silium Acquisition I(CSLM) - 2022 Q3 - Quarterly Report

Financial Performance - As of September 30, 2022, the Company reported a net income of $818,936 for the three months ended, primarily due to $1,013,450 earnings on marketable securities held in the trust account[110]. - For the nine months ended September 30, 2022, the Company had a net income of $519,213, with total earnings on marketable securities amounting to $1,366,301[111]. Initial Public Offering - The Company completed its Initial Public Offering on January 18, 2022, raising gross proceeds of $189,750,000 from the sale of 18,975,000 units[105]. - A total of $191,647,500 was placed in a U.S.-based trust account, with $2,250,000 deposited to the Company's operating account as of the IPO[108]. - The underwriter of the IPO is entitled to a deferred discount of $6,641,250, payable only if a Business Combination is completed[117]. Financial Position - The Company had cash of $280,325 and a working capital deficit of $367,992 as of September 30, 2022[112]. - The Company has no long-term debt or capital lease obligations as of September 30, 2022[116]. Going Concern - The Company has incurred significant costs in pursuit of its financing and acquisition plans, raising doubts about its ability to continue as a going concern within one year from the date of the financial statements[114]. Operations and Revenue - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[109]. Risk Factors - The Company has identified risks associated with early-stage and emerging growth companies, which may impact future performance[103]. Internal Controls - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of September 30, 2022, concluding they were effective[129]. - There were no changes in internal control over financial reporting during the most recently completed fiscal quarter that materially affected or are likely to materially affect internal control over financial reporting[130].