IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on November 15, 2021, raising gross proceeds of $230.0 million from the sale of 23,000,000 units at $10.00 per unit[529]. - The company incurred offering costs of approximately $5.7 million related to the IPO, including $4.6 million in underwriting discounts[529][542]. - The company issued 22,050,000 warrants in connection with the IPO, recognized as derivative liabilities[544]. Financial Performance - As of December 31, 2021, the company reported a net income of approximately $5.0 million, primarily from a net gain of $5.3 million due to changes in the fair value of derivative liabilities[539]. - The company had cash of approximately $741,000 and working capital of approximately $1,451,000 as of December 31, 2021[534]. - The company placed $234.6 million in a trust account, invested in U.S. government securities, to be used for a future business combination[533]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after completing its initial business combination[528][538]. - The company has the potential to finance transaction costs through Working Capital Loans from the sponsor or affiliates[536]. Regulatory and Reporting Considerations - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[553]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years or until it no longer qualifies[554]. - The company may not be required to provide an auditor's attestation report on internal controls over financial reporting under Section 404[554]. - The company may also avoid disclosing certain executive compensation items, including the correlation between executive compensation and performance[554]. - The exemptions from the JOBS Act could impact the level of financial transparency for investors during the five-year period[554]. - Smaller reporting companies are not required to provide quantitative and qualitative disclosures about market risk[555]. Equity and Valuation - The company recognizes changes in the redemption value of Class A ordinary shares subject to possible redemption, which are classified as temporary equity[545][546].
Chain Bridge I(CBRG) - 2021 Q4 - Annual Report