Senti Biosciences(SNTI) - 2022 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2022, the company reported a net loss of $1,309,849, primarily due to professional fees and other expenses of $1,282,742[123]. - The company incurred net cash used in operating activities of $492,630 for the three months ended March 31, 2022, mainly due to the net loss[126]. Initial Public Offering - The company generated gross proceeds of $230,000,000 from its Initial Public Offering of 23,000,000 shares at $10.00 per share[124]. - The underwriter received a cash underwriting fee of $0.20 per share, totaling $4,600,000 upon the closing of the Initial Public Offering[133]. - The company’s sponsor purchased 715,500 shares of Class A Common Stock at $10.00 per share, generating gross proceeds of $7,155,000[125]. Business Combination - The company entered into a Business Combination Agreement with Senti, with the merger expected to result in Senti becoming a wholly-owned subsidiary[119]. - The company plans to use substantially all funds held in the Trust Account to complete the initial business combination with Senti, including any interest earned[128]. - The company expects to incur significant costs in pursuing its initial business combination, including expenses related to due diligence and legal compliance[122]. Cash Position - As of March 31, 2022, the company had cash of $396,693 held outside the Trust Account, intended for completing the proposed initial business combination with Senti[127]. - The company has no off-balance sheet arrangements as of March 31, 2022[131].