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Agriculture & Natural Solutions Acquisition Corporation(ANSCU) - 2025 Q1 - Quarterly Report
ANSCUAgriculture & Natural Solutions Acquisition Corporation(ANSCU)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 income from 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 reported no revenues to date, with all activities focused on preparing for the Public Offering and searching for a target business[112]. - The company incurred 30,000inadministrativefeesforboththethreemonthsendedMarch31,2025,and2024,forofficeandadministrativesupport[121].−Thecompanyhasincurredgeneralandadministrativeexpensesof30,000 in administrative fees for both the three months ended March 31, 2025, and 2024, for office and administrative support[121]. - The company has incurred general and administrative expenses of 2,036,401, offset by waived legal fees of 2,076,234,forthethreemonthsendedMarch31,2025[113].PublicOfferingandFinancing−ThecompanycompleteditsPublicOfferingonNovember13,2023,raisinggrossproceedsof2,076,234, for the three months ended March 31, 2025[113]. Public Offering and Financing - 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 10.00perunit,incurringtransactioncostsofapproximately10.00 per unit, incurring transaction costs of approximately 20.4 million[106]. - The underwriters received an underwriting discount of 6,900,000anddeferredunderwritingcommissionsofapproximately6,900,000 and deferred underwriting commissions of approximately 12,075,000, contingent upon the completion of a business combination[119][120]. - The company has placed approximately 345.0millioninaTrustAccount,investedinU.S.governmentsecurities,untilthecompletionofitsinitialbusinesscombination[108].−ThecompanyissuedaWorkingCapitalNotefor345.0 million in a Trust Account, invested in U.S. government securities, until the completion of its initial business combination[108]. - The company issued a Working Capital Note for 1,500,000 to Warrant Holdings Sponsor, which is repayable upon the consummation of an initial business combination[122]. Business Viability and Compliance - 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]. - 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]. - Offering costs allocated to Class A ordinary shares were charged to temporary equity, while those allocated to Warrants were charged to shareholders' equity[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 for a period of five years following the Public Offering[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].