Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $802,803, consisting of interest income from bank of $14,241 and interest earned on marketable securities of $1,526,546, offset by operating costs of $420,341 and income tax provision of $317,643 [103]. - For the six months ended June 30, 2023, the company achieved a net income of $2,873,331, with interest income from bank of $17,783 and interest earned on marketable securities of $4,811,088, after accounting for operating costs of $957,899 and income tax provision of $997,641 [105]. - The company incurred cash used in operating activities of $227,003 for the six months ended June 30, 2023, with net income affected by interest earned on marketable securities [112]. Marketable Securities and Cash Holdings - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $35,997,814, consisting of U.S. Treasury Bills with a maturity of 185 days or less [114]. - As of June 30, 2023, the company had cash of $2,227,712, with $363,903 classified as restricted cash for tax payments [116]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on January 19, 2022, raising gross proceeds of $300,000,000 from the sale of 30,000,000 Units, including an over-allotment option [107]. - Transaction costs related to the Initial Public Offering totaled $17,204,107, which included $5,760,000 in underwriting fees and $10,500,000 in deferred underwriting fees [108]. Business Combination and Future Plans - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [115]. - The company has until October 19, 2023, to consummate a Business Combination, after which a mandatory liquidation and dissolution will occur if not completed [120]. Accounting Standards - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements [128]. - ASU 2020-06, effective for fiscal years beginning after December 15, 2023, simplifies accounting for convertible instruments and diluted earnings per share calculation [127]. - Management believes that no recently issued accounting standards will materially affect the condensed financial statements [129]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of June 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities [121].
Atlantic Coastal Acquisition Corp. II(ACABU) - 2023 Q2 - Quarterly Report