Financial Position - As of September 30, 2021, the company had cash of $48,349 and current liabilities of $554,757, resulting in a working capital deficit of $506,408[98][102]. - The company has no long-term debt or capital lease obligations as of September 30, 2021[109]. Financial Performance - For the three months ended September 30, 2021, the company reported a net loss of $40,954, and a cumulative net loss of $126,155 since inception on February 9, 2021[99]. Fundraising Activities - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000, with underwriting commissions of $4,600,000 and other offering costs of $530,022[103]. - The Private Placement Warrants generated $12,000,000 of proceeds, with a total of 12,000,000 Private Placement Warrants sold at a price of $1.00 each[103]. - Of the total proceeds from the Public Offering and Private Placement, $234,600,000 were deposited in a trust account[105]. - The company does not anticipate needing to raise additional funds beyond those raised in the Public Offering to meet operational expenditures prior to the Initial Business Combination[106]. Business Operations - Upon consummation of the Initial Business Combination, the company will pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc.[110]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[117].
AltEnergy Acquisition Corp.(AEAEU) - 2021 Q3 - Quarterly Report