Energy Vault(NRGV)2022-02-10 15:59Financial Performance - For the year ended December 31, 2021, the company reported a net loss of $3,338,538, which included formation and operational costs of $1,247,217 and a change in fair value of warrant liability of $1,865,833 [281]. - Cash used in operating activities for the year ended December 31, 2021, was $1,153,887, with a net loss impacted by interest earned on marketable securities of $15,823 [285]. IPO and Fundraising - The company completed its IPO on February 8, 2021, raising gross proceeds of $287,500,000 from the sale of 287,500,000 Units at $10.00 per Unit [283]. - The company incurred $6,224,714 in transaction costs related to the IPO, including $5,750,000 in underwriting fees [284]. Cash and Securities - As of December 31, 2021, the company had cash and marketable securities held in the trust account totaling $287,515,823, intended for completing a business combination [287]. - The company had cash of $396,295 held outside the trust account as of December 31, 2021, primarily for identifying and evaluating target businesses [288]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2021 [292]. Acquisition Plans - The company anticipates incurring significant costs in pursuing acquisition plans and cannot assure the success of completing a business combination [278]. - The company does not expect to generate operating revenues until after completing its initial business combination [279]. Equity Classification - The company’s Class A common stock subject to possible redemption is classified as temporary equity, reflecting certain redemption rights [300].