Financial Performance - The company has not engaged in any operations or generated any revenues to date, with a net loss of $1,793 for the year ended December 31, 2021, primarily due to operating and formation costs [283]. Liquidity and Funding - As of December 31, 2021, the company had no cash and satisfied liquidity needs through $25,000 from the sale of Founder Shares and unsecured loans totaling $1,000,227 [284]. - The sponsor has committed to provide $1,750,000 to fund expenses related to investigating and selecting a target business [291]. - The company does not anticipate needing to raise additional funds prior to the initial business combination, but may require additional financing if costs exceed estimates [294]. Initial Public Offering (IPO) - The initial public offering (IPO) was consummated on January 19, 2022, raising gross proceeds of $300,000,000 from the sale of 30,000,000 units at $10.00 per unit [285]. - The company also sold 13,850,000 Private Placement Warrants at $1.00 per warrant, generating additional gross proceeds of $13,850,000 [286]. - Total transaction costs for the IPO amounted to $17,204,107, including an underwriting discount of $5,760,000 [287]. - As of January 19, 2022, offering costs totaling $17,204,107 were recorded, with $16,699,058 charged to temporary equity [296]. Trust Account and Use of Funds - Following the IPO, $306,000,000 was placed in a Trust Account, which will be used to complete the initial business combination [288]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence [290].
Atlantic stal Acquisition II(ACAB) - 2021 Q4 - Annual Report