Financial Performance - For the three months ended June 30, 2021, the company reported a net loss of approximately $4.4 million, including a loss from the change in fair value of warrant liabilities of $4.2 million[111]. - For the six months ended June 30, 2021, the company had a net income of approximately $12.6 million, driven by a gain from the change in fair value of warrant liabilities of $14.1 million[112]. Initial Public Offering (IPO) - 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[99]. - The company has 24 months from the closing of the IPO to complete its initial Business Combination, or it will cease operations and liquidate[103]. Private Placement - A Private Placement of 5,466,667 Warrants was completed at $1.50 per Warrant, generating gross proceeds of $8.2 million[100]. Financial Position - As of June 30, 2021, the company had approximately $1.3 million in its operating bank account and working capital of approximately $1.1 million[105]. - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2021[115][123]. Future Expectations - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[110]. - The company has broad discretion regarding the application of net proceeds from the IPO and Private Placement, primarily intended for a Business Combination[102]. Warrant Liabilities - The company evaluated its warrant liabilities as derivatives, resulting in fair value changes recognized in the Statement of Operations[120].
stellation Acquisition I(CSTA) - 2021 Q2 - Quarterly Report