Sarcos Technology and Robotics (STRC) - 2021 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2021, the company reported a net loss of $14,001,087, which included formation and operational costs of $1,787,623 and a change in fair value of warrant liability of $12,220,600 [149]. - For the six months ended June 30, 2021, the company had a net loss of $5,047,405, consisting of formation and operational costs of $5,301,491 and transaction costs associated with the IPO of $603,941 [150]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its Business Combination [148]. - The company has incurred significant costs in pursuit of its financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern within one year after the issuance of its financial statements [158]. 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 [151]. - The company incurred $15,562,855 in Initial Public Offering related costs, including $5,520,000 in underwriting fees and $9,660,000 in deferred underwriting fees [152]. Trust Account and Use of Funds - As of June 30, 2021, the company had cash and investments held in the Trust Account totaling $276,046,127, which includes approximately $46,127 of interest income and unrealized gains [154]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [155]. Share Issuance - The company entered into Subscription Agreements with PIPE Investors for the purchase of 22,000,000 shares of common stock at a price of $10.00 per share, totaling an aggregate purchase price of $220 million [162]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of June 30, 2021, and does not participate in transactions that create relationships with unconsolidated entities [159].