Financial Performance - The company reported a net income of $2,120,863 for the three months ended March 31, 2023, compared to $3,218,049 for the same period in 2022, indicating a decrease of about 34.3%[13]. - Basic and diluted net income per share for Class A ordinary shares was $0.06 for the three months ended March 31, 2023, down from $0.09 in the same period of 2022, reflecting a decline of 33.3%[13]. - Net income for the three months ended March 31, 2023, was $2,120,863, a decrease of 34.3% compared to $3,218,049 for the same period in 2022[18]. - The company recognized a loss of $844,141 in connection with the change in the fair value of warrant liabilities for the three months ended March 31, 2023, compared to a gain of $3,814,259 for the same period in 2022[88]. Assets and Liabilities - Total assets as of March 31, 2023, were $290,503,897, an increase from $287,503,867 as of December 31, 2022, representing a growth of approximately 0.7%[12]. - Total current assets decreased to $880,056 as of March 31, 2023, from $920,816 as of December 31, 2022, a decline of approximately 4.4%[12]. - Total current liabilities increased to $1,303,590 as of March 31, 2023, compared to $1,268,564 as of December 31, 2022, an increase of about 2.8%[12]. - The accumulated deficit increased to $(11,638,335) as of March 31, 2023, from $(10,718,408) as of December 31, 2022, indicating a rise in the deficit of about 8.6%[12]. - The total liabilities as of March 31, 2023, were $12,517,598, an increase from $11,638,431 as of December 31, 2022, representing a rise of about 7.6%[12]. Cash Flow and Working Capital - The company reported net cash used in operating activities of $(383,860) for the three months ended March 31, 2023, which is consistent with $(384,098) for the same period in 2022[18]. - Cash at the end of the period was $343,009, down from $1,740,087 at the end of March 31, 2022, representing a decline of 80.3%[18]. - The company has a working capital deficit of $423,534 as of March 31, 2023, which may not be sufficient for operations over the next 12 months[26]. - As of March 31, 2023, the company had $343,009 in cash held outside of the Trust Account and a working capital deficit of $423,534, which may not be sufficient for operations for at least the next 12 months[91]. Business Combination and Future Plans - The company has until July 30, 2023, to complete a Business Combination, after which mandatory liquidation will occur if not completed[26]. - The company intends to use substantially all funds held in the Trust Account to complete its initial business combination, with the possibility of withdrawing interest income to pay income taxes[89]. - The company has broad discretion regarding the application of net proceeds from the IPO and Private Placement, primarily aimed at consummating a business combination[86]. - The company intends to target businesses larger than it could acquire with the net proceeds of its IPO, which may require additional financing[91]. Trust Account and Investments - The company held investments in a Trust Account amounting to $289,623,841 as of March 31, 2023, slightly up from $286,583,051 as of December 31, 2022, a growth of approximately 1.1%[12]. - The company placed approximately $250.0 million of net proceeds from the IPO and certain proceeds from the Private Placement into a Trust Account, which will be invested in U.S. government securities[86]. - The company holds $289,623,841 in money market investments as of March 31, 2023, compared to $286,583,051 as of December 31, 2022[76]. Warrant Liabilities - The company had warrant liabilities of $1,326,508 as of March 31, 2023, significantly up from $482,367 as of December 31, 2022, representing an increase of approximately 175.5%[12]. - The warrant liability for Public Warrants is recorded at $1,035,833 as of March 31, 2023, an increase from $376,667 as of December 31, 2022[76]. - The Company accounts for warrants as derivative liabilities, with re-measurement at each balance sheet date to reflect current fair value[71]. IPO and Offering Costs - The company generated gross proceeds of $250,000,000 from its Initial Public Offering, which was completed on July 30, 2021[21]. - The Company incurred offering costs amounting to $16,641,377 from its Initial Public Offering, with $14,937,225 recorded as a reduction of temporary equity[41]. - The underwriters received a cash underwriting discount of $5.65 million upon the closing of the Initial Public Offering and partial exercise of the over-allotment option[64]. Risk Factors and Going Concern - Management continues to evaluate the impact of the COVID-19 pandemic and geopolitical events on the Company's financial position, but specific impacts remain undetermined[28]. - Management has determined that substantial doubt exists about the company's ability to continue as a going concern through one year from the date of the financial statements[91]. - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K filed with the SEC on April 17, 2023[103].
Alpha Partners Technology Merger (APTM) - 2023 Q1 - Quarterly Report