Financial Performance - The company reported a net loss of $196,919 for the three months ended June 30, 2022, primarily due to operating and formation costs of $434,432 and a loss on marketable securities of $3,928[123]. - For the six months ended June 30, 2022, the net loss was $1,222,743, which included operating and formation costs of $927,969 and an unrealized loss on marketable securities of $43,916[124]. - Cash used in operating activities for the six months ended June 30, 2022, was $962,865, influenced by various expenses including compensation of $362,500[131]. Initial Public Offering - The company raised gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, along with an additional $13,850,000 from the sale of Private Placement Warrants[126]. - Total costs related to the Initial Public Offering amounted to $17,204,107, including $5,760,000 in underwriting fees[127]. Trust Account and Business Combination - As of June 30, 2022, the company held marketable securities in the Trust Account valued at $306,074,047, consisting of U.S. Treasury Bills[132]. - The company has committed to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[133]. - The company has until April 19, 2023, to consummate a Business Combination, or it will face mandatory liquidation[138]. Liabilities and Commitments - The company has no off-balance sheet arrangements or long-term liabilities as of June 30, 2022[139]. - The company intends to utilize $1,750,000 from its Sponsor to fund expenses related to identifying and evaluating target businesses[135]. Accounting Standards - ASU 2020-06 simplifies accounting for convertible instruments and is effective for fiscal years beginning after December 15, 2023[148]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[148]. - Management believes that no other recently issued accounting standards will have a material effect on the condensed financial statements[149].
Atlantic Coastal Acquisition Corp. II(ACABU) - 2022 Q2 - Quarterly Report