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Agriculture & Natural Solutions Acquisition(ANSC) - 2025 Q1 - Quarterly Report
ANSCAgriculture & Natural Solutions Acquisition(ANSC)2025-05-15 12:55

Financial Performance - As of March 31, 2025, the company reported a net income of 4,017,775,whichincluded4,017,775, which included 3,977,942 of interest on the Trust Account[113]. - The company had a cash balance of 1andaworkingcapitaldeficitof1 and a working capital deficit of 10,259,448 as of March 31, 2025[114]. - The company generated non-operating income from interest on marketable securities but has not engaged in any operations or generated revenues to date[112]. 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, incurring transaction costs of approximately 20.4million[106].−Theunderwritersreceivedanunderwritingdiscountof20.4 million[106]. - The underwriters received an underwriting discount of 6,900,000 and deferred underwriting commissions of approximately 12,075,000,contingentuponthecompletionofabusinesscombination[119][120].−OfferingcostsallocatedtoClassAordinaryshareswerechargedtotemporaryequity,whilethoseallocatedtoWarrantswerechargedtoshareholders′equity[124].BusinessViability−ThecompanyhasuntilNovember13,2025,tocompleteabusinesscombinationorceaseoperations,raisingsubstantialdoubtaboutitsabilitytocontinueasagoingconcernifabusinesscombinationisnotconsummated[117].AdministrativeExpenses−Thecompanyincurred12,075,000, contingent upon the completion of a business combination[119][120]. - Offering costs allocated to Class A ordinary shares were charged to temporary equity, while those allocated to Warrants were charged to shareholders' equity[124]. Business Viability - 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 a business combination is not consummated[117]. Administrative Expenses - The company incurred 30,000 in administrative fees for both the three months ended March 31, 2025, and 2024, under an agreement for office and administrative support[121]. - The company has incurred expenses related to being a public company and due diligence for prospective acquisition candidates[112]. Financing and Capital Structure - The company issued a Working Capital Note for 1,500,000toWarrantHoldingsSponsor,whichisrepayableuponconsummationofaninitialbusinesscombination[122].−Thecompanyplacedapproximately1,500,000 to Warrant Holdings Sponsor, which is repayable upon consummation of an initial business combination[122]. - The company placed approximately 345.0 million in a Trust Account, invested in U.S. government securities, until the completion of its initial business combination[108]. Compliance and Reporting - The Company complies with ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A regarding offering costs, which primarily consist of professional and registration fees related to the Public Offering[124]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[127]. - As an emerging growth company, the Company is exempt from certain reporting requirements, including auditor's attestation on internal controls and CEO compensation disclosures[128]. - The Company did not have any off-balance sheet arrangements as of the date of the Quarterly Report on Form 10-Q[126]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[130].