Shareholder Information - 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[149] - Stockholders redeemed 21,422,522 Class A shares for a total of $222,484,624, approximately $10.38 per share, from the Trust Account[149] - Stockholders redeemed 839,332 Class A shares for $9,513,007 (approximately $11.33 per share) in connection with the April 2024 Special Meeting[154] Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $380,642, compared to a net loss of $691,836 for the same period in 2024[159] - For the nine months ended September 30, 2025, the company reported a net loss of $2,158,659, compared to a net loss of $2,120,903 for the same period in 2024, reflecting an increase in net loss of approximately 1.8%[160] - The company incurred operating expenses totaling $360,607 for the three months ended September 30, 2025[159] Trust Account and Cash Position - As of December 31, 2023, there was $17,591,536 (approximately $11.15 per share) held in the Trust Account[149] - As of September 30, 2025, the company held $6,149,592 in the Trust Account, equating to approximately $11.91 per share, with an additional $1,907 in cash available for working capital[161] - The company has $100,331 held in a restricted investment account, reserved for potential dissolution costs if it fails to complete a business combination[161] Business Operations and Future Outlook - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence for business combinations[158] - The company has engaged in organizational activities and identifying a target company for a business combination since inception[158] - The company extended the deadline for completing an initial business combination from May 2, 2025, to May 1, 2026[156] - The company has determined that it may lack the 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[162] - The company may need to obtain additional financing to complete a business combination or to redeem a significant number of public shares, which could involve issuing additional securities or incurring debt[164] Debt and Financial Obligations - The company has $2,894,000 in outstanding loans from the Sponsor as of September 30, 2025, with accrued interest of $177,685[167] - 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[169] Equity and Derivative Instruments - The company’s Class A common stock subject to possible redemption amounted to $6,249,923 as of September 30, 2025, classified as temporary equity[174] - 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] Regulatory and Market Risks - The Financial Accounting Standards Board issued ASU 2023-09 to enhance income tax disclosures, effective January 1, 2025, with early adoption permitted[181] - ASU 2023-09 will not materially affect the company's financial condition, results of operation, or cash flows[181] - As of September 30, 2025, the company was not subject to any market or interest rate risk[182] - The company has not engaged in any hedging activities since its inception and does not expect to do so in the future[182]
AltEnergy Acquisition Corp.(AEAEU) - 2025 Q3 - Quarterly Report