Atlantic stal Acquisition (ACAH) - 2021 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of $655,355 for the three months ended March 31, 2021, primarily due to operating costs of$755,768 offset by income from changes in fair value of the warrant liability of $100,000 [104]. - Cash used in operating activities for the three months ended March 31, 2021, was approximately$1.2 million, influenced by noncash charges related to the warrant liability and transaction costs associated with the IPO [106]. - The company incurred $10,000 in fees for administrative support services during the three months ended March 31, 2021, which will continue until the completion of the Business Combination [113]. Capital Raising - The company completed its Initial Public Offering on March 8, 2021, raising gross proceeds of$300 million from the sale of 30,000,000 Units at $10.00 per Unit [106]. - The company also raised$8.2 million from the sale of 5,466,667 Private Placement Warrants at $1.50 each, generating additional capital for future business combinations [106]. - The underwriters are entitled to a deferred fee of$0.35 per Unit, totaling $10,500,000, payable only if the company completes a Business Combination [114]. Financial Position - As of March 31, 2021, the company held marketable securities in the Trust Account amounting to$300,000,413, which includes approximately $413 in interest income [107]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2021, indicating a clean balance sheet [111]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business [107]. - The company does not anticipate needing to raise additional funds for operating expenditures but may require financing for the Business Combination if costs exceed estimates [110].