AltEnergy Acquisition p(AEAE) - 2023 Q3 - Quarterly Report

Financial Position - As of September 30, 2023, the Company held $17,483,547 (approximately$11.08 per share) in the Trust Account[130] - As of September 30, 2023, the Company had cash of $79,413 available for working capital purposes[130] - The Sponsor provided a total of$535,000 in loans for working capital during the nine months ended September 30, 2023[137] - The Company may lack sufficient financial resources to sustain operations for the next year, raising substantial doubt about its ability to continue as a going concern[131] - The company has no long-term debt or capital lease obligations, only a monthly fee of $15,000 for office space and support, which began on October 28, 2021[139] Financial Performance - For the three months ended September 30, 2023, the Company reported a net loss of$727,307, compared to a net income of $920,184 for the same period in 2022[127] - For the nine months ended September 30, 2023, the Company had a net income of$2,422,758, down from $10,089,460 in the same period of 2022[128] - The Company incurred operating expenses totaling$1,337,787 for the nine months ended September 30, 2023[128] - The Company has no revenues to date and only generates non-operating income from interest on marketable securities[126] Business Combination - On April 28, 2023, stockholders approved an extension of the business combination period to May 2, 2024, with 21,422,522 Class A Shares redeemed for $222,484,624[124] - The Company intends to use funds in the Trust Account primarily to complete an initial business combination and for working capital of the target business[132] - Upon the completion of the initial business combination, the company will pay B. Riley Securities, Inc. a cash fee of 3.5$17,366,793, classified as temporary equity[144] - The company evaluates its financial instruments to determine if they are derivatives, with Public and Private Placement Warrants classified as derivative instruments[145] - The Public Warrants were valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy as of September 30, 2023[147] - Net income per share is calculated by dividing net income by the weighted average number of shares outstanding, with no dilutive securities as of September 30, 2023[150] - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[152]