Financial Performance - The company reported a net loss of $3,550 for the three months ended March 31, 2022, which consisted entirely of operating costs [85]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination [84]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on April 5, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit [87]. - Offering costs for the IPO amounted to $5,704,741, including $2,300,000 in underwriting fees and $2,875,000 in deferred underwriting fees [87]. - The underwriters are entitled to a deferred fee of 2.5% of the gross proceeds from the IPO, amounting to $2,500,000, payable upon the closing of a Business Combination [97]. Use of Funds - The company intends to use substantially all funds held in the trust account to complete its Business Combination, with net proceeds from the IPO and private placement totaling $115,682,250 [90]. - The company plans to use funds held outside the trust account primarily for identifying and evaluating target businesses [91]. Financial Commitments and Expectations - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2022 [95]. - The company has a commitment letter from its Sponsor to provide additional capital ranging from $500,000 to $800,000 for operations through May 31, 2023 [94]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs [84].
Metal Sky Star Acquisition (MSSA) - 2022 Q1 - Quarterly Report