Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $44,630, with operating and formation costs amounting to $315,247 and interest income from marketable securities held in the Trust Account of $468,307 [123]. - For the nine months ended September 30, 2023, the company achieved a net income of $2,828,701, primarily from interest earned on marketable securities of $5,279,395, offset by operating costs of $1,273,146 [124]. - Cash used in operating activities for the nine months ended September 30, 2023, was $1,506,562, with net income affected by interest earned on marketable securities [128]. Marketable Securities - As of September 30, 2023, the company held marketable securities in the Trust Account valued at $36,466,121, primarily in money market funds invested in U.S. Treasuries [129]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds for working capital [131]. Initial Public Offering - The company completed its Initial Public Offering on January 19, 2022, raising gross proceeds of $300,000,000 from the sale of 30,000,000 Units [125]. - 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 [126]. Business Combination - The company has until December 19, 2023, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed [139]. - The company has received a commitment from its Sponsor to provide $1,750,000 for expenses related to identifying a target business and other working capital needs [133]. Equity and Debt - Common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' equity [144]. - Warrants are classified as equity instruments and recorded within stockholders' deficit based on specific terms and assessments [145]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023 [140]. Accounting Standards - The adoption of ASU 2016-13 on January 1, 2023, did not have a material impact on the company's financial statements [148]. - The company is currently assessing the impact of ASU 2020-06, effective after December 15, 2023, on its financial position and results of operations [147]. - Management believes that no other recently issued accounting standards will have a material effect on the condensed financial statements [149]. Earnings Per Share - Net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common stock outstanding [146].
Atlantic stal Acquisition II(ACAB) - 2023 Q3 - Quarterly Report