Spire (SPIR) - 2021 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2021, the company reported a net loss of $6,170,865, which includes operating costs of $949,627 and a $5,232,000 change in the fair value of warrant liability, offset by interest income of $10,762 [112]. - The company’s net loss per share for Class A and B common shares not subject to redemption was $(0.66) for the period ended March 31, 2021 [129]. Initial Public Offering - The company completed its Initial Public Offering on September 14, 2020, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per unit [114]. - A total of $230,000,000 was placed in the Trust Account following the Initial Public Offering, with transaction costs amounting to $13,056,945, including $4,600,000 in underwriting fees [115]. Trust Account and Cash Position - As of March 31, 2021, the company had cash and marketable securities of $230,018,086 in the Trust Account, intended for use in completing a Business Combination [117]. - The company had $851,069 in its operating bank accounts and negative working capital of $203,909 as of March 31, 2021 [118]. Capital Needs and Liabilities - The company may need to raise additional capital through loans or investments to fund working capital deficiencies or transaction costs related to a Business Combination [119]. - The company has no off-balance sheet arrangements as of March 31, 2021 [121]. - The company does not have any long-term debt or capital lease obligations, only a monthly fee of $10,000 to the Sponsor for administrative services [122]. Investment Risks - The company is not subject to market or interest rate risk as its investments are in U.S. government treasury securities with short maturities [132].