Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $1,666,433, which included a change in the fair value of derivative instruments of $1,311,856 and operating costs of $259,580[132]. - As of March 31, 2023, the company had a working capital deficit of approximately $2.6 million and cash of approximately $1.2 million, raising substantial doubt about its ability to continue as a going concern[135]. Initial Public Offering (IPO) - The company generated gross proceeds of $230,000,000 from its Initial Public Offering of 23,000,000 Units at a price of $10.00 per Unit[136]. - Following the Initial Public Offering, a total of $230,000,000 was placed in the Trust Account, with $1,221,284 of cash held outside the Trust Account available for working capital purposes as of March 31, 2023[137]. - Stockholders holding 19,896,459 shares exercised their right to redeem shares for a pro rata portion of the funds in the trust account, resulting in $199,650,204 being removed from the trust account[139]. - The company incurred $13,707,892 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriters' discount and $8,050,000 in deferred underwriting commissions[137]. Cash and Financing - As of March 31, 2023, the company had cash held in the Trust Account of $31,805,489, intended for completing its Business Combination[143]. - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 for office space and administrative support[148]. - The company may need to obtain additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient[146]. - The company has no off-balance sheet financing arrangements as of March 31, 2023[147]. Risk and Investment - As of March 31, 2023, the company was not subject to any market or interest rate risk[158]. - The net proceeds from the Initial Public Offering, including amounts in the Trust Account, are currently invested in cash[158].
Osiris Acquisition (OSI) - 2023 Q1 - Quarterly Report