Merger and Acquisition - The proposed merger with Oklo is expected to involve an aggregate consideration of $850,000,000 plus additional net proceeds from Oklo's equity financing prior to closing[118]. - The Company has extended the deadline to complete a Business Combination from October 12, 2023, to July 12, 2024, following stockholder approval[128]. - The Company has until July 12, 2024, to complete its initial business combination, or it will face mandatory liquidation[145]. Financial Performance - The Company reported a net income of $2,418,722 for the three months ended September 30, 2023, compared to $1,474,130 for the same period in 2022, reflecting an increase of approximately 64%[130][131]. - For the nine months ended September 30, 2023, the Company achieved a net income of $9,291,832, significantly higher than the $1,140,255 reported for the same period in 2022[132][133]. - For the nine months ended September 30, 2022, net income was $1,140,255, influenced by interest earned on marketable securities of $3,184,242[138]. Initial Public Offering - The Initial Public Offering generated gross proceeds of $500,000,000 from the sale of 50,000,000 Public Shares at $10.00 per share[134]. - The Company incurred total transaction costs of $26,652,125 related to the Initial Public Offering, including $8,580,000 in underwriting fees[136]. - The underwriters are entitled to a deferred fee of $0.35 per Public Share, totaling $17,500,000, payable only if a business combination is completed[148]. Cash and Operating Activities - Cash used in operating activities for the nine months ended September 30, 2023, was $7,680,364, with net income impacted by interest earned of $17,925,167[137]. - The Company has not generated any operating revenues to date and relies on interest income from cash and marketable securities held in the Trust Account[129]. - As of September 30, 2023, cash held in the Trust Account was $518,212,824, including $18,212,824 of interest income[139]. - The Company withdrew $4,852,423 from the Trust Account for tax liabilities during the three and nine months ended September 30, 2023[139]. - The Company had cash of $1,749,418 outside the Trust Account as of September 30, 2023, intended for evaluating target businesses and transaction costs[141]. - Cash used in operating activities for the nine months ended September 30, 2022, was $747,869, with changes in operating assets and liabilities providing $1,241,292[138]. Future Capital Needs - The Company plans to issue up to 15,000,000 additional shares of Class A common stock during the Earnout Period based on specific price targets[120]. - The Sponsor has committed to purchase up to 5,000,000 shares of Class A common stock at $10.00 per share, totaling up to $50,000,000[125]. - The Company may need to raise additional capital through loans or investments to meet working capital needs, raising concerns about its ability to continue as a going concern[143]. Other Financial Obligations - The Company agreed to pay $30,000 per month for office space and administrative services until the completion of a business combination or liquidation[147]. - Class A common stock subject to possible redemption is classified as temporary equity, reflecting the uncertainty of future events affecting redemption rights[150].
AltC Acquisition (ALCC) - 2023 Q3 - Quarterly Report