Atlantic Coastal Acquisition Corp. II(ACABU) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $1,048,724, primarily due to operating and formation costs of $1,141,068 [76]. - Interest income from cash and marketable securities held in the Trust Account for the same period amounted to $95,637 [76]. - As of March 31, 2024, the company had cash of $10,613 available for operational expenses [85]. - The company has incurred significant costs in pursuit of its acquisition plans and may need to raise additional capital to meet working capital needs [91]. Initial Public Offering - The company generated gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 Units at $10.00 per Unit [78]. - Total transaction costs related to the Initial Public Offering were $17,204,107, including $5,760,000 in underwriting discounts and $10,500,000 in deferred underwriting fees [79]. Trust Account and Business Combination - As of March 31, 2024, cash held in the Trust Account was $7,508,088, with $29,728,990 redeemed and withdrawn in January 2024 [82]. - The company has committed to use substantially all funds in the Trust Account to complete a Business Combination [84]. - The company has until July 19, 2024, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed [93]. Financial Instruments - Common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' equity [98]. - Warrants are classified as equity instruments based on specific terms and are recorded within stockholders' deficit [99]. Accounting Standards - Net (loss) income per common share is calculated by dividing net (loss) income by the weighted average number of common stock outstanding for the period [100]. - The FASB issued ASU No. 2023-09, which will require additional disclosures in income tax rate reconciliation effective for annual periods beginning after December 15, 2024 [101].