Vicarious Surgical (RBOT) - 2021 Q1 - Quarterly Report

Financial Performance - As of March 31, 2021, the company reported a net loss of approximately $3.2 million, primarily due to general and administrative costs of $1.5 million and a change in fair value of warrant liabilities of approximately $1.7 million[99]. - The net loss for the three months ended March 31, 2021, was approximately $3.2 million, with investment income from the Trust Account of about $67,000[127]. - The company had approximately $1.0 million in its operating bank account and a working capital deficit of approximately $422,000 as of March 31, 2021[100]. - The Company incurred approximately $30,000 in administrative fees for the three months ended March 31, 2021, under an agreement with the Sponsor[119]. IPO and Offering Details - The company completed its Initial Public Offering (IPO) on July 17, 2020, raising gross proceeds of $300 million from the sale of 30 million units at $10.00 per unit[93]. - The company incurred total offering costs of approximately $19.5 million, including about $12.1 million in deferred underwriting fees[93]. - The underwriters exercised their over-allotment option in full, leading to a cash underwriting discount of $0.20 per unit, totaling $6.9 million, and deferred underwriting commissions of approximately $12.1 million[121]. - The Private Placement Warrants generated gross proceeds of $8.0 million from 8,000,000 warrants, with an additional $900,000 from 900,000 warrants sold later[115][116]. Merger and Acquisition - The company has agreed to acquire Vicarious Surgical for approximately $1 billion in aggregate consideration under the Merger Agreement[108]. - The merger will involve the conversion of Class B ordinary shares into Class A ordinary shares on a one-for-one basis prior to the closing[106]. - Each outstanding option to purchase shares of Vicarious Surgical common stock will be converted into an option to acquire Domesticated Company Class A Stock[109]. Company Operations and Future Outlook - The company has not generated any operating revenues to date and will not do so until after the completion of its initial Business Combination[98]. - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[98]. - The company is subject to risks associated with emerging growth companies, which may impact its future performance[92]. Share Capitalization and Liabilities - The Sponsor paid $25,000 for 7,187,500 Class B ordinary shares, resulting in a share capitalization to 8,625,000 shares, with 20.0% of shares subject to forfeiture if the over-allotment option was not exercised[113][114]. - As of March 31, 2021, there were 29,662,115 Class A ordinary shares subject to possible redemption, classified as temporary equity[125]. - The fair value of 26,150,000 warrants issued is recognized as derivative warrant liabilities, subject to re-measurement at each reporting period[129]. - The Company has no Working Capital Loans outstanding as of March 31, 2021, and the terms of any future loans have not been determined[118]. Accounting and Reporting - The Company adopted ASU 2020-06 on January 1, 2021, which simplifies accounting for convertible instruments, with no impact on financial position or results[131]. - As of March 31, 2021, the Company had no off-balance sheet arrangements[133].