Financial Performance - For the year ended December 31, 2022, the company reported a net income of $886,918, consisting of interest income from bank of $1,848 and interest earned on marketable securities of $4,121,971, offset by total operating and formation costs of $2,050,410[305]. - As of December 31, 2022, the company had cash of $392,446 available for operational expenses and target business evaluations[310]. Initial Public Offering (IPO) - 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, including an over-allotment option[306]. - The company incurred transaction costs of $17,204,107 related to the Initial Public Offering, which included $5,760,000 in underwriting discounts[306]. - The company has a deferred underwriting fee obligation of $10,500,000, payable upon the completion of its Initial Business Combination[306]. Trust Account and Marketable Securities - As of December 31, 2022, the company had marketable securities in the Trust Account totaling $309,790,455, primarily consisting of U.S. Treasury Bills[308]. - The company has committed to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds intended for working capital[309]. Business Combination Plans - The company intends to complete a Business Combination by April 19, 2023, or face mandatory liquidation if not extended by the Sponsor[314]. - The company plans to utilize $1,750,000 from its Sponsor to fund expenses related to identifying and selecting a target business[311]. Financial Obligations - The company has no off-balance sheet financing arrangements or long-term liabilities as of December 31, 2022[315].
Atlantic stal Acquisition II(ACAB) - 2022 Q4 - Annual Report