Financial Performance - For the three months ended June 30, 2021, the company incurred a loss from operations of $822,896 and recognized other income of $2,901,733, resulting in a net income of $2,421,393[104][112]. - Cash used in operating activities for the six months ended June 30, 2021, was $1,541,611, primarily offset by an unrealized gain on the change in the fair value of the warrant liability of $3,867,325[112]. Trust Account and Cash Position - As of June 30, 2021, the company held $319,221,644 in the Trust Account, with cash outside the Trust Account amounting to $704,019[104][106]. - The company intends to use substantially all funds held in the Trust Account to acquire a target business and pay related expenses[113]. Public Offering and Proceeds - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during the Public Offering[107]. - The company sold 6,256,218 private warrants at a price of $1.50 per warrant, generating gross proceeds of $9,384,327[108]. - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 in underwriting fees[109]. Debt and Financing Arrangements - The company has no long-term debt, capital lease obligations, or operating lease obligations as of June 30, 2021[118]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[116][117]. - The company does not believe it will need to raise additional funds to meet operating expenditures prior to the business combination[115].
Plum Acquisition I(PLMI) - 2021 Q2 - Quarterly Report