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Athena Technology Acquisition II(ATEK) - 2022 Q3 - Quarterly Report
Athena Technology Acquisition IIAthena Technology Acquisition II(US:ATEK)2022-11-13 16:00

Financial Performance - As of September 30, 2022, the company reported a net income of $580,455, driven by interest income of $1,156,843 from investments in the Trust Account, after accounting for operating expenses of $343,952 and income tax expenses of $232,436[110]. - For the nine months ended September 30, 2022, the company achieved a net income of $219,201, with total interest income of $1,528,774, offset by operating expenses of $1,034,137 and income tax expenses of $275,436[110]. IPO and Fundraising - The company completed its IPO on December 14, 2021, raising gross proceeds of $250 million from the sale of 25 million units at $10.00 per unit[113]. - An additional $3,750,000 was raised from the partial exercise of the underwriter's over-allotment option, bringing total gross proceeds to $256,287,500, which was placed in a Trust Account[114][115]. Cash and Working Capital - As of September 30, 2022, the company had $516,408 in cash available for working capital purposes, with $1,010,056 used in operating activities during the nine months[116]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022, and does not anticipate needing to raise additional funds for operating expenditures[121][119]. Business Combination - The company is assessing the feasibility of completing a Business Combination before the mandatory liquidation date of June 14, 2023, but there is no assurance that this will be achieved[120]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and may utilize remaining proceeds for working capital and growth strategies[116]. Warrants and Obligations - The company has issued 13,164,375 Public and Private Placement Warrants, which are contingently exercisable and excluded from diluted earnings per share calculations as of September 30, 2022[128]. - The company has no obligations related to off-balance sheet financing arrangements or special purpose entities[121].