Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $4,972,627, primarily due to a change in the fair value of derivative instruments amounting to $4,976,852 [124]. - For the nine months ended September 30, 2023, the company experienced a net loss of $2,529,524, which included operating costs of $1,329,170 and a change in the fair value of derivative instruments of $1,795,363 [126]. Liquidity and Capital Resources - As of September 30, 2023, the company had a working capital deficit of approximately $4.3 million and cash of approximately $0.3 million, raising substantial doubt about its ability to continue as a going concern [128]. - The company had cash held in the Trust Account of $32,818,782 as of September 30, 2023, which is intended to be used for completing a Business Combination [139]. - The company has no current commitments from any financing source to provide additional capital, which may impact its ability to complete a Business Combination [128]. - The company may need to obtain additional financing to complete its Business Combination or to meet obligations if a significant number of public shares are redeemed [142]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023 [143]. Initial Public Offering (IPO) - 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 [130]. - 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 [133]. - The company incurred $13,707,892 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriters' discounts [131]. Financial Instruments and Derivatives - The Company evaluates its financial instruments to determine if they are derivatives, with changes in fair value reported in the statements of operations [151]. - The Public Warrants and Private Placement Warrants are classified as liabilities and are recorded at fair value, with adjustments made at each reporting period [152]. - The fair value of the Public Warrants and Private Placement Warrants is estimated using an internal valuation model, which may not reflect the actual settlement price [152]. - As of September 30, 2023, the Company reported no dilutive securities or contracts that could potentially be exercised or converted into shares of common stock [150]. Market and Interest Rate Risk - As of September 30, 2023, the Company was not subject to any market or interest rate risk, with net proceeds from the Initial Public Offering invested in cash [153].
Osiris Acquisition (OSI) - 2023 Q3 - Quarterly Report