biote (US:BTMD)2021-05-19 16:00Financial Performance - For the three months ended March 31, 2021, the company reported a net loss of $3,943,374, which included expensed offering costs of $962,447 and a loss on the sale of private placement warrants of $3,507,000[130]. - Net cash used in operating activities for the three months ended March 31, 2021, was $626,996, primarily due to the net loss and changes in operating assets and liabilities[133]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination[129]. Cash Position - As of March 31, 2021, the company had $922,484 in cash held outside of the Trust Account and a working capital balance of $1,490,920, excluding franchise tax payable[131]. - The company had no off-balance sheet arrangements as of March 31, 2021[136]. Investing and Financing Activities - The company had net cash used in investing activities of $317,500,000, attributed to the deposit of net proceeds from the initial public offering into the Trust Account[134]. - For the three months ended March 31, 2021, net cash provided by financing activities was $319,047,886, which included $311,150,000 from the issuance of units in the initial public offering[135]. - The underwriters were granted a 45-day option to purchase up to 4,500,000 additional Units, and on March 5, 2021, they purchased an additional 1,750,000 Units, generating gross proceeds of $17,500,000[139]. - The company incurred a cash underwriting fee of $6,350,000 and deferred underwriting commissions of $11,112,500, payable upon completion of a Business Combination[140]. Equity Structure - As of March 31, 2021, 27,485,793 shares of Class A common stock were subject to possible redemption, classified as temporary equity[142].