Financial Performance - As of March 31, 2022, the company reported a net income of $4,290,197, primarily due to a $4,639,816 change in fair value of warrants and $22,658 in interest earned on marketable securities [123]. - The company incurred formation and operating costs of $372,277 for the three months ended March 31, 2022 [123]. Initial Public Offering - The company completed its initial public offering on May 28, 2021, raising gross proceeds of $225 million from the sale of 22,500,000 units at $10.00 per unit [120]. - The company has placed $225 million of cash from the IPO in a trust account, which will be used for the initial business combination [121]. Business Operations - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [122]. - As of March 31, 2022, the company had approximately $0.1 million in its operating bank account and working capital of approximately $0.3 million [125]. - The company may need to raise additional capital to meet its liquidity needs and complete a business combination [129]. - The company has incurred and expects to continue incurring significant costs in pursuit of its acquisition plans [129]. Financial Position - The company has no off-balance sheet arrangements or contractual obligations as of March 31, 2022 [138]. - The company recognizes changes in the redemption value of its Class A common stock immediately and adjusts the carrying value accordingly [133].
EG Acquisition (EGGF) - 2022 Q1 - Quarterly Report