IPO and Financial Proceeds - 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[119]. - The company has placed $345.0 million of net proceeds from the IPO in a trust account, invested only in U.S. government securities or money market funds[121]. - The underwriters received an underwriting discount of $0.20 per unit, totaling $6.9 million, and deferred underwriting commissions of approximately $12.1 million[135]. Financial Performance - For the three months ended September 30, 2021, the company reported a net income of approximately $466,000, driven by a $1.2 million non-operating gain from the change in fair value of derivative warrant liabilities[129]. - From inception to September 30, 2021, the company achieved a net income of approximately $8.6 million, primarily due to a $10.6 million non-operating gain from the change in fair value of derivative warrant liabilities[131]. - The company incurred $30,000 and $70,000 in expenses under the Administrative Support Agreement for the three months and the period from inception to September 30, 2021, respectively[132]. Financial Position - As of September 30, 2021, the company had approximately $1.6 million in its operating bank account and working capital of approximately $51,000[124]. - As of September 30, 2021, there were no amounts outstanding under any Working Capital Loans[125]. - As of September 30, 2021, the Company did not have any off-balance sheet arrangements[146]. Regulatory and Accounting Standards - The Company adopted ASU 2020-06 on January 1, 2021, using a modified retrospective method for transition, which did not impact its financial position, results of operations, or cash flows[144]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[147]. - The Company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[148]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[149]. Impact of COVID-19 - The company continues to evaluate the impact of the COVID-19 pandemic on its financial position and operations, although specific impacts are not determinable at this time[127]. Business Combination Requirement - 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[122].
Ross Acquisition II(ROSS) - 2021 Q3 - Quarterly Report