Financial Performance - As of March 31, 2022, the company reported a net income of approximately $5.3 million, primarily due to a noncash gain from changes in fair value of derivative warrant liabilities[116]. - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination[115]. - As of March 31, 2022, the company had cash of $1.5 million, with liquidity needs previously satisfied through loans and contributions from the Sponsor[118]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on March 23, 2021, raising gross proceeds of $300 million from the sale of 30 million units at $10.00 per unit[110]. - An additional $23.7 million was generated from the partial exercise of the over-allotment option, bringing total gross proceeds to approximately $323.7 million[110]. - The underwriters are entitled to a deferred fee of $0.35 per unit, totaling approximately $11.3 million, payable only upon completion of a Business Combination[124]. Business Strategy - The company is focused on identifying business combination targets in the Israeli technology industry, including sectors such as cybersecurity and fintech[109]. - If a Business Combination is not completed by March 23, 2023, the company will redeem 100% of the outstanding public shares at a cash price equal to the amount in the Trust Account[114]. Operational Concerns - The company incurs a monthly fee of $10,000 to the Sponsor for office space and administrative services, which began on March 23, 2021[123]. - The company has determined that the mandatory liquidation raises substantial doubt about its ability to continue as a going concern if a Business Combination is not completed[120].
BYTE Acquisition (BYTS) - 2022 Q1 - Quarterly Report