Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $3,090,679, driven by interest earned on marketable securities of $5,416,834, offset by operating costs of $1,157,365 and a provision for income taxes of $1,115,936 [112]. - Cash used in operating activities for the three months ended March 31, 2023, was $678,937, with changes in operating assets and liabilities providing $1,888,448 of cash [117]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination [111]. Marketable Securities - As of March 31, 2023, the company held marketable securities in the Trust Account totaling $511,504,060, which includes approximately $11,504,060 of interest income [119]. - The company plans to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital [120]. Initial Public Offering - The company completed its Initial Public Offering on July 12, 2021, raising gross proceeds of $500,000,000 from the sale of 50,000,000 Public Shares at $10.00 each [115]. - The company incurred transaction costs of $26,652,125 related to the Initial Public Offering, which included $8,580,000 in underwriting fees and $17,500,000 in deferred underwriting fees [116]. Business Combination Timeline - The company has until July 12, 2023, to consummate a Business Combination, with a potential extension to October 12, 2023, if certain conditions are met [124]. Cash Position - As of March 31, 2023, the company had cash of $2,898,422 available for operational purposes, primarily to identify and evaluate target businesses [121]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements or obligations as of March 31, 2023 [125].
AltC Acquisition (ALCC) - 2023 Q1 - Quarterly Report