Mobile Infrastructure (US:BEEP)2021-07-06 16:00Initial Public Offering (IPO) - The Company completed its Initial Public Offering on May 27, 2021, raising gross proceeds of $275.0 million from the sale of 27,500,000 Class A ordinary shares at an offering price of $10.00 per share[77]. - The Company completed its Initial Public Offering of 27,500,000 Public Shares at a price of $10.00 per share, generating gross proceeds of $275.0 million[121]. - A private placement of 907,000 Class A ordinary shares was executed simultaneously with the IPO, generating gross proceeds of approximately $9.1 million[122]. - A private placement of 907,000 Class A ordinary shares was also completed at a price of $10.00 per share, generating gross proceeds of approximately $9.1 million[122]. - The underwriters were granted a 45-day option to purchase up to 3,750,000 additional Public Shares, of which 2,500,000 were partially exercised[105][106]. Financial Position - As of March 31, 2021, the Company reported a net loss of approximately $25,000, primarily due to general and administrative expenses[92]. - The Company had a working capital deficit of approximately $204,000 as of March 31, 2021, with no cash in its operating bank account[93]. - The Sponsor agreed to loan the Company up to $300,000, of which approximately $109,000 was borrowed by March 31, 2021[100][101]. - The Company has no outstanding borrowing under the Working Capital Loan as of March 31, 2021[101]. Offering Costs - The Company incurred offering costs of approximately $16.1 million, including $9.6 million for deferred underwriting commissions[77]. - Offering costs incurred were approximately $16.1 million, including about $9.6 million for deferred underwriting commissions[121]. Business Combination - The Company must complete a Business Combination with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[81]. - Public Shareholders will have the opportunity to redeem their shares for a pro rata portion of the Trust Account, initially anticipated to be $10.00 per share[82]. - If the Company does not complete a Business Combination within 24 months from the Initial Public Offering, it will redeem Public Shares at a per-share price equal to the amount in the Trust Account[87]. - The initial shareholders agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period[88]. - The Company has no assurance of successfully completing a Business Combination, as it is subject to risks associated with early-stage companies[75]. Risk Factors - The Company has identified risks related to the COVID-19 pandemic that could negatively impact its financial position and operations[107]. - The Company has no off-balance sheet arrangements or material changes to risk factors as of the report date[113][120]. - No material changes to the risk factors disclosed in the final prospectus filed with the SEC on May 26, 2021[120]. Internal Controls - As of March 31, 2021, the company's disclosure controls and procedures were evaluated as effective by the Chief Executive Officer and Chief Financial Officer[118]. - There were no changes in internal control over financial reporting that materially affected the company's reporting during the covered period[119]. Administrative Support - The Company entered into an Administrative Support Agreement with a monthly fee of up to $17,500 for services provided[102]. Accounting Standards - The Company adopted ASU 2020-06 on February 10, 2021, which did not impact its financial position or results of operations[111].