Financial Performance - For the three months ended March 31, 2023, the company reported a net income of approximately $2.8 million, driven by investment income on the Trust Account of approximately $2.6 million[12]. - General and administrative expenses for the three months ended March 31, 2023, were approximately $235,000, along with $90,000 in expenses to related parties[12]. Initial Public Offering - The company generated gross proceeds of $230.0 million from its Initial Public Offering, with offering costs of approximately $5.7 million[9]. - The underwriters received an underwriting discount of approximately $4.6 million upon the closing of the Initial Public Offering[14]. Going Concern - The company has determined that mandatory liquidation raises substantial doubt about its ability to continue as a going concern, with plans to complete a business combination prior to the liquidation date[11]. Equity Classification - The company has classified 23,000,000 Class A ordinary shares subject to possible redemption as temporary equity, presented at redemption value[16]. Risk Management - The company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks[15]. Internal Controls - As of March 31, 2023, the company's disclosure controls and procedures were deemed effective by its principal executive and financial officers[21]. - There were no changes to the internal control over financial reporting that materially affected the company during the fiscal quarter ended March 31, 2023[265]. Regulatory Compliance - 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[18].
Chain Bridge I(CBRG) - 2023 Q1 - Quarterly Report