IPO and Fundraising - The Company completed its Initial Public Offering (IPO) on December 14, 2021, raising gross proceeds of $200 million from the sale of 20 million units at $10.00 per unit[115]. - An additional $15.62 million was generated from the sale of over-allotment units, with total transaction costs amounting to $12.93 million[117]. - The Company has raised $11.12 million from the private placement of warrants at $1.00 per warrant[116]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $4,312,480, with an additional deferred fee of $0.35 per Unit, amounting to $7,546,840[144]. Financial Position and Operations - As of March 31, 2023, the Company had $154,709 in its operating bank account and working capital of approximately $100,427[131]. - The Trust Account holds $219.94 million, invested in U.S. government securities, until the completion of a business combination[118]. - The Company anticipates that cash held outside of the Trust Account may not be sufficient to sustain operations for at least the next 12 months if a business combination is not consummated[133]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2023[139][155]. Business Combination and Shareholder Rights - The Company must complete a business combination with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[120]. - Public shareholders will have the opportunity to redeem their shares for a pro rata portion of the Trust Account, initially anticipated to be $10.20 per share[121]. - The Company has until June 14, 2023, to complete a business combination, after which mandatory liquidation will occur if not completed[134]. - The initial shareholders have agreed to waive their liquidation rights regarding Founder Shares if the Company fails to complete a business combination within the Combination Period[127]. Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $225,709, which included interest income of $2,362,839 and operating costs of $397,932[137]. - The company had a net income of $7,702,242 for the three months ended March 31, 2022, primarily due to a change in fair value of warrant liability of $7,956,318[138]. - The company recognized $30,000 for administrative support services expense for both the three months ended March 31, 2023 and 2022[141]. Future Expectations and Regulatory Compliance - The company expects to incur increased expenses post-Initial Public Offering due to legal, financial reporting, and due diligence costs[136]. - The company anticipates substantial increases in expenses after the closing of the Initial Public Offering[136]. - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[153]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[157].
Healthcare AI Acquisition (HAIA) - 2023 Q1 - Quarterly Report