Business Combination - The company entered into a Business Combination Agreement with Memic Innovative Surgery Ltd., valuing Memic at an implied enterprise valuation of $625 million[140][141]. - The company plans to use substantially all funds in the Trust Account to complete the Business Combination and for working capital of the target business[157]. - The company may receive loans up to $1,500,000 convertible into warrants at $1.50 per warrant if a Business Combination is completed[161]. - The underwriters are entitled to a deferred fee of $0.35 per share, totaling $8,750,000, payable only if a Business Combination is completed[165]. Financial Performance - For the three months ended September 30, 2021, the company reported a net income of $1,864,740, driven by a change in fair value of warrant liability of $2,653,334[151]. - For the nine months ended September 30, 2021, the company had a net income of $1,871,572, with general and administrative expenses totaling $1,899,176[152]. - Net income per common share is calculated by dividing net income by the weighted average number of common stock outstanding[169]. Cash and Funding - As of September 30, 2021, the company had cash held in the Trust Account amounting to $250,059,378, which will be used to complete the Business Combination[156]. - The company had cash of $277,805 outside the Trust Account as of September 30, 2021, intended for due diligence and transaction-related activities[158]. - The company does not anticipate needing additional funds for operating expenses but may require financing for a Business Combination or to redeem Public Shares[162]. IPO and Related Costs - The company generated gross proceeds of $250 million from its Initial Public Offering of 25 million units at $10.00 per unit[153]. - The company incurred $14,161,525 in Initial Public Offering related costs, including $5 million in underwriting fees[154]. Operational Status - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and evaluating targets for Business Combination[150]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans[139]. - As of September 30, 2021, the company has no off-balance sheet arrangements or long-term liabilities, except for a monthly payment of $10,000 to the Sponsor[163][164]. Accounting and Compliance - The company accounts for its Class A common stock subject to possible redemption as temporary equity, reflecting uncertain future events[168]. - The company is assessing the impact of ASU 2020-06, effective January 1, 2022, which simplifies accounting for certain financial instruments[170].
TriSalus Life Sciences(TLSI) - 2021 Q3 - Quarterly Report