Enphys Acquisition (US:NFYS)2023-04-13 20:20IPO Details - The company completed its Initial Public Offering (IPO) on October 8, 2021, raising gross proceeds of $345 million from the sale of 34.5 million units at $10.00 per unit[293]. - The company incurred offering costs of $19,707,238 during the IPO, including deferred underwriting fees of $12,075,000[293]. - The company placed $345 million of net proceeds from the IPO and certain proceeds from the Private Placement into a Trust Account, invested in U.S. government securities[295]. Financial Performance - The company had a net income of $14,816,639 for the year ended December 31, 2022, primarily due to a change in derivative liabilities and income earned on marketable securities[302]. - The company had a net income of $2,026,494 for the period from inception (March 3, 2021) to December 31, 2021[303]. Financial Position - As of December 31, 2022, the company reported cash of $272,922 and working capital of $219,343[298]. Business Operations - The company has a Combination Period of 24 months from the IPO closing date, which ends on October 8, 2023, after which it will cease operations if no business combination is completed[297]. - The company has broad discretion regarding the application of net proceeds from the IPO and Private Placement, primarily intended for a Business Combination[296]. Regulatory Classification - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of new accounting standards[309]. Private Placement - The company generated gross proceeds of $8.9 million from the private placement of 8.9 million warrants at $1.00 per warrant[294].