Financial Performance - The company reported a net loss of $1,025,824 for the three months ended March 31, 2022, which includes operating and formation costs of $493,537 and an unrealized loss on marketable securities of $291,686 [113]. - The company incurred transaction costs of $17,204,107 related to the Initial Public Offering, which includes $5,760,000 in underwriting fees [115]. - The company does not expect to generate operating revenues until after the completion of its Business Combination [112]. Initial Public Offering - The company raised gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 Units, including the partial exercise of the underwriters' over-allotment option [114]. - Total funds placed in the Trust Account amounted to $306,000,000 after the Initial Public Offering and the sale of Private Placement Warrants [117]. Trust Account and Use of Funds - As of March 31, 2022, the company held marketable securities in the Trust Account valued at $305,830,205, consisting of U.S. Treasury Bills [119]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital [120]. Business Combination and Commitments - The company has a commitment from its Sponsor to provide $1,750,000 for expenses related to identifying and evaluating target businesses [122]. - The company has until April 19, 2023, to consummate a Business Combination, or it will face mandatory liquidation [125]. Liabilities and Arrangements - The company has no off-balance sheet arrangements or long-term liabilities as of March 31, 2022 [126].
Atlantic Coastal Acquisition Corp. II(ACABU) - 2022 Q1 - Quarterly Report