the three months ended June 30, 2022, with general and administrative expenses of $160,779 and investment income of $217,630[100]. - Cash used in operating activities for the three months ended June 30, 2022, was $145,217[105]. - The Company does not expect to generate operating revenues until after the completion of its initial Business Combination[99]. IPO and Fundraising - The IPO generated gross proceeds of $200,000,000 from the sale of 20,000,000 units at an offering price of $10.00 per unit[101]. - The company completed its IPO on May 5, 2022, raising gross proceeds of $200,000,000 by selling 20,000,000 Units at an offering price of $10.00 per Unit[124]. - Each Unit in the IPO consists of one Ordinary Share, one-half of one redeemable Warrant, and one Right to receive one-tenth of one Ordinary Share upon the consummation of an initial Business Combination[124]. - The Private Placement generated total proceeds of $8,966,000 from the sale of 8,966,000 private placement warrants at $1.00 each[103]. - The company also executed a Private Placement of 8,966,000 private placement warrants at a price of $1.00 per warrant, generating total proceeds of $8,966,000[125]. Trust Account and Financial Position - A total of $203,500,000 was deposited in a trust account for the benefit of public shareholders, with a net value of $10.175 per unit[104]. - As of May 5, 2022, a total of $203,500,000 ($10.175 per Unit) from the IPO and Private Placement was deposited in a trust account for public shareholders[126]. - The funds in the trust account are held as cash or invested in U.S. government securities with a maturity of 185 days or less[126]. - The trust account will be utilized until the earlier of the completion of a Business Combination or the distribution of the Trust Account[126]. - The Company believes that the $1,181,875 of net proceeds not held in the Trust Account will be sufficient to operate for at least the next 12 months[105]. - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2022[108]. Business Combination - The deferred fee to underwriters is 3.5% of the gross proceeds from the IPO, amounting to $7,000,000, payable only upon completion of a Business Combination[110]. - The Company has not selected any specific Business Combination target and has not initiated substantive discussions with any potential targets[97].
A SPAC II Acquisition (ASCB) - 2022 Q2 - Quarterly Report