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Acropolis Infrastructure Acquisition (ACRO) - 2021 Q4 - Annual Report
ACROAcropolis Infrastructure Acquisition (ACRO)2022-03-28 20:51

Financial Performance - The company reported a net loss of 1,330,304fortheyearendedDecember31,2021,withoperatingcostsof1,330,304 for the year ended December 31, 2021, with operating costs of 1,394,125 and interest income of 66,821[325].−Cashusedinoperatingactivitiesfortheyearwas66,821[325]. - Cash used in operating activities for the year was 2,146,161, contributing to the net loss[328]. - The company has not engaged in any operations or generated revenues to date, focusing solely on identifying a target for business combination[324]. Initial Public Offering (IPO) - The Initial Public Offering generated gross proceeds of 300,000,000fromthesaleof30,000,000Unitsat300,000,000 from the sale of 30,000,000 Units at 10.00 per Unit[326]. - An additional 45,000,000wasraisedfromthesaleof4,500,000Over−AllotmentUnitsatthesameprice,bringingtotalfundsinthetrustaccountto45,000,000 was raised from the sale of 4,500,000 Over-Allotment Units at the same price, bringing total funds in the trust account to 345,000,000[327]. - The company incurred 17,850,948intransactioncostsrelatedtotheInitialPublicOffering,including17,850,948 in transaction costs related to the Initial Public Offering, including 6,000,000 in underwriting fees[327]. Cash and Investments - As of December 31, 2021, the company had cash and marketable securities of 345,066,821inthetrustaccount,intendedfortheinitialbusinesscombination[329].−ThecompanyhasinvestedIPOproceedsinU.S.governmenttreasurybillsandmoneymarketfunds,minimizingexposuretointerestraterisk[339].LiabilitiesandFutureFunding−Thecompanyhasnolong−termdebtorsignificantliabilities,onlyamonthlyfeeof345,066,821 in the trust account, intended for the initial business combination[329]. - The company has invested IPO proceeds in U.S. government treasury bills and money market funds, minimizing exposure to interest rate risk[339]. Liabilities and Future Funding - The company has no long-term debt or significant liabilities, only a monthly fee of 16,667 for office space and administrative support[334]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to the initial business combination[332].