Workflow
Acropolis Infrastructure Acquisition (ACRO) - 2023 Q3 - Quarterly Report
ACROAcropolis Infrastructure Acquisition (ACRO)2023-11-13 21:06

Financial Performance - For the three months ended September 30, 2023, the company reported a net income of 282,208,drivenbyinterestincomeof282,208, driven by interest income of 1,069,340, offset by operating costs of 569,734andanincometaxprovisionof569,734 and an income tax provision of 213,175[104]. - For the nine months ended September 30, 2023, the company achieved a net income of 6,131,847,withinterestincometotaling6,131,847, with interest income totaling 9,940,721, while operating costs were 1,753,314andincometaxprovisionwas1,753,314 and income tax provision was 2,042,891[104]. - The company incurred cash used in operating activities of 2,265,670fortheninemonthsendedSeptember30,2023,comparedto2,265,670 for the nine months ended September 30, 2023, compared to 1,626,326 for the same period in 2022[107][108]. Cash and Securities - As of September 30, 2023, the company had cash and marketable securities in the Trust Account amounting to 83,271,718,adecreasefrom83,271,718, a decrease from 348,005,679 as of December 31, 2022[109]. - Following the Special Meeting on June 23, 2023, stockholders redeemed 26,499,201 Public Shares, leaving 8,000,799 Public Shares outstanding and 82,262,411remainingintheTrustAccount[102].WorkingCapitalandLiabilities−Thecompanyhasaworkingcapitaldeficitofapproximately82,262,411 remaining in the Trust Account[102]. Working Capital and Liabilities - The company has a working capital deficit of approximately 7.9 million as of September 30, 2023, with current liabilities of approximately 8.6million[113].−Thecompanyhasnolong−termdebtorsignificantliabilities,onlyamonthlyfeeof8.6 million[113]. - The company has no long-term debt or significant liabilities, only a monthly fee of 16,667 to an affiliate for administrative services, effective until July 13, 2024, or until the completion of the Initial Business Combination[118]. Business Operations and Future Plans - The company expects to continue incurring significant costs in pursuit of acquisition plans and has access to funds from the Sponsor to meet working capital needs until a potential business combination is completed[111][116]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its Initial Business Combination[103]. Financing and Fees - The company closed its Initial Public Offering on July 13, 2021, generating gross proceeds of approximately 353.8millionfromthesaleof30,000,000Unitsat353.8 million from the sale of 30,000,000 Units at 10.00 per Unit and additional Private Placement Warrants[106]. - The underwriters are entitled to a deferred fee of $12,075,000, which will be waived if the Initial Business Combination is not completed[118]. Risk and Controls - As of September 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[123]. - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective as of the end of the fiscal quarter[124]. - There were no changes in internal control over financial reporting during the fiscal quarter ended September 30, 2023, that materially affected the internal control[126]. - The company has not been involved in any legal proceedings[128]. Off-Balance Sheet Financing - The company has no off-balance sheet financing arrangements as of September 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities[117].