Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $5,835,717, primarily due to a change in the fair value of derivative instruments amounting to $5,360,359[138]. - For the six months ended June 30, 2023, the net loss increased to $7,502,150, with operating costs of $1,110,126 and a change in the fair value of derivative instruments of $6,772,215[140]. - As of June 30, 2023, the company had a working capital deficit of approximately $3.7 million and cash of approximately $0.1 million, raising substantial doubt about its ability to continue as a going concern[142]. Initial Public Offering - The company completed its Initial Public Offering on May 18, 2021, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[143]. - Following the Initial Public Offering, $230,000,000 was placed in the Trust Account, with $0.1 million of cash held outside the Trust Account as of June 30, 2023[144]. - The company incurred $13,707,892 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriters' discounts[144]. Trust Account and Shareholder Actions - Stockholders holding 19,896,459 shares exercised their right to redeem shares for a pro rata portion of funds in the Trust Account, resulting in $199,650,204 being removed from the Trust Account[146]. - As of June 30, 2023, cash held in the Trust Account amounted to $32,560,152, intended for use in completing a Business Combination[152]. Financial Instruments and Derivatives - The Company evaluates its financial instruments to determine if they are derivatives or contain embedded derivatives according to ASC Topic 815[163]. - The Company's derivative instruments are recorded at fair value as of the Initial Public Offering on May 18, 2021, and re-valued at each reporting date[163]. - The Company has determined that the Warrants are a derivative instrument and are measured at fair value at issuance and at each reporting date[163]. - Public Warrants and Private Placement Warrants do not meet the criteria for equity treatment and must be recorded as a liability[164]. - The fair value of the Public Warrants and Private Placement Warrants will be estimated using an internal valuation model[164]. - As of June 30, 2023, the Company was not subject to any market or interest rate risk[165]. - The net proceeds from the Initial Public Offering, including amounts in the Trust Account, are currently invested in cash[165]. Other Financial Obligations - 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[157]. - The company has no off-balance sheet financing arrangements as of June 30, 2023[156].
Osiris Acquisition (OSI) - 2023 Q2 - Quarterly Report