Financial Performance - As of March 31, 2022, the company reported a net loss of $240,003, primarily due to legal and accounting expenses of $118,108 and franchise tax expense of $51,540 [111]. - The company had $775,427 of net cash used in operating activities for the three months ended March 31, 2022, with significant cash outflows related to changes in operating assets and liabilities [112]. - As of March 31, 2022, the company had $858,771 in operating cash and a working capital deficit of $233,230 [113]. - The company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern for one year from the issuance date of the financial statements [116]. Initial Public Offering - The company raised gross proceeds of $230,000,000 from its Initial Public Offering by issuing 23,000,000 Units at $10.00 per Unit [108]. - A total of $232,300,000 from the Initial Public Offering proceeds was placed in a Trust Account, which will be invested in U.S. government securities [109]. - The underwriters of the Initial Public Offering are entitled to a deferred cash underwriting discount of $8,050,000, payable only upon completion of a Business Combination [124]. Operations and Future Plans - The company has not commenced any operations and will not generate operating revenues until after completing a Business Combination [107]. - The company has no long-term debt or capital lease obligations as of March 31, 2022 [120]. - The company has no off-balance sheet arrangements or special purpose entities as of March 31, 2022 [119].
Alternus Clean Energy(ALCE) - 2022 Q1 - Quarterly Report