AltEnergy Acquisition p(AEAE) - 2024 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of $169,187 compared to a net income of$1,066,985 for the same period in 2023[142]. - For the six months ended June 30, 2024, the company had a net loss of $1,429,067, while net income for the same period in 2023 was$2,777,532[143]. - The company has incurred operating expenses totaling $985,611 for the three months ended June 30, 2024, compared to$766,890 for the same period in 2023[142]. - The company has not generated any operating revenues to date and relies on interest income from marketable securities[141]. - The company’s net income (loss) per share is calculated using the two-class method, with no dilutive securities as of June 30, 2024[163]. Cash and Investments - As of June 30, 2024, the company held $8,417,407 (approximately$11.40 per share) in the Trust Account, with an additional cash balance of $139,651 available for working capital[144]. - As of June 30, 2024, the company had cash of$239,271 held outside the Trust Account, with $99,620 reserved for taxes and dissolution costs[150]. - The company has outstanding loans from the Sponsor totaling$1,735,000 as of June 30, 2024, with accrued interest of $47,175[152]. - The company has common stock subject to possible redemption amounting to$8,501,827 as of June 30, 2024, classified as temporary equity[158]. - As of June 30, 2024, the company has $99,620 in a restricted investment account reserved for potential dissolution costs if the initial business combination is not completed[144]. Business Combination and Agreements - The company entered into a Merger Agreement on February 21, 2024, with Car Tech, LLC, which will constitute a business combination[132]. - The Aggregate Merger Consideration for the business combination is set at$80,000,000, plus an additional $40,000,000 in Earn Out Consideration[134]. - Stockholders holding 839,322 Class A Shares redeemed their shares for a total of$9,400,518 (approximately $11.20 per share) from the Trust Account[140]. - The company plans to extend the deadline for completing an initial business combination from May 2, 2024, to November 2, 2024, with the possibility of further extensions[138]. - The company intends to use substantially all funds in the Trust Account to complete an initial business combination and pursue growth strategies[148]. Financing and Debt - The company may need to obtain additional financing to complete its initial business combination or to redeem public shares, which could involve issuing additional securities or incurring debt[149]. - The company has no long-term debt or significant off-balance sheet arrangements as of June 30, 2024[153]. - The company will pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc. upon consummation of the initial business combination[155]. Regulatory and Accounting Matters - The company is evaluating the impact of ASU 2023-09 on its financial statements, effective January 1, 2025[164]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[165].