Financial Performance - As of March 31, 2023, the company reported a net loss of $24,489, with operating expenses of $771,493 and interest income of $485,604 from investments held in the trust account [119]. - For the three months ended March 31, 2023, cash used in operating activities was $550,221, while net cash provided by financing activities was $242,426,294 [127]. - The company has not commenced any operations as of March 31, 2023, with all activities related to its formation and IPO [118]. - Net income (loss) per ordinary share is calculated using the two-class method, with specific calculations for redeemable and non-redeemable shares [148]. IPO and Financing - The company generated gross proceeds of $220,000,000 from its IPO of 22,000,000 units at $10.00 per unit, completed on October 22, 2021 [122]. - The company incurred offering costs of $18,037,545 related to the IPO and the underwriters' over-allotment option [125]. - The deferred underwriting commissions owed to the underwriter amount to $13,100,000, payable only upon the completion of a Business Combination [139]. - The company may need additional financing to complete a Business Combination or if a significant number of Public Shares are redeemed [131]. Cash and Investments - The company had cash and marketable securities held in the trust account amounting to $16,115,127 as of March 31, 2023, intended for completing a Business Combination [128]. - The company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses [129]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2023 [137][138]. Accounting and Risk Disclosures - Management does not anticipate any material effects from recently adopted accounting standards on the unaudited condensed financial statements [149]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies [150].
Newcourt Acquisition p(NCAC) - 2023 Q1 - Quarterly Report