Financial Performance - As of September 30, 2022, the company reported a net income of $478,861, driven by interest income of $801,953 from marketable securities, offset by operating costs of $227,804 and stock compensation expense of $95,288 [102]. - For the nine months ended September 30, 2022, the company achieved a net income of $102,386, with interest income of $1,059,691, operating costs of $674,549, and stock compensation expense of $282,756 [103]. Cash and Capital - The company had cash outside its trust account amounting to $365,612 as of September 30, 2022, available for working capital needs [106]. - The initial public offering (IPO) generated gross proceeds of $172,500,000 from the sale of 17,250,000 units at $10.00 per unit [106]. - The company also sold 10,625,000 private placement warrants at $1.00 each, generating an additional $10,625,000 in gross proceeds [106]. - The company incurred a cash underwriting commission of 2% of the gross proceeds of the IPO, totaling $3,450,000, with a deferred underwriting discount of 3.5% amounting to $6,037,500 upon completion of the initial business combination [115]. Equity and Debt - As of September 30, 2022, the company had 17,250,000 Class A ordinary shares subject to possible redemption, classified as temporary equity [117]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022 [109]. Future Plans and Obligations - The company does not anticipate needing to raise additional funds for operating expenditures prior to completing a business combination [108]. - The company has not yet selected a business combination target and has not initiated substantive discussions with any potential targets [101]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not obligated to provide the detailed disclosures typically required for market risk [124].
AP Acquisition (APCA) - 2022 Q3 - Quarterly Report