Colombier Acquisition(US:CLBR)2024-08-13 22:01Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $1,653,670, primarily from interest earned on marketable securities of $2,240,420, after incurring operating expenses of $586,750 [94]. - For the six months ended June 30, 2024, the net income was $3,313,749, with interest income of $4,469,118 and operating expenses totaling $1,155,369 [95]. - As of June 30, 2024, the company held approximately $174,325,575 in cash and marketable securities in the Trust Account, including $4,469,118 of interest income [99]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination [94]. Initial Public Offering - The company completed its Initial Public Offering on November 24, 2023, raising gross proceeds of $170 million from the sale of 17 million Units at $10.00 per Unit [97]. - The underwriters of the Initial Public Offering are entitled to a cash underwriting fee of $2,550,000, with an additional deferred fee of $5,950,000 payable upon completion of a Business Combination [105]. Business Combination - The company has until November 24, 2025, to complete a Business Combination, with a potential extension to February 24, 2026, if certain conditions are met [91]. - The company may withdraw up to $1,000,000 annually from the Trust Account for working capital purposes related to the Business Combination [98]. Expenses and Fees - The company incurred $30,000 and $60,000 in fees under the Administrative Services Agreement for the three and six months ended June 30, 2024, respectively [104]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2024 [103]. Accounting Policies - The company accounts for Warrants as either equity-classified or liability-classified instruments based on specific terms and applicable guidance, concluding that Public and Private Placement Warrants qualify for equity accounting treatment [108]. - Net income per Ordinary Share is calculated by dividing net income by the weighted average number of Ordinary Shares outstanding, with accretion from redeemable Ordinary Shares excluded from this calculation [109]. - The company adopted ASU 2016-13 regarding the measurement of credit losses on financial instruments as of November 24, 2023, with no effect on the unaudited condensed financial statements [110]. - ASU 2020-06 was adopted by the company as of September 27, 2023, simplifying the accounting for convertible instruments, with no effect on the financial statements [112]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements [113]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [114].