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AltEnergy Acquisition Corp.(AEAEU) - 2022 Q4 - Annual Report
2023-04-11 21:22
Financial Performance - For the year ended December 31, 2022, the company reported a net income of $13,805,233, which included interest income of $3,376,559 and a gain of $12,591,000 from the change in fair value of derivative warrant liability [229]. - The company reported a net income of $13,805,233 for the year ended December 31, 2022, compared to $11,639,507 for the period from February 9, 2021, through December 31, 2021, representing an increase of approximately 18.6% [264]. - Basic and diluted net income per share of Class A common stock was $0.48 for the year ended December 31, 2022, compared to $1.17 for the prior period [264]. - The company’s accumulated deficit decreased to $(8,543,365) as of December 31, 2022, from $(20,563,001) as of December 31, 2021 [262]. - The company’s cash and prepaid expenses totaled $591,496 as of December 31, 2022, down from $1,437,359 as of December 31, 2021 [261]. - The company incurred transaction costs of $13,355,589 related to the IPO, including $4,600,000 in underwriting fees [277]. Capital Structure and Financing - The company generated gross proceeds of $230,000,000 from its initial public offering of 23,000,000 units at a price of $10.00 per unit [231]. - The company may need to seek additional financing to complete its business combination or to redeem public shares, which could involve issuing additional securities or incurring debt [237]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2022 [242]. - The company has a contractual obligation to pay an affiliate of the Sponsor a monthly fee of $15,000 for office space and administrative support, which will accrue until the completion of a business combination [243]. - The company is required to complete a business combination by May 2, 2023, or it will need to cease operations, raising substantial doubt about its ability to continue as a going concern [256]. Trust Account and Working Capital - As of December 31, 2022, the company had $234,600,000 placed in the trust account and $2,817,141 of cash held outside the trust account for working capital purposes [232]. - The company intends to use substantially all funds in the Trust Account to complete an initial business combination, with remaining proceeds for working capital and growth strategies [236]. - The company had cash of $212,232 available for working capital purposes as of December 31, 2022 [277]. - The company reported a working capital deficit of $81,731 and current liabilities of $673,227, which includes $368,804 related to taxes [287]. Operations and Business Combination - The company has not commenced any operations as of December 31, 2022, and will not generate operating revenues until after completing a Business Combination [272]. - The company must complete a Business Combination with a fair market value equal to at least 80% of the net assets held in the Trust Account [278]. - If the Company fails to complete a Business Combination by May 2, 2023, it will cease operations, redeem public shares, and liquidate [288]. - The holders of the Founder Shares have agreed to waive their liquidation rights if the Company fails to complete a Business Combination within the Combination Period [283]. Tax and Regulatory Matters - The net deferred tax assets as of December 31, 2022, amounted to $7,190, compared to $0 as of December 31, 2021, indicating a significant increase in deferred tax assets [360]. - The company's effective tax rate for the year ended December 31, 2022, was 4.4%, influenced by changes in fair value of warrants and valuation allowances [362]. - The Company has identified the United States as its only major tax jurisdiction and does not expect significant changes in unrecognized tax benefits over the next twelve months [312]. Warrants and Derivative Liabilities - The Public Warrants and Private Placement Warrants are classified as liabilities and are measured at fair value at each reporting date [315]. - The fair value of the Public Warrants was classified as Level 1, while the Private Placement Warrants were classified as Level 3 due to the use of unobservable inputs [354]. - As of December 31, 2022, the total fair value of derivative liabilities decreased to $1,399,000 from $13,990,000 as of December 31, 2021, reflecting a change of $12,591,000 [358]. - The company recorded a gain of $12,591,000 on the change in fair value of derivative warrants for the year ended December 31, 2022 [358]. Management and Compensation - The CFO's consulting agreement was amended to a monthly payment of $10,400, with an additional contingent fee of $5,200 per month upon a successful business combination [332]. - The Company agreed to pay a one-time fee of $300,000 to the COO and $150,000 to the CFO upon the consummation of the initial business combination, which has not been accrued as of December 31, 2022 [333]. - The consulting fee for the CFO was amended to $15,600 per month, accruing until the closing of a business combination [366].
AltEnergy Acquisition Corp.(AEAEU) - 2022 Q3 - Quarterly Report
2022-11-07 17:09
Financial Performance - As of September 30, 2022, the company reported a net income of $920,184 for the three months ended September 30, 2022, compared to a net loss of $40,954 for the same period in 2021[116]. - For the nine months ended September 30, 2022, the company achieved a net income of $10,089,460, driven by interest income of $1,436,349 and a gain of $10,230,000 from the change in fair value of derivative warrant liability[117]. Cash and Investments - The company had cash of approximately $215,500 and working capital of approximately $365,300 as of September 30, 2022[115]. - Investments held in the Trust Account amounted to approximately $235.8 million, primarily in U.S. government securities[119]. Public Offering and Business Combination - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000[123]. - The company has until May 2, 2023, to complete an Initial Business Combination, or it will cease operations and liquidate[120]. - The company intends to use substantially all funds in the Trust Account to complete an Initial Business Combination and for working capital of the target business[121]. - The company is required to pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc. upon consummation of the Initial Business Combination[129]. Debt and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022[128][126]. - The company has not engaged in any hedging activities since inception and is not subject to market or interest rate risk as of September 30, 2022[135].
AltEnergy Acquisition Corp.(AEAEU) - 2022 Q2 - Quarterly Report
2022-08-11 18:40
QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022 AltEnergy Acquisition Corp. Table of Contents (IRS Employer Identification No.) 600 Lexington Avenue, 9 th Floor New York, New York 10022 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (203) 299-1400 Not Applicab ...
AltEnergy Acquisition Corp.(AEAEU) - 2022 Q1 - Quarterly Report
2022-05-10 20:33
Table of Contents QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022 AltEnergy Acquisition Corp. (Exact name of registrant as specified in its charter) 001-40984 (Commission File Number) Delaware 85-2157013 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 600 Lexington Avenue, 9 ...
AltEnergy Acquisition Corp.(AEAEU) - 2021 Q4 - Annual Report
2022-03-15 18:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-40984 ALTENERGY ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Delaware 84-21570 ...
AltEnergy Acquisition Corp.(AEAEU) - 2021 Q3 - Quarterly Report
2021-12-09 00:37
Table of Contents QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION AltEnergy Acquisition Corp. (Exact name of registrant as specified in its charter) 001-40984 (Commission File Number) Delaware 85-2157013 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 600 Lexington Avenue, 9 th Floor New York, New York 10022 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (203) 299-1400 Washing ...