ShoulderUp Technology Acquisition (US:SUAC)2021-12-22 22:26IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on November 19, 2021, raising gross proceeds of $300 million from the sale of 30 million units at $10.00 per unit[99]. - A total of $306 million from the IPO proceeds was placed in a U.S.-based trust account, with $1.66 million held outside the trust account for working capital purposes[101][109]. Financial Performance - The company reported a net loss of $1,944 for the three months ended September 30, 2021, and a total net loss of $3,030 since inception[107]. - As of September 30, 2021, the company had a working capital deficit of $125,866, which was satisfied through a $25,000 payment from the sponsor for Founder Shares[108]. Business Combination Timeline - The company has 18 months from the IPO closing to complete its initial business combination, with a possible extension of up to 21 months[104]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2021[112]. - The company is obligated to pay a monthly fee of $10,000 to an affiliate of the sponsor for administrative support services until the completion of the business combination[113]. - A deferred fee of $11.2 million is payable to underwriters from the trust account upon completion of a business combination[114]. Future Outlook and Risks - The company expects to incur significant costs in pursuing acquisition plans and cannot assure the success of its capital raising or business combination efforts[105]. - Management believes it has sufficient working capital and borrowing capacity to meet its needs through the completion of a business combination or one year from the filing date[111].