Financial Performance - As of September 30, 2022, the company reported a net income of $728,646 for the three months ended, consisting of $661,801 from investment income and a change in fair value of warrant liability of $450,823, offset by costs of $255,500 and taxes of $128,478[116] - For the nine months ended September 30, 2022, the company had a net income of $3,629,536, with $873,620 from investment income and a change in fair value of warrant liability of $3,907,592, offset by total costs of $1,151,676[117] Financial Position - The company had $937,074 in its operating bank account and working capital of $1,040,399 as of September 30, 2022[119] - The company had no off-balance sheet arrangements as of September 30, 2022[139] 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 an over-allotment option[119] - The company placed $146,625,000 from the net proceeds of the IPO and private placement into a trust account maintained by a trustee[123] - 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[124] Operations and Revenue - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[115] Taxation - The provision for income taxes was deemed immaterial for the three and nine months ended September 30, 2022[135] Economic Risks - The company may face adverse effects on its operations due to economic uncertainties, including inflation, interest rate increases, and geopolitical instability[140]
Relativity Acquisition (RACY) - 2022 Q3 - Quarterly Report