Financial Position - As of September 30, 2023, the company had cash held in the Trust Account amounting to approximately $266.6 million[130]. - As of September 30, 2023, the Class A ordinary shares subject to possible redemption amount to approximately $266,639,182, classified as temporary equity[149]. - The Company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023, except for a monthly fee of $10,000 for office space and services[141][142]. Income and Expenses - The company reported a net income of $4,359,181 for the nine months ended September 30, 2023, primarily due to interest income of $10,481,777 from marketable securities[125]. - The company experienced a loss in fair value of derivative liabilities totaling $5,177,713 for the nine months ended September 30, 2023[125]. - The company incurred operating costs of $1,016,980 for the nine months ended September 30, 2023[125]. - As of September 30, 2023, the company had cash used in operating activities amounting to $319,511[131]. Business Combination and Future Plans - The company extended the deadline to complete its initial Business Combination to August 9, 2024, following Charter Amendments approved on August 7, 2023[116]. - The company has not generated any operating revenues since its inception on April 6, 2021, and does not expect to do so until after completing its initial Business Combination[124]. - The company intends to use funds held in the Trust Account to complete its initial Business Combination and for working capital to finance operations of the target business[136]. - The Company has incurred significant costs related to its acquisition plans and has less than 12 months to complete a Business Combination, raising substantial doubt about its ability to continue as a going concern[140]. Financing and Capital Structure - The company raised gross proceeds of $275 million from its Initial Public Offering on November 9, 2021[127]. - The Company has entered into a Working Capital Loan agreement with the Sponsor for up to $1,500,000, with advances of $300,000, $250,000, and $200,000 made on May 20, 2022, February 21, 2023, and September 29, 2023, respectively[139]. - The underwriter is entitled to a deferred underwriting commission of $10,500,000, which will be waived if the Company does not complete a Business Combination[143]. Accounting and Reporting - The Company has recognized a measurement adjustment for redeemable Class A ordinary shares from initial book value to redemption amount value immediately upon the closing of the Initial Public Offering[150]. - The Company accounts for its convertible promissory notes at fair value, with changes recognized as non-cash gains or losses[152]. - The Company evaluates its financial instruments to determine if they are derivatives, with changes in fair value reported in the statements of operations[153]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[157]. - The Company has not opted out of the extended transition period for new or revised financial accounting standards, which may affect comparability with other public companies[158].
Rigel Resource Acquisition (RRAC) - 2023 Q3 - Quarterly Report