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New words:
amicably, constituent, construction, Convalt, energy, engineering, extinguish, IMTA, installment, January, joint, light, manufacturing, November, October, panel, penalty, power, pursue, recycling, renewable, solar, thereunder, vertically, withdrawn
Removed:
acceleration, afforded, alternate, assuming, assurance, assure, attaching, avoid, borrow, breach, called, carry, charter, close, commencement, compared, competitive, cooperate, covenant, creation, default, delaying, demand, development, dilute, diluting, document, execution, expanding, expended, extent, favor, finance, flexibility, flow, foreclosure, governing, hand, impede, industry, insufficient, lender, loan, loaned, made, maintenance, marketing, meet, NaN, negotiated, newly, notwithstanding, obligated, offer, opportunity, organized, ownership, percent, person, planning, present, prevailing, preventing, privately, proceed, pursuit, redeemed, removal, renegotiation, repay, require, research, resignation, restricting, security, senior, service, significantly, Similarly, solution, subordinate, substance, successful, successfully, tangible, tender, timing, variety, voted, vulnerability, waiver
Financial report summary
?Risks
- Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, and results of operations.
- There is substantial doubt about our ability to continue as a “going concern.”
- To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we may, at any time, instruct the trustee to liquidate the securities held in the Trust Account and instead to hold the funds in the Trust Account in cash until our liquidation. As a result, following the liquidation of securities in the Trust Account, we would likely receive minimal interest, if any, on the funds held in the Trust Account, which would reduce the dollar amount our public stockholders would receive upon any redemption or liquidation of the Company.
Management Discussion
- We have neither engaged in any operations nor generated any revenues to date. For the period from February 23, 2021 (date of inception) through September 30, 2022, our only activities have been organizational activities, those necessary to prepare for the Offering and to search for a target business for the Business Combination. We generate non-operating income in the form of interest income on cash and marketable securities held in the Trust Account at
- Oppenheimer & Co., Inc. in New York, New York with Continental Stock Transfer & Trust Company acting as trustee, which was funded after the Offering to hold an amount of cash and marketable securities equal to that raised in the Offering. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements as of and for the period ended December 31, 2021 as filed with the SEC on March 31, 2022. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
- For the three months ended September 30, 2022, we had a net loss of $656,221, which consisted of operating expenses of $1,009,703, a provision for income taxes of $155,731, interest expense of $3,077 and other expense from the change in fair value of the warrant liability of $9,590, that were partially offset by interest income on marketable securities held in the Trust Account of $521,880.