Financial Performance - As of September 30, 2023, the company recorded a net income of $1,206,590, primarily from interest income of $3,278,712, after accounting for expenses totaling $1,371,122[98] - For the nine months ended September 30, 2023, the company reported a net income of $4,202,024, with interest income of $9,027,924[99] Trust Account and Assets - The company had cash, investments, and marketable securities in the Trust Account amounting to $163,995,984 as of September 30, 2023[107] - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and may withdraw interest to pay taxes[107] Shareholder Transactions - A total of 9,239,192 shares of redeemable Class A common stock were redeemed at a price of approximately $10.4762 per share, resulting in an aggregate redemption amount of approximately $96,791,644[94] - The company has agreed to issue 1,610,000 Class A Shares to third parties in exchange for commitments not to redeem public shares[95] IPO Costs and Financing - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[103] - The underwriter earned a cash underwriting discount of 2% of the gross proceeds from the Public Offering, totaling $4,973,868[117] - The deferred underwriting discount is 3.5% of the gross proceeds from the Public Offering, amounting to $8,704,270, which will be payable only upon completion of a Business Combination[117] Working Capital and Liabilities - The company has a working capital deficit of $2,827,412 as of September 30, 2023[105] - As of September 30, 2023, there are 15,630,150 shares of Class A common stock presented at redemption value as temporary equity[122] - The Class A common stock subject to possible redemption is classified as a liability instrument and measured at fair value[122] Advisory and Accounting Matters - The Company engaged Cohen & Company Capital Markets for financial advisory services, paying a fee of 0.3% of the aggregate proceeds of the Public Offering[118] - The advisory fee for the Business Combination will be 0.525% of the proceeds of the Public Offering, payable at closing[118] - The Company has not considered the effect of the warrants in the calculation of diluted net income (loss) per share, resulting in diluted net income (loss) per share being the same as basic net income (loss) per share[124] - The Company recognizes changes in redemption value of Class A common stock immediately as they occur[123] - The Company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[125] - Management does not believe that any recently issued accounting standards will have a material effect on the condensed financial statements[126] Business Combination Timeline - The company has until January 19, 2024, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[110] Off-Balance Sheet Financing - The company has no off-balance sheet financing arrangements as of September 30, 2023[112]
FTAC Emerald Acquisition Corp.(FLDDU) - 2023 Q3 - Quarterly Report