Origin Materials(ORGN) - 2021 Q1 - Quarterly Report

Financial Performance - The company reported a net income of $16,179,940 for the three months ended March 31, 2021, primarily due to a decrease in the fair value of the warrant liability of $17,028,800 [136]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial Business Combination [135]. Initial Public Offering (IPO) - The company generated gross proceeds of $724,500,000 from the Initial Public Offering of 72,450,000 Units at a price of $10.00 per Unit [138]. - The company has incurred $40,686,819 in transaction costs related to the Initial Public Offering, including $14,490,000 in underwriting fees [140]. - The underwriters are entitled to a deferred fee of $0.35 per unit, totaling $25,357,500, payable only upon completion of a Business Combination [149]. - The company has invested the net proceeds from its Initial Public Offering in U.S. government securities or money market funds, minimizing exposure to interest rate risk [157]. Business Combination Plans - The company plans to issue an aggregate of 20,000,000 newly issued shares of Class A Common Stock in connection with the Proposed Business Combination for gross proceeds of $200,000,000 [133]. - The Proposed Business Combination involves the issuance of 78,213,000 shares of Class A Common Stock to Micromidas's holders at the effective time of the merger [128]. - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of completing a Business Combination [125]. - The company anticipates issuing up to 25 million additional shares of Class A Common Stock as Earnout Shares based on future stock performance [130]. - The company does not anticipate needing additional funds for operating expenses but may require financing for a Business Combination or to redeem public shares [146]. Cash and Investments - As of March 31, 2021, the company had investments held in the Trust Account amounting to $724,779,404, intended for completing a Business Combination [143]. - The company held cash of $359,067 outside the Trust Account, primarily for identifying and evaluating target businesses [144]. - The company had $1,385,431 of cash held outside of the Trust Account available for working capital purposes after the Initial Public Offering [140]. Financing and Fees - The company may receive loans up to $1,500,000 from its Sponsor or affiliates, which can be converted into warrants at a price of $1.50 per warrant [145]. - The company incurs a monthly fee of $25,000 to an affiliate of the Sponsor for various services, starting from July 14, 2020, until the completion of a Business Combination [148]. - The company entered into an acquisition support agreement, agreeing to pay $215,000 per week plus expenses, with fees for services provided amounting to approximately $450,000 for the three months ended March 31, 2021 [150]. Equity and Accounting - The company accounts for Class A ordinary shares subject to possible redemption as temporary equity, presented at redemption value [154]. - The company has no off-balance sheet financing arrangements as of March 31, 2021, and does not participate in transactions with unconsolidated entities [147]. - The company will change its name to "Origin Materials, Inc." following the Business Combination [127].