Financial Performance - As of March 31, 2023, the company reported a net income of $1,235,400, driven by an unrealized gain on investments held in the Trust Account of $1,780,062[125] - For the three months ended March 31, 2022, the company experienced a net loss of $25,988, with general and administrative expenses amounting to $282,879[126] IPO and Fundraising - The company completed its IPO on November 8, 2021, raising gross proceeds of $300,000,000 from the sale of 30,000,000 units at $10.00 per unit[127] - An additional $45,000,000 was raised through the exercise of the underwriter's overallotment option, with $2,700,000 in underwriting fees deferred until the completion of a Business Combination[129] Trust Account and Investments - As of March 31, 2023, the company had placed $351,900,000 in a Trust Account, which will be invested in U.S. government securities until a Business Combination is completed[130] - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business[133] Debt and Financial Obligations - The company had no borrowings under Working Capital Loans as of March 31, 2023, and does not anticipate needing to raise additional funds for operating expenditures[134] - The company has no long-term debt or capital lease obligations, with deferred underwriting commissions totaling $14,700,000 contingent upon the completion of a Business Combination[139] - The company does not have any off-balance sheet arrangements as of March 31, 2023[138] Internal Controls and Accounting Standards - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[147] - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of March 31, 2023, concluding they were effective[152] - There were no changes in the internal control over financial reporting during the most recently completed fiscal quarter that materially affected the internal control[153]
Semper Paratus Acquisition (LGST) - 2023 Q1 - Quarterly Report