Financial Position - As of June 30, 2022, the company had cash of approximately $304,000 and working capital of approximately $779,000[135]. - 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[137]. Income and Gains - For the three months ended June 30, 2022, the company reported a net income of approximately $3.1 million, primarily from a net gain of approximately $3.1 million from the change in fair value of derivative liabilities[140]. - For the six months ended June 30, 2022, the company achieved a net income of approximately $5.6 million, driven by a net gain of approximately $5.9 million from the change in fair value of derivative liabilities[142]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on November 15, 2021, raising gross proceeds of $230.0 million from the sale of 23,000,000 units at $10.00 per unit[130]. - The company placed $234.6 million of net proceeds from the Initial Public Offering into a trust account, invested in U.S. government securities[134]. - The company incurred offering costs of approximately $5.7 million related to the Initial Public Offering[130]. - The company issued 22,050,000 warrants in connection with the Initial Public Offering, recognized as derivative liabilities at fair value[148]. - The company is evaluating the benefits of relying on reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[157]. Operations and Revenue - The company has not yet commenced operations and will not generate operating revenues until after completing its initial business combination[129]. Internal Controls - As of June 30, 2022, the company's disclosure controls and procedures were deemed effective by its principal executive and financial officers[161]. - The internal control over financial reporting was assessed as effective as of June 30, 2022, based on the 2013 framework by the Committee of Sponsoring Organizations of the Treadway Commission[162]. - There were no changes to the internal control over financial reporting during the fiscal quarter ended June 30, 2022, that materially affected its effectiveness[163]. Shareholder Redemption - The company recognized changes in redemption value of Class A ordinary shares subject to possible redemption, adjusting the carrying value to equal the redemption value at the end of each reporting period[150].
Chain Bridge I(CBRG) - 2022 Q2 - Quarterly Report