Agriculture & Natural Solutions Acquisition(ANSC) - 2023 Q3 - Quarterly Report

Financial Performance - The company reported a net loss of $698 for the nine months ended September 30, 2023, primarily due to formation costs[97]. - The company has not engaged in any operations or generated any revenues to date, with expectations to generate operating revenues only after completing an initial business combination[94]. Public Offering and Proceeds - The company completed its Public Offering on November 13, 2023, raising gross proceeds of$345 million from the sale of 34,500,000 units at $10.00 per unit, with transaction costs of approximately$20 million[89]. - The company sold 9,400,000 private placement warrants at $1.00 each, generating gross proceeds of$9.4 million[90]. - Approximately $345 million of the net proceeds from the Public Offering and certain proceeds from the private placement were placed in a trust account, invested in U.S. government securities[91]. - The underwriters received an underwriting discount of$6.9 million and deferred underwriting commissions of approximately $12.1 million, contingent upon completing an initial business combination[102][103]. Liquidity and Financial Obligations - As of September 30, 2023, the company had a cash balance of$0, but liquidity needs are satisfied through net proceeds from the Public Offering and private placement[99]. - If the company fails to complete an initial business combination by November 13, 2025, it will redeem public shares at a price equal to the amount in the Trust Account[92]. - The company has agreed to pay $10,000 per month for administrative services until the completion of an initial business combination or liquidation[104]. Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[110].