Financial Performance - As of March 31, 2024, the company reported a net income of $3,453,001, primarily due to a favorable change in fair value of warrant liabilities of $1,272,819 and interest earned on investments held in the trust account of $669,170[230] - The company reported general and administrative expenses of $88,584 for the three months ended March 31, 2024, a decrease from $420,692 for the same period in 2023[234] - The company had a basic and diluted net income per share of $0.25 for both Class A and Class B ordinary shares for the three months ended March 31, 2024, compared to $0.05 for the same period in 2023[234] Cash and Working Capital - The company had $32,949 in cash and a working capital deficit of $(36,892) as of March 31, 2024, compared to $111,819 in cash and a working capital deficit of $(4,614,345) as of December 31, 2023[231] - Approximately $68.2 million (approximately $10.88 per share) was removed from the Trust Account due to the redemption of 6,266,236 Class A ordinary shares, leaving approximately $56.3 million in the Trust Account[240] Business Combination and Trust Account - Following the First Redemption, approximately $242.4 million (approximately $10.51 per share) was removed from the Trust Account, leaving approximately $119.6 million remaining[213] - The company has the option to extend the time to complete a Business Combination by up to twelve one-month extensions, with recent extensions costing $250,000 each[227] - The company extended the period to consummate a Business Combination by depositing $250,000 into the Trust Account on three occasions, enabling extensions to November 17, 2023[227] - On November 14, 2023, shareholders approved an extension of the Combination Period to June 17, 2024, without additional deposits into the Trust Account[215] Initial Public Offering - The company completed its initial public offering on December 17, 2021, raising gross proceeds of $345 million from the sale of 34,500,000 units at $10.00 per unit[222] - The underwriters earned a cash underwriting discount of 2.0% of the gross proceeds of the IPO, amounting to $6,900,000, and a marketing fee of 5.0% upon completion of a Business Combination, which was later waived[235] Future Expectations - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses related to business combination efforts[217] - The company anticipates generating non-operating income in the form of interest income on marketable securities held after the Public Offering[217] Share Structure - As of May 15, 2024, the company had 5,170,599 Class A ordinary shares and 8,625,000 Class B ordinary shares outstanding[233] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[244]
Battery Future Acquisition (BFAC) - 2024 Q1 - Quarterly Report