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Agriculture & Natural Solutions Acquisition Corporation(ANSCU) - 2023 Q4 - Annual Report
ANSCUAgriculture & Natural Solutions Acquisition Corporation(ANSCU)2024-03-28 20:10

Financial Performance - For the year ended December 31, 2023, the company reported a net income of 1,305,390,whichincludedgeneralandadministrativeexpensesof1,305,390, which included general and administrative expenses of 1,151,448 and interest income of 2,456,838[318].−AsofDecember31,2023,thecompanyhadacashbalanceof2,456,838 [318]. - As of December 31, 2023, the company had a cash balance of 284,783 and working capital of 526,117,withcashusedinoperatingactivitiesamountingto526,117, with cash used in operating activities amounting to 1,181,777 [319][320]. - The company has not generated any operating revenues to date and does not expect to do so until after completing an initial business combination [317]. Public Offering - The company completed its Public Offering on November 13, 2023, raising gross proceeds of 345.0millionfromthesaleof34,500,000unitsat345.0 million from the sale of 34,500,000 units at 10.00 per unit, with transaction costs of approximately 20.4million[313].−Theunderwritersreceivedanunderwritingdiscountof20.4 million [313]. - The underwriters received an underwriting discount of 6,900,000 and deferred underwriting commissions of approximately 12,075,000,contingentuponthecompletionofaninitialbusinesscombination[324][325].−Thecompanyhasplacedapproximately12,075,000, contingent upon the completion of an initial business combination [324][325]. - 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 [315]. Business Operations and Future Outlook - 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 [316][322]. - The company may need to obtain additional financing to complete an initial business combination or to cover redemptions of public shares [321]. - The company has access to funds from the Sponsor, which are sufficient to meet working capital needs until the completion of a business combination or one year from the issuance of the financial statements [322]. Administrative and Internal Controls - The company incurred 15,000inadministrativefeesfortheyearendedDecember31,2023,underanagreementtopay15,000 in administrative fees for the year ended December 31, 2023, under an agreement to pay 10,000 per month for administrative support [325]. - The company's disclosure controls and procedures were evaluated as effective as of December 31, 2023, by the Certifying Officers [333]. - The company does not expect its disclosure controls and procedures to prevent all errors and instances of fraud, providing only reasonable assurance of their effectiveness [334]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the company's internal controls [335]. - The management's assessment regarding internal control over financial reporting is not included in the Annual Report due to a transition period for newly public companies [335].