IPO and Fundraising - The company completed its IPO on October 29, 2021, raising gross proceeds of $230 million from the sale of 23,000,000 units at $10.00 per unit[89]. - The company also raised an additional $10.75 million from the private placement of 10,750,000 warrants at $1.00 each[90]. - Total transaction costs associated with the IPO amounted to $20,129,394, including $3,850,000 in underwriting discounts and commissions[91]. - The underwriters exercised their over-allotment option in full, generating an additional $30 million in gross proceeds[100]. Financial Performance - As of September 30, 2021, the company reported a net loss of $44,168 for the three months ended and a cumulative net loss of $52,234 since inception[95]. - The company had a working capital deficit of $493,243 as of September 30, 2021, but expects to meet liquidity needs through IPO proceeds and private placement funds[96][98]. - The company has not engaged in any operations or generated revenues to date, with future income expected from interest on cash and cash equivalents[94]. Trust Account and Business Strategy - A total of $234.6 million was placed in a trust account, which will be used for the Initial Business Combination or returned to shareholders if not completed within 15 months[92][93]. - The company does not anticipate needing to raise additional funds for operating expenses prior to the Initial Business Combination[98]. - The company is focused on identifying businesses in critical technologies recognized by the U.S. Government, including advanced manufacturing and artificial intelligence[88]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act, thus exempt from certain disclosures required by Item 305(e) of Regulation S-K[108].
TKB Critical Technologies 1(USCT) - 2021 Q3 - Quarterly Report