Financial Performance - For the three months ended March 31, 2022, the company reported a net income of $3,666,959, primarily due to a change in fair value of warrant liability of $3,792,273 [125]. - Cash used in operating activities for the three months ended March 31, 2022 was $330,757, with net income affected by changes in fair value of warrant liability [130]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from the Initial Public Offering of 25,000,000 Units at $10.00 per Unit on March 19, 2021 [127]. - The company incurred $14,246,969 in Initial Public Offering related costs, including $5,000,000 of underwriting fees [128]. - The underwriters are entitled to a deferred fee of $0.35 per unit, totaling $10,062,500, payable only upon completion of a business combination [142]. Trust Account and Cash Position - As of March 31, 2022, the company held investments in the Trust Account amounting to $287,524,093 [132]. - As of March 31, 2022, the company had cash of $535,855 available for identifying and evaluating target businesses [134]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination [133]. Business Combination and Going Concern - The company has until March 19, 2023, to consummate a business combination, raising substantial doubt about its ability to continue as a going concern if unsuccessful [139]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022 [141].
Golden Arrow Merger (GAMC) - 2022 Q1 - Quarterly Report