Financial Performance - For the three months ended March 31, 2024, the Company reported a net loss of approximately $0.5 million, including interest earned of $0.4 million[157]. - For the three months ended March 31, 2023, the Company reported a net loss of approximately $1 million, offset by interest earned of $1.3 million[158]. - The Company has not generated any operating revenues to date and relies on non-operating income from interest and dividends[156]. Initial Public Offering - The Initial Public Offering generated gross proceeds of $310.0 million from the sale of 31,000,000 Units at $10.00 per Unit, with offering costs of $17,586,741[136]. - The Company has broad discretion in applying the net proceeds from the Initial Public Offering and Private Placement Warrants towards a Business Combination[139]. Working Capital and Financial Position - As of March 31, 2024, the Company had a working capital deficit of $7,475,255 and only $3,858 in its operating bank account[150]. - The balance in the Trust Account after redemptions was approximately $46,138,503 as of February 13, 2023[143]. - As of March 31, 2024, there were approximately $3,378,208 of borrowings outstanding under promissory notes to the Sponsor[152]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2024[159][163]. Business Combination and Liquidation - The Company has until January 29, 2025, to complete a Business Combination, or it will face mandatory liquidation[153]. - The Company has drawn an aggregate of $55,000 on three occasions to extend the deadline for completing its initial Business Combination[148]. Shareholder Actions - The holders of 2,126,159 Class A ordinary shares redeemed their shares for approximately $11.13 per share, totaling about $23,671,533[146]. - On January 30, 2024, the Sponsor converted 7,600,000 Class B ordinary shares into Public Shares on a one-for-one basis[147]. Promissory Notes - The Company issued unsecured promissory notes totaling $258,780 for general working capital purposes, with $227,208 outstanding as of March 31, 2024[154]. - An unsecured promissory note of $230,000 was issued on January 18, 2023, with the same amount outstanding as of March 31, 2024[154]. - The Company issued an unsecured promissory note of $3,000,000 on January 30, 2023, with $2,951,000 outstanding as of March 31, 2024[154]. - A new note of $1,660,000 was issued on January 30, 2024, with $470,000 outstanding as of March 31, 2024[154]. Expenses and Compliance - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs[156]. Trust Account - The interest rate on the Trust Account's cash deposit is currently approximately 2.5% - 3.0% per annum[167]. - The Company liquidated U.S. government treasury obligations held in the Trust Account on January 27, 2023[138].
stellation Acquisition I(CSTA) - 2024 Q1 - Quarterly Report