Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $2,242,550, with general and administrative expenses of $2,513,578 and interest income of $4,756,128 from the Trust Account[84]. - The company generated non-operating income in the form of interest income on marketable securities, totaling $9,444,066 for the six months ended June 30, 2024[86]. - The company incurred $60,000 in administrative fees for the six months ended June 30, 2024, under an agreement to pay $10,000 per month for administrative services[92]. - The company has not generated any revenues to date and does not expect to do so until after completing an initial business combination[83]. 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, incurring transaction costs of approximately $20.4 million[78]. - 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[90][91]. Liquidity and Capital Resources - As of June 30, 2024, the company had a working capital deficit of $79,964 and no cash on hand, relying on net proceeds from the Public Offering and Private Placement Warrants for liquidity needs[85]. - The company has access to potential Working Capital Loans of up to $1,500,000 from its officers, directors, and initial shareholders if needed[87]. Business Strategy - The company intends to leverage its affiliations with Riverstone and Impact Ag to identify and acquire businesses focused on decarbonizing the agriculture sector[77]. Operational Risks - 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[82].
Agriculture & Natural Solutions Acquisition Corporation(ANSCU) - 2024 Q2 - Quarterly Report