Financial Performance - The company had a net income of approximately $3.3 million for the three months ended September 30, 2022, compared to a net income of approximately $466,000 for the same period in 2021[138][139]. - For the nine months ended September 30, 2022, the company reported a net income of approximately $13.4 million, driven by a $14.5 million non-operating gain from the change in fair value of derivative warrant liabilities[140]. - The diluted net income (loss) per share for the three and nine months ended September 30, 2022, is the same as the basic net income (loss) per share due to the anti-dilutive effect of warrants[152]. Financial Position - As of September 30, 2022, the company had approximately $70,000 in its operating bank account and a working capital deficit of approximately $3.8 million[131]. - The company has no amounts outstanding under any Working Capital Loans as of September 30, 2022[133]. - The company has no off-balance sheet arrangements as of September 30, 2022, and December 31, 2021[155]. Initial Public Offering - The company raised gross proceeds of $345.0 million from its Initial Public Offering, with offering costs of approximately $19.9 million[125]. - The company has placed $345.0 million of net proceeds from the Initial Public Offering in a Trust Account, invested only in U.S. government securities[127]. Business Risks and Compliance - The company must complete a business combination by March 16, 2023, or face mandatory liquidation and dissolution[134]. - The company is subject to risks associated with emerging growth companies, including uncertainties related to potential business combinations[124]. Accounting Standards and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[156]. - 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[157]. - The company does not believe that recently issued accounting standards updates will have a material effect on its financial statements[154]. Administrative Expenses - The company incurred $30,000 in administrative support expenses for both the three months ended September 30, 2022, and 2021[142]. Equity and Redemption - The company recognized changes in the redemption value of its Class A ordinary shares, which are subject to possible redemption, as temporary equity[148][149].
Ross Acquisition II(ROSS) - 2022 Q3 - Quarterly Report