Atlantic stal Acquisition (ACAH) - 2023 Q1 - Quarterly Report

Financial Position - As of March 31, 2023, the company had cash of $1,490,339 not held in the Trust Account and a working capital deficit of$8,553,441[150]. - The company had marketable securities held in the Trust Account totaling $36,518,723, which included approximately$7,974,241 of interest income[142]. - The company has no obligations or liabilities considered off-balance sheet arrangements as of March 31, 2023[156]. - The company has no long-term debt or capital lease obligations, with only a monthly fee agreement in place[157]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of $1,814,508, primarily from interest earned on marketable securities held in the Trust Account amounting to$3,305,496[140]. - The company has incurred operational costs of $743,580 for the three months ended March 31, 2023[140]. - The company incurred monthly fees of$10,000 for office space and administrative support, totaling $30,000 for Q1 2023, compared to$10,000 for Q1 2022[157]. - For the three months ended March 31, 2022, the company reported a net income of $8,883,557, with a significant change in fair value of warrant liabilities amounting to$11,955,871[140]. Business Combination - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[143]. - The company has until June 8, 2023, to consummate a Business Combination, or it will face mandatory liquidation[152]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, amounting to a total of$12,075,000, payable only upon completion of a Business Combination[158]. Financial Instruments and Accounting - Warrant liabilities are recorded at fair value and subject to re-measurement at each reporting period, impacting the condensed statements of operations[160]. - Common stock subject to possible redemption is classified as temporary equity, with Class A common stock featuring redemption rights outside of the company's control[162]. - Net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding, excluding remeasurement of redeemable shares[163]. - The company is assessing the impact of ASU 2020-06, which simplifies accounting for certain financial instruments, to be adopted by January 1, 2024[163]. Cash Flow - The company received cash payments under the Termination Agreement totaling $0 for the period ended March 31, 2023, compared to$4,750,799 for the period ended December 31, 2022[138]. - The company has withdrawn $1,575,570 of interest earned from the Trust Account for working capital purposes through March 31, 2023[142].