Financial Performance - For the nine months ended September 30, 2023, the company reported a net loss of $823,520, attributed entirely to general and administrative expenses [95]. - The company has not generated any revenues to date and does not expect to do so until after completing a business combination [94]. Financial Position - As of September 30, 2023, the company had $750.0 million placed in the Trust Account and $9,982 in cash held outside the Trust Account for working capital purposes [98]. - As of June 30, 2023, the total amount advanced by the Sponsor for the First Extension Loans was $1,168,774 [90]. - Approximately $57.6 million was removed from the Trust Account to pay redeeming holders during the Second Extension, equating to about $10.19 per share [91]. - The company issued a promissory note for up to $539,652 to the Sponsor related to the Second Extension Loans, with the balance as of November 9, 2023, being $539,652 [92]. Transaction Costs - The company incurred transaction costs totaling $42.3 million, which included $15 million in underwriting fees and $26.3 million in deferred underwriting fees [98]. Business Strategy - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence [100]. Internal Controls - The company has identified a material weakness in its internal control over financial reporting related to accounting for complex financial instruments as of September 30, 2023 [111]. Hedging Activities - The company has not engaged in any hedging activities since inception and does not plan to do so in the future [108].
CONX (CONX) - 2023 Q3 - Quarterly Report