Financial Performance - For the three months ended March 31, 2021, the company reported a net income of approximately $17.0 million, which included a loss from operations of $0.1 million and a gain from the change in fair value of warrant liabilities of $18.2 million[119]. - As of March 31, 2021, the company had approximately $1.3 million in its operating bank account and working capital of approximately $1.4 million[113]. - As of March 31, 2021, there were no outstanding working capital loans, and management believes it has sufficient working capital to meet its needs through the earlier of the consummation of a Business Combination or one year from the filing date[115][116]. - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination[118]. IPO and Financing - The Initial Public Offering (IPO) generated gross proceeds of $310.0 million from the sale of 31,000,000 Units at $10.00 per Unit, with offering costs amounting to $17,586,741[107]. - A Private Placement of 5,466,667 Warrants was completed at $1.50 per Warrant, generating gross proceeds of $8.2 million[108]. - The company incurred an underwriting discount of approximately $6,200,000 at the closing of the IPO and agreed to pay additional Deferred Underwriting Fees of approximately $10,850,000 upon completion of a Business Combination[123]. Business Operations and Future Plans - The company has 24 months from the IPO closing date to complete its initial Business Combination, or it will cease operations and redeem Public Shares[111]. - The company does not have any long-term debt obligations or off-balance sheet arrangements as of March 31, 2021[121][128]. - Management continues to evaluate the impact of the COVID-19 pandemic, but the specific impact is not readily determinable as of the date of the balance sheet[117].
stellation Acquisition I(CSTA) - 2021 Q1 - Quarterly Report