Financial Performance - For the three months ended March 31, 2023, the company reported a net income of 3,284,542 from marketable securities held in the Trust Account for the three months ended March 31, 2023 [118]. - Cash used in operating activities for the three months ended March 31, 2023 was 313,074,997, consisting of U.S. Treasury Bills with a maturity of 185 days or less [120]. - The company plans to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business [120]. Initial Public Offering (IPO) - The company raised gross proceeds of 13,850,000 from the sale of Private Placement Warrants [119]. - The company incurred total transaction costs of 5,760,000 in underwriting discounts [119]. Business Combination - The company has until October 19, 2023, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed [122]. - The company has committed $1,750,000 from its Sponsor to fund expenses related to identifying and evaluating target businesses [120]. Accounting Standards - ASU 2020-06, effective after December 15, 2023, simplifies accounting for convertible instruments and diluted earnings per share calculation [132]. - 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 [133]. - Management does not anticipate any other recently issued accounting standards to materially affect condensed financial statements [134]. Debt and Liabilities - The company does not have any long-term debt or off-balance sheet arrangements as of March 31, 2023 [123].
Atlantic stal Acquisition II(ACAB) - 2023 Q1 - Quarterly Report