Workflow
AltEnergy Acquisition p(AEAE) - 2024 Q4 - Annual Report
AEAEAltEnergy Acquisition p(AEAE)2025-03-28 18:55

Financial Position - As of December 31, 2024, the Trust Account held 8,544,857,approximately8,544,857, approximately 11.58 per share[213]. - As of April 30, 2024, there was 8,344,700,approximately8,344,700, approximately 11.30 per share, held in the Trust Account after stockholders redeemed 839,332 Class A Shares for 9,513,007[207].−TheCompanyhas9,513,007[207]. - The Company has 101,511 held in a restricted investment account reserved for potential dissolution costs if it fails to complete a business combination[213]. - As of December 31, 2024, the shares of Class A common stock subject to possible redemption amount to 8,646,368,classifiedastemporaryequity[230].−TheCompanyhasnolong−termdebtoroff−balancesheetfinancingarrangementsasofDecember31,2024[223].BusinessCombinationPlans−Thecompanyhasincurredcostsinpursuitofitsinitialbusinesscombinationplansanddoesnotexpecttogenerateoperatingrevenuesuntilafterthecompletionofsuchacombination[210].−ThecompanyhasextendedthedeadlineforcompletinganinitialbusinesscombinationtoMay1,2026,withthepossibilityoffurtherextensions[209].−Managementhasraisedsubstantialdoubtaboutthecompany′sabilitytocontinueasagoingconcernifabusinesscombinationisnotcompletedbyMay2,2025[217].−TheCompanyintendstousesubstantiallyallfundsintheTrustAccountforaninitialbusinesscombination,withremainingproceedsallocatedforworkingcapitalandgrowthstrategies[218].−TheCompanymayneedadditionalfinancingtocompleteitsbusinesscombinationortomeetobligationsifcashonhandisinsufficient[219].FinancialPerformance−FortheyearendedDecember31,2024,thenetlosswas8,646,368, classified as temporary equity[230]. - The Company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2024[223]. Business Combination Plans - The company has incurred costs in pursuit of its initial business combination plans and does not expect to generate operating revenues until after the completion of such a combination[210]. - The company has extended the deadline for completing an initial business combination to May 1, 2026, with the possibility of further extensions[209]. - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by May 2, 2025[217]. - The Company intends to use substantially all funds in the Trust Account for an initial business combination, with remaining proceeds allocated for working capital and growth strategies[218]. - The Company may need additional financing to complete its business combination or to meet obligations if cash on hand is insufficient[219]. Financial Performance - For the year ended December 31, 2024, the net loss was 2,697,841, including interest income of 576,286andagainof576,286 and a gain of 858,100 on the change in fair value of derivative warrant liabilities[211][216]. - The company reported interest income of 4,216,411fortheyearendedDecember31,2023,alongsideanetlossof4,216,411 for the year ended December 31, 2023, alongside a net loss of 2,283,526[212]. - The company’s operating expenses totaled 3,942,881fortheyearendedDecember31,2024[211].LoansandFinancing−TheSponsorhasprovidedatotalof3,942,881 for the year ended December 31, 2024[211]. Loans and Financing - The Sponsor has provided a total of 1,335,000 in loans for working capital purposes during the year ended December 31, 2024, with outstanding amounts of 2,335,000asofDecember31,2024[222].−TheCompanywillpayacashfeeof3.52,335,000 as of December 31, 2024[222]. - The Company will pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc. upon consummation of the initial business combination[225]. Derivative Instruments - The Company has determined that Public Warrants and Private Placement Warrants are derivative instruments, recorded at fair value[231]. - The Company has no dilutive securities or contracts that could potentially be exercised or converted into common stock as of December 31, 2024[236]. Regulatory Compliance - The Company is evaluating the impact of ASU 2023-09 on its financial statements, effective January 1, 2025, which aims to enhance income tax disclosures[237]. Administrative Expenses - The Company has a monthly fee obligation of 15,000 to an affiliate of the Sponsor for office space and administrative support, payable upon completion of a business combination[224].