Mobile Infrastructure (BEEP) - 2022 Q2 - Quarterly Report

Financial Performance - As of June 30, 2022, the Company reported a net loss of approximately $239,000 for the three months ended June 30, 2022, with general and administrative expenses totaling approximately $363,000 [98]. - The Company incurred a net loss of approximately $592,000 for the six months ended June 30, 2022, primarily due to general and administrative expenses [101]. - The Company generated non-operating income of approximately $125,000 from investments held in the Trust Account for the three months ended June 30, 2022 [98]. Capital Structure - The Company had a working capital of approximately $837,000 and approximately $514,000 in its operating bank account as of June 30, 2022 [103]. - The Initial Public Offering generated gross proceeds of $275.0 million, with offering costs of approximately $16.1 million [84]. - The underwriting discount amounted to $0.20 per Public Share, totaling $5.5 million, with an additional deferred commission of approximately $9.6 million [109]. - The Company has 27,500,000 Class A ordinary shares subject to possible redemption, classified as temporary equity [112]. Business Operations - The Company has not commenced any operations and will not generate operating revenues until after the completion of its initial Business Combination [83]. - 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 [88]. - The Company has until May 27, 2023, to complete a Business Combination before mandatory liquidation [94]. Financial Management - The Company intends to use funds outside of the Trust Account for various expenses related to identifying and evaluating prospective Business Combination candidates [105]. - The Company’s sponsor provided a payment of $25,000 to cover certain expenses in exchange for the issuance of Founder Shares [104]. Accounting and Compliance - The Company recognizes changes in redemption value immediately, adjusting the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period [113]. - The Company is evaluating the impact of ASU 2022-03, effective for fiscal years beginning after December 15, 2023, which clarifies fair value measurement for equity securities subject to contractual sale restrictions [116]. - As of June 30, 2022, the Company did not have any off-balance sheet arrangements or commitments [118]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [119]. - The Company may not be required to provide certain disclosures related to executive compensation for five years following the completion of its Initial Public Offering [120]. Shareholder Actions - The underwriters partially exercised the over-allotment option to purchase an additional 2,500,000 Class A ordinary shares from the initial 3,750,000 option granted [108].