Financial Position - As of December 31, 2024, the Trust Account held $8,544,857, approximately $11.58 per share[213] - As of April 30, 2024, the Trust Account held $8,344,700, approximately $11.30 per share of Class A common stock subject to redemption[207] - As of December 31, 2024, the shares of Class A common stock subject to possible redemption amount to $8,646,368, classified as temporary equity[230] - The Company has no long-term debt or capital lease obligations, ensuring a clean balance sheet[224] Operating Results - For the year ended December 31, 2024, the net loss was $2,697,841, including interest income of $576,286 and a gain of $858,100 on the change in fair value of derivative warrant liabilities[211] - The company incurred operating expenses totaling $3,942,881 for the year ended December 31, 2024[211] - The company has not generated any operating revenues to date and only incurs expenses related to being a public company[210] Shareholder Activity - Stockholders redeemed 21,422,522 Class A Shares for a total of $222,484,624, approximately $10.38 per share, during the April 2023 Special Meeting[201] - Stockholders holding 839,332 Class A Shares redeemed shares for $9,513,007, approximately $11.20 per share, during the April 2024 Special Meeting[207] Business Combination Plans - The company plans to use funds outside the Trust Account primarily for due diligence related to the business combination[215] - The company has extended the deadline for completing an initial business combination multiple times, with the latest extension to May 1, 2026[209] - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by May 2, 2025[217] - The Company intends to use substantially all funds in the Trust Account for an initial business combination, with remaining proceeds allocated for working capital and growth strategies[218] Financial Obligations - The Sponsor has provided a total of $1,335,000 in loans for working capital purposes during the year ended December 31, 2024, with outstanding balances of $2,335,000 and $1,000,000 as of December 31, 2024 and 2023, respectively[222] - The Company has a contractual obligation to pay an affiliate of the Sponsor a monthly fee of $15,000 for office space and administrative support, which will accrue until the completion of a business combination[224] - Upon consummation of the initial business combination, the Company will pay B. Riley Securities, Inc. a cash fee equal to 3.5% of the gross proceeds of the Public Offering from the Trust Account[225] Derivative Instruments - The Public Warrants and Private Placement Warrants are classified as derivative instruments and are measured at fair value, with changes recognized in the statement of operations[231] - As of December 31, 2024, the warrants are exercisable to purchase 19,500,000 shares of Class A common stock in the aggregate[236] Regulatory Compliance - The Company is evaluating the impact of ASU 2023-09 on its financial statements, which will enhance income tax disclosures starting January 1, 2025[237]
AltEnergy Acquisition Corp.(AEAEU) - 2024 Q4 - Annual Report