Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of $169,187 compared to a net income of $1,066,985 for the same period in 2023[143]. - For the six months ended June 30, 2024, the company had a net loss of $1,429,067, while net income for the same period in 2023 was $2,777,532[144]. - The company has incurred significant operating expenses totaling $985,611 for the three months ended June 30, 2024, compared to $766,890 for the same period in 2023[143]. - Interest income earned on funds held in Trust for the three months ended June 30, 2024, was $139,197, down from $1,333,188 for the same period in 2023[143]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[142]. Cash and Assets - As of June 30, 2024, the company held $8,417,407 (approximately $11.40 per share) in the Trust Account, with an additional cash balance of $139,651 available for working capital[145]. - As of June 30, 2024, the Company had cash of $239,271 held outside the Trust Account, with $99,620 reserved for taxes and dissolution costs[151]. - The Company has $8,050,000 in deferred underwriting fees contingent upon the consummation of the Business Combination[145]. - The Sponsor has provided loans totaling $1,735,000 as of June 30, 2024, to ensure the Company continues as a going concern[153]. - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2024[154]. Business Combination and Agreements - 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[135]. - The company plans to extend the deadline for completing an initial business combination from May 2, 2024, to November 2, 2024, with the possibility of further extensions[139]. - If the Company does not complete an initial business combination by November 2, 2024, it will cease operations and liquidate[148]. - Stockholders holding 839,322 Class A Shares redeemed their shares for a pro rata portion of the Trust Account, resulting in $9,400,518 (approximately $11.20 per share) being removed from the Trust Account[141]. - 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.[156]. Regulatory and Risk Factors - The Company may lack the financial resources needed to sustain operations for at least one year from the issuance date of the financial statements[146]. - The Company is evaluating the impact of ASU 2023-09 on its financial statements, effective January 1, 2025[166]. - As of June 30, 2024, the Company was not subject to any market or interest rate risk and has not engaged in hedging activities[167]. - The Company has 23,500,000 warrants exercisable to purchase shares of Class A common stock[165].
AltEnergy Acquisition Corp.(AEAEU) - 2024 Q2 - Quarterly Report