Financial Position - As of March 31, 2023, the trust account held approximately $11.9 million in cash and investments, including interest income available for tax obligations of about $34,000[121] - The company had a working capital deficit of approximately $112,000 as of March 31, 2023, excluding tax obligations of approximately $128,000[132] - Approximately $160.7 million was removed from the trust account to pay stockholders who redeemed their shares during the special meeting, leaving about $11.8 million remaining[126] - The Company had no borrowings under working capital loans as of March 31, 2023[148] Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of approximately $1.2 million, driven by $2.1 million of other income and $93,000 from investments, offset by $674,000 in non-operating losses and $197,000 in general and administrative expenses[140] - The Company incurred $30,000 in administrative services expenses for the three months ended March 31, 2023, under an agreement with the Sponsor[149] - The company incurred approximately $10.0 million in offering costs during its initial public offering, including $6.0 million in deferred underwriting commissions[119] - The Company paid an underwriting discount of $3,450,000 at the closing of the initial public offering, with an additional deferred discount of $6,037,500 payable upon completion of a business combination[152] Business Combination and Operations - The company has until December 22, 2023, to complete a business combination, after which it will cease operations and liquidate if unsuccessful[122] - The company has not generated any operating revenues to date and will only do so after completing a business combination[139] - If a business combination is not completed by December 22, 2023, the proceeds will be part of the liquidating distribution to public stockholders[146] Shareholder and Sponsor Information - The company received $2.75 million from a settlement agreement with TradeZero in January 2023, which was primarily used to pay accounts payable and expenses[133] - The Sponsor purchased 3,737,500 Founder Shares for an aggregate price of $25,000, which was converted into 4,312,500 Founder Shares after a stock split[142] - The underwriter exercised its over-allotment option in full on December 22, 2020, resulting in no forfeiture of 562,500 Founder Shares[142] - A total of $172,500,000 was placed in the trust account at the closing of the initial public offering[144] - The Sponsor agreed to loan up to $200,000 to cover IPO-related expenses, of which approximately $31,000 was borrowed and fully repaid[147] - As of March 31, 2023, there were $1,500 due to related parties[150] Tax and Regulatory Considerations - The company is subject to a new 1% U.S. federal excise tax on stock repurchases, effective in 2023, which may impact future financial strategies[136]
Dune Acquisition (DUNE) - 2023 Q1 - Quarterly Report