Mirion Technologies(MIR) - 2021 Q3 - Quarterly Report

Financial Position - As of September 30, 2021, the company had current assets of $750,621,780 and current liabilities of $99,502,777[133]. - The company had cash held in a custodian account of $195,542 and working capital of $651,119,003 as of September 30, 2021[148]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2021[152]. Business Combination - The company completed its business combination on October 20, 2021, with a total consideration of $1.3 billion in cash and newly issued shares[137]. - Stockholders elected to redeem 14,628,610 shares of Class A common stock, representing approximately 19.5% of the issued and outstanding shares before the business combination[135]. - After the business combination, there were 199,523,292 shares of Class A common stock and 8,560,540 shares of Class B common stock issued and outstanding[141]. Financial Performance - For the nine months ended September 30, 2021, the company reported a net loss of $(10,341), with general and administrative expenses primarily related to the proposed business combination totaling $(11,631,971)[145]. - The company incurred expenses of $90,000 under an administrative support agreement for the nine months ended September 30, 2021[154]. Capital Raising - The company raised $900,000,000 through a PIPE investment, subscribing for 90,000,000 shares of Class A common stock[140]. - The underwriters of the public offering received underwriting discounts and commissions of 5.5%, totaling $41,250,000, with $15,000,000 paid at closing and $26,250,000 deferred[155]. Securities and Derivatives - As of September 30, 2021, the company had outstanding warrants to purchase up to 27,250,000 shares of Class A common stock, which were excluded from the diluted net income per share calculation due to contingent exercise conditions[158]. - All 75,000,000 shares of Class A common stock sold in the Public Offering contained a redemption feature and were classified as redeemable securities[159]. - The company accounts for warrants as derivative liabilities, adjusting their fair value at each reporting period, with changes recognized in the statement of operations[160]. Risk Management - The net proceeds from the Public Offering and Private Placement Warrants were invested in money market funds, resulting in no material exposure to interest rate risk as of September 30, 2021[165]. - The company has not engaged in any hedging activities since inception and does not expect to do so regarding market risk[166].