Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of $335,100, with operating and formation costs of $391,686 and interest income of $84,240[216]. - For the nine months ended September 30, 2024, the company had a net loss of $1,722,675, consisting of operating and formation costs of $1,926,428 and interest income of $261,720[218]. - 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[242]. 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, along with an additional $13,850,000 from the sale of Private Placement Warrants[221]. - The company incurred transaction costs of $17,204,107 related to the Initial Public Offering, including $5,760,000 in underwriting discounts and $10,500,000 in deferred underwriting fees[222]. Cash and Funding - As of September 30, 2024, the company had cash held in the Trust Account of $7,721,206, with $29,728,990 redeemed and withdrawn in January 2024[225]. - The company has committed to provide $1,750,000 from its Sponsor to fund expenses related to identifying and selecting a target business[228]. - The company expects to seek additional funding through equity and debt financings to finance its operations and business combination efforts[234]. Debt and Liabilities - As of September 30, 2024, the company owed $160,000 under the Extension Promissory Notes, which may be repaid or converted into Series A common stock[230]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[237]. Going Concern - Management has expressed substantial doubt regarding the company's ability to continue as a going concern within one year after the issuance of the financial statements[235]. Accounting Standards - The company accounts for warrants as either equity-classified or liability-classified instruments based on specific terms and guidance in ASC 480 and ASC 815, with current assessment indicating warrants meet criteria for equity classification[241]. - 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[244]. - The company is currently reviewing the impact of ASU 2023-09 on its financial statements[244]. - Management believes that no other recently issued accounting standards would have a material effect on the financial statements if adopted[245]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies[246].
Atlantic Coastal Acquisition Corp. II(ACABU) - 2024 Q3 - Quarterly Report