Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $3,782,431, driven by interest earned on marketable securities of $5,862,881 and an unrealized gain of $52,854[120]. - For the six months ended June 30, 2023, the company achieved a net income of $6,873,110, with interest income from marketable securities totaling $11,279,715[121]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $515,933,705, including $15,933,705 of interest income[129]. - Cash used in operating activities for the six months ended June 30, 2023, was $4,223,221, influenced by interest earned on marketable securities[127]. 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[125]. - The company incurred transaction costs of $26,652,125 related to the Initial Public Offering, which included $8,580,000 in underwriting fees[126]. Business Combination - The company has until October 12, 2023, to consummate a Business Combination, with uncertainty regarding the ability to do so[134]. - The company has $840,228 in cash available outside the Trust Account for operational purposes, including identifying and evaluating target businesses[131]. - The company has no off-balance sheet arrangements as of June 30, 2023, and does not participate in transactions with unconsolidated entities[135]. - The company agreed to pay $30,000 per month for office space and administrative services until the consummation of a Business Combination[136].
AltC Acquisition (ALCC) - 2023 Q2 - Quarterly Report