Shareholder Activity - As of April 10, 2023, there were 28,750,000 issued and outstanding shares of common stock, including 23,000,000 Class A shares and 5,750,000 Class B shares[147]. - Stockholders redeemed 21,422,522 Class A shares for a total of $222,484,624, approximately $10.38 per share, from the Trust Account[147]. - Stockholders redeemed 839,332 Class A shares for a total of $9,513,007, approximately $11.33 per share, from the Trust Account[152]. - Stockholders redeemed 221,949 Class A shares for a total of $2,603,924.73, approximately $11.73 per share, from the Trust Account[155]. Financial Position - As of December 31, 2023, there was $17,591,536 (approximately $11.15 per share) held in the Trust Account subject to redemption[147]. - As of April 30, 2024, there was $8,344,700 (approximately $11.30 per share) held in the Trust Account subject to redemption[152]. - As of June 30, 2025, the company held $6,095,270 in the Trust Account, equating to approximately $11.81 per share, with an additional $16,825 in cash available for working capital[159]. - The company has $99,567 in a restricted investment account reserved for potential dissolution costs, which is part of a total of $100,000 that may be drawn from the Trust Account if necessary[160]. - The company’s Class A common stock subject to possible redemption was valued at $6,183,737 as of June 30, 2025, classified as temporary equity[174]. Business Combination Extensions - At the April 2024 Special Meeting, stockholders approved an extension of the business combination deadline from May 2, 2024, to November 2, 2024[149]. - At the April 2025 Special Meeting, stockholders approved an extension of the business combination deadline from May 2, 2025, to May 1, 2026[154]. Financial Performance - For the three months ended June 30, 2025, the company reported a net loss of $634,525, with total operating expenses of $512,247[157]. - 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[156]. - For the six months ended June 30, 2025, the company reported a net loss of $1,778,017, compared to a net loss of $1,429,067 for the same period in 2024, indicating an increase in net loss of approximately 24.4%[158]. Financial Viability - The company has determined that it 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[161]. - The company has outstanding loans from the Sponsor totaling $2,790,000 as of June 30, 2025, with accrued interest of $147,195, reflecting a significant reliance on external financing[166]. - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $15,000 to an affiliate of the Sponsor for office space and administrative support[168]. - The company has no off-balance sheet financing arrangements or obligations as of June 30, 2025, indicating a straightforward financial structure[167]. Risk Management - The company evaluated its warrants as derivative instruments, with the Public Warrants valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy[177]. - The company expects to adopt ASU 2023-09 regarding income tax disclosures, effective January 1, 2025, which may impact its financial statement presentation[180]. - As of June 30, 2025, the company was not subject to any market or interest rate risk[181]. - The company has not engaged in any hedging activities since its inception[181]. - The company does not expect to engage in any hedging activities regarding the market risk to which it is exposed[181].
AltEnergy Acquisition Corp.(AEAEU) - 2025 Q2 - Quarterly Report