Financial Proceeds - The company raised gross proceeds of $300.0 million from its Initial Public Offering (IPO) by offering 30,000,000 units at $10.00 per unit, incurring offering costs of approximately $17.2 million[137] - An additional $23.7 million was generated from the partial exercise of the over-allotment option, resulting in total gross proceeds of approximately $323.7 million from the IPO and related transactions[137] - The company has placed $300.0 million of net proceeds from the IPO into a trust account, invested in U.S. government securities until a business combination is completed[138] Financial Performance - As of March 31, 2021, the company reported a net loss of approximately $1.2 million, primarily due to noncash losses and offering costs[142] - The company has not generated any operating revenues to date and will only do so after completing its initial business combination[141] Financial Position - The company had approximately $1.6 million in its operating bank account and working capital of approximately $2.6 million as of March 31, 2021[143] - The company has no long-term debt obligations or significant liabilities, apart from a monthly administrative services agreement with its sponsor for $10,000[148] Business Strategy - The company intends to focus its search for business combination targets in the Israeli technology industry, including sectors like cybersecurity and fintech[136] Accounting and Compliance - The company has issued 15,515,000 warrants recognized as derivative liabilities, which are subject to re-measurement at each reporting period[151] - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[161]
BYTE Acquisition (BYTS) - 2021 Q1 - Quarterly Report