Alpha Partners Technology Merger (APTM) - 2023 Q3 - Quarterly Report

Financial Performance - The company recorded a net income of $1,883,025 for the three months ended September 30, 2023, compared to$542,884 for the same period in 2022, reflecting an increase of approximately 247%[154]. - For the nine months ended September 30, 2023, the company reported a net income of $7,947,874, up from$6,769,548 in the same period of 2022, indicating a year-over-year increase of about 17.3%[155]. - The company generated interest and dividend income of $2,596,438 from investments held in the Trust Account for the three months ended September 30, 2023, compared to$1,275,127 for the same period in 2022, representing a growth of approximately 103%[154]. Cash and Liabilities - As of September 30, 2023, the company held cash of $259,009 and current liabilities of$1,428,807, compared to cash of $726,869 and current liabilities of$1,268,564 as of December 31, 2022[144]. - As of September 30, 2023, the company had cash of $259,009 held outside the Trust Account and a working capital deficit of$1,126,141, which may not be sufficient for operations for at least the next 12 months[164]. - The company has a Working Capital Loan facility of $1,500,000 from a newly formed affiliate of the Sponsor, expected to be drawn as needed[150]. - A Working Capital Loan of$1,500,000 was entered into in August 2023 to help cover monthly Trust Account contributions and other working capital needs[164]. - As of September 30, 2023, the principal amount outstanding under the Working Capital Loan was $725,000, with a fair value of$154,200[174][176]. Business Combination Plans - The company signed a non-binding letter of intent for a business combination with Glowforge Inc. on July 26, 2023, with further details expected in Q4 2023[151][152]. - The company must complete one or more initial business combinations with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[143]. - The company intends to use substantially all remaining funds in the Trust Account to complete its initial business combination, with the expectation that interest income will cover income tax obligations[160]. - If a Business Combination is not consummated by July 30, 2024, there will be a mandatory liquidation and subsequent dissolution of the company[165]. - The company may need to obtain additional financing to complete its business combination or to redeem a significant number of Public Shares[162]. Operating Costs - The company incurred operating and formation costs of $470,399 for the three months ended September 30, 2023, compared to$664,502 for the same period in 2022, showing a decrease of approximately 29%[154]. - The company expects to continue incurring significant costs in pursuit of its initial business combination, with net cash used in operating activities amounting to $742,860 for the nine months ended September 30, 2023[156]. - The company has incurred and expects to continue to incur significant costs in pursuit of its initial business combination, raising concerns about its ability to operate without additional financing[162]. Investment Activities - For the nine months ended September 30, 2023, net cash provided by investing activities was$140,388,808, primarily due to cash withdrawn from the Trust Account to pay redeeming shareholders[158]. - On July 27, 2023, 13,532,591 Class A ordinary shares were tendered for redemption by shareholders for a total value of $140,838,808[172]. - The underwriters were paid a cash underwriting discount of$0.20 per Unit, totaling $5,650,000, upon the closing of the IPO[168].