Financial Performance - The company had a net income of approximately $2.5 million for the three months ended March 31, 2022, primarily from a net gain of approximately $2.8 million from the change in fair value of derivative liabilities [137]. - The company had a net loss of approximately $13,000 from inception through March 31, 2021, consisting solely of general and administrative expenses [138]. Initial Public Offering - The Initial Public Offering generated gross proceeds of $230.0 million, with offering costs of approximately $5.7 million [127]. - The underwriters received an underwriting discount of approximately $4.6 million upon the closing of the Initial Public Offering [141]. Cash and Working Capital - As of March 31, 2022, the company had cash of approximately $587,000 and working capital of approximately $1,065,000 [132]. - The company’s management believes it will have sufficient working capital to meet its needs through the earlier of the consummation of a business combination or one year from the filing date [134]. Trust Account and Investments - The company placed $234.6 million in a trust account, invested in U.S. government securities, until the completion of a business combination [131]. Operational Status - The company has not yet commenced operations and will not generate operating revenues until after the completion of its initial business combination [126]. Expenses - The company incurred general and administrative expenses of approximately $326,000 for the three months ended March 31, 2022 [137]. Derivative Liabilities - The company recognized the fair value of 22,050,000 warrants as derivative liabilities, subject to re-measurement at each reporting period [143].
Chain Bridge I(CBRG) - 2022 Q1 - Quarterly Report