Atlantic Coastal Acquisition Corp. II(ACABU) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $2,070,528, primarily from interest income on marketable securities held in the Trust Account, totaling $3,284,542[100]. - The company reported a net loss of $1,025,824 for the three months ended March 31, 2022, due to operating costs and unrealized losses on marketable securities[100]. Initial Public Offering - The company generated 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[101]. - The company incurred transaction costs of $17,204,107 related to the Initial Public Offering, including $5,760,000 in underwriting fees[101]. Trust Account and Marketable Securities - As of March 31, 2023, the company had marketable securities held in the Trust Account amounting to $313,074,997, consisting of U.S. Treasury Bills with a maturity of 185 days or less[102]. - Cash used in operating activities for the three months ended March 31, 2023, was $97,222, with net income affected by interest earned on marketable securities[102]. Business Combination and Liquidation - The company has until October 19, 2023, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[104]. - The company has committed $1,750,000 from its Sponsor to fund expenses related to identifying and selecting a target business[102]. Cash and Operational Expenses - As of March 31, 2023, the company had cash of $295,224 available for operational expenses and due diligence on prospective target businesses[102]. Accounting Standards - The Company adopted ASU 2016-13 on January 1, 2023, which requires financial assets to be presented at the net amount expected to be collected[114]. - The adoption of ASU 2016-13 did not have a material impact on the Company's financial statements[114]. - Management does not believe that any other recently issued accounting standards would have a material effect on the condensed financial statements[115]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements or long-term liabilities other than the deferred underwriting fee of $10,500,000, payable upon the completion of a Business Combination[105].