Syntec Optics (US:OPTX)2022-05-06 15:31Financial Performance - The company reported a net loss of $171,917 for the period from January 1, 2022, through March 31, 2022, primarily due to formation and operational costs of $183,884, offset by interest earned on investments of $11,967[105]. - Cash used in operating activities for the same period was $250,852, with changes in operating assets and liabilities consuming $66,968[108]. - The company does not expect to generate operating revenues until after the completion of its initial business combination[104]. IPO and Trust Account - The company completed its IPO on November 12, 2021, raising gross proceeds of $143,750,000 from the sale of 14,375,000 Units at $10.00 per Unit[106]. - A total of $146,625,000 was placed in the Trust Account after the IPO, with transaction costs amounting to $8,333,135, including $2,875,000 in underwriting fees[107]. - As of March 31, 2022, the company had cash and investments held in the Trust Account totaling $146,638,646, which will be used to complete the initial business combination[109]. Cash and Financing - The company had $177,312 in cash held outside the Trust Account as of March 31, 2022, intended for identifying and evaluating target businesses[111]. - The company may seek additional financing to complete its initial business combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[113]. - The underwriters are entitled to a deferred fee of $5,031,250, which will be payable only if the company completes its initial business combination[116]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022[114][115].