Redwire (RDW)2021-05-24 11:37IPO and Financial Proceeds - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units at an offering price of $10.00 per unit[113]. - Transaction costs related to the IPO amounted to $9,640,145, which included an underwriting discount of $3,275,524 and deferred underwriter's fees of $5,732,168[124]. Financial Position - As of March 31, 2021, the Trust Account held $166,272,072, reflecting a slight increase from $166,243,614 as of December 31, 2020[120]. - The Company had cash of $1,186,528 outside the Trust Account as of March 31, 2021, down from $1,295,380 as of December 31, 2020[121]. - As of March 31, 2021, the Company did not have any off-balance sheet arrangements or contractual obligations[140]. Operational Performance - For the three months ended March 31, 2021, the Company incurred a loss from operations of $213,974, primarily due to professional fees totaling $93,392[120]. - The Company recognized $474,123 in other income, driven by a change in the fair value of warrants amounting to $445,665 and interest income of $28,458 from the Trust Account[120]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination[119]. Business Combination - The Company entered into a Merger Agreement on March 25, 2021, to merge with Redwire, with the aggregate consideration to be paid in a combination of stock and cash[116]. - The Company may need to obtain additional financing to complete a Business Combination or to meet obligations if cash on hand is insufficient[128].