Financial Performance - For the year ended December 31, 2023, the company reported a net loss of $5,994,501, primarily due to a change in fair value of derivative warrant liabilities of $4,693,000 [287]. - The company had net cash used in operating activities of $1,789,134 for the year ended December 31, 2023, primarily due to general and administrative expenses [292]. - The company may need to raise additional funds to meet operational expenditures and complete its initial business combination, with a potential liquidation date set for May 3, 2024, unless extended [300]. Initial Public Offering - The company generated gross proceeds of $750.0 million from its Initial Public Offering of 75,000,000 Units at a price of $10.00 per Unit [276]. - The company incurred $42.3 million in transaction costs related to the Initial Public Offering and the sale of Private Placement Warrants [290]. - Underwriters received a cash underwriting discount of $0.20 per unit, totaling $15 million, with an additional deferred fee of approximately $26.3 million payable upon completion of the initial business combination [303]. Trust Account and Cash Management - As of December 31, 2023, the company had approximately $21.97 million in cash and marketable securities held in the Trust Account, a decrease from $84.24 million as of December 31, 2022 [293]. - Approximately $6.3 million was removed from the Trust Account due to stockholder redemptions, leaving approximately $22.0 million remaining [291]. - The company plans to utilize substantially all funds held in the Trust Account to complete its initial business combination [294]. - Interest on the Trust Account's deposit account is currently approximately 4.5% per annum [279]. - The company converted all investments in the Trust Account into cash as of October 12, 2022, and currently holds funds in an interest-bearing deposit account with an approximate interest rate of 4.5% per annum [310]. Debt and Liabilities - As of December 31, 2023, the company had borrowed $400,000 under a Restated Note from its Sponsor, which has a principal amount of up to $550,000 [299]. - The company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities [301]. - As of December 31, 2023, the company had no off-balance sheet arrangements [308]. Future Plans and Investments - On March 10, 2024, the company entered into a purchase agreement for a commercial real estate property for a purchase price of $26.75 million [280]. - The net proceeds from the Initial Public Offering and Private Placement Warrants were invested in U.S. securities with a maturity of 185 days or less, resulting in no material exposure to interest rate risk [309]. - The company has not engaged in any hedging activities since inception and does not plan to do so in the future [311].
CONX (CONX) - 2023 Q4 - Annual Report