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Atlantic stal Acquisition II(ACAB) - 2024 Q3 - Quarterly Report
ACABAtlantic stal Acquisition II(ACAB)2024-11-26 02:34

Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of 335,100,withoperatingandformationcostsof335,100, with operating and formation costs of 391,686 and interest income of 84,240[216].−FortheninemonthsendedSeptember30,2024,thecompanyhadanetlossof84,240[216]. - For the nine months ended September 30, 2024, the company had a net loss of 1,722,675, with operating and formation costs totaling 1,926,428[218].−Thecompanyincurredcashusedinoperatingactivitiesof1,926,428[218]. - The company incurred cash used in operating activities of 775,992 for the nine months ended September 30, 2024, with a net loss of 1,722,675[232].−Thecompanyhassubstantialdoubtregardingitsabilitytocontinueasagoingconcernwithinoneyearaftertheissuanceofitsfinancialstatements[235].CashPosition−AsofSeptember30,2024,thecompanyhadcashheldintheTrustAccountof1,722,675[232]. - The company has substantial doubt regarding its ability to continue as a going concern within one year after the issuance of its financial statements[235]. Cash Position - As of September 30, 2024, the company had cash held in the Trust Account of 7,721,206, following a redemption of 29,728,990inJanuary2024[225].−AsofSeptember30,2024,thecompanyhadcashof29,728,990 in January 2024[225]. - As of September 30, 2024, the company had cash of 13,597 available for operational expenses and target business evaluations[227]. - The company has received a commitment from its Sponsor to provide 1,750,000forworkingcapitalandtransactioncostsrelatedtoaBusinessCombination[228].InitialPublicOffering−ThecompanycompleteditsInitialPublicOfferingonJanuary19,2022,raisinggrossproceedsof1,750,000 for working capital and transaction costs related to a Business Combination[228]. Initial Public Offering - The company completed its Initial Public Offering on January 19, 2022, raising gross proceeds of 300,000,000 from the sale of 30,000,000 Units[221]. - Transaction costs related to the Initial Public Offering amounted to 17,204,107,including17,204,107, including 5,760,000 in underwriting discounts and $10,500,000 in deferred underwriting fees[222]. Accounting and Reporting - The company accounts for warrants as equity-classified instruments based on specific terms and guidance, meeting criteria for equity classification[241]. - 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[242]. - 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[244]. - Management believes that no recently issued accounting standards will have a material effect on the financial statements[245]. Off-Balance Sheet Financing - The company has no off-balance sheet financing arrangements as of September 30, 2024[237].