Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $2,242,550, consisting of general and administrative expenses of $2,513,578, offset by $4,756,128 of interest on the Trust Account[78]. - The company reported cash used in operating activities of $422,554 for the six months ended June 30, 2024, with net income of $6,379,230 offset by changes in operating assets and liabilities[80]. - The company incurred $60,000 in administrative fees for the six months ended June 30, 2024, compared to $0 for the same period in 2023[85]. - The company has no revenues to date and does not expect to generate operating revenues until after completing an initial business combination[77]. Public Offering and Trust Account - 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, incurring transaction costs of approximately $20.4 million[72]. - The company has placed approximately $345.0 million of net proceeds from the Public Offering into a Trust Account, invested in U.S. government securities[75]. - If the company fails to complete an initial business combination by November 13, 2025, it will cease operations and redeem Public Shares at a per-share price equal to the amount in the Trust Account[76]. Liquidity and Financing - As of June 30, 2024, the company had a working capital deficit of $79,964 and no cash on hand, relying on net proceeds from the Public Offering and the sale of Private Placement Warrants for liquidity needs[79]. - The company may need to obtain additional financing to complete an initial business combination or to redeem a significant number of Public Shares[81]. - 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 date of the financial statements[82].
Agriculture & Natural Solutions Acquisition(ANSC) - 2024 Q2 - Quarterly Report