Jaws Mustang Acquisition Corp

Previous wording

For the three months ended March 31, 2024, we had a net loss of $7,159,904, which consisted of loss from general and administrative expenses of $633,880 and change in fair value of warrant liabilities of $6,700,500, partially offset by interest earned on cash and investments held in Trust Account of $174,476.

Current wording

For the six months ended June 30, 2024, we had a net loss of $2,818,131, which consisted of general and administrative expenses of $906,450 and change in fair value of warrant liabilities of $2,233,500, partially offset by interest earned on cash held in Trust Account of $321,819.

Previous wording

For the three months ended March 31, 2023, we had a net income of $2,407,448, which consisted of interest earned on cash and investments held in the Trust Account of $4,075,297 and $467,291 relating to the gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability, offset by change in fair value of warrant liabilities of $1,489,000 and general and administrative expense of $646,140.

Current wording

For the six months ended June 30, 2023, we had a net income of $4,617,989, which consisted of change in fair value of warrant liabilities of $744,500, gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability of $467,291 and interest earned on investments held in the Trust Account of $4,278,902, offset by general and administrative expenses of $872,704.

Previous wording

For the three months ended March 31, 2024, cash used in operating activities was $237,647. Net loss of $7,159,904 was affected by change in fair value of warrant liabilities of $6,700,500 and interest earned on cash and investments held in Trust Account of $174,476. Changes in operating assets and liabilities used $396,233 of cash for operating activities.

Current wording

For the six months ended June 30, 2024, cash used in operating activities was $382,900. Net loss of $2,818,131 was affected by change in fair value of warrant liabilities of $2,233,500 and interest earned on cash held in Trust Account of $321,819. Changes in operating assets and liabilities provided $523,550 of cash for operating activities.

Previous wording

For the three months ended March 31, 2023, cash used in operating activities was $472,030. Net income of $2,407,448 was affected by change in fair value of warrant liabilities of $1,489,000, $467,291 relating to the gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability and interest earned on investments held in the Trust Account of $4,075,297. Changes in operating assets and liabilities provided $174,110 of cash for operating activities.

Current wording

For the six months ended June 30, 2023, cash used in operating activities was $571,993. Net income of $4,617,989 was affected by change in fair value of warrant liabilities of $744,500, relating to the gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability of $467,291 and interest earned on investments held in the Trust Account of $4,278,902. Changes in operating assets and liabilities provided $300,711 of cash for operating activities.

Previous wording

As of March 31, 2024, we had cash held in the Trust Account of $15,566,051. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. For the three months ended March 31, 2024, the Company withdrew $7,662,572 from Trust Account in connection with the redemption.

Current wording

As of June 30, 2024, we had cash held in the Trust Account of $15,788,393. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. For the six months ended June 30, 2024, the Company withdrew $7,662,572 from Trust Account in connection with the redemption.

Previous wording

As of March 31, 2024, we had cash of $250,472. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

Current wording

As of June 30, 2024, we had cash of $30,219. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

Previous wording

The preparation of the financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. The Company has not identified any critical accounting estimates. We have identified the following critical accounting policies:

Current wording

The preparation of the financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. The Company has not identified any critical accounting estimates.