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Acri Capital Acquisition (ACAC) - 2023 Q3 - Quarterly Report
ACACAcri Capital Acquisition (ACAC)2023-11-08 16:00

Financial Performance - For the three months ended September 30, 2023, the Company reported a net income of 272,860,comparedto272,860, compared to 144,688 for the same period in 2022[114]. - For the nine months ended September 30, 2023, the Company had a net income of 727,463,contrastingwithanetlossof727,463, contrasting with a net loss of 15,894 for the same period in 2022[114]. - As of September 30, 2023, the Company had cash of 52,840andaworkingcapitaldeficitof52,840 and a working capital deficit of 1,626,672[117]. - The Trust Account holds 35,968,942inmoneymarketfundsinvestedinshort−termU.S.TreasurysecuritiesasofSeptember30,2023[130].−Commonstocksubjecttopossibleredemptionispresentedataredemptionvalueof35,968,942 in money market funds invested in short-term U.S. Treasury securities as of September 30, 2023[130]. - Common stock subject to possible redemption is presented at a redemption value of 10.94 per share as temporary equity as of September 30, 2023[135]. - There were no unrecognized tax benefits or amounts accrued for interest and penalties as of September 30, 2023[137]. - Management does not expect the total amount of unrecognized tax benefits to materially change over the next twelve months[138]. IPO and Capital Structure - The Company generated gross proceeds of 86,250,000fromtheIPOof8,625,000unitsatapriceof86,250,000 from the IPO of 8,625,000 units at a price of 10.00 per unit on June 14, 2022[103]. - The Company completed an IPO on June 14, 2022, generating gross proceeds of 86,250,000fromthesaleof8,625,000PublicUnits[149].−TheCompanyissued5,240,000PrivatePlacementWarrantsatapriceof86,250,000 from the sale of 8,625,000 Public Units[149]. - The Company issued 5,240,000 Private Placement Warrants at a price of 1.00 per warrant, generating gross proceeds of 5,240,000[149].BusinessCombinationandTrustAccount−FollowingtheSpecialMeetingII,approximately5,240,000[149]. Business Combination and Trust Account - Following the Special Meeting II, approximately 36.0 million remained in the Trust Account as of September 30, 2023, after redeeming 388,644 shares of Class A common stock at 10.82pershare[117].−TheCompanyintendstousesubstantiallyallfundsintheTrustAccounttocompleteaBusinessCombination,excludingdeferredunderwritingcommissions[118].−TheCompanymayextendthedeadlinetocompleteaBusinessCombinationuptoninetimesuntilApril14,2024,bydepositing10.82 per share[117]. - The Company intends to use substantially all funds in the Trust Account to complete a Business Combination, excluding deferred underwriting commissions[118]. - The Company may extend the deadline to complete a Business Combination up to nine times until April 14, 2024, by depositing 75,000 each month into the Trust Account[108]. - The Company has not entered into any definitive agreements for a Business Combination as of the date of this report, with a deadline until November 14, 2023[109]. Operational and Compliance Matters - The Company has incurred significant costs related to being a public company and expects increased expenses for due diligence in connection with a Business Combination[113]. - The Company has not entered into any transactions that create relationships with unconsolidated entities or financial partnerships[126]. - As of September 30, 2023, the Company has no off-balance sheet financing arrangements or long-term debt, capital lease obligations, or long-term liabilities[126][128]. - Management identified a material weakness in internal controls over financial reporting, which has been remediated as of September 30, 2023[144]. Stock Trading - The Company’s common stock, units, and warrants commenced trading on the Nasdaq Capital Market on July 10, 2023[112].