Financial Performance - The company reported a net income of $652,421 for the three months ended September 30, 2022, primarily from interest income and unrealized gains on marketable securities[103]. - For the nine months ended September 30, 2022, the company incurred a net loss of $570,322, with operating costs amounting to $1,461,765 and interest income of $1,546,474[104]. Marketable Securities - As of September 30, 2022, the company held marketable securities in the Trust Account totaling $307,546,474, consisting of U.S. Treasury Bills[112]. Initial Public Offering - The company raised gross proceeds of $300,000,000 from its Initial Public Offering, with an additional $13,850,000 from the sale of Private Placement Warrants[106]. - Transaction costs related to the Initial Public Offering amounted to $17,204,107, including $5,760,000 in underwriting discounts[107]. Business Combination - The company has committed to using substantially all funds in the Trust Account to complete its Business Combination[113]. - The company must complete a Business Combination by April 19, 2023, or face mandatory liquidation[118]. Cash and Expenses - As of September 30, 2022, the company had cash of $189,031 available for operational expenses and target business evaluations[114]. - The company’s Sponsor has pledged $1,750,000 to cover expenses related to identifying and selecting a target business[115]. Accounting Standards - ASU 2020-06 simplifies accounting for convertible instruments and affects diluted earnings per share calculation[128]. - ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted[128]. - Management believes no other recently issued accounting standards will materially affect condensed financial statements[129]. Liabilities - There are no off-balance sheet arrangements or long-term liabilities recorded as of September 30, 2022[119].
Atlantic stal Acquisition II(ACAB) - 2022 Q3 - Quarterly Report