Financial Performance - The company reported a net income of $499,414 for the three months ended March 31, 2023, resulting from an unrealized gain on investments held in the Trust Account of $629,683, offset by formation and operating costs of $130,269 [108]. - For the three months ended March 31, 2023, net cash used in operating activities was $314,255, primarily due to changes in working capital of $183,196 [109]. Fundraising Activities - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 units on February 14, 2023 [113]. - The company also raised $5,653,750 from the sale of 565,375 Placement Units in a private placement to the Sponsor [114]. Trust Account and Business Combination - As of March 31, 2023, the company had $117,875,000 placed in a trust account from the net proceeds of the Initial Public Offering and the sale of Placement Units [115]. - The company expects to use substantially all funds held in the trust account to complete its initial business combination and may withdraw interest to pay taxes [116]. - The company has until February 14, 2024, to consummate a Business Combination, or it will face mandatory liquidation [119]. Costs and Liabilities - The company incurred a cash underwriting discount of $1,265,000 upon the closing of the Initial Public Offering, with an additional deferred fee of $3,450,000 payable upon completion of a Business Combination [125]. - The company has no off-balance sheet arrangements as of March 31, 2023 [120]. - The company does not anticipate needing to raise additional funds following the Initial Public Offering to meet operating expenditures [118].
Pono Capital Three(PTHR) - 2023 Q1 - Quarterly Report