Financial Position - As of March 31, 2023, the company had investments held in the Trust Account amounting to $239.8 million, primarily in U.S. government securities[111]. - The company had cash of approximately $88,000 and a working capital deficit of approximately $1,094,000 as of March 31, 2023[111]. - The company may lack the financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[112]. - The company has no long-term debt or significant liabilities other than a monthly fee of $15,000 to an affiliate of the Sponsor for administrative support[120]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of $1,807,666, compared to $8,260,876 for the same period in 2022[110]. - Interest income for the three months ended March 31, 2023 was $2,423,610, while operating expenses totaled $492,689[110]. Trust Account and Shareholder Activity - Stockholders holding 21,422,522 Class A Shares redeemed their shares for a pro rata portion of the funds in the Trust Account, resulting in $222,484,624.02 being removed from the Trust Account[107]. - The company intends to use substantially all funds in the Trust Account to complete an initial business combination[113]. - As of May 15, 2023, approximately $16,382,973 remained in the Trust Account[107]. - As of March 31, 2023, the Class A common stock subject to possible redemption amounts to $234,600,000, classified as temporary equity[123]. Warrants and Derivative Instruments - The Public Warrants and Private Placement Warrants are classified as derivative instruments, with the Public Warrants valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy[126]. - The Company has determined that the Private Placement Warrants are classified within Level 3 of the Fair Value Hierarchy due to the use of unobservable inputs[126]. - The warrants are exercisable to purchase a total of 23,500,000 shares of Class A common stock[129]. Accounting and Risk Management - The Company did not have any dilutive securities as of March 31, 2023, resulting in diluted net income per common share being the same as basic net income per common share[129]. - The Company has not engaged in any hedging activities since inception and does not expect to do so in the future[131]. - Management does not believe that any recently issued accounting standards would have a material effect on the financial statements[130]. - As of March 31, 2023, the Company was not subject to any market or interest rate risk[130]. Fees and Commissions - 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.[121].
AltEnergy Acquisition Corp.(AEAEU) - 2023 Q1 - Quarterly Report