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AltEnergy Acquisition p(AEAE) - 2025 Q1 - Quarterly Report
AEAEAltEnergy Acquisition p(AEAE)2025-05-09 17:30

Stock Structure and Shareholder Actions - As of April 10, 2023, there were 28,750,000 shares of common stock outstanding, including 23,000,000 Class A shares and 5,750,000 Class B shares[164]. - Stockholders redeemed 21,422,522 Class A shares for approximately 222,484,624,resultinginaredemptionpriceofabout222,484,624, resulting in a redemption price of about 10.38 per share[164]. - Stockholders redeemed 839,332 Class A shares for approximately 9,513,007,resultinginaredemptionpriceofabout9,513,007, resulting in a redemption price of about 11.33 per share[169]. - The company accounts for Class A common stock subject to possible redemption as temporary equity, amounting to 8,736,618asofMarch31,2025[192].FinancialPositionandPerformance−AsofDecember31,2023,therewas8,736,618 as of March 31, 2025[192]. Financial Position and Performance - As of December 31, 2023, there was 17,591,536 (approximately 11.15pershare)heldintheTrustAccount[164].−AsofApril30,2024,therewas11.15 per share) held in the Trust Account[164]. - As of April 30, 2024, there was 8,344,700 (approximately 11.30pershare)heldintheTrustAccount[169].−AsofMarch31,2025,theTrustAccountheld11.30 per share) held in the Trust Account[169]. - As of March 31, 2025, the Trust Account held 8,634,335, approximately 11.70pershare,whilecashoutsidetheTrustAccountwas11.70 per share, while cash outside the Trust Account was 13,654[175]. - The Company reported a net loss of 1,143,492forthethreemonthsendedMarch31,2025,comparedtoanetlossof1,143,492 for the three months ended March 31, 2025, compared to a net loss of 1,259,880 for the same period in 2024[174]. - For the three months ending March 31, 2025, the company reported a net loss of 1,143,492,withcashusedinoperatingactivitiesamountingto1,143,492, with cash used in operating activities amounting to 292,137[178]. Trust Account and Business Combination Plans - The company intends to use funds held in the Trust Account to complete an initial business combination and for working capital to finance operations of the target business[180]. - The Company plans to utilize cash from its initial public offering and private placement for its initial business combination[159]. - At the April 2024 Special Meeting, stockholders approved an extension of the business combination deadline to November 2, 2024[167]. Financial Obligations and Risks - The company has outstanding loans from the Sponsor totaling 2,550,000asofMarch31,2025,withaccruedinterestof2,550,000 as of March 31, 2025, with accrued interest of 118,766[185]. - The company has 102,283inarestrictedinvestmentaccountreservedfordissolutioncostsifabusinesscombinationisnotcompleted[182].−Thecompanymayneedtoobtainadditionalfinancingtocompleteabusinesscombinationortoredeempublicshares,whichcouldinvolveissuingadditionalsecuritiesorincurringdebt[181].−Thecompanyhasdeterminedthatitmaylackthefinancialresourcestosustainoperationsforatleastoneyearfromtheissuancedateofthefinancialstatements[179].InterestIncomeandFinancialInstruments−InterestincomeearnedonfundsheldinTrustwas102,283 in a restricted investment account reserved for dissolution costs if a business combination is not completed[182]. - The company may need to obtain additional financing to complete a business combination or to redeem public shares, which could involve issuing additional securities or incurring debt[181]. - The company has determined that it may lack the financial resources to sustain operations for at least one year from the issuance date of the financial statements[179]. Interest Income and Financial Instruments - Interest income earned on funds held in Trust was 89,478 for the three months ended March 31, 2025[174]. - The company evaluated its warrants as derivative instruments, with Public Warrants valued using market prices and Private Placement Warrants using a modified Black-Scholes model[196]. - As of March 31, 2025, the company was not subject to any market or interest rate risk[200]. - The company has not engaged in any hedging activities since its inception[201]. - The company does not expect to engage in any hedging activities regarding the market risk to which it is exposed[201]. Debt and Financing Arrangements - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[186].