Marblegate Acquisition (GATE) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $899,841, primarily from interest income of $840,083 on marketable securities held in the Trust Account[133]. - For the nine months ended September 30, 2022, cash used in operating activities was $545,142, with net income of $897,962 affected by interest earned on marketable securities[138]. Marketable Securities - As of September 30, 2022, the company had marketable securities in the Trust Account totaling $303,180,516, which includes approximately $1,680,516 of interest income[140]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds for working capital[141]. Initial Public Offering - The company generated gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 units on October 5, 2021[136]. - The company incurred $42,630,587 in costs related to the Initial Public Offering, including $6,000,000 in underwriting fees and $15,000,000 in deferred underwriting fees[137]. Business Combination and Liquidation - The company has until January 5, 2023, to complete a Business Combination, or it will face mandatory liquidation[144]. Cash and Working Capital - As of September 30, 2022, the company had cash of $35,018 available outside the Trust Account for operational expenses[142]. - The company has a working capital loan agreement allowing borrowing up to $600,000, with $200,000 drawn as of September 30, 2022[143]. - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2022[145].