stellation Acquisition I(CSTA) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the Company reported a net income of approximately $2.9 million, including a gain from the change in fair value of warrant liabilities of $1.5 million and interest earned on investments held in the Trust Account of $1.6 million [128]. - For the nine months ended September 30, 2022, the Company had a net income of approximately $10.2 million, which included a gain from the change in fair value of warrant liabilities of $9.3 million [129]. - The Company has neither engaged in any operations nor generated any revenues to date, with non-operating income derived from interest income and dividends on investments held in the Trust Account [127]. Financial Position - As of September 30, 2022, the Company had approximately $118,567 in its operating bank account and a working capital deficit of approximately $922,857 [123]. - The Company had no long-term debt obligations, capital lease obligations, or operating lease obligations as of the reporting date [133]. Initial Public Offering - The Company generated gross proceeds of $310.0 million from the Initial Public Offering of 31,000,000 Units at $10.00 per Unit, incurring offering costs of $17,586,741 [117]. - The Company paid an underwriting discount of approximately $6,200,000 at the closing of the Initial Public Offering and agreed to pay additional Deferred Underwriting Fees of approximately $10,850,000 upon completion of an Initial Business Combination [135]. - All 31,000,000 Class A Ordinary shares sold in the Public Offering contain a redemption feature, classified as temporary equity outside of the shareholders' equity section of the balance sheet [138]. Going Concern - The Company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern until the completion of a Business Combination or liquidation by January 29, 2023 [124]. Future Expenses - The Company expects to incur increased expenses due to being a public company, including legal, financial reporting, accounting, and auditing compliance costs [127].