Atlantic stal Acquisition II(ACAB) - 2024 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of $338,851, with operating and formation costs of$393,674 and provision for income taxes of $26,173[154]. - For the six months ended June 30, 2024, the company had a net loss of$1,387,575, consisting of operating and formation costs of $1,534,742 and provision for income taxes of$30,313[154]. Initial Public Offering - The company generated gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 Units at$10.00 per Unit[156]. - The company incurred transaction costs of $17,204,107 related to its Initial Public Offering, including$5,760,000 of underwriting fees and $10,500,000 of deferred underwriting fees[157]. Cash and Funding - As of June 30, 2024, the company had cash held in the Trust Account of$7,619,044, with $29,728,990 redeemed and withdrawn in January 2024[161]. - As of June 30, 2024, the company had cash of$236,779 available for identifying and evaluating target businesses[163]. - The company intends to use substantially all funds held in the Trust Account to complete a Business Combination and for working capital of the target business[162]. - The company has committed to provide $1,750,000 from its Sponsor to fund expenses related to investigating and selecting a target business[164]. Business Combination - The company has until September 19, 2024, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[171]. Accounting Policies and Standards - The company has identified critical accounting policies that affect reported amounts of assets and liabilities, as well as income and expenses during the reporting periods[175]. - Common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' equity[176]. - Warrants are assessed for classification as either equity or liability instruments based on specific terms and applicable guidance, with current warrants meeting criteria for equity classification[177]. - Net (loss) income per common share is calculated by dividing net (loss) income by the weighted average number of common stock outstanding for the period[178]. - The FASB issued ASU No. 2023-09, which will require additional disclosures in income tax rate reconciliation, effective for annual periods beginning after December 15, 2024[179]. - The company is reviewing the impact of ASU 2023-09 but does not believe other recently issued accounting standards will materially affect financial statements[179]. - The company does not have any quantitative and qualitative disclosures about market risk as it is not required for smaller reporting companies[180].