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Agriculture & Natural Solutions Acquisition Corporation(ANSCU) - 2024 Q4 - Annual Report
ANSCUAgriculture & Natural Solutions Acquisition Corporation(ANSCU)2025-03-28 16:19

Financial Performance - The Company reported a net income of 8,363,892fortheyearendedDecember31,2024,consistingofgeneralandadministrativeexpensesof8,363,892 for the year ended December 31, 2024, consisting of general and administrative expenses of 10,241,431, offset by 18,605,323ofinterestontheTrustAccount[308].−FortheyearendedDecember31,2024,thecompanyreportedanetincomeof18,605,323 of interest on the Trust Account[308]. - For the year ended December 31, 2024, the company reported a net income of 8,363,892, with cash used in operating activities amounting to 1[310].−Thecompanyincurred1[310]. - The company incurred 120,000 in administrative fees for the year ended December 31, 2024, compared to 15,000forthepreviousyear[316].PublicOffering−ThePublicOfferinggeneratedgrossproceedsof15,000 for the previous year[316]. Public Offering - The Public Offering generated gross proceeds of 345.0 million from the sale of 34,500,000 units at 10.00perunit,withtransactioncostsofapproximately10.00 per unit, with transaction costs of approximately 20.4 million[288]. - Approximately 345.0millionofthenetproceedsfromthePublicOfferingwereplacedinaTrustAccount,investedinU.S.governmentsecurities[290].−Anunderwritingdiscountof345.0 million of the net proceeds from the Public Offering were placed in a Trust Account, invested in U.S. government securities[290]. - An underwriting discount of 0.20 per Unit was paid, totaling 6,900,000uponclosingofthePublicOffering[314].−Deferredunderwritingcommissionsofapproximately6,900,000 upon closing of the Public Offering[314]. - Deferred underwriting commissions of approximately 12,075,000 will be payable to underwriters upon completion of an initial business combination[315]. Business Operations - The Company has not engaged in any operations or generated revenues to date, with activities focused on preparing for the Public Offering and searching for a target business[307]. - The company has until November 13, 2025, to complete a business combination or cease operations, raising substantial doubt about its ability to continue as a going concern if not completed[312]. - The Company is currently discussing the best path forward for the Business Combination in light of volatile equity market conditions[306]. Financial Position - As of December 31, 2024, the Company had a cash balance of 1andaworkingcapitaldeficitof1 and a working capital deficit of 3,350,028[309]. - As of December 31, 2024, the outstanding balance under the Working Capital Note was 838,405,withaprincipalamountof838,405, with a principal amount of 1,500,000 issued for financing[317]. Agreements and Support - The Business Combination Agreement was entered into on August 28, 2024, involving multiple parties and the issuance of NewCo Ordinary Shares[292]. - The Sponsor Support Agreement includes provisions for the Sponsor to vote in favor of the Business Combination and not redeem any public shares[294]. Costs and Expenses - The company incurred expenses related to being a public company and due diligence for the initial business combination[307]. - The company has incurred significant costs related to its financing and acquisition plans, which are expected to continue[312]. Accounting and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[326]. - The company does not have any off-balance sheet arrangements as of the date of the Annual Report[325]. - The company has identified critical accounting estimates related to the valuation of warrant values and the allocation of proceeds from the Public Offering[320].