Osiris Acquisition (OSI) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $551,189, which includes a change in the fair value of derivative instruments of $395,586 and operating costs of $370,909[112]. - The company incurred $13,707,892 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriters' discount[117]. - The company has no current commitments from any financing source to provide additional capital, raising substantial doubt about its ability to continue as a going concern[114]. Working Capital and Cash Position - As of March 31, 2024, the company had a working capital deficit of approximately $5.1 million and cash of approximately $0.1 million[114]. - Following the Initial Public Offering, a total of $230 million was placed in the Trust Account, with $0.1 million of cash held outside the Trust Account as of March 31, 2024[117]. - As of March 31, 2024, cash held in the Trust Account amounted to $33,183,479, intended for completing a Business Combination[123]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024[125]. Initial Public Offering (IPO) - The company generated gross proceeds of $230 million from its Initial Public Offering of 23,000,000 Units at a price of $10.00 per Unit[116]. - Stockholders holding 19,896,459 shares of Class A common stock redeemed their shares for a pro rata portion of the funds in the trust account, resulting in $199,650,204 being removed from the trust account[119]. - The company expects to liquidate and redeem 100% of the Public Shares if it cannot complete a Business Combination by May 18, 2024[108]. Derivative Instruments - The company's derivative instruments, including Public Warrants and Private Placement Warrants, are recorded at fair value and re-valued at each reporting date[133]. - The net proceeds from the Initial Public Offering, including amounts in the Trust Account, are currently invested in cash, indicating no exposure to market or interest rate risk as of March 31, 2024[134]. - As of March 31, 2024, the company reported no dilutive securities or contracts that could potentially be exercised or converted into shares of common stock[131].