Financial Performance - As of December 31, 2022, the company had a net income of approximately $10.7 million, primarily from a net gain of $9.0 million from the change in fair value of derivative liabilities and investment income of approximately $3.2 million [403]. - The company had a net income of approximately $5.0 million for the period from January 21, 2021, through December 31, 2021, primarily from a net gain of $5.3 million from the change in fair value of derivative liabilities [406]. Initial Public Offering (IPO) - The company generated gross proceeds of $230.0 million from its Initial Public Offering (IPO) by issuing 23,000,000 units at $10.00 per unit, incurring offering costs of approximately $5.7 million [393]. Cash and Working Capital - The company had cash of approximately $116,000 and working capital of approximately $406,000 as of December 31, 2022 [398]. - The company placed $234.6 million in a trust account, invested in U.S. government securities, until the completion of a business combination [397]. Operations and Revenue - The company has not commenced operations and will not generate operating revenues until after completing its initial business combination [392]. Financial Liabilities and Instruments - The company has drawn $350,000 under an Additional Convertible Note, which may be converted into additional warrants at the sponsor's discretion [396]. - The company recognized 22,050,000 warrants as derivative liabilities, adjusting their fair value at each reporting period [410]. Expenses - For the year ended December 31, 2022, general and administrative expenses were approximately $1.4 million, including $0.3 million to related parties [404]. Going Concern - The company has determined that the mandatory liquidation raises substantial doubt about its ability to continue as a going concern [400]. Shareholder Equity - The company has included Class B ordinary shares in the weighted average number for the dilutive impact calculation due to the satisfaction of the over-allotment option contingency [417]. Accounting Standards and Regulations - The company is evaluating the impact of ASU 2022-03 on its financial statements, which clarifies fair value measurement of equity securities subject to contractual sale restrictions, effective after December 15, 2023 [418]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [421]. - The company may not be required to provide certain disclosures and auditor's attestation reports for internal controls over financial reporting for five years post-IPO [424]. Off-Balance Sheet Arrangements - As of December 31, 2022, the company reported no off-balance sheet arrangements [420].
Chain Bridge I(CBRG) - 2022 Q4 - Annual Report