Financial Performance - The company reported a net loss of approximately $0.3 million for the period from inception through December 31, 2021, primarily due to general and administrative expenses[368]. - For the period from March 24, 2021, to December 31, 2021, Nabors Energy Transition Corp. incurred a net loss of $248,154, with general and administrative expenses totaling $251,365[402]. - The Company reported a net loss of $(22,352,783) for the period from inception (March 24, 2021) through December 31, 2021[443]. - The Company reported a total net loss before taxes of approximately $248,154[483]. - The basic and diluted net income (loss) per share for redeemable common stock was $(1.96), while for non-redeemable common stock it was $2.95[443]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of approximately $276.0 million from the sale of 27,600,000 units at $10.00 per unit, with offering costs of about $16.6 million[361]. - The Company completed its Initial Public Offering on November 19, 2021, raising approximately $276 million from the sale of 27,600,000 units at $10.00 per unit[411]. - Offering costs related to the Initial Public Offering were approximately $16.6 million, including $9.7 million in deferred underwriting commissions[411]. - The initial public offering (IPO) generated gross proceeds of approximately $276 million from the sale of 27,600,000 units at $10.00 per unit, incurring offering costs of about $16.6 million[445]. - Each unit in the IPO consisted of one public share and one-half of one public warrant, with warrants exercisable at $11.50 per share[446]. Private Placement - A Private Placement of 13,730,000 warrants was completed simultaneously with the IPO, generating gross proceeds of approximately $13.7 million[362]. - The company completed a private placement of 13,730,000 warrants at $1.00 per warrant, generating gross proceeds of $13.7 million[412]. - A total of 13,730,000 Private Placement Warrants were sold at $1.00 each, generating gross proceeds of approximately $13.7 million[448]. Assets and Liabilities - As of December 31, 2021, Nabors Energy Transition Corp. reported total assets of $284,028,606, including cash of $2,505,395 and investments held in trust of $281,523,211[400]. - The company had total liabilities of $11,105,689, with current liabilities amounting to $830,055, which includes accounts payable and accrued liabilities of $232,555[400]. - The Company recorded an accumulated deficit of $(8,597,773) as of December 31, 2021[404]. - Total assets amounted to $284,028,606, with current assets of $2,505,395 and investments held in trust of $281,523,211[400]. Business Combination - The company intends to use net proceeds from the IPO and Private Placement primarily for consummating a business combination[364]. - The Company has 15 months from the closing of the Initial Public Offering to consummate an initial Business Combination, with the possibility of extending this period by an additional six months[419]. - If the Company fails to complete a Business Combination within the Combination Period, it will redeem Public Shares at a per-share price equal to the aggregate amount in the Trust Account, which is initially anticipated to be $10.20 per Public Share[419]. - Public stockholders will have the opportunity to redeem their shares for a pro rata portion of the trust account, initially anticipated at $10.20 per share[416]. - The company has established a redemption trigger price of $18.00 per share for the Public Warrants, which must be met for at least 20 trading days within a 30-trading day period[478][481]. Company Classification and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[387]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[424]. - The Company has not recognized any unrecognized tax benefits as of December 31, 2021, and is not aware of any issues under review that could result in significant payments[439]. - The Company follows the asset and liability method of accounting for income taxes, with no amounts accrued for interest and penalties as of December 31, 2021[438]. Cash and Working Capital - As of December 31, 2021, the company had cash of $2.5 million and working capital of approximately $1.7 million[369]. - The company had cash of $2,505,395 at the end of the reporting period, reflecting a net increase in cash[407]. - The Company has no outstanding amounts under any Working Capital Loans as of December 31, 2021[376]. - The Company has a working capital loan agreement with the Sponsor for up to $300,000, which was fully repaid upon the closing of the Initial Public Offering[453]. Administrative and Operational Costs - The company has a monthly reimbursement agreement of $15,000 for administrative support, effective from the IPO date until the completion of a business combination or liquidation[377]. - The Company incurred $22,500 in administrative support costs under an agreement with the Sponsor as of December 31, 2021[457]. - The company owed $597,500 to an affiliate of the Sponsor for working capital and administrative support as of December 31, 2021, which has since been repaid[488]. Impact of COVID-19 - Management continues to evaluate the impact of the COVID-19 pandemic on the Company's financial position and operations, though specific impacts remain undetermined[463].
Nabors Energy Transition (NETC) - 2021 Q4 - Annual Report