Financial Performance - For the three months ended March 31, 2022, the company reported a net loss of $87,826, consisting of operating expenses of $109,219 offset by interest income of $21,393[102]. - Net cash used in operating activities for the three months ended March 31, 2022, was $1,287,923, while net cash provided by financing activities was $296,593,545[106]. - As of March 31, 2022, the company had a working capital surplus of $1,211,267[108]. IPO and Fundraising - The company generated gross proceeds of $250,000,000 from the IPO of 25,000,000 units at $10.00 per unit on February 23, 2022[105]. - The underwriters were paid a cash underwriting discount of $5,000,000 at the closing of the IPO, with additional deferred fees totaling $10,812,500[121]. - A deferred fee of $10,812,500 is payable to underwriters from the Trust Account only upon completion of a Business Combination[131]. Trust Account and Business Combination - The company had $294,708,893 in securities held in the Trust Account as of March 31, 2022, to be used for a Business Combination[108]. - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination[107]. - The company has 15 months from the closing of the IPO to consummate an initial business combination, with the possibility of extending this period[109]. Liabilities and Financial Obligations - The company has no long-term debt or significant liabilities, only incurring a monthly fee of $10,000 for administrative support services since February 23, 2022[130]. - The company incurred $10,000 in administrative services fees for office space and administrative services as of March 31, 2022[120]. - The company has no off-balance sheet arrangements as of March 31, 2022[123]. Accounting and Risk Management - The Company accounts for warrants as equity-classified or liability-classified instruments based on specific terms and authoritative guidance, determining that Public Warrants and Private Placement Warrants qualify for equity accounting treatment[126]. - Ordinary shares subject to possible redemption are classified as temporary equity due to certain redemption rights considered outside of the Company's control[127]. - As of March 31, 2022, the Company was not subject to market or interest rate risk, with IPO proceeds invested in U.S. government obligations or money market funds[136].
PowerUp Acquisition (PWUP) - 2022 Q1 - Quarterly Report