Financial Performance - As of June 30, 2022, the Company reported a net income of approximately $2.9 million for the three months ended June 30, 2022, driven by a gain from the change in fair value of warrant liabilities of $3.0 million [127]. - For the six months ended June 30, 2022, the Company achieved a net income of approximately $7.4 million, including a gain from the change in fair value of warrant liabilities of $7.8 million [128]. - The Company generated non-operating income from interest earned on investments held in the Trust Account, amounting to $0.2 million for both the three and six months ended June 30, 2022 [127][128]. Initial Public Offering - The Company completed its Initial Public Offering on January 29, 2021, raising gross proceeds of $310.0 million from the sale of 31,000,000 Units at $10.00 per Unit [116]. - The Company has incurred offering costs of $17,586,741 million, which includes $10,850,000 million in deferred underwriting commissions [116]. - The Company has broad discretion regarding the application of net proceeds from the Initial Public Offering and Private Placement, primarily intended for consummating a Business Combination [119]. Financial Position - The Company had approximately $147,742 in its operating bank account and a working capital deficit of approximately $645,492 as of June 30, 2022 [122]. - The Company has no long-term debt obligations or capital lease obligations [132]. Business Combination - The Company is required to complete its initial Business Combination by January 29, 2023, or face mandatory liquidation [120]. - The Company recognizes changes in redemption value of its Class A Ordinary shares immediately, adjusting the carrying value to equal the redemption value at the end of each reporting period [140].
stellation Acquisition I(CSTA) - 2022 Q2 - Quarterly Report