IPO and Fundraising - The company completed its IPO on May 25, 2021, raising gross proceeds of $150.0 million from the sale of 15,000,000 units at $10.00 per unit[103] - An additional 2,161,500 units were sold through the over-allotment option, generating approximately $21.6 million in gross proceeds[103] - The company has placed $171.6 million in a trust account, which will be invested in U.S. government securities until a business combination is completed[105] Financial Performance - As of March 31, 2022, the company reported a net income of approximately $2.0 million, primarily from a non-operating gain of approximately $2.7 million due to changes in the fair value of warrant liability[114] - The company incurred approximately $638,000 in general and administrative expenses for the three months ended March 31, 2022[114] - Diluted net income (loss) per share for the three months ended March 31, 2022, is the same as basic net income (loss) per share due to the anti-dilutive effect of warrants[130] Financial Position - The company had a working capital deficit of approximately $90,000 as of March 31, 2022[108] - As of March 31, 2022, the company had approximately $1.4 million in its operating bank account[108] - The company has no long-term debt obligations or capital lease obligations as of March 31, 2022[117] - As of March 31, 2022, the company did not have any off-balance sheet arrangements[133] Going Concern and Compliance - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[113] - The company has determined that there is substantial doubt about its ability to continue as a going concern within one year after the date of the financial statements[110] Corporate Governance - On May 1, 2022, key executives including the Chief Financial Officer and Co-Presidents announced their resignations, effective May 6 and May 11, 2022[136] Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[134] - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[135]
NKGen Biotech(NKGN) - 2022 Q1 - Quarterly Report