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Acropolis Infrastructure Acquisition (ACRO) - 2023 Q1 - Quarterly Report
ACROAcropolis Infrastructure Acquisition (ACRO)2023-05-12 21:10

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of 3,377,049,drivenbyinterestincomeof3,377,049, driven by interest income of 4,864,292 from investments held in the Trust Account, offset by operating costs of 483,406andanincometaxprovisionof483,406 and an income tax provision of 999,614[98]. - The company incurred a working capital deficit of approximately 5.0millionasofMarch31,2023,withcurrentliabilitiesofapproximately5.0 million as of March 31, 2023, with current liabilities of approximately 5.3 million[106]. - The company has not engaged in any operations or generated revenues to date, with activities focused on preparing for the Initial Public Offering and identifying a target company for an Initial Business Combination[97]. Trust Account and Investments - As of March 31, 2023, the company had cash and marketable securities in the Trust Account totaling 352,763,257,includingapproximately352,763,257, including approximately 4,864,292 of interest income[102]. - The net proceeds from the Initial Public Offering have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 185 days or less[115]. - The company has also invested in certain money market funds that invest solely in U.S. treasuries[115]. - Due to the short-term nature of these investments, the company believes there will be no associated material exposure to interest rate risk[115]. Initial Public Offering and Capital Plans - The company generated gross proceeds of approximately 353.8millionfromitsInitialPublicOfferingandrelatedtransactions,including353.8 million from its Initial Public Offering and related transactions, including 300 million from the sale of 30,000,000 Units at 10.00perUnit[99][100].−ThecompanyplanstousesubstantiallyallfundsintheTrustAccounttocompleteitsInitialBusinessCombination,withtheremainingproceedsintendedforworkingcapitalandgrowthstrategies[102].−Thecompanyexpectstocontinueincurringsignificantcostsinpursuitofitsacquisitionplans,withnoassuranceofsuccessfulcapitalraisingorcompletionoftheInitialBusinessCombination[96].FinancingandObligations−Thecompanyhasexecutedfourpromissorynotestotaling10.00 per Unit[99][100]. - The company plans to use substantially all funds in the Trust Account to complete its Initial Business Combination, with the remaining proceeds intended for working capital and growth strategies[102]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful capital raising or completion of the Initial Business Combination[96]. Financing and Obligations - The company has executed four promissory notes totaling 3,300,000 with its Sponsor to satisfy working capital requirements since the Initial Public Offering[104]. - The company has a contractual obligation to pay a monthly fee of $16,667 to an affiliate of the Sponsor for administrative services, continuing until the earlier of the completion of the Initial Business Combination or liquidation[109]. - The company has no off-balance sheet financing arrangements as of March 31, 2023, and does not participate in transactions that create relationships with unconsolidated entities[108]. Risk Factors - As of March 31, 2023, the company was not subject to any market or interest rate risk[115].