Holley (US:HLLY)2021-05-19 00:50Financial Performance - For the three months ended March 31, 2021, the company reported a net loss of $3,017,488, which included formation and operating costs of $2,937,356 and a change in fair value of warrant liability of $436,667 [125]. - Cash used in operating activities for the three months ended March 31, 2021, was $53,691, with changes in operating assets and liabilities providing $2,883,665 of cash from operating activities [127]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 units at a price of $10.00 per unit, with net proceeds of $245,000,000 after underwriting fees [126]. - The company plans to issue an aggregate of 24 million shares of common stock at a price of $10.00 per share for a total of $240,000,000 concurrent with the consummation of the business combination [134]. Cash and Securities - As of March 31, 2021, the company had cash and marketable securities held in the trust account amounting to $250,109,441, intended for the completion of its initial business combination [128]. - The company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses and performing due diligence [129]. Debt and Capital Needs - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2021 [132]. - The company may need to raise additional capital through loans or investments if the merger with Holley does not close [131]. Business Combination - The company has entered into a merger agreement with Holley Intermediate Holdings, Inc., as part of its proposed business combination [123]. - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, accounting, and auditing compliance costs [124].