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Acropolis Infrastructure Acquisition (ACRO) - 2022 Q3 - Quarterly Report
ACROAcropolis Infrastructure Acquisition (ACRO)2022-11-10 21:23

Financial Performance - The company reported a net income of 1,018,899forthethreemonthsendedSeptember30,2022,comparedtoanetlossof1,018,899 for the three months ended September 30, 2022, compared to a net loss of 491,791 for the same period in 2021[15]. - For the three months ended September 30, 2022, the company reported a net income of approximately 1.0million,whilefortheninemonthsendedSeptember30,2022,itexperiencedanetlossofapproximately1.0 million, while for the nine months ended September 30, 2022, it experienced a net loss of approximately 266,000[39]. - The net loss for the nine months ended September 30, 2022, was 266,232,comparedtoanetlossof266,232, compared to a net loss of 491,791 for the same period in 2021, representing a 45.8% improvement[24]. - Basic and diluted net income per Class A common stock was 0.02forthethreemonthsendedSeptember30,2022,comparedtoalossof0.02 for the three months ended September 30, 2022, compared to a loss of (0.01) for the same period in 2021[15]. - The basic and diluted net loss per share for Class A and Class B common stock was (0.01)for2022,whileitwas(0.01) for 2022, while it was (0.03) for 2021[66]. Assets and Liabilities - Total current liabilities increased to 4,122,864asofSeptember30,2022,comparedto4,122,864 as of September 30, 2022, compared to 2,556,647 as of December 31, 2021, representing a 61.5% increase[6]. - The company had total liabilities of 16,197,864asofSeptember30,2022,comparedto16,197,864 as of September 30, 2022, compared to 14,631,647 as of December 31, 2021[7]. - As of September 30, 2022, the company had a working capital deficit of approximately 3.3millionandcurrentliabilitiesofapproximately3.3 million and current liabilities of approximately 4.1 million, with cash reserves of approximately 149,000[39].−TotalassetsasofSeptember30,2022,were149,000[39]. - Total assets as of September 30, 2022, were 348,035,240, slightly up from 346,735,255asofDecember31,2021[10].TrustAccountandInitialPublicOffering−Thecompanygeneratedgrossproceedsof346,735,255 as of December 31, 2021[10]. Trust Account and Initial Public Offering - The company generated gross proceeds of 300,000,000 from its Initial Public Offering, with an additional 45,000,000fromtheover−allotmentoption,totaling45,000,000 from the over-allotment option, totaling 345,000,000 placed in the Trust Account[30][31]. - The Trust Account funds are invested in U.S. government securities and will remain until the completion of the Initial Business Combination or distribution of proceeds[33]. - The company intends to utilize substantially all funds in the Trust Account to complete its Initial Business Combination, with any remaining proceeds to be used for working capital and growth strategies[41]. - The Class A common stock subject to possible redemption was valued at 347,005,019asofSeptember30,2022[8].OperationalStatus−ThecompanyhasnotcommencedanyoperationsandwillnotgenerateoperatingrevenuesuntilafterthecompletionofitsInitialBusinessCombination[29].−ThecompanyhasnotgeneratedanyoperatingrevenuestodateanddoesnotexpecttodosountilaftercompletingitsInitialBusinessCombination[102].−IftheInitialBusinessCombinationisnotcompletedwithinthecompletionwindow,thecompanywillredeemPublicSharesandliquidate[37].ExpensesandCosts−TotalexpensesfortheninemonthsendedSeptember30,2022,were347,005,019 as of September 30, 2022[8]. Operational Status - The company has not commenced any operations and will not generate operating revenues until after the completion of its Initial Business Combination[29]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its Initial Business Combination[102]. - If the Initial Business Combination is not completed within the completion window, the company will redeem Public Shares and liquidate[37]. Expenses and Costs - Total expenses for the nine months ended September 30, 2022, were 2,296,556, up from 522,759forthesameperiodin2021[15].−OfferingcostsassociatedwiththeInitialPublicOfferingtotaled522,759 for the same period in 2021[15]. - Offering costs associated with the Initial Public Offering totaled 1,368,588, which were charged to temporary equity along with underwriting discounts and commissions of 18,975,000[52].−Thecompanyincurredsignificantcostsrelatedtobeingapublicentity,includinglegal,financialreporting,andduediligenceexpenses[102].MarketandEconomicFactors−ThecompanyisassessingthepotentialimpactoftheInflationReductionAct,whichimposesa118,975,000[52]. - The company incurred significant costs related to being a public entity, including legal, financial reporting, and due diligence expenses[102]. Market and Economic Factors - The company is assessing the potential impact of the Inflation Reduction Act, which imposes a 1% excise tax on stock buybacks starting in 2023, but does not expect a material impact on its financial statements[60]. - The company is currently evaluating the impact of the COVID-19 pandemic and the conflict in Ukraine on its financial position and operations[83]. Stock and Equity - The company sold 30,000,000 Units at a price of 10.00 per unit during the Initial Public Offering, generating gross proceeds of $300 million[68]. - The company has 17,300,000 warrants outstanding as of September 30, 2022, including 5,800,000 Private Placement Warrants and 11,500,000 Public Warrants[92]. - The Class B common stock will convert into Class A common stock on a one-for-one basis upon the Initial Business Combination, with 8,625,000 Founder Shares issued and outstanding[89].