Financial Performance - The company had a net loss of approximately $400,000 for the three months ended March 31, 2022, which included $243,000 in general and administrative expenses and $126,000 in loss from investments held in the Trust Account[115]. - The company incurred offering costs of approximately $11.1 million related to the Initial Public Offering, including $7.0 million for deferred underwriting commissions[103]. - The company incurred $30,000 in administrative expenses related to the Sponsor for the three months ended March 31, 2022[120]. Cash and Capital - As of March 31, 2022, the company had approximately $657,000 in cash and working capital of approximately $897,000[109]. - The company raised gross proceeds of $200.0 million from its Initial Public Offering by selling 20,000,000 Class A ordinary shares at $10.00 per share[103]. - The company placed $214.4 million in a Trust Account, which invests only in U.S. government securities or money market funds until a Business Combination is completed[105]. - The company has no outstanding amounts under any Working Capital Loans as of March 31, 2022[110]. Business Combination Plans - The company plans to complete a Business Combination prior to the mandatory liquidation date of April 1, 2023[112]. - The company has 21,437,500 Class A ordinary shares subject to possible redemption, classified as temporary equity[122]. Regulatory and Reporting Considerations - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[130]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[131]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures[132]. Impact of COVID-19 - The company has identified the impact of the COVID-19 pandemic as uncertain and has not made adjustments to its financial statements based on this uncertainty[113].
two(TWOA) - 2022 Q1 - Quarterly Report