Atlantic stal Acquisition (ACAH) - 2021 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2021, the company reported a net loss of $9,716,757, which includes operational costs of$7,625,385 and a change in fair value of warrant liabilities of $2,115,071[404]. - Cash used in operating activities for the year ended December 31, 2021, was$1,521,788, with net changes in operating assets and liabilities providing $5,675,203 of cash for operating activities[406]. - The company incurred$100,000 in fees for office space and administrative support for the year ended December 31, 2021[419]. Assets and Securities - As of December 31, 2021, the company had marketable securities held in the Trust Account amounting to $345,023,699, including approximately$23,699 of interest income[408]. - As of December 31, 2021, the company had cash of $189,608 available for working capital purposes[410]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2021[418]. Business Combination and Capital Needs - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination, with remaining proceeds to be used for working capital[409]. - The company has until March 8, 2023, to consummate a Business Combination, or it will face mandatory liquidation[417]. - The company may need to raise additional capital through loans or investments to meet working capital needs[414]. Initial Public Offering - The company generated gross proceeds of$300,000,000 from the Initial Public Offering of 30,000,000 Units at $10.00 per Unit[405].