Financial Performance - The company had a net loss of $2,381,252 for the three months ended March 31, 2023, compared to a net income of $7,896,134 for the same period in 2022[140][141]. - The company has not generated any operating revenues as of March 31, 2023, and is focused on identifying and evaluating prospective initial Business Combination candidates[139]. - The company has a scheduled liquidation date of June 21, 2023, raising substantial doubt about its ability to continue as a going concern[138]. Capital Structure and Funding - The company raised gross proceeds of $400,000,000 from its Initial Public Offering, with offering costs of approximately $22,766,000[126]. - The company placed $400,000,000 of net proceeds from the Initial Public Offering in a trust account, invested in U.S. government securities[128]. - The company plans to use funds for paying existing accounts payable and costs associated with the initial Business Combination[137]. - The underwriter received $8,000,000 in underwriting discounts for the Initial Public Offering, with an additional deferred fee of $4,000,000 after a fee reduction agreement[154]. Shareholder Activity - Shareholders redeemed 38,808,563 Class A ordinary shares for a total of $393,676,799, resulting in a redemption price of approximately $10.14 per share[129]. Liabilities and Obligations - As of March 31, 2023, the company had $29,252 in its operating bank account and a working capital deficit of $1,806,807[134]. - The company is indebted to the Sponsor and its affiliates for $944,540 as of March 31, 2023, which includes $664,540 of operating costs and $280,000 of unpaid administrative fees[136]. - The Company has a total of $280,000 and $320,000 in outstanding fees for administrative services as of March 31, 2023, and December 31, 2022, respectively[149]. Business Combination and Agreements - The company entered into a business combination agreement with Noventiq Holdings PLC, with the closing expected in the second half of 2023[131][132]. - The Company has not entered into any definitive agreements for a Business Combination as of March 31, 2023, and thus no stock-based compensation expense has been recognized[144]. - The Sponsor waived its right to receive any remaining payment obligations under the Administrative Services Agreement on November 18, 2021[148]. Administrative and Operational Costs - As of March 31, 2023, the Company incurred $0 in fees for administrative services, compared to $120,000 for the same period in 2022[149]. - The Sponsor and affiliates paid operating and formation costs of $664,540 on behalf of the Company as of March 31, 2023[150]. Regulatory and Compliance - The Company is subject to transfer restrictions on Founder Shares until the lock-up provisions are remediated, which have not occurred as of March 31, 2023[144]. - The Company has not had any off-balance sheet arrangements or commitments as of March 31, 2023[160]. - The Company adopted ASU 2016-13 as of January 1, 2023, with no impact on its financial statements due to the absence of relevant financial assets[158]. Working Capital - The Company has the right to convert up to $1,500,000 of Working Capital Loans into warrants at a price of $1.50 per warrant[147].
Corner Growth Acquisition (COOL) - 2023 Q1 - Quarterly Report