Financial Performance - As of September 30, 2021, the company reported a net loss of $1,000, which consisted solely of general and administrative expenses[85]. - As of September 30, 2021, the company reported a net loss per share, with diluted loss per share being the same as basic loss per share due to the absence of dilutive securities[106]. IPO and Fundraising - The company completed its IPO on December 9, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit[87]. - An additional $5,175,000 was raised through the private placement of 517,500 units at the same price, bringing total gross proceeds to $105,175,000[88]. - The underwriters exercised an option to purchase 1,500,000 additional units, generating gross proceeds of $15,000,000[89]. - Total offering costs for the IPO and the underwriters' over-allotment amounted to $6,887,896, including $2,300,000 in underwriting fees[91]. - As of September 30, 2021, the company had no cash and had borrowed $70,000 under a promissory note to cover expenses related to the public offering[95]. Trust Account and Use of Funds - The company placed $116,725,000 from the IPO proceeds into a trust account, which will be invested in U.S. government securities until the completion of a business combination[92]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and for working capital for the target business[94]. - The company may need to raise additional funds if the costs of identifying a target business exceed estimates, which could impact its ability to operate prior to the business combination[97]. Debt and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2021[98][99]. - The company is not subject to any market or interest rate risk as of September 30, 2021, with net proceeds held in U.S. government securities or money market funds[109]. Accounting and Standards - The company has accounted for Public Warrants and Private Placement Warrants as equity-classified instruments, qualifying for equity accounting treatment[107]. - The company believes that recently issued accounting standards, if adopted, would not have a material effect on its condensed financial statements[108].
Globalink Investment(GLLI) - 2021 Q3 - Quarterly Report