Financial Performance - For the three months ended June 30, 2022, the company reported a net income of approximately $1.9 million, primarily due to a noncash gain of approximately $1.8 million from changes in fair value of derivative warrant liabilities[135] - The company had a net income of approximately $7.2 million for the six months ended June 30, 2022, mainly from a noncash gain of approximately $7.4 million related to derivative warrant liabilities[137] - The company incurred approximately $637,000 in general and administrative expenses for the six months ended June 30, 2022[137] Initial Public Offering (IPO) - The company generated 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[129] - The underwriters are entitled to a deferred fee of $0.35 per unit, totaling $11,329,238, payable only if a Business Combination is completed[145] Liquidity and Financial Position - As of June 30, 2022, the company had cash of $1.3 million, with liquidity needs previously satisfied through a loan of approximately $149,000 from the Sponsor[140] - The company has no long-term debt or significant contractual obligations other than a monthly fee of $10,000 to the Sponsor for administrative services[144] Business Operations - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination[134] - If the company fails to complete a Business Combination by March 23, 2023, it will redeem 100% of the outstanding Public Shares at a per-share price equal to the aggregate amount in the Trust Account[133] Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[150]
BYTE Acquisition (BYTS) - 2022 Q2 - Quarterly Report