Financial Performance - The company reported a net loss of $196,919 for the three months ended June 30, 2022, primarily due to operating and formation costs of $434,432 and a loss on marketable securities of $3,928[80]. - For the six months ended June 30, 2022, the net loss was $1,222,743, which included operating and formation costs of $927,969 and compensation expenses of $362,500[81]. - Cash used in operating activities for the six months ended June 30, 2022, was $962,865, influenced by various expenses including unrealized losses on marketable securities[86]. Initial Public Offering - The company raised gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, along with an additional $13,850,000 from the sale of Private Placement Warrants[82]. - Total transaction costs related to the Initial Public Offering amounted to $17,204,107, including $5,760,000 in underwriting discounts[83]. Trust Account and Liquidity - As of June 30, 2022, the company held marketable securities in the Trust Account valued at $306,074,047, consisting of U.S. Treasury Bills[87]. - The company has committed to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[88]. - The company has a liquidity commitment of $1,750,000 from its Sponsor to cover expenses related to identifying and selecting a target business[90]. - The company has until April 19, 2023, to consummate a Business Combination, or it will face mandatory liquidation[93]. - There are no off-balance sheet arrangements or long-term liabilities recorded as of June 30, 2022[94]. Accounting Standards - ASU No. 2020-06 simplifies accounting for convertible instruments and is effective for fiscal years beginning after December 15, 2023[102]. - Management does not anticipate any material effect from recently issued accounting standards on condensed financial statements[103].
Atlantic stal Acquisition II(ACAB) - 2022 Q2 - Quarterly Report