Colombier Acquisition(US:CLBR)2024-05-15 20:10Financial Performance - The company had a net income of $1,660,079 for the three months ended March 31, 2024, primarily from interest earned on marketable securities of $2,228,698, offset by operating expenses of $568,619[121]. - For the three months ended March 31, 2024, net cash used in operating activities was $509,127, with net income affected by interest earned on marketable securities and changes in operating assets and liabilities[124]. Cash and Securities - As of March 31, 2024, the company had cash and marketable securities held in the Trust Account totaling $173,085,155, including approximately $3,085,155 of interest income[127]. - The company plans to use substantially all funds held in the Trust Account to complete its Business Combination, with remaining proceeds intended for working capital to finance operations of the target business[127]. Initial Public Offering - The company completed its Initial Public Offering on November 24, 2023, raising gross proceeds of $170,000,000 from the sale of 17,000,000 Units at $10.00 per Unit[123]. Expenses and Financing - The company incurred expenses related to being a public company, including legal, financial reporting, accounting, and auditing compliance costs[120]. - The company has entered into agreements for administrative and executive services, with monthly fees totaling $70,000, which will cease upon completion of the initial Business Combination[132]. - The company may need to obtain additional financing to complete its Business Combination or if a significant number of Public Shares are redeemed[130]. Regulatory Environment - The SEC adopted the 2024 SPAC Rules, effective July 1, 2024, which may materially affect the company's ability to negotiate and complete its initial Business Combination[117]. Debt and Financing Arrangements - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024[131]. Accounting Standards - The company adopted ASU 2016-13 on November 24, 2023, with no effect on the unaudited condensed financial statements[140]. - The company adopted ASU 2020-06 on September 27, 2023, with no effect on the unaudited condensed financial statements[141]. - The effective date for ASU 2020-06 is for fiscal years beginning after December 15, 2023[141]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[143]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[142].