Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $4,136,680, primarily from $4,687,938 of interest on the Trust Account, offset by general and administrative expenses of $551,258 [92]. - As of March 31, 2024, the company had a cash balance of $235,739 and working capital of $255,251, with cash used in operating activities amounting to $193,616 [94][95]. - The company has incurred $30,000 in administrative fees for the three months ended March 31, 2024, compared to $0 for the same period in 2023 [102]. - The company has not generated any revenues to date and does not expect to do so until after completing an initial business combination [91]. Public Offering - The company completed its Public Offering on November 13, 2023, raising gross proceeds of $345.0 million from the sale of 34,500,000 units at $10.00 per unit, including an over-allotment option [87]. - The company incurred transaction costs of approximately $20.4 million related to the Public Offering, including $6.9 million in underwriting fees and $12.1 million in deferred underwriting fees [87][101]. Business Strategy - The company intends to focus on acquiring businesses that decarbonize the agriculture sector and enhance natural capital, leveraging the platforms of its affiliates [86]. Operational Risks - If the company fails to complete an initial business combination by November 13, 2025, it will cease operations and redeem public shares at a price equal to the amount in the Trust Account [90]. - The company has access to funds from its Sponsor, which is expected to cover working capital needs until the completion of a business combination or one year from the issuance of the financial statements [97]. - The company has no off-balance sheet arrangements as of the date of the report [106].
Agriculture & Natural Solutions Acquisition(ANSC) - 2024 Q1 - Quarterly Report