IPO and Financing - The company completed its IPO on January 7, 2022, raising gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[138]. - A private sale of 15.9 million warrants was completed simultaneously with the IPO, generating an additional $15.9 million[139]. - The underwriters received a cash underwriting discount of $4,600,000 and are entitled to a deferred fee of $8,050,000, payable only if a business combination is completed[160]. - The company entered into a forward purchase agreement with Cartica Funds for up to 3,000,000 shares at $10.00 per share, totaling up to $30,000,000[161]. Financial Performance - As of September 30, 2022, the company held marketable securities in the Trust Account amounting to $238,560,883, including $1,660,883 of interest income[152]. - For the nine months ended September 30, 2022, the company reported a net income of $9,021,357, primarily due to a change in fair value of warrant liabilities of $9,546,000[146]. - Cash used in operating activities for the nine months ended September 30, 2022, was $2,388,954, influenced by transaction costs of $378,343 and changes in operating assets and liabilities[149]. - The company incurred $776,500 in fees for administrative support services for the nine months ended September 30, 2022[158]. Business Combination and Operations - The company has until July 7, 2023, to complete a business combination, with the possibility of extending this deadline by up to 24 months[143]. - If a business combination is not completed by the deadline, the company will cease operations and redeem public shares at a price equal to the amount in the Trust Account[143]. Accounting and Financial Reporting - The company has no off-balance sheet arrangements as of September 30, 2022[156]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[167]. - The company applies the two-class method for calculating net (loss) income per ordinary share, excluding accretion associated with redeemable shares[168]. - The FASB issued ASU 2020-06, effective after December 15, 2023, which simplifies accounting for certain financial instruments and impacts diluted earnings per share calculations[169]. - Management does not anticipate that recently issued accounting standards will materially affect the condensed financial statements[171].
Cartica Acquisition p(CITE) - 2022 Q3 - Quarterly Report