Financial Performance - For the nine months ended September 30, 2022, the company reported a net income of $14,042,265, primarily driven by a change in fair value of warrant liabilities of $14,393,225 and interest earned on marketable securities of $1,744,350 [118]. - The company incurred operational costs of $4,288,929 for the nine months ended September 30, 2022, which impacted the net income [118]. - Cash provided by operating activities for the nine months ended September 30, 2022, was $1,133,779, influenced by net income and changes in fair value of warrant liabilities [121]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination [116]. - Net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period [142]. Financial Position - As of September 30, 2022, the company held marketable securities in the Trust Account amounting to $346,408,540, which includes $1,744,350 of interest income [123]. - The company has a working capital deficit of $6,781,180 and total current liabilities of $8,671,393 as of September 30, 2022 [132]. - The company has a plan to raise additional capital through loans or investments to meet working capital needs [133]. - As of September 30, 2022, the company has no off-balance sheet arrangements, obligations, assets, or liabilities [136]. Business Combination - The company has until March 8, 2023, to consummate a Business Combination, or it will face mandatory liquidation [135]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination [124]. - The underwriters are entitled to a deferred fee of $12,075,000, payable only upon the completion of a Business Combination [138]. Accounting and Reporting - The company accounts for Warrants as liabilities, adjusting their fair value at each reporting period, with changes recognized in the statements of operations [140]. - Class A common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' deficit [141]. - The company is assessing the impact of ASU 2020-06, which must be adopted by January 1, 2024, on its financial position and results of operations [142]. - Management does not believe that any recently issued accounting standards will materially affect the condensed financial statements [143]. Other Financial Obligations - The company incurred a total of $90,000 in fees to Atlantic Coastal Acquisition Management LLC for office space and support from March 1, 2021, to September 30, 2022 [137]. - The company received cash payments totaling $3,150,799 under the Termination Agreement for the nine months ended September 30, 2022 [115].
Atlantic stal Acquisition (ACAH) - 2022 Q3 - Quarterly Report