Financial Performance - For the year ended December 31, 2022, the company reported a net income of $8,014,314, which includes operating expenses of $1,293,977 and interest income of $3,551,791 from investments held in the trust account[182]. - The company incurred cash used in operating activities of $519,604 for the year ended December 31, 2022, with no cash used in investing activities[188]. - The company has not engaged in any operations or generated operating revenues to date, with future revenues expected only after completing a business combination[181]. IPO and Capital Structure - The company completed its IPO on October 22, 2021, raising gross proceeds of $220,000,000 from the sale of 22,000,000 units at $10.00 per unit[184]. - As of December 31, 2022, the company had cash and marketable securities in the trust account totaling $257,725,405, intended for use in completing a business combination[190]. - The deferred underwriting commissions owed to the underwriter amount to $13,100,000, payable only upon the successful completion of a business combination[197]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2022[194][196]. - The company has no working capital loans outstanding as of December 31, 2022, and does not anticipate needing to raise additional funds for operating expenditures[192][193]. Future Expectations - The company expects to incur increased expenses related to being a public company, including legal and compliance costs, as well as due diligence expenses for potential business combinations[181]. - The company anticipates generating non-operating income from interest earned on the trust account until a business combination is completed[181].
Newcourt Acquisition p(NCAC) - 2022 Q4 - Annual Report