AltEnergy Acquisition p(AEAE) - 2021 Q3 - Quarterly Report

Financial Position - As of September 30, 2021, AltEnergy Acquisition Corp. reported total assets of $453,602, with current cash assets amounting to $48,349[9]. - Total liabilities as of September 30, 2021, were $554,757, which included accrued operating and formation costs of $16,956 and a note payable to the sponsor of $250,000[9]. - The total stockholder's deficit as of September 30, 2021, was $(101,155)[10]. - As of September 30, 2021, the company had cash of $48,349 and current liabilities of $554,757, resulting in a working capital deficit of $506,408[89]. - The company has no long-term debt or capital lease obligations as of September 30, 2021[96]. Net Loss - The company incurred a net loss of $40,954 for the three months ended September 30, 2021, and a total net loss of $126,155 since inception[13]. - The company reported a net loss per share, with diluted loss per share being the same as basic loss per share due to the absence of dilutive securities as of September 30, 2021[46]. - For the three months ended September 30, 2021, the company reported a net loss of $40,954, and a cumulative net loss of $126,155 since inception on February 9, 2021[90]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on November 2, 2021, generating gross proceeds of $200,000,000 from the sale of 20,000,000 units[23]. - The Initial Public Offering generated gross proceeds of $200 million from the sale of 20,000,000 Units at a price of $10.00 per Unit[56]. - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000, with underwriting commissions of $4,600,000 and other offering costs of $530,022[92]. - The underwriters exercised an over-allotment option, purchasing an additional 3,000,000 Units for $30 million, bringing total gross proceeds to $230 million[71]. - After deducting underwriting discounts and commissions of $4,600,000 and other costs, the net proceeds from the public offering and private placement were approximately $236,765,000[111]. Business Combination - The net proceeds from the IPO are primarily intended for consummating a Business Combination, with a requirement to complete one or more combinations with a fair market value of at least 80% of the net assets held in the Trust Account[26]. - The company will redeem Public Shares at a price of $10.20 per share, plus any pro rata interest, if a Business Combination is not completed within 18 months from the IPO[31]. - The company intends to effectuate an Initial Business Combination using cash from the Public Offering and additional issuances of capital stock and debt[88]. - The company expects to incur significant costs in pursuing acquisition plans, with no assurance of successful completion of an Initial Business Combination[89]. Trust Account and Proceeds - A total of $234,600,000 from the Public Offering and Private Placement was deposited in a trust account, with income on these funds available to pay franchise and income taxes[93]. - The company placed $234,600,000 (or $10.20 per unit sold) into a trust account following the public offering[111]. - The Trust Account may be invested in U.S. government securities or money market funds until the earlier of a Business Combination or distribution of the Trust Account[25]. Company Operations - As of September 30, 2021, the company had not commenced any operations and will not generate operating revenues until after completing a business combination[22]. - The company has broad discretion regarding the application of net proceeds from the IPO and Private Placement Warrants[26]. - The company has established a monthly payment of $15,000 for administrative services to an affiliate of the Sponsor[64]. Risks and Compliance - The company is classified as an emerging growth company, subject to risks associated with early-stage companies[21]. - Management is evaluating the potential impact of the COVID-19 pandemic on the company's financial position and operations[36]. - The company must maintain net tangible assets of at least $5,000,001 to avoid being subject to SEC's "penny stock" rules[28]. - The company has no material legal proceedings or risk factors that have changed since the last report[107]. Financial Controls - There were no changes in internal control over financial reporting that materially affected the company during the quarter ended September 30, 2021[106]. - The company’s disclosure controls and procedures were evaluated as effective by the Chief Executive Officer and Chief Financial Officer[105]. - The company adopted ASU 2020-06, which simplifies accounting for convertible instruments, without impacting its financial position[101].