Agriculture & Natural Solutions Acquisition Corporation(ANSCU) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $4,136,680, primarily from$4,687,938 of interest on the Trust Account, offset by general and administrative expenses of $551,258 [81]. - The company incurred$30,000 in administrative fees for the three months ended March 31, 2024, compared to $0 for the same period in 2023 [90]. - The company has not generated any revenues to date and does not expect to do so until after completing an initial business combination [80]. 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, incurring transaction costs of approximately$20.4 million [76]. - 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 [88][89]. - 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 [77]. Cash and Working Capital - As of March 31, 2024, the company had a cash balance of$235,739 and working capital of $255,251, with cash used in operating activities amounting to$193,616 [82][83]. - The company has access to potential Working Capital Loans of up to $1,500,000 from its officers, directors, and initial shareholders if needed [84]. Business Strategy - The company intends to leverage the platforms of its sponsors to identify and acquire a business focused on decarbonizing the agriculture sector [75]. - 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 [79].