Financial Performance - For the three months ended September 30, 2022, the company reported a net income of 5,883,047,drivenbyachangeinthefairvalueofwarrantliabilitiesof4,284,045 and interest earned of 1,037,897[117].−FortheninemonthsendedSeptember30,2022,thecompanyachievedanetincomeof5,497,655, with significant contributions from a change in the fair value of warrant liabilities of 3,871,253andinterestincomeof1,052,221[118]. Cash and Securities - As of September 30, 2022, the company held cash and marketable securities in the Trust Account amounting to 237,952,221,includingapproximately1,052,221 of interest income[124]. - As of September 30, 2022, the company had cash held outside the Trust Account of 660,551availableforworkingcapitalneeds[125].InitialPublicOffering−ThecompanycompleteditsInitialPublicOfferingonMay10,2022,raisingtotalgrossproceedsof230,000,000 from the sale of 23,000,000 Units at 10.00perUnit[120].−Thecompanyincurredtransactioncostsof16,804,728 related to the Initial Public Offering, which included 4,600,000inunderwritingcommissions[122].DebtandLiquidity−Thecompanyhasnolong−termdebtobligationsoroff−balancesheetarrangementsasofSeptember30,2022[130].−Thecompanyhasraised4,600,000 in a Sponsor Loan, which may be converted into sponsor loan warrants at the Sponsor's discretion[121]. - The company has identified a liquidity condition that raises substantial doubt about its ability to continue as a going concern beyond November 10, 2023[127]. Accounting Standards - The company adopted ASU 2020-06 effective January 1, 2022, with no impact on its financial position, results of operations, or cash flows[139]. - Management believes that recently issued accounting standards, if adopted, would not have a material effect on the condensed financial statements[140]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[141].
