Financial Performance - For the year ended December 31, 2023, the company reported a net income of $1,305,390, which included general and administrative expenses of $1,151,448 and interest income of $2,456,838 [318]. - As of December 31, 2023, the company had a cash balance of $284,783 and working capital of $526,117, with cash used in operating activities amounting to $1,181,777 [319][320]. - The company has not generated any operating revenues to date and does not expect to do so until after completing an initial business combination [317]. Public Offering - The company completed its Public Offering on November 13, 2023, raising gross proceeds of $345.0 million from the sale of 34,500,000 units at $10.00 per unit, with transaction costs of approximately $20.4 million [313]. - The underwriters received an underwriting discount of $6,900,000 and deferred underwriting commissions of approximately $12,075,000, contingent upon the completion of an initial business combination [324][325]. - The company has placed approximately $345.0 million of net proceeds from the Public Offering into a Trust Account, invested in U.S. government securities [315]. Business Operations and Future Outlook - If the company fails to complete an initial business combination by November 13, 2025, it will cease operations and redeem public shares at a price equal to the amount in the Trust Account [316][322]. - The company may need to obtain additional financing to complete an initial business combination or to cover redemptions of public shares [321]. - The company has access to funds from the Sponsor, which are sufficient to meet working capital needs until the completion of a business combination or one year from the issuance of the financial statements [322]. Administrative and Internal Controls - The company incurred $15,000 in administrative fees for the year ended December 31, 2023, under an agreement to pay $10,000 per month for administrative support [325]. - The company's disclosure controls and procedures were evaluated as effective as of December 31, 2023, by the Certifying Officers [333]. - The company does not expect its disclosure controls and procedures to prevent all errors and instances of fraud, providing only reasonable assurance of their effectiveness [334]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the company's internal controls [335]. - The management's assessment regarding internal control over financial reporting is not included in the Annual Report due to a transition period for newly public companies [335].
Agriculture & Natural Solutions Acquisition Corporation(ANSCU) - 2023 Q4 - Annual Report