Financial Position - As of September 30, 2021, the company had a cash balance of $1,157 and a working capital deficit of $350,668[78]. - The company has no long-term debt or other long-term liabilities as of September 30, 2021[81]. Revenue Generation - The company has not generated any revenues to date and does not expect to do so until after completing a business combination[77]. - The company reported a net loss of $30,548 from inception (February 23, 2021) through September 30, 2021, primarily due to formation and operating costs[78]. Initial Public Offering (IPO) - The underwriters received a cash underwriting fee of $4,600,000, which is 2% of the gross proceeds from the Initial Public Offering[82]. - The company intends to use cash from the Initial Public Offering and Private Placement for its initial business combination[73]. - The company has invested the net proceeds from the Initial Public Offering in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk[97]. Operational Costs - The company anticipates incurring increased expenses related to being a public company, including legal and accounting compliance costs[77]. - The company has not engaged in any hedging activities since its inception[96]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[79].
Crixus BH3 Acquisition pany(BHAC) - 2021 Q3 - Quarterly Report