Key Notes from that 10-K are that the company is searching for an acquisition target, has monthly office space rent and secretarial expenses of $5,000 per month (renting space from one of the directors), and that the company believes it has sufficient cash reserves to cover needs for 1 year or consummation of a business acquisition, whichever comes first. See highlights from the report below:
I do like that one of the sponsors put up the initial capital to form the SPAC (about a quarter of a million dollars). This has been paid back.
We consummated our initial public offering on December 22, 2021 and are currently in the process of locating suitable targets for our business combination.
For the period from April 19, 2021 (inception) through December 31, 2021, we had net income of $300,433, which consisted of a gain of $597,567 for the change in fair value of our warrant liabilities and interest income of $6,461, offset by formation and operating costs of $45,047 and offering costs allocated to warrants of $258,548.
As of December 31, 2021, we had $741,228 in cash and working capital of $998,574 (excluding the amount of franchise tax payable that could be paid from available trust interest income). Prior to the completion of the initial public offering, our liquidity needs had been satisfied through a capital contribution from the sponsorof $25,000 for the founder shares to cover certain of the offering costs and the loan under an unsecured promissory note from the sponsorof $204,841, which was fully paid upon the initial public offering. Subsequent to the consummation of the initial public offering and private placement, our liquidity needs have been satisfied through the proceeds from the consummation of the private placement not held in the trust account.
Based on the foregoing, management believes that we will have sufficient working capital and borrowing capacity to meet our needs through the earlier of the consummation of a business combination or one year from this filing. Over this time period, we will be using these funds to pay existing accounts payable,
To date, there were no amounts outstanding under any working capital loans.
As of December 31, 2021, we did not have any long-term debt, capital or operating lease obligations.
We entered into an administrative services agreement pursuant to which we will pay an affiliate of one of our directors for office space and secretarial and administrative services provided to members of our management team, in an amount of $5,000 per month.
We have engaged I-Bankers and Dawson James as advisors in connection with our acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar Business Combination with one or more businesses or entities. We will pay I-Bankers and Dawson James for such services a fee equal to 3.68% of the gross proceeds of the Public Offering.
All in all, I do feel confidence that NorthView Acquisition Corp. is being run properly.
These opinions are my own and are not intended as investment advice. If you feel that my statements are "Pumping", Propaganda, or manipulative in any way, please refrain from trading and seek medical treatment immediately.
