Financial Performance - As of June 30, 2022, the company reported a net income of $1,511,222 for the three months ended, primarily from investment income of $197,992 and a change in fair value of warrant liability of $1,562,005[114]. - For the six months ended June 30, 2022, the company achieved a net income of $2,900,890, with income from investment in the trust account amounting to $211,819 and a change in fair value of warrant liability of $3,456,769[115]. Cash and Working Capital - The company had $1,012,388 in cash and working capital as of June 30, 2022, excluding franchise tax payable, and net of interest income from the trust account, totaling $1,245,899[116]. - As of June 30, 2022, the company had no outstanding working capital loans, but up to $1,500,000 of such loans may be convertible into units at the lender's option[121]. Initial Public Offering - The initial public offering generated gross proceeds of $143,750,000 from the sale of 14,375,000 units at $10.00 per unit, including 1,875,000 units from the underwriters' over-allotment option[116]. - Transaction costs for the initial public offering amounted to $3,890,326, which included $1,437,500 in underwriting commissions and $1,972,398 related to the excess fair value of Class B common stock issued[118]. - The company placed $146,625,000 from the net proceeds of the initial public offering and private placement units into a trust account maintained by a trustee[119]. - The company intends to use substantially all funds in the trust account to complete its initial business combination, with the possibility of withdrawing interest to cover taxes and liquidation expenses if necessary[120]. Tax Information - The provision for income taxes was deemed immaterial for the three and six months ended June 30, 2022[131]. - The company has identified the United States as its only major tax jurisdiction and does not expect significant changes in unrecognized tax benefits over the next twelve months[130].
Relativity Acquisition (RACY) - 2022 Q2 - Quarterly Report