Initial Public Offering - The company completed its initial public offering on March 26, 2021, raising gross proceeds of $250 million from the sale of 25 million units at $10.00 per unit[116]. - The company incurred total transaction costs of $15,712,871 related to its initial public offering and private placement warrants[117]. - The underwriters of the initial public offering are entitled to a deferred underwriting discount of $9,625,000, payable only upon completion of a business combination[145]. Financial Position - As of June 30, 2023, the company had cash outside the trust account of $27,426 available for working capital needs[126]. - A total of $275 million was placed in the trust account, which is restricted for use in a business combination or to redeem ordinary shares[117]. - The company has not generated any revenues to date and will only do so after completing its initial business combination[137]. - The company does not have any long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[142][155]. Borrowings and Liabilities - As of June 30, 2023, the company had $1,500,000 in borrowings outstanding under an unsecured promissory note, which was increased from $750,000 in December 2022[128]. - The company experienced a change in fair value of warrant liabilities amounting to $170,980 during the same period[138]. - The fair value of warrant liabilities changed by $1,141,887 for the six months ended June 30, 2023, while it decreased by $10,489,890 for the same period in 2022[139][141]. Income and Operating Costs - For the three months ended June 30, 2023, the company reported a net income of $112,901, including $211,610 in dividends earned on amounts held in the trust account[138]. - For the six months ended June 30, 2023, the company reported a net income of $37,487, a significant decrease compared to $10,078,935 for the same period in 2022[139][141]. - The company incurred operating costs of $866,931 for the six months ended June 30, 2023, compared to $810,016 for the same period in 2022[139][141]. Compliance and Regulations - The company is currently not in compliance with Nasdaq's market value listing requirement, needing to regain compliance by December 13, 2023[122]. - The company has identified critical accounting policies that may affect the reported amounts of assets, liabilities, revenues, and expenses[146]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[156]. Shareholder Actions - The company has 1,709,100 Class A ordinary shares subject to possible redemption, presented at redemption value as temporary equity[151]. - A total of 25,790,900 Class A ordinary shares were redeemed for cash at a redemption price of approximately $10.20 per share, totaling $263,071,274[151]. - The company has until March 26, 2024, to complete its initial business combination, with a potential extension subject to shareholder approval[120].
Disruptive Acquisition I(DISA) - 2023 Q2 - Quarterly Report