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

Financial Performance - The company reported a net loss of $698 for the nine months ended September 30, 2023, which consisted of formation costs[83]. - The company has not generated any revenues to date and does not expect to do so until after completing an initial business combination[82]. Public Offering - The company completed its Public Offering on November 13, 2023, raising gross proceeds of$345,000,000 from the sale of 34,500,000 units at $10.00 per unit, incurring transaction costs of approximately$20.0 million[77]. - The underwriters received an underwriting discount of $6,900,000 upon closing of the Public Offering, with an additional deferred fee of approximately$12,075,000 payable upon completion of an initial business combination[87][88]. - The company sold 9,400,000 private placement warrants at $1.00 each, generating gross proceeds of$9,400,000[78]. Liquidity and Financial Position - 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[84]. - The company has agreed to pay$10,000 per month for administrative services until the completion of an initial business combination or liquidation[90]. - The company has no off-balance sheet arrangements as of the date of the report[95]. Business Strategy - The company is focused on identifying and acquiring businesses that decarbonize the traditional agriculture sector and enhance natural capital[76]. Redemption Terms - If the company fails to complete an initial business combination by November 13, 2025, it will redeem public shares at a per-share price equal to the amount in the Trust Account[80].