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Atlantic stal Acquisition II(ACAB) - 2024 Q1 - Quarterly Report
ACABAtlantic stal Acquisition II(ACAB)2024-07-09 21:25

Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of 1,048,724,primarilyduetooperatingandformationcostsof1,048,724, primarily due to operating and formation costs of 1,141,068[96]. - The company generated interest income of 95,637fromcashandmarketablesecuritiesheldintheTrustAccountforthesameperiod[96].−Thecompanyincurredcashusedinoperatingactivitiesof95,637 from cash and marketable securities held in the Trust Account for the same period[96]. - The company incurred cash used in operating activities of 263,925 for the three months ended March 31, 2024, compared to 97,222forthesameperiodin2023[106].−Net(loss)incomepercommonshareiscalculatedbydividingnet(loss)incomebytheweightedaveragenumberofcommonstockoutstandingfortheperiod[118].CashandSecurities−AsofMarch31,2024,thecompanyhadcashheldintheTrustAccountamountingto97,222 for the same period in 2023[106]. - Net (loss) income per common share is calculated by dividing net (loss) income by the weighted average number of common stock outstanding for the period[118]. Cash and Securities - As of March 31, 2024, the company had cash held in the Trust Account amounting to 7,508,088, following a redemption of 29,728,990inJanuary2024[101].−AsofMarch31,2024,thecompanyhadcashof29,728,990 in January 2024[101]. - As of March 31, 2024, the company had cash of 10,613 available outside the Trust Account for operational expenses[103]. Initial Public Offering - The company raised gross proceeds of 300,000,000fromitsInitialPublicOffering,whichincludedthesaleof30,000,000Unitsat300,000,000 from its Initial Public Offering, which included the sale of 30,000,000 Units at 10.00 per Unit[97]. - Total transaction costs related to the Initial Public Offering amounted to 17,204,107,including17,204,107, including 5,760,000 in underwriting discounts and 10,500,000indeferredunderwritingfees[98].BusinessCombinationandLiquidation−ThecompanyhasuntilJuly19,2024,toconsummateaBusinessCombination,afterwhichamandatoryliquidationwilloccurifnotcompleted[111].CommitmentsandFinancing−Thecompanyhascommittedtoprovide10,500,000 in deferred underwriting fees[98]. Business Combination and Liquidation - The company has until July 19, 2024, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[111]. Commitments and Financing - The company has committed to provide 1,750,000 from its Sponsor to fund expenses related to identifying and selecting a target business[104]. - The company has no off-balance sheet financing arrangements as of March 31, 2024[112]. Accounting and Reporting Standards - Common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' equity[116]. - Warrants are classified as equity instruments based on specific terms and are recorded within stockholders' deficit[117]. - The FASB issued ASU No. 2023-09, which will require additional disclosures in income tax rate reconciliation effective for annual periods beginning after December 15, 2024[119]. - The company is reviewing the impact of ASU 2023-09 but does not believe other recently issued accounting standards will materially affect financial statements[119].