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AltC Acquisition (ALCC) - 2024 Q1 - Quarterly Report
ALCCAltC Acquisition (ALCC)2024-05-08 20:56

Merger and Acquisition - The proposed merger with Oklo is expected to involve an aggregate consideration of 850,000,000plusadditionalnetproceedsfromOklo′sequityfinancingpriortoclosing[116].−Duringthefive−yearEarnoutPeriodpost−merger,upto15,000,000additionalsharesofClassAcommonstockmaybeissuedbasedonspecificpricetargets[118].−ThecompanyhasextendedthedeadlinetocompletetheBusinessCombinationfromOctober12,2023,toJuly12,2024[126].−TheCompanyintendstousesubstantiallyallfundsintheTrustAccounttocompleteitsBusinessCombination,withremainingproceedsallocatedforworkingcapitalandgrowthstrategies[136].−TheCompanymayneedtoraiseadditionalcapitalthroughloansorinvestments,andthereissubstantialdoubtaboutitsabilitytocontinueasagoingconcernifaBusinessCombinationisnotconsummatedbyJuly12,2024[139][141].FinancialPerformance−ForQ12024,thecompanyreportedanetincomeof850,000,000 plus additional net proceeds from Oklo's equity financing prior to closing[116]. - During the five-year Earnout Period post-merger, up to 15,000,000 additional shares of Class A common stock may be issued based on specific price targets[118]. - The company has extended the deadline to complete the Business Combination from October 12, 2023, to July 12, 2024[126]. - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[136]. - The Company may need to raise additional capital through loans or investments, and there is substantial doubt about its ability to continue as a going concern if a Business Combination is not consummated by July 12, 2024[139][141]. Financial Performance - For Q1 2024, the company reported a net income of 1,528,369, with interest income from marketable securities amounting to 3,952,338[128].−ForQ12023,thenetincomewas3,952,338[128]. - For Q1 2023, the net income was 3,090,679, which included interest income of 5,416,834andanunrealizedlossof5,416,834 and an unrealized loss of 52,854 on marketable securities[129]. - As of Q1 2024, cash used in operating activities was 1,207,885,withnetincomeimpactedbyinterestearnedonmarketablesecurities[133].−ThecompanyhasnotgeneratedanyoperatingrevenuestodateandreliesoninterestincomefromcashandmarketablesecuritiesheldintheTrustAccount[127].TrustAccountandCashManagement−AsofMarch31,2024,theCompanyhadcashheldintheTrustAccountamountingto1,207,885, with net income impacted by interest earned on marketable securities[133]. - The company has not generated any operating revenues to date and relies on interest income from cash and marketable securities held in the Trust Account[127]. Trust Account and Cash Management - As of March 31, 2024, the Company had cash held in the Trust Account amounting to 307,512,876, including 16,007,666ofinterestincome[135].−FortheyearendedDecember31,2023,theCompanywithdrew16,007,666 of interest income[135]. - For the year ended December 31, 2023, the Company withdrew 7,895,936 from the Trust Account for tax liabilities and 215,914,673inconnectionwithredemption[135].−AsofMarch31,2024,theCompanyhadcashof215,914,673 in connection with redemption[135]. - As of March 31, 2024, the Company had cash of 420,807 available outside the Trust Account for evaluating target businesses and related activities[137]. - The stockholders approved a redemption of 710 shares at approximately 10.50pershare,totalinganaggregateredemptionamountofabout10.50 per share, totaling an aggregate redemption amount of about 7,458[120]. IPO and Financing - The company completed its Initial Public Offering on July 12, 2021, raising gross proceeds of 500,000,000from50,000,000PublicShares[130].−FollowingtheIPO,500,000,000 from 50,000,000 Public Shares[130]. - Following the IPO, 500,000,000 was placed in the Trust Account, with transaction costs totaling 26,652,125[131].−InOctoberandNovember2023,theCompanyreceivedwaiversforapproximately26,652,125[131]. - In October and November 2023, the Company received waivers for approximately 10.5 million of deferred underwriting fees from underwriters[144]. - The Company has agreed to pay an affiliate of the Sponsor a total of $30,000 per month for office space and administrative services[143]. - The Company has no off-balance sheet financing arrangements as of March 31, 2024[142]. Regulatory and Accounting Matters - The Company is reviewing the impact of ASU 2023-09, which will require additional disclosures in income tax rate reconciliation starting after December 15, 2024[149]. - The Class A common stock subject to possible redemption is classified as temporary equity and presented at redemption value[146].