Sarcos Technology and Robotics (STRC) - 2021 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2021, the company reported a net income of $8,953,682, driven by a change in fair value of warrant liability of $16,013,200 and an unrealized gain on marketable securities of $38,991[143]. - As of March 31, 2021, the company held cash and marketable securities in the Trust Account amounting to $276,038,991, which includes approximately $38,991 of interest income and unrealized gains[147]. Initial Public Offering - The company completed its Initial Public Offering on January 20, 2021, raising gross proceeds of $276,000,000 from the sale of 27,600,000 units at $10.00 per unit, along with an additional $7,270,000 from the sale of 7,270,000 private placement warrants[144]. - The company has incurred $15,562,855 in costs related to the Initial Public Offering, including $5,520,000 in underwriting fees and $9,660,000 in deferred underwriting fees[145]. Business Combination Plans - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with any remaining proceeds allocated for working capital and growth strategies[148]. - The company entered into a Merger Agreement with Sarcos Corp. on April 5, 2021, with the completion of the transaction subject to stockholder approval and customary closing conditions[163]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans and may require additional financing to complete its Business Combination[151]. - The company has agreed to pay a deferred fee of $9,660,000 to the underwriter, contingent upon the successful completion of a Business Combination[153]. - The company has entered into Subscription Agreements with PIPE Investors for the purchase of 22,000,000 shares of common stock at $10.00 per share, totaling $220 million[155]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of March 31, 2021, and does not participate in transactions that create relationships with unconsolidated entities[152].