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Aeries Technology(AERT) - 2021 Q3 - Quarterly Report
AERTAeries Technology(AERT)2021-12-04 01:25

Financial Performance - The company reported a net loss of 375forthethreemonthsendedSeptember30,2021,primarilyduetoformationcosts[103].−FrominceptiononMarch5,2021,throughSeptember30,2021,thetotalnetlossamountedto375 for the three months ended September 30, 2021, primarily due to formation costs[103]. - From inception on March 5, 2021, through September 30, 2021, the total net loss amounted to 31,476, which also consisted solely of formation costs[103]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of 200,000,000fromthesaleof20,000,000Unitsat200,000,000 from the sale of 20,000,000 Units at 10.00 per Unit[105]. - An additional 8,000,000wasraisedthroughthesaleof8,000,000PrivatePlacementWarrantsat8,000,000 was raised through the sale of 8,000,000 Private Placement Warrants at 1.00 each, bringing total gross proceeds to 208,000,000[105].−TotaltransactioncostsrelatedtotheIPOwere208,000,000[105]. - Total transaction costs related to the IPO were 21,995,104, including 4,818,000inunderwritingcommissions[105].CashandFunding−AsofSeptember30,2021,thecompanyhadcashof4,818,000 in underwriting commissions[105]. Cash and Funding - As of September 30, 2021, the company had cash of 265, which increased to 1,962,109byOctober22,2021[108].−ThecompanyintendstousefundsintheTrustAccountprimarilyforcompletingaBusinessCombinationandmaywithdrawinteresttopaytaxes[107].−ThecompanydoesnotanticipateneedingtoraiseadditionalfundsforoperatingexpensespriortotheinitialBusinessCombination[110].DebtandFinancialObligations−Thecompanyhasnolong−termdebtoroff−balancesheetfinancingarrangementsasofSeptember30,2021[111].−Monthlyfeesof1,962,109 by October 22, 2021[108]. - The company intends to use funds in the Trust Account primarily for completing a Business Combination and may withdraw interest to pay taxes[107]. - The company does not anticipate needing to raise additional funds for operating expenses prior to the initial Business Combination[110]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2021[111]. - Monthly fees of 10,000 will be paid to an affiliate of the Sponsor for administrative support until the completion of a Business Combination[112]. Corporate Governance - The report was signed by Daniel S. Webb, Chief Executive Officer and Chief Financial Officer, on December 6, 2021[128].