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Acropolis Infrastructure Acquisition (ACRO) - 2023 Q2 - Quarterly Report
ACROAcropolis Infrastructure Acquisition (ACRO)2023-08-14 20:16

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of 2,472,590,drivenbyinterestincomeof2,472,590, driven by interest income of 4,007,089 from investments held in the Trust Account[109]. - For the six months ended June 30, 2023, the company achieved a net income of 5,849,639,withtotalinterestincomeof5,849,639, with total interest income of 8,871,381[109]. - The company incurred cash used in operating activities of 1,912,670forthesixmonthsendedJune30,2023,primarilyduetooperatingcosts[112].TrustAccountandShareholderActivity−AsofJune30,2023,thecompanyhadcashandmarketablesecuritiesintheTrustAccountamountingto1,912,670 for the six months ended June 30, 2023, primarily due to operating costs[112]. Trust Account and Shareholder Activity - As of June 30, 2023, the company had cash and marketable securities in the Trust Account amounting to 82,595,458, down from 348,005,679asofDecember31,2022[114].−FollowingtheSpecialMeetingonJune23,2023,stockholdersredeemed26,499,201PublicShares,leaving8,000,799PublicSharesoutstandingand348,005,679 as of December 31, 2022[114]. - Following the Special Meeting on June 23, 2023, stockholders redeemed 26,499,201 Public Shares, leaving 8,000,799 Public Shares outstanding and 82,262,411 remaining in the Trust Account[107]. Financial Position and Liabilities - The company had a working capital deficit of approximately 7.5millionandcurrentliabilitiesofapproximately7.5 million and current liabilities of approximately 7.6 million as of June 30, 2023[118]. - The company has no long-term debt or capital lease obligations, only a monthly fee of 16,667toanaffiliateforadministrativeservices,effectiveuntilJuly13,2024,oruntilthecompletionoftheInitialBusinessCombination[123].−Theunderwritersareentitledtoadeferredfeeof16,667 to an affiliate for administrative services, effective until July 13, 2024, or until the completion of the Initial Business Combination[123]. - The underwriters are entitled to a deferred fee of 12,075,000, which will be waived if the Initial Business Combination is not completed[123]. Business Operations and Future Outlook - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of success in raising capital or completing its Initial Business Combination[105]. - Management has determined that if the company is unsuccessful in consummating an Initial Business Combination, it may face mandatory liquidation and substantial doubt about its ability to continue as a going concern[119]. Risk and Compliance - As of June 30, 2023, the company is not subject to any market or interest rate risk, with investments in U.S. government treasury bills and money market funds[128]. - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective as of June 30, 2023[129]. - There were no changes in internal control over financial reporting during the fiscal quarter ended June 30, 2023, that materially affected the internal control[131]. - The company has not been involved in any legal proceedings[133]. Financing Arrangements - The company has no off-balance sheet financing arrangements as of June 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities[122]. - The company closed its Initial Public Offering on July 13, 2021, generating gross proceeds of approximately $353.8 million from the sale of 30,000,000 Units and Private Placement Warrants[110].