IPO and Financial Overview - The company completed its Initial Public Offering (IPO) on January 29, 2021, raising gross proceeds of $310.0 million from the sale of 31,000,000 Units at $10.00 per Unit[115]. - The company incurred offering costs of $17,586,741 million, including $10,850,000 million in deferred underwriting commissions[115]. - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination[126]. Financial Performance - As of September 30, 2021, the company reported a net income of approximately $2.7 million for the three months ended, which included a gain from the change in fair value of warrant liabilities of $3.6 million[127]. - For the nine months ended September 30, 2021, the company had a net income of approximately $15.3 million, driven by a gain from the change in fair value of warrant liabilities of $17.6 million[128]. - The company had approximately $484,000 in its operating bank account and working capital of approximately $220,000 as of September 30, 2021[121]. Business Operations and Obligations - The company has 24 months from the closing of the IPO to complete its initial Business Combination, or it will cease operations and redeem public shares[119]. - The company does not have any long-term debt obligations or capital lease obligations[131]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[126]. - The company has access to funds from its Sponsor to meet working capital needs until the earlier of the consummation of the Business Combination or one year from the date of the financial statements[123]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not obligated to provide the detailed disclosures typically required for market risk[148].
stellation Acquisition I(CSTA) - 2021 Q3 - Quarterly Report