Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $1,259,880 compared to a net income of $1,710,547 for the same period in 2023[159]. - Interest income earned on funds held in trust for the three months ended March 31, 2024 was $229,469, down from $2,423,610 in the same period in 2023[159]. - Operating expenses for the three months ended March 31, 2024 totaled $1,203,055, significantly higher than the $586,289 reported for the same period in 2023[159]. - The Company may lack sufficient financial resources to sustain operations for at least one year from the issuance date of the financial statements, raising substantial doubt about its ability to continue as a going concern[161]. Business Combination - The company entered into a Merger Agreement on February 21, 2024, with Car Tech, LLC, involving an Aggregate Merger Consideration of $80,000,000 plus an additional $40,000,000 in Earn Out Consideration[146][148]. - The company extended the deadline for completing a business combination from May 2, 2024, to November 2, 2024, with the possibility of further extensions[154]. - The company plans to file a registration statement on Form S-4 with the SEC regarding the proposed business combination[151]. - The Company intends to use substantially all funds in the Trust Account to complete an initial business combination, with remaining proceeds used for working capital and growth strategies[163]. Trust Account and Cash Position - As of April 30, 2024, the trust account held $8,344,699.85, approximately $11.30 per share of Class A common stock subject to redemption[157]. - As of December 31, 2023, there was $17,591,536 held in the trust account, approximately $11.15 per share of Class A common stock subject to redemption[152]. - As of March 31, 2024, the Company held $17.8 million in the Trust Account, approximately $11.30 per share, and $96,892 in cash available for working capital[160]. - As of March 31, 2024, the Company had cash of $206,871 outside the Trust Account, with $109,979 reserved for taxes and dissolution costs if the initial business combination fails[165]. Shareholder Activity - Stockholders redeemed 21,422,522 Class A Shares for a pro rata portion of $222,484,624, approximately $10.38 per share, in connection with the Extension Proposal approved on April 28, 2023[152]. Debt and Financing - The Sponsor has provided a total of $1,175,000 in loans for working capital purposes, with accrued interest of $30,209 as of March 31, 2024[167]. - The Company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024[168]. Equity and Derivatives - The Company accounts for Class A common stock subject to possible redemption as temporary equity, totaling $17,912,636 as of March 31, 2024[174]. - The Public Warrants and Private Placement Warrants are classified as derivative liabilities and are measured at fair value, with changes recognized in the statement of operations[176]. - 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.[170]. Hedging Activities - The Company has not engaged in any hedging activities and does not expect to do so in the future[183].
AltEnergy Acquisition Corp.(AEAEU) - 2024 Q1 - Quarterly Report