Financial Performance - The company reported a net income of $0.36 million for the three months ended March 31, 2022, with general and administrative expenses of $0.46 million, offset by interest income of $0.03 million and a gain of $0.78 million from the change in fair value of warrant liability [97]. - The company has not generated any operating revenues and only incurs expenses related to being a public company and searching for a business combination [96]. Cash and Investments - As of March 31, 2022, the company had approximately $0.85 million in cash available for working capital needs and $232.32 million in cash and investments held in trust, which is not available for working capital [100]. - The company has a working capital loan facility that allows for up to $1.5 million to be convertible into warrants at a price of $1.50 per warrant, although no amounts are currently outstanding under this facility [99]. Initial Public Offering (IPO) - The company incurred transaction costs of $22,407,388 during its initial public offering, which included $12,650,000 in underwriters' fees and discounts [93]. - The company intends to use the net proceeds from its initial public offering primarily for consummating a business combination [94]. - The company’s Private Placement Warrants were sold at a price of $1.50 each, generating proceeds of $9,600,000 [106]. Shareholder Information - The company’s initial stockholders purchased 5,750,000 shares of Class B common stock for an aggregate price of $25,000, with 1,450,758 shares sold to anchor investors at cost [104]. - The company expects to redeem 100% of outstanding public shares at approximately $10.20 per share if it extends the period to consummate a business combination once [95]. Obligations and Fees - The company has a contractual obligation to pay an affiliate of the Sponsor a monthly fee of $15,000 for office space and administrative support [109]. Accounting and Reporting - The company does not anticipate any material effects from recently issued accounting pronouncements on its unaudited condensed financial statements [116]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures [117].
Crixus BH3 Acquisition pany(BHAC) - 2022 Q1 - Quarterly Report