IPO and Fundraising - The Company completed its Initial Public Offering (IPO) on August 16, 2021, raising gross proceeds of $100 million from the sale of 10 million units at $10.00 per unit[110]. - An additional 1.5 million units were sold through the over-allotment option, generating an extra $15 million in gross proceeds[110]. Financial Position - As of September 30, 2021, the Company had cash of approximately $657,000 and working capital of approximately $600,000[116]. - The Company reported a net income of approximately $60,000 for the three months ended September 30, 2021, with general and administrative expenses of about $32,000[121]. - The total number of Class A ordinary shares issued or outstanding as of September 30, 2021, was 11,615,000[129]. - The Company has 10,323,161 Class A ordinary shares subject to possible redemption, classified as temporary equity[129]. Future Expectations and Expenses - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs[120]. - The Company does not expect to generate operating revenues until after the completion of its initial Business Combination[120]. - The Company has a 15-month period to complete its initial Business Combination, extendable to 21 months if necessary[115]. Agreements and Regulations - The Company has recognized and paid $20,000 under the Administrative Services Agreement with the Sponsor as of September 30, 2021[124]. - The company has elected not to opt out of the extended transition period under the JOBS Act, allowing it to adopt new or revised financial accounting standards at the same time as private companies[134]. - As a smaller reporting company, the company is not required to provide detailed market risk disclosures as per Rule 12b-2 of the Exchange Act[135].
Jet.AI (JTAI) - 2021 Q3 - Quarterly Report