Financial Performance - As of June 30, 2022, the Company reported a net income of $120,693 for the three months and $32,868 for the six months, with operating expenses of $297,840 and $407,058 respectively, offset by interest income of $418,533 and $439,926 [102]. - The Company had a working capital surplus of $1,062,414 as of June 30, 2022, indicating available funds for operational needs [108]. - As of June 30, 2022, the Company had no outstanding Working Capital Loans, indicating no immediate need for additional financing [118]. - The company has no long-term debt or capital lease obligations, only a monthly fee of $10,000 for administrative support services [129]. IPO and Fundraising - The Company completed its IPO on February 23, 2022, raising gross proceeds of $250 million from the sale of 25,000,000 units at $10.00 per unit, along with an additional $13,707,500 from the sale of 9,138,333 private placement warrants [105]. - The underwriters received a cash underwriting discount of $5,000,000 at the IPO closing, with an additional deferred fee of $10,812,500 contingent upon the completion of a Business Combination [121]. - The underwriters are entitled to a deferred fee of $10,812,500, payable only upon completion of a Business Combination [130]. Business Operations and Future Plans - The Company has 15 months from the IPO closing to complete its initial Business Combination, with the possibility of extending this period through a shareholder vote [109]. - The Company expects to incur significant costs related to being a public entity, including legal and compliance expenses, as well as due diligence costs for potential acquisitions [101]. - The Company has not commenced any operations and will not generate operating revenues until after the completion of its initial Business Combination [101]. Financial Position and Risk - As of June 30, 2022, the Company had $295,127,426 in securities held in the Trust Account, designated for a Business Combination, and $579,751 in its operating bank accounts [108]. - As of June 30, 2022, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government obligations with a maturity of 185 days or less [134]. - The Company incurred $40,000 in administrative service fees for the six months ended June 30, 2022, with a monthly fee of $10,000 payable to an affiliate of the Sponsor [120].
PowerUp Acquisition (PWUP) - 2022 Q2 - Quarterly Report