Financial Performance - As of September 30, 2022, the company reported a net income of $920,184 for the three months ended September 30, 2022, compared to a net loss of $40,954 for the same period in 2021[116]. - For the nine months ended September 30, 2022, the company achieved a net income of $10,089,460, driven by interest income of $1,436,349 and a gain of $10,230,000 from the change in fair value of derivative warrant liability[117]. Cash and Investments - The company had cash of approximately $215,500 and working capital of approximately $365,300 as of September 30, 2022[115]. - Investments held in the Trust Account amounted to approximately $235.8 million, primarily in U.S. government securities[119]. Public Offering and Business Combination - 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[123]. - The company has until May 2, 2023, to complete an Initial Business Combination, or it will cease operations and liquidate[120]. - The company intends to use substantially all funds in the Trust Account to complete an Initial Business Combination and for working capital of the target business[121]. - The company is required to pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc. upon consummation of the Initial Business Combination[129]. Debt and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022[128][126]. - The company has not engaged in any hedging activities since inception and is not subject to market or interest rate risk as of September 30, 2022[135].
AltEnergy Acquisition Corp.(AEAEU) - 2022 Q3 - Quarterly Report