Agriculture & Natural Solutions Acquisition(ANSC) - 2023 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2023, the company reported a net income of $1,305,390, which included general and administrative expenses of$1,151,448 and interest income of $2,456,838 [271]. - As of December 31, 2023, the company had a cash balance of$284,783 and working capital of $526,117, with cash used in operating activities amounting to$1,181,777 [273][274]. - The company incurred $15,000 in administrative fees for the year ended December 31, 2023, under an agreement to pay$10,000 per month for administrative services [280]. - The underwriters received an underwriting discount of $6,900,000 and deferred underwriting commissions of approximately$12,075,000, contingent upon the completion of an initial business combination [278][279]. - The company has not generated any operating revenues to date and does not expect to do so until after completing an initial business combination [270]. Public Offering - The company completed its Public Offering on November 13, 2023, raising gross proceeds of $345.0 million from the sale of 34,500,000 units at$10.00 per unit, with transaction costs of approximately $20.4 million [266]. - The company has placed approximately$345.0 million of net proceeds from the Public Offering into a Trust Account, invested in U.S. government securities [268]. Future Operations - If the company fails to complete an initial business combination by November 13, 2025, it will cease operations and redeem public shares at a price equal to the amount in the Trust Account [269]. - The company has the option to obtain Working Capital Loans up to $1,500,000 from its officers, directors, and initial shareholders if needed [275]. - The company intends to focus on acquiring businesses that decarbonize the traditional agriculture sector and enhance natural capital at scale, leveraging the expertise of its Sponsor Entities [265].