Financial Performance - As of June 30, 2024, the company recorded a net loss of $223,807, with general and administrative expenses amounting to $626,004 and interest income of $664,259 from investments held in the Trust Account [123]. - For the six months ended June 30, 2024, the company reported a net loss of $1,047,849, which included general and administrative expenses of $1,352,759 and interest income of $1,684,947 [124]. - As of June 30, 2024, the company had a working capital deficit of $5,365,129 [132]. - The Company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees [130]. - The Company incurred $180,000 for administrative support services for the six months ended June 30, 2024, with $466,452 in accrued expenses as of the same date [145]. Trust Account and Investments - The company had cash, investments, and marketable securities held in the Trust Account totaling $51,511,443 as of June 30, 2024 [134]. - The Company intends to use substantially all funds held in the Trust Account, including interest earned, to complete its Business Combination, having withdrawn $337,010 for taxes during the period ended June 30, 2024 [139]. - As of June 30, 2024, 4,757,884 shares of Class A common stock are presented at redemption value as temporary equity, reflecting the potential for mandatory redemption [152]. Business Combination and Extensions - On September 19, 2023, stockholders approved an extension of the deadline for the company to complete its initial business combination from September 20, 2023, to January 19, 2024 [117]. - On January 19, 2024, stockholders approved another extension of the deadline to complete the initial business combination to December 20, 2024 [120]. - The Company has until December 20, 2024, to consummate a Business Combination, with substantial doubt raised about its ability to continue as a going concern if not completed by this date [142]. - The Company may need additional financing to complete its Business Combination or to meet obligations if a significant number of public shares are redeemed [141]. Shareholder Activity - During the September 19, 2023 meeting, holders of 9,239,192 shares of redeemable Class A common stock redeemed their shares for approximately $96,791,644 at a price of $10.4762 per share [117]. - In the January 19, 2024 meeting, holders of 10,872,266 shares of redeemable Class A common stock redeemed their shares for approximately $115,489,643 at a price of $10.6224 per share [120]. Financial Advisory and Support - The Company has engaged Cohen & Company Capital Markets for financial advisory services, with fees based on a percentage of the proceeds from the Public Offering [150]. - The underwriter earned a cash underwriting discount of $4,973,868, with a deferred underwriting discount of $8,704,270, which was waived on October 18, 2023 [148]. Financial Position and Controls - The Company has no long-term debt obligations or capital lease obligations as of the reporting date [144]. - The Company has no off-balance sheet financing arrangements as of June 30, 2024, and does not participate in transactions that create relationships with unconsolidated entities [143]. - The Company’s disclosure controls and procedures were evaluated as effective as of June 30, 2024 [156].
FTAC Emerald Acquisition Corp.(FLD) - 2024 Q2 - Quarterly Report