Atlantic stal Acquisition (ACAH) - 2021 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2021, the company reported a net loss of $3,798,540, which includes formation and operational costs of$1,175,097 and a change in fair value of warrant liability of $2,635,000[95]. - For the six months ended June 30, 2021, the company had a net loss of$4,453,895, consisting of formation and operational costs of $1,930,865 and a change in fair value of warrant liability of$2,535,000[95]. - Cash used in operating activities for the six months ended June 30, 2021, was $1,378,481, with a net loss of$4,453,895 impacted by interest earned on marketable securities of $11,970[97]. Assets and Securities - As of June 30, 2021, the company had marketable securities held in the Trust Account amounting to$345,011,970, including approximately $11,970 of interest income[98]. - As of June 30, 2021, the company had cash of$282,415 available for identifying and evaluating target businesses[99]. Fundraising and Use of Proceeds - The company generated gross proceeds of $300,000,000 from the Initial Public Offering of 30,000,000 Units at$10.00 per Unit[97]. - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination[98]. Expenses and Fees - The company incurred $30,000 and$40,000 in fees for administrative services for the three and six months ended June 30, 2021, respectively[103]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2021[102]. Internal Controls - The company plans to enhance its internal controls related to accounting for warrants following a material weakness identified in its financial reporting[112].