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Acropolis Infrastructure Acquisition (ACRO) - 2022 Q2 - Quarterly Report
ACROAcropolis Infrastructure Acquisition (ACRO)2022-08-04 20:06

Financial Position - As of June 30, 2022, total assets amounted to 346,518,982,aslightdecreasefrom346,518,982, a slight decrease from 346,735,255 as of December 31, 2021[9] - The company had total current assets of 909,718asofJune30,2022,downfrom909,718 as of June 30, 2022, down from 1,668,434 as of December 31, 2021[9] - Total liabilities as of June 30, 2022, were 15,700,505,anincreasefrom15,700,505, an increase from 14,631,647 as of December 31, 2021[9] - Current liabilities increased to 3,625,505asofJune30,2022,comparedto3,625,505 as of June 30, 2022, compared to 2,556,647 as of December 31, 2021, reflecting a rise of approximately 42%[9] - As of June 30, 2022, the company had a working capital deficit of approximately 2.7millionandcurrentliabilitiesofapproximately2.7 million and current liabilities of approximately 3.6 million[37] - The accumulated deficit increased to (14,182,386)asofJune30,2022,from(14,182,386) as of June 30, 2022, from (12,897,255) as of December 31, 2021[15] Revenue and Expenses - The company reported a net loss of 155,547forthethreemonthsendedJune30,2022,comparedtoanetlossof155,547 for the three months ended June 30, 2022, compared to a net loss of 1,285,131 for the six months ended June 30, 2022[12] - Total expenses for the three months ended June 30, 2022, were 537,649,whiletotalexpensesforthesixmonthsendedJune30,2022,were537,649, while total expenses for the six months ended June 30, 2022, were 1,824,156[12] - The company has not reported any revenue for the three and six months ended June 30, 2022[12] - The company had net cash used in operating activities of (1,393,854)forthesixmonthsendedJune30,2022[20]−ForthesixmonthsendedJune30,2022,thecompanyreportedanetlossof(1,393,854) for the six months ended June 30, 2022[20] - For the six months ended June 30, 2022, the company reported a net loss of 1,285,131[20] Initial Public Offering - The company generated gross proceeds of 300,000,000fromitsInitialPublicOfferingof30,000,000units[26]−Thecompanyraisedanadditional300,000,000 from its Initial Public Offering of 30,000,000 units[26] - The company raised an additional 45,000,000 from the sale of over-allotment units, bringing total proceeds to 345,000,000[27]−TheCompanyreportedofferingcostsof345,000,000[27] - The Company reported offering costs of 1,368,588 related to the Initial Public Offering, along with underwriting discounts and commissions totaling 18,975,000[55]−TheCompanysold30,000,000Unitsatapriceof18,975,000[55] - The Company sold 30,000,000 Units at a price of 10.00 per unit during the Initial Public Offering, generating gross proceeds of 300million[69]−TheCompanycloseditsInitialPublicOfferingonJuly13,2021,raising300 million[69] - The Company closed its Initial Public Offering on July 13, 2021, raising 300 million from the sale of 30,000,000 Units at 10.00perUnit[104]TrustAccountandInvestments−TheproceedsheldintheTrustAccountareinvestedinU.S.governmentsecuritiesandareintendedtobeusedfortheInitialBusinessCombination[29]−AsofJune30,2022,cashandU.S.treasurysecuritiesheldintheTrustAccountamountedto10.00 per Unit[104] Trust Account and Investments - The proceeds held in the Trust Account are invested in U.S. government securities and are intended to be used for the Initial Business Combination[29] - As of June 30, 2022, cash and U.S. treasury securities held in the Trust Account amounted to 345,609,264[106] - The Company’s investments held in the Trust Account are classified as trading securities, with fair value determined using available market information[54] - As of June 30, 2022, the Company held marketable securities in the Trust Account valued at 345,609,264,anincreasefrom345,609,264, an increase from 345,066,821 as of December 31, 2021[81] Business Operations and Future Plans - The company has not commenced any operations and will not generate operating revenues until after the completion of its Initial Business Combination[25] - The company intends to use substantially all funds held in the Trust Account to complete its Initial Business Combination[39] - The company has access to funds from the Sponsor sufficient to fund working capital needs until a potential business combination or mandatory liquidation[38] - The company has substantial doubt about its ability to continue as a going concern if it is unsuccessful in consummating an Initial Business Combination[38] - The company has a mandatory liquidation requirement if it fails to complete the Initial Business Combination within the specified time frame[36] Stock and Warrants - The weighted average number of Class A common stock outstanding was 34,500,000, with a basic and diluted net income per share of (0.00)forthethreemonthsendedJune30,2022[12]−TheCompanyhasauthorized800,000,000sharesofClassAcommonstock,with34,500,000sharesoutstandingasofJune30,2022,allsubjecttopossibleconversionclassifiedastemporaryequity[87]−TheCompanyhas199,000,000sharesofClassBcommonstockauthorized,with8,625,000FounderSharesissuedandoutstandingasofJune30,2022[88]−AsofJune30,2022,therewere17,300,000warrantsoutstanding,consistingof5,800,000PrivatePlacementWarrantsand11,500,000PublicWarrants[91]−ThePublicWarrantswillexpirefiveyearsafterthecompletionofanInitialBusinessCombinationorearlierupontheCompany′sredemptionorliquidation[92]RelatedPartyTransactions−TheSponsorpurchased5,235,000PrivatePlacementWarrantsforatotalof(0.00) for the three months ended June 30, 2022[12] - The Company has authorized 800,000,000 shares of Class A common stock, with 34,500,000 shares outstanding as of June 30, 2022, all subject to possible conversion classified as temporary equity[87] - The Company has 199,000,000 shares of Class B common stock authorized, with 8,625,000 Founder Shares issued and outstanding as of June 30, 2022[88] - As of June 30, 2022, there were 17,300,000 warrants outstanding, consisting of 5,800,000 Private Placement Warrants and 11,500,000 Public Warrants[91] - The Public Warrants will expire five years after the completion of an Initial Business Combination or earlier upon the Company's redemption or liquidation[92] Related Party Transactions - The Sponsor purchased 5,235,000 Private Placement Warrants for a total of 7,852,500, and an additional 600,000 Private Placement Warrants for 900,000,bringingtotalproceedsfromPrivatePlacementWarrantsto900,000, bringing total proceeds from Private Placement Warrants to 8,752,500[70] - The Company has an outstanding balance of 1,200,000undertheJulyNoteand1,200,000 under the July Note and 800,000 under the August Note as of June 30, 2022, both bearing interest rates of 0.12% and 0.14% per annum, respectively[76] - The Company incurred related party advances totaling $271,742 during the three and six months ended June 30, 2022, which were repaid upon consummation of the Initial Public Offering[78] Risks and Uncertainties - The Company is evaluating the impact of the COVID-19 pandemic and the conflict in Ukraine, which could negatively affect its financial position and operations[82] - The Company has not included any adjustments in its financial statements that might result from uncertainties regarding its ability to continue as a going concern[38] - If the Company is unable to complete an Initial Business Combination, holders of warrants will not receive any funds from the Trust Account, and the warrants may expire worthless[93]