Markforged (US:MKFG)2021-05-24 21:08Financial Performance - As of March 31, 2021, the company reported a net loss of approximately $6.9 million, which included $2.1 million in general and administrative expenses and $4.8 million in changes in fair value of derivative warrant liabilities [126]. - The company has not generated any operating revenues since inception and will not do so until the completion of its initial Business Combination [125]. IPO and Fundraising - The company completed its Initial Public Offering (IPO) on August 20, 2020, raising gross proceeds of $215.0 million from the sale of 21,500,000 units at $10.00 per unit, with offering costs of approximately $12.4 million [116]. - The underwriters received an underwriting discount of $0.20 per unit, totaling approximately $4.3 million, with an additional deferred fee of approximately $7.5 million payable upon completion of a Business Combination [130]. - The company placed $215.0 million of the net proceeds from the IPO and certain proceeds from the Private Placement into a Trust Account, which will be invested in U.S. government securities or money market funds until a Business Combination is completed [118]. Trust Account and Business Combination - The company must complete one or more initial Business Combinations with an aggregate fair market value of at least 80% of the assets held in the Trust Account [119]. - As of March 31, 2021, 17,886,418 Class A ordinary shares were subject to possible redemption and classified as temporary equity [131]. Operational Status - The company had approximately $0.5 million in its operating bank account and working capital of approximately $1.0 million as of March 31, 2021 [121]. - The company is evaluating the impact of the COVID-19 pandemic on its financial position and operations, although the specific impact is not determinable at this time [124]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future [139].