Financial Performance - The company reported a net loss of $52,720 for the three-month period ended February 28, 2022, consisting of formation and operating costs of $52,993 and interest earned of $273 on marketable securities held in the Trust Account[108]. - Cash used in operating activities for the three-month period ended February 28, 2022, was $80,859[110]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial Business Combination[107]. Initial Public Offering - The company completed its Initial Public Offering on February 11, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit, along with an additional $5,325,000 from a private placement of 532,500 units[109]. Trust Account and Investments - As of February 28, 2022, the company had $116,725,273 in investments held in the Trust Account, which will be used to complete its initial Business Combination[111]. - A deferred fee of $4,025,000 is payable to underwriters from the Trust Account upon completion of a Business Combination[117]. Cash and Financing - The company had cash of $736,254 outside the Trust Account as of February 28, 2022, intended for identifying and evaluating target businesses[113]. - The company may need to obtain additional financing to complete its initial Business Combination or to meet obligations if cash on hand is insufficient[115]. Debt and Obligations - The company does not currently have any long-term debt or capital lease obligations, only incurring a monthly fee of up to $10,000 to the Sponsor for administrative support[116]. - As of February 28, 2022, the company did not have any off-balance sheet arrangements[120].
Evergreen (EVGR) - 2022 Q1 - Quarterly Report