Financial Position - As of March 31, 2022, the company had cash of $1,268,183 and working capital of $808,930[102]. - The company had investments held in the Trust Account of $125,978,655, principally invested in U.S. government securities[108]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022[114]. Operating Performance - The company reported a net loss of $111,999 for the three months ended March 31, 2022, with operating expenses totaling $124,366[104]. - Cash used in operating activities for the three months ended March 31, 2022, was $2,574, primarily due to the net loss and changes in operating liabilities[107]. - The company has incurred significant costs in pursuit of its financing and acquisition plans, raising concerns about its ability to continue as a going concern[109]. Fundraising Activities - The Initial Public Offering generated gross proceeds of $123,500,000 from the sale of 11,000,000 Units at $10.00 per Unit[105]. - A total of $125,970,000 was placed in the Trust Account following the Initial Public Offering and the exercise of the over-allotment option[106]. - The company completed the sale of 12,350,000 units in the Public Offering, including 1,350,000 units from the underwriters' over-allotment option[111]. Future Plans - The company intends to use substantially all funds in the Trust Account to complete an initial business combination[110].
Nubia Brand International (NUBI) - 2022 Q1 - Quarterly Report