Financial Position - As of March 31, 2022, the company had cash of approximately $511,100 and working capital of approximately $811,000[112] - As of March 31, 2022, the company had no long-term debt or capital lease obligations[124] - The company had investments held in the Trust Account of approximately $234.7 million, primarily in U.S. government securities[114] Income and Revenue - For the three months ended March 31, 2022, the company reported a net income of $8,260,876, which included interest income of $66,601 and a gain of $8,585,000 from the change in fair value of derivative warrant liability[113] - 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[119] - The total proceeds from the Public Offering and the Private Placement amounted to $242,000,000, with $234,600,000 deposited in a trust account[121] Business Operations - The company intends to use substantially all funds held in the Trust Account to complete an initial business combination[116] - The company is required to complete an initial business combination within 18 months from the closing of the IPO, or it will cease operations and liquidate[118] - Management has determined that if the company is unsuccessful in completing an initial business combination within 18 months, it will raise substantial doubt about the ability to continue as a going concern[115] Risk Management - The company has not engaged in any hedging activities since inception and does not expect to do so[132]
AltEnergy Acquisition Corp.(AEAEU) - 2022 Q1 - Quarterly Report