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Acquiror, adjourn, adjournment, aforementioned, AMC, Ancillary, appeal, AscendArc, Ave, Bay, Beach, belief, Ben, Boca, Canada, Clawback, condensed, constrain, Contemporaneously, deficiency, Devonshire, Diamond, DIFC, Dissenting, earnout, embodied, Enclave, encompassed, enjoined, Fir, FL, fulfill, fulfilled, fulfillment, Fun, GP, hearing, hereinafter, House, HSR, Hwy, illegal, intercompany, invasion, Israel, Joinder, Jr, Kingdom, Levine, lithium, LLP, LMR, Madison, Mayfair, Meteora, MGP, Mittal, multiplied, OTC, OTCQX, Overview, Palm, Panel, pendency, Periscope, philosophy, program, Raton, Renold, rescind, reversal, RiverNorth, Robert, Rosemary, Russia, SAFE, SDST, SDSTW, Stardust, Ste, Stefan, Strike, subsidiary, substitution, Supermajority, suspension, tabulated, Tree, true, unredeemed, unvested, viii, Vik, war, wholly, write, writing
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accepting, advertising, Alex, announce, approached, article, attain, Azar, characterized, covid, creating, demonstrating, disease, emerge, emergency, excessive, executing, fallout, health, immaterial, Index, inspection, optional, outbreak, pandemic, Plaza, predicted, readily, responding, returned, scrutinize, spread, strain, surfaced, transformation, treat, virtual, widespread, William, world
Financial report summary
?Management Discussion
- For the period from November 3, 2020 (date of inception) to December 31, 2023, our activities consisted of formation and preparation for the initial public offering and, subsequent to completion of the initial public offering on January 14, 2021, identifying and completing a suitable initial business combination. As such, we had no operations or significant operating expenses until after the completion of the initial public offering on January 2021.
- Our normal operating costs since January 14, 2021 include costs associated with our search for an initial business combination (see below), costs associated with our governance and public reporting (see below), and a charge of $25,000 per month from our Sponsor for administrative services. Costs for such Sponsor provided administrative services aggregate approximately $300,000 for each of the years ended December 31, 2023 and 2022. Costs associated with our governance and public reporting have increased since the initial public offering and were approximately $751,000 and $512,000, respectively, for the years ended December 31, 2023 and 2022 including costs associated with the 2023 Extension Meeting, and the 2024 Extension Meeting. Work associated with reviewing potential business combinations and professional and regulatory costs associated with that was approximately $4,146,000 and $1,167,000 in the years ended December 31, 2023 and 2022, respectively.
- During the year ended December 31, 2023, the Company negotiated settlement and release agreements with various creditors in exchange for certain payments made and resulting in the reversal of accruals totaling approximately $2,961,000 which is included as a credit to operating expenses in the accompanying Condensed Statements of Operations.