Stock Information - As of April 10, 2023, there were 28,750,000 shares of common stock outstanding, including 23,000,000 Class A shares and 5,750,000 Class B shares[164] - Stockholders redeemed 21,422,522 Class A shares for approximately $222,484,624, resulting in a redemption price of about $10.38 per share[164] - Stockholders redeemed 839,332 Class A shares for approximately $9,513,007, resulting in a redemption price of about $11.33 per share[169] - The Company accounts for Class A common stock subject to possible redemption as temporary equity, totaling $8,736,618 as of March 31, 2025[192] Trust Account Information - As of December 31, 2023, there was $17,591,536 (approximately $11.15 per share) held in the Trust Account[164] - As of April 30, 2024, there was $8,344,700 (approximately $11.30 per share) held in the Trust Account[169] - As of March 31, 2025, the Trust Account held $8,634,335, approximately $11.70 per share, while cash outside the Trust Account was $13,654[175] Financial Performance - The Company reported a net loss of $1,143,492 for the three months ended March 31, 2025, compared to a net loss of $1,259,880 for the same period in 2024[174] - Interest income earned on funds held in Trust was $89,478 for the three months ended March 31, 2025[174] - The Company has not generated any operating revenues to date and incurs expenses related to being a public company[173] - For the three months ending March 31, 2025, cash used in operating activities was $292,137, with a net loss of $1,143,492, including interest income of $89,478[178] - Net loss per share for the period is calculated by dividing the net loss of $1,143,492 by the weighted average number of shares outstanding, with no dilutive securities affecting the calculation[198] Financial Resources and Concerns - The Company may lack sufficient financial resources to sustain operations for at least one year from the issuance date of the financial statements, raising substantial doubt about its ability to continue as a going concern[179] - As of March 31, 2025, the Company had cash of $115,937 held outside the Trust Account, with $102,283 reserved for taxes and dissolution costs[182] - The Sponsor has committed up to $1,500,000 in convertible working capital loans, with no outstanding balance as of March 31, 2025[184] - The Company has outstanding loans from the Sponsor totaling $2,550,000 as of March 31, 2025, with accrued interest of $118,766[185] Regulatory and Accounting Matters - At the April 2024 Special Meeting, stockholders approved an extension of the business combination deadline to November 2, 2024[167] - The Company is evaluating the impact of ASU 2023-09 on its financial statements, effective January 1, 2025, which aims to enhance income tax disclosures[199] Market and Risk Factors - As of March 31, 2025, the company was not subject to any market or interest rate risk[200] - The company has not engaged in any hedging activities since its inception[201] - The company does not expect to engage in any hedging activities regarding the market risk it is exposed to[201]
AltEnergy Acquisition Corp.(AEAEU) - 2025 Q1 - Quarterly Report