For the period from March 3, 2021 (inception) through December 31, 2021, we had a net loss of $3,578,400 which primarily consisted of operating and formation costs of $8,093,836, administration fee — related party $55,000 and warrant offering costs $735,630; partially offset by a change in fair value of warrant liabilities of $5,244,100 and interest income of $6,966.
Liquidity and Capital Resources
On July 20, 2021, we consummated our initial public offering of 15,000,000 units at a price of $10.00 per unit, generating gross proceeds of $150,000,000. Each unit consists of one Class A ordinary shares, par value 0.0001 per share, and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Simultaneously with the closing of the initial public offering, we consummated the sale of 6,000,000 private placement warrants to our sponsor at a price of $1.00 per warrant, generating gross proceeds of $6,000,000.
In connection with the initial public offering, the underwriters were granted a 45-day option from the date of the prospectus to purchase up to an additional 2,250,000 units to cover over-allotments, if any. On August 3, 2021, the underwriters purchased an additional 1,900,000 units pursuant to the partial exercise of the over-allotment option. Such units were sold at an offering price of $10.00 per unit, generating additional gross proceeds to the company of $19,000,000. Also in connection with the partial exercise of the over-allotment option, our sponsor purchased an additional 380,000 private placement warrants at a purchase price of $1.00 per warrant, generating additional gross proceeds to the company of $380,000.
Following our initial public offering and the sale of the private placement warrants, a total of $169,000,000 was placed in the trust account. We incurred $10,065,108 in offering costs, including $3,380,000 of underwriting discounts and commissions, $5,915,000 of deferred underwriting commissions and $770,108 of other offering costs.
For the year ended December 31, 2022, net cash used in operating activities was $2,115,683 consisting of (i) net income of $12,018,933, as adjusted by a gain on change in fair value of warrant liabilities of $12,308,900, a gain on change in fair value of the sponsor note payable of $564,848 and investment income earned on treasury securities held in the trust account of $2,435,899, and (ii) changes in operating assets and liabilities including prepaid expenses of $28,747 and accounts payable and accrued expenses of $1,146,284. For the period from March 3, 2021 (inception) through December 31, 2021, net cash used in operating activities was $797,339, consisting of (i) net income of $3,578,400 as adjusted by a gain on change in fair value of warrant liabilities of $5,244,100 offset by stock-based compensation of $6,217,250 and warrant offering costs of $735,630, and (ii) changes in operating assets and liabilities including cash used in prepaid expenses of $294,062 and accounts payable and accrued expenses of $1,373,309.
For the year ended December 31, 2022, net cash used in investing activities was nil. For the period from March 3, 2021 (inception) through December 31, 2021, investing activities included the deposit of cash from the proceeds of the Initial Public Offering into the trust account of $169,000,000.
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