Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of $691,836, compared to a net loss of $749,750 for the same period in 2023[162]. - For the nine months ended September 30, 2024, the company reported a net loss of $2,120,903 compared to a net income of $2,027,782 for the same period in 2023[163]. - The company incurred operating expenses totaling $999,367 for the three months ended September 30, 2024, compared to $359,684 for the same period in 2023[162]. - Operating expenses for the nine months ended September 30, 2024 totaled $3,188,033, significantly higher than the $1,712,882 reported for the same period in 2023[163]. - The company has not generated any revenues to date and only incurs expenses related to being a public company and due diligence for business combinations[161]. Business Combination and Mergers - The company entered into a Merger Agreement on February 21, 2024, with Car Tech, LLC, involving an Aggregate Merger Consideration of $80,000,000 plus an additional $40,000,000 in Earn Out Consideration[150]. - The company intends to continue pursuing its initial business combination and aims to list its Common Stock and Warrants on Nasdaq[160]. - The company has the option to extend the deadline for completing its initial business combination up to six times, with the first extension approved to December 2, 2024[155]. - If the company fails to complete an initial business combination by December 2, 2024, it will cease operations and liquidate[166]. Financial Position and Resources - As of September 30, 2024, the company held $8,493,268 in the Trust Account, equating to approximately $11.51 per share[165]. - The company has $100,632 in a restricted investment account reserved for potential dissolution costs if an initial business combination is not completed[165]. - The company may lack sufficient financial resources to sustain operations for at least one year from the issuance date of the financial statements[166]. - The company has received a total of $2,135,000 in loans from the Sponsor for working capital purposes as of September 30, 2024[173]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[174]. Stockholder Information - As of March 5, 2024, there were 7,327,478 issued and outstanding shares of common stock, including 7,077,478 Class A shares and 250,000 Class B shares[153]. - Stockholders holding 839,322 Class A Shares redeemed their shares for approximately $11.20 per share, resulting in $9,400,518 being removed from the Trust Account[157]. - The company’s Class A common stock subject to possible redemption amounted to $8,593,900 as of September 30, 2024, classified as temporary equity[180]. - As of September 30, 2024, the Company did not have any dilutive securities or contracts that could potentially be exercised or converted into common stock, resulting in diluted net income per share being the same as basic net income per share[185]. Regulatory and Compliance - The company received a notice of delisting from Nasdaq on October 29, 2024, due to failure to complete its initial business combination by October 28, 2024[159]. - The Financial Accounting Standards Board issued ASU 2023-09, which will enhance the transparency of income tax disclosures, effective for the Company starting January 1, 2025[186]. - The company has not engaged in any hedging activities since its inception and does not expect to engage in any hedging activities regarding market risk[187]. Interest Income - Interest income earned on funds held in trust for the three months ended September 30, 2024 was $109,352, while for the same period in 2023 it was $227,386[162].
AltEnergy Acquisition Corp.(AEAEU) - 2024 Q3 - Quarterly Report