For the nine months ended September 30, 2022, we had net income of $7.8 million consisting of approximately $7.8 million gain on the change in fair value of warrant liability and $1.3 million unrealized gain on marketable securities held in the Trust Account, partially offset by approximately $0.9 million in general and administrative expenses and a $0.3 million provision for income taxes. For the nine months ended September 30, 2021, we had net loss of $1.5 million consisting of approximately $0.1 million loss on the change in fair value of warrant liability and $1.4 million of general and administrative expenses.
Our business activities during the three and nine months ended September 30, 2022 consisted primarily of identifying and evaluating prospective acquisition candidates for a Business Combination. We believe that we have access to additional funds from the Sponsor that, together with cash held outside the Trust Account (as defined below), are sufficient to meet our liquidity needs until January 28, 2023 or an earlier deadline to consummate an initial Business Combination as may be reflected in an amendment to our amended and restated certificate of incorporation (an “Accelerated Termination Date”), as applicable. Additionally, we have raised $750,000 of additional cash through the Working Capital Loan (as defined below). However, if our estimates of our costs are less than the actual amounts incurred, we may have insufficient funds available to operate our business prior to January 28, 2023 or an Accelerated Termination Date, as applicable. There is no assurance that our plans to raise additional funds will be successful.
We do not expect to generate any operating revenues. We generate non-operating income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence and other expenses in connection with searching for a target and completing a Business Combination.
Liquidity and Capital Resources
As of September 30, 2022, we had approximately $0.4 million in our operating bank account, and working capital deficit of approximately $1.7 million.
Our liquidity needs up to the completion of our IPO on January 28, 2021 had been satisfied through a payment from our Sponsor of $25,000 for 7,762,500 shares (the “Founder Shares”) of our Class B common stock and a loan of $300,000 from our Sponsor, which was repaid on February 2, 2021.
On January 28, 2021, we consummated our IPO of 31,050,000 units (the “Units”), including the issuance of 4,050,000 Units as a result of the underwriter’s full exercise of its over-allotment option. Each Unit consists of one share of our Class A common stock (such shares of Class A common stock included in the Units sold, the “Public Shares”) and one-third of one warrant of the Company, with each whole warrant entitling the holder thereof to purchase one whole share of Class A common stock at a price of $11.50 per share, subject to certain adjustments. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $310,500,000. Simultaneously with the closing of our IPO, we completed the private sale of an aggregate of 5,473,333 private placement warrants (the “Private Placement Warrants”) to our Sponsor at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds to us of $8,210,000.
A total of $310,500,000, comprised of the net proceeds of the IPO and the sale of the Private Placement Warrants, was placed in a U.S.-based trust account (the “Trust Account”) at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee. Transaction costs for the IPO and the sale of the Private Placement Warrants amounted to $17,495,500 consisting of $6,210,000 of underwriting fees, $10,867,500 of deferred underwriting fees and $418,000 of other offering costs. In addition, as of September 30, 2022, approximately $0.4 million of cash was held outside of the Trust Account and is available for working capital purposes.
As of September 30, 2022, we had marketable securities held in the Trust Account of $311,822,570 consisting of U.S. Treasury Bills with a maturity of 180 days or less. Interest income on the balance in the Trust Account may be used by us to pay taxes.
For the nine months ended September 30, 2022, net cash used in operating activities was $0.7 million. Net income of $7.8 million was affected by a gain on the change in fair value of our warrant liability of $7.8 million and unrealized gain on marketable securities held in the Trust Account of $1.3 million. Changes in operating assets and liabilities provided $0.6 million of cash for operating activities.
For the nine months ended September 30, 2021, net cash used in operating activities was $0.9 million. Net loss of $1.5 million was affected by a loss on the change in fair value of our warrant liability of $0.1 million, and unrealized gain on marketable securities held