Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $746,857, driven by interest income of $1,093,144 and an unrealized gain of $140,071 on marketable securities[114]. - For the nine months ended September 30, 2022, the company had a net income of $289,012, with total interest income of $1,406,598[115]. - Cash used in operating activities for the nine months ended September 30, 2022, was $549,756, with net income affected by an unrealized gain of $57,371[117]. Initial Public Offering - The company completed its initial public offering on November 9, 2021, raising gross proceeds of $250 million from the sale of 25 million units at $10.00 per unit[111]. - The company incurred $14,566,172 in costs related to the initial public offering, including $5 million in underwriting fees and $8.75 million in deferred underwriting fees[112]. Trust Account and Cash Management - As of September 30, 2022, the company had marketable securities in the trust account totaling $256,456,862, which includes approximately $1,406,598 of interest income[119]. - The company intends to use substantially all funds in the trust account to complete its business combination, with remaining proceeds allocated for working capital[120]. - As of September 30, 2022, the company held $531,769 in cash outside the trust account, intended for evaluating target businesses and due diligence[121]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022[125]. Business Combination Concerns - The company has until May 9, 2023, to complete its proposed business combination, raising concerns about its ability to continue as a going concern[124].
New Providence Acquisition II(NPAB) - 2022 Q3 - Quarterly Report