Financial Position - As of March 31, 2022, the company had $582,775 in cash available outside the Trust Account and $234,621,754 held inside the Trust Account[101]. - As of March 31, 2022, the company had working capital of $1,182,107, which will be used primarily for evaluating target businesses and due diligence[112]. - As of March 31, 2022, the Company had no long-term debt or long-term liabilities[121]. Public Offering and Financing - The company completed a Public Offering of 23,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000 before expenses[102]. - The company also consummated a Private Placement of 11,700,000 Private Placement Warrants at $1.00 per warrant, generating gross proceeds of $11,700,000[103]. - The total offering costs incurred in connection with the Public Offering amounted to $13,267,977, including $12,650,000 in underwriters' fees[109]. - Underwriters received a cash underwriting discount of 2% of gross proceeds from the Public Offering, totaling $4,600,000, and a deferred commission of 3.5% or $8,050,000[123]. - The Company issued a Sponsor Convertible Note allowing borrowing up to $5,000,000 for ongoing business expenses and the Business Combination[120]. Income and Expenses - For the three months ended March 31, 2022, the company reported a net income of $5,209,822 and a loss from operations of $377,681[106]. - The company incurred increased expenses due to being a public company, including legal and financial reporting costs[106]. - The Company incurred $47,000 in service and administrative fees since November 10, 2021, with a monthly fee of $10,000[122]. Business Strategy and Operations - The company intends to target assets or businesses of scale across the critical minerals value chain to benefit from the global energy transition[99]. - If the initial business combination is not completed within 18 months, the company will redeem public shares at a price equal to the amount in the Trust Account[105]. - The Company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[115]. Accounting and Reporting - The estimated fair value of investments held in the Trust Account is determined using available market information, classified as trading securities[132]. - The Company recorded redeemable Class A ordinary shares at a redemption value of $28,926,483 as of December 31, 2021[131]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[134]. - The Company has not opted out of the extended transition period for adopting new or revised financial accounting standards[137]. - The calculation of diluted income per ordinary share for the three months ended March 31, 2022, is the same as basic income per ordinary share due to no dilutive securities[127]. - The Company evaluated Warrant Securities as derivative liabilities, recorded at fair value at inception and remeasured at each reporting date[128].
RCF Acquisition (RCFA) - 2022 Q1 - Quarterly Report