Financial Performance - For the three months ended September 30, 2022, the company reported a loss from operations of $633,050, with other income of $3,118,342, including an unrealized gain on warrant liabilities of $1,674,871[109]. - For the nine months ended September 30, 2022, the company had a loss from operations of $2,686,622, with other income of $10,422,422, which included an unrealized gain on warrant liabilities of $8,499,501[110]. - For the nine months ended September 30, 2022, cash used in operating activities was $748,365, with net income of $7,735,800 primarily offset by an unrealized gain on warrant liabilities[119]. Cash and Assets - As of September 30, 2022, the company held $321,155,523 in the Trust Account, with cash outside the Trust Account amounting to $108,859[113]. - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during its Public Offering[116]. - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 in underwriting fees[117]. - The company has committed to loan funds as needed, with $750,000 in Working Capital Loans issued as of September 30, 2022[122]. Business Operations and Risks - If the company cannot complete a Business Combination by March 18, 2023, it will cease operations and liquidate[125]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022[126][127]. Accounting and Reporting - The company recognizes changes in the redemption value of its Class A ordinary shares immediately as they occur, affecting the carrying value of the security[132]. - Management does not believe that any recently issued accounting standards would have a material effect on the Company's unaudited condensed financial statements[134]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[135].
Plum Acquisition I(PLMI) - 2022 Q3 - Quarterly Report