Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $282,208, driven by interest income of $1,069,340, offset by operating costs of $569,734 and an income tax provision of $213,175[104]. - For the nine months ended September 30, 2023, the company achieved a net income of $6,131,847, with interest income totaling $9,940,721, while operating costs were $1,753,314 and income tax provision was $2,042,891[104]. - The company incurred cash used in operating activities of $2,265,670 for the nine months ended September 30, 2023, compared to $1,626,326 for the same period in 2022[107][108]. Cash and Securities - As of September 30, 2023, the company had cash and marketable securities in the Trust Account amounting to $83,271,718, a decrease from $348,005,679 as of December 31, 2022[109]. - Following the Special Meeting on June 23, 2023, stockholders redeemed 26,499,201 Public Shares, leaving 8,000,799 Public Shares outstanding and $82,262,411 remaining in the Trust Account[102]. Working Capital and Liabilities - The company has a working capital deficit of approximately $7.9 million as of September 30, 2023, with current liabilities of approximately $8.6 million[113]. - The company has no long-term debt or significant liabilities, only a monthly fee of $16,667 to an affiliate for administrative services, effective until July 13, 2024, or until the completion of the Initial Business Combination[118]. Business Operations and Future Plans - The company expects to continue incurring significant costs in pursuit of acquisition plans and has access to funds from the Sponsor to meet working capital needs until a potential business combination is completed[111][116]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its Initial Business Combination[103]. Financing and Fees - The company closed its Initial Public Offering on July 13, 2021, generating gross proceeds of approximately $353.8 million from the sale of 30,000,000 Units at $10.00 per Unit and additional Private Placement Warrants[106]. - The underwriters are entitled to a deferred fee of $12,075,000, which will be waived if the Initial Business Combination is not completed[118]. Risk and Controls - As of September 30, 2023, the company is not subject to any market or interest rate risk, with investments in U.S. government treasury bills and money market funds[123]. - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective as of the end of the fiscal quarter[124]. - There were no changes in internal control over financial reporting during the fiscal quarter ended September 30, 2023, that materially affected the internal control[126]. - The company has not been involved in any legal proceedings[128]. Off-Balance Sheet Financing - The company has no off-balance sheet financing arrangements as of September 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities[117].
Acropolis Infrastructure Acquisition (ACRO) - 2023 Q3 - Quarterly Report