Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $7,159,904, primarily due to general and administrative expenses of $633,880 and a change in fair value of warrant liabilities amounting to $6,700,500 [127]. - The company has not generated any revenues to date and does not expect to do so until after completing a Business Combination [126]. - Net (loss) income per ordinary share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period [149]. Cash and Investments - As of March 31, 2024, the company had cash held in the Trust Account of $15,566,051, with $7,662,572 withdrawn for share redemptions [133]. - The company generated non-operating income of $174,476 from interest on cash and investments held in the Trust Account for the three months ended March 31, 2024 [127]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and any remaining proceeds for working capital [133]. IPO and Costs - The company incurred $57,010,008 in costs related to its IPO, including $19,800,000 in underwriting fees and $36,225,000 in deferred underwriting fees [130]. - The company has until June 4, 2024, to consummate a Business Combination, or it will face mandatory liquidation [140]. - The company redeemed 698,321 Class A ordinary shares for an aggregate amount of $7,662,572 in connection with the extension vote [120]. Financial Liabilities and Equity - The company issued 25,875,000 public warrants and 11,350,000 private placement warrants, all recognized as derivative liabilities at fair value [152]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value as of March 31, 2024 [147]. - Changes in redemption value of ordinary shares are recognized immediately and affect additional paid-in capital and accumulated deficit [148]. Risk and Accounting - As of March 31, 2024, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government securities with a maturity of 185 days or less [154]. - The company does not believe that any recently issued accounting standards would have a material effect on its financial statements [153]. - The company has not identified any critical accounting estimates in its financial reporting [146]. Financial Instruments - The company evaluates all financial instruments to determine if they qualify as derivatives, reassessing classification at each reporting period [151]. - The company's public warrants are valued based on market prices and classified as a Level 1 liability, while private placement warrants are classified as Level 2 [152].
Jaws Mustang Acquisition (JWSM) - 2024 Q1 - Quarterly Report