Financial Performance - For the three months ended March 31, 2022, the company reported a loss from operations of $509,076, with other income of $3,880,155 primarily from an unrealized gain on warrant liabilities of $3,854,102[106]. - Cash used in operating activities for the three months ended March 31, 2022, was $339,506, with net income of $3,371,079 primarily offset by an unrealized gain on warrant liabilities[116]. - The company has not generated any realized income other than interest income from the Trust Account[108]. Trust Account and Liquidity - As of March 31, 2022, the company held $319,258,655 in the Trust Account, with cash outside the Trust Account amounting to $267,718[108]. - The company intends to use substantially all funds held in the Trust Account to acquire a target business and cover related expenses[118]. - If the company cannot complete a Business Combination by March 18, 2023, it will cease operations and liquidate[122]. Initial Public Offering (IPO) Costs - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during March and April 2021[112]. - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 in underwriting fees[114]. Debt and Financial Structure - As of March 31, 2022, the company had no long-term debt or off-balance sheet arrangements[123][125]. - The company recognizes changes in the redemption value of Class A ordinary shares immediately as they occur, affecting the carrying value of the security[129].
Plum Acquisition I(PLMI) - 2022 Q1 - Quarterly Report