Financial Performance - The company had a net income of $1,910,886 for the three months ended March 31, 2023, compared to a net loss of $321,301 for the same period in 2022[120][121]. - Cash used in operating activities for the three months ended March 31, 2023, was $423,114, compared to $201,336 for the same period in 2022[122][123]. - The company generated non-operating income from interest on marketable securities held in the trust account, amounting to $2,719,339 for the three months ended March 31, 2023[120]. Marketable Securities and Trust Account - As of March 31, 2023, the company held marketable securities in the trust account amounting to $260,471,785, including approximately $5,471,785 of interest income[124]. - The company intends to use substantially all funds in the trust account to complete its business combination, with remaining proceeds allocated for working capital[125]. Initial Public Offering Costs - The company incurred $14,566,172 in initial public offering related costs, including $5,000,000 of underwriting fees and $8,750,000 of deferred underwriting fees[117]. Business Combination and Going Concern - The company has until May 9, 2024, to consummate the proposed business combination, raising concerns about its ability to continue as a going concern[128]. - The company may need to raise additional capital through loans or investments from its Sponsor or other parties to fund working capital deficiencies[128]. Cash Management - The company plans to use cash held outside the trust account, amounting to $176,499, primarily for identifying and evaluating target businesses[126]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[129][130].
New Providence Acquisition II(NPAB) - 2023 Q1 - Quarterly Report