Financial Performance - For the three months ended September 30, 2022, the company reported a net income of approximately $1.5 million, primarily from a noncash gain of approximately $0.3 million and interest income of approximately $1.4 million [141]. - The company had a net income of approximately $8.7 million for the nine months ended September 30, 2022, mainly due to a noncash gain of approximately $7.7 million from changes in fair value of derivative warrant liabilities [143]. - The company incurred approximately $905,000 in general and administrative expenses for the nine months ended September 30, 2022 [143]. Initial Public Offering - 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 [135]. - The underwriters are entitled to a deferred fee of $0.35 per unit, totaling $11,329,238, payable only upon the completion of a Business Combination [151]. Business Operations - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination [140]. - The company is focused on identifying business combination targets in the Israeli technology industry, including sectors like cybersecurity, fintech, and AI [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 cash price equal to the amount in the Trust Account [139]. Liquidity and Financial Obligations - As of September 30, 2022, the company had cash of $1.2 million, with liquidity needs previously satisfied through a loan of approximately $149,000 from the Sponsor [145][146]. - The company has a contractual obligation to pay the Sponsor a monthly fee of $10,000 for office space and administrative services [150].
BYTE Acquisition (BYTS) - 2022 Q3 - Quarterly Report