Financial Performance - As of September 30, 2023, the company had a net income of $7,216, consisting of $1,107,180 in dividend income and $2 in interest income, offset by $672,962 in legal and accounting expenses [132]. - For the nine months ended September 30, 2023, the company reported a net income of $3,239,010, which included $4,216,253 in dividend income and $1,663,187 in realized gains on marketable securities [133]. Working Capital and Financial Position - The company had a working capital deficit of $3,861,647 as of September 30, 2023, excluding marketable securities held in the Trust Account [137]. - Following the redemption of 14,852,437 shares of Class A common stock, approximately $84,562,944 remained in the Trust Account as of September 30, 2023 [128]. - The deferred underwriting fee payable was reduced to $805,000 as of September 30, 2023, after waivers from one of the underwriters [149]. Business Operations and Future Plans - The company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination [122]. - The Termination Date for the Business Combination Agreement with Alternus Energy Group Plc has been extended to November 28, 2023 [126]. - The company will hold a Special Meeting on December 4, 2023, to consider and approve the business combination with Alternus Energy Group Plc [130]. Costs and Agreements - The company has incurred significant costs in pursuit of its financing and acquisition plans, with a commitment from the Sponsor to extend Working Capital Loans as needed [139]. - The Company entered into a Placement Services Agreement in August 2022, with a nonrefundable cash fee of $500,000 recorded as accrued expenses [150]. - An additional contingent cash fee of $450,000 is dependent on the closing of the Business Combination, with no amounts incurred as of September 30, 2023 [150]. - A Consulting Agreement was established in June 2022, with a monthly compensation of $15,000 for the Consultant [152]. - Upon closing of an initial business combination, a one-time success fee of $25,000 and a potential cash bonus of $50,000 are payable, contingent on certain criteria being met [152]. - As of September 30, 2023, the Company has incurred and paid $79,353 under the Consulting Agreement [152]. Accounting and Estimates - The Company has not identified any critical accounting estimates that could materially differ from actual results [153]. - Recent accounting pronouncements are referenced in Note 2 of the condensed financial statements [154].
Alternus Clean Energy(ALCE) - 2023 Q3 - Quarterly Report