Financial Performance - As of June 30, 2021, the company reported a net income of approximately $9.1 million for the three months ended June 30, 2021, primarily due to a non-operating gain of approximately $9.2 million from the change in fair value of derivative warrant liabilities[117] - The company has not generated any operating revenues since inception and will not do so until the completion of its initial Business Combination[116] Initial Public Offering (IPO) - 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, with offering costs of approximately $19.9 million[107] - The underwriters received an aggregate underwriting discount of $6.9 million and deferred underwriting commissions of approximately $12.1 million, contingent upon the completion of a Business Combination[123] Financial Position - The company had approximately $1.8 million in its operating bank account and working capital of approximately $0.8 million as of June 30, 2021[112] - As of June 30, 2021, 31,204,323 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[126] - The company had no amounts outstanding under any Working Capital Loans as of June 30, 2021[113] Use of Proceeds - The company has broad discretion regarding the application of net proceeds from the IPO and Private Placement, primarily intended for consummating a Business Combination[110] COVID-19 Impact - Management continues to evaluate the impact of the COVID-19 pandemic on the industry, acknowledging potential negative effects on financial position and operations[115] Regulatory Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[132] - 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[133] Risk Management - As of June 30, 2021, the company was not subject to any market or interest rate risk, with net proceeds from the IPO invested in U.S. government securities[134] - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[135] Administrative Expenses - The company incurred expenses of $30,000 and $40,000 under the Administrative Support Agreement for the three months ended June 30, 2021, and the period from inception through June 30, 2021, respectively[119]
Ross Acquisition II(ROSS) - 2021 Q2 - Quarterly Report