Financial Performance - For the three months ended June 30, 2023, the company reported a net income of 1,526,546[117] - For the six months ended June 30, 2023, the company achieved a net income of 4,811,088[117] Transaction Costs and IPO - The company incurred total transaction costs of 5,760,000 in underwriting discounts and 35,997,814, consisting of U.S. Treasury Bills[123] - The company has cash of 363,903 classified as restricted cash for tax payments[125] Business Combination Plans - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[124] - The company has until October 19, 2023, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[129] - The company does not expect to generate operating revenues until after the completion of its Business Combination[116] Debt and Financial Commitments - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2023[130] - The company’s Sponsor has committed to provide $1,750,000 to fund expenses related to identifying a target business and other working capital needs[126] Accounting Standards - ASU 2020-06, effective after December 15, 2023, simplifies accounting for convertible instruments and diluted earnings per share calculation[136] - ASU 2016-13, adopted on January 1, 2023, requires financial assets to be presented at the net amount expected to be collected, with no material impact on financial statements[137] - Management does not anticipate any other recently issued accounting standards to materially affect condensed financial statements[138]
Atlantic stal Acquisition II(ACAB) - 2023 Q2 - Quarterly Report