Financial Performance - The Company reported a net loss of $11,255 for the six months ended June 30, 2022, compared to a net loss of $11,750 for the same period in 2021[91]. - Net cash used in operating activities was $21,603 for the six months ended June 30, 2022, with no cash used in the same period in 2021[95]. - The Company incurred operating costs of $172,165 for the six months ended June 30, 2022[91]. IPO and Capital Generation - The Company generated gross proceeds of $115,000,000 from the IPO of 11,500,000 units at $10.00 per unit[93]. - Offering costs amounted to $5,704,741, including $2,300,000 in underwriting fees[93]. - The underwriters are entitled to a deferred fee of 2.5% of the gross proceeds of the IPO, amounting to $2,500,000[103]. Future Plans and Commitments - The Company intends to use substantially all funds in the trust account to complete its Business Combination[96]. - The Company has a commitment letter from its Sponsor to provide additional capital ranging from $500,000 to $800,000 as needed through May 31, 2023[100]. - The Company plans to use funds held outside the trust account primarily for identifying and evaluating target businesses[97]. Debt and Financing - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2022[101].
Metal Sky Star Acquisition (MSSA) - 2022 Q2 - Quarterly Report