Financial Performance - The company reported a net loss of $995,039 for the three months ended June 30, 2023, with general and administrative expenses of $1,429,989[157]. - For the six months ended June 30, 2023, the company had a net loss of $1,443,136, with general and administrative expenses totaling $2,273,335[158]. - Cash used in operating activities for the six months ended June 30, 2023 was $1,012,320[163]. - The company incurred $30,000 in fees for administrative services for the three months ended June 30, 2023, consistent with the previous year[176]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 units at $10.00 per unit[161]. - The company incurred $14,161,525 in Initial Public Offering related costs, including $5,000,000 of underwriting fees[162]. - The underwriters of the Initial Public Offering are entitled to a deferred fee of $8,750,000, payable only upon the completion of an initial business combination[178]. Business Combination - The company plans to consummate the TriSalus Business Combination during the third quarter of 2023[167]. - The TriSalus Business Combination is subject to certain closing conditions and involves the merger of MTAC Merger Sub with TriSalus Life Sciences, Inc.[152]. - The company intends to use substantially all funds held in the trust account to complete its business combination[166]. - The company has until September 22, 2023, to consummate an initial business combination, or it will face mandatory liquidation[174]. Trust Account and Investments - As of June 30, 2023, the company had investments held in the trust account amounting to $12,076,340[165]. Promissory Notes - As of June 30, 2023, the outstanding balance under the 2021 Promissory Note is $544,000, which is non-interest bearing and matures upon the closing of the initial business combination[168]. - The 2022 Promissory Note I has an outstanding balance of $400,000 as of June 30, 2023, also non-interest bearing and maturing upon the closing of the initial business combination[169]. - The outstanding balance under the 2022 Promissory Note III is $629,222 as of June 30, 2023, with no amount outstanding as of December 31, 2022[170]. - The 2022 Convertible Promissory Note has an outstanding balance of $1,500,000 as of June 30, 2023, which may be converted into warrants at a price of $1.50 per warrant[171]. - The First Extension Note has an outstanding balance of $234,411 as of June 30, 2023, up from $39,068 as of December 31, 2022[172]. - The Second Extension Note has an outstanding balance of $22,896 as of June 30, 2023, related to the extension of the termination date[173]. Liabilities - As of June 30, 2023, there are no off-balance sheet financing arrangements or long-term liabilities other than a monthly fee of $10,000 to the Sponsor for administrative support[175][176].
TriSalus Life Sciences(TLSI) - 2023 Q2 - Quarterly Report