Financial Position - As of March 31, 2022, total assets amounted to $205,473,000, a slight decrease from $205,745,000 as of December 31, 2021[17] - Cash and cash equivalents held in the trust account were $204,013,000, remaining stable compared to $204,000,000 at the end of the previous year[17][22] - The company has a capital deficiency of $7,642,000 as of March 31, 2022, an increase from $7,352,000 at the end of the previous year[17][20] - As of March 31, 2022, the company had $803,000 in cash and $1,085,000 in working capital, compared to $1,011,000 in cash and $1,297,000 in working capital as of December 31, 2021[75] - The net proceeds from the initial public offering and the sale of private units amounted to $205,100,000, with $204,000,000 deposited into a non-interest bearing trust account[81] Operating Results - The company reported a net loss of $290,000 for the three months ended March 31, 2022, compared to an accumulated deficit of $7,642,000[19][20] - Operating expenses for the period were $303,000, leading to a basic and diluted loss per Class A ordinary share of $(0.01)[19] - The basic and diluted loss per Class A ordinary share subject to possible redemption was $(0.01) for the three months ended March 31, 2022[67] - The weighted average of Class A ordinary shares subject to possible redemption was 20,000,000 for the same period[67] - The company has not engaged in any revenue-generating operations to date and will not generate operating revenues until after completing its initial business combination[76] Business Combination Plans - The company intends to focus on mobility-related technology businesses for its initial business combination[27] - The company has not yet reached a definitive agreement with a specific target company for the initial business combination[73] - The company has a commitment to complete its initial business combination within 15 months from the public offering, extendable under certain conditions[35] - The Company has until March 20, 2023, to consummate the initial Business Combination, or it will face mandatory liquidation and dissolution[41] - Management has raised substantial doubt about the Company's ability to continue as a going concern if the business combination is not completed by the deadline[42] Financing and Capital Structure - The initial public offering raised $200 million from the sale of 20,000,000 units at $10 per unit, with an additional $9,457,150 from a private placement[31] - The Company issued 20,000,000 Class A ordinary shares at $10 per Unit, raising a total of $200 million in the Public Offering[61] - The Deferred Underwriting Compensation of 4.5% ($9 million) will be payable upon the completion of the Business Combination[70] - The issuance of additional ordinary shares in a business combination may significantly dilute the equity interest of investors[74] - The company intends to utilize cash from the proceeds of the initial public offering and private placement for the business combination[73] Expenses and Costs - The company expects to incur approximately $550,000 for legal, accounting, and due diligence expenses related to business combinations, along with $100,000 for regulatory reporting fees[86] - The company has incurred increased expenses as a public company, including legal and financial reporting costs, since its initial public offering in December 2021[76] - The company has no current intention to seek loans from parties other than its sponsor or an affiliate, as it does not believe third parties are willing to provide such funds[85] - The company may need to obtain additional financing to complete its initial business combination or to redeem a significant number of public shares[88] Risks and Regulatory Environment - The company has identified potential risks to its business combination plans due to unfavorable macro-economic trends related to the COVID-19 pandemic and geopolitical issues[99][100] - On March 30, 2022, the SEC proposed new rules that may increase costs and time for SPAC business combinations, potentially affecting the completion of initial business combinations[104] - The Registration Statement for the IPO was declared effective on December 15, 2021, with no material change in the expected use of proceeds from the IPO[105] - There are no defaults upon senior securities reported[106] - Mine safety disclosures are not applicable to the company[107] - No additional information was provided that is relevant to the financial performance or strategy[108]
Spree Acquisition 1 (SHAP) - 2022 Q1 - Quarterly Report