IPO and Financial Overview - The company completed its Initial Public Offering (IPO) on March 16, 2021, raising gross proceeds of $345.0 million from the sale of 34,500,000 units at $10.00 per unit[115]. - The company placed $345.0 million of the IPO proceeds in a trust account, which is invested in U.S. government securities until a business combination is completed[117]. - The underwriters received an aggregate underwriting discount of $6.9 million and deferred commissions of approximately $12.1 million, contingent upon the completion of a business combination[130]. Financial Performance - As of March 31, 2021, the company reported a net loss of approximately $901,000, which included $174,000 in non-operating gains and $997,000 in offering costs associated with derivative warrant liabilities[126]. - The company has not generated any operating revenues as of March 31, 2021, and will not do so until the completion of its initial business combination[125]. Liquidity and Capital Structure - The company has approximately $1.9 million in its operating bank account and working capital of approximately $1.0 million as of March 31, 2021[121]. - As of March 31, 2021, there were no amounts outstanding under any Working Capital Loan, indicating sufficient liquidity to meet operational needs[122]. - The company has 30,296,350 Class A ordinary shares subject to possible redemption, classified as temporary equity[138]. Regulatory and Risk Considerations - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[142]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[144]. - As of March 31, 2021, the company reported no exposure to market or interest rate risk, with net proceeds from the IPO invested in U.S. government securities or money market funds[145]. - The company has not engaged in any hedging activities since inception and does not plan to do so regarding market risk[146]. Business Combination Requirements - The company must complete a business combination with an aggregate fair market value of at least 80% of the assets held in the trust account[119].
Ross Acquisition II(ROSS) - 2021 Q1 - Quarterly Report