Financial Performance - As of September 30, 2022, the company reported a net income of 1,156,843 from investments in the Trust Account, after accounting for operating expenses of 232,436[110]. - For the nine months ended September 30, 2022, the company achieved a net income of 1,528,774, offset by operating expenses of 275,436[110]. IPO and Fundraising - The company completed its IPO on December 14, 2021, raising gross proceeds of 10.00 per unit[113]. - An additional 256,287,500, which was placed in a Trust Account[114][115]. Cash and Working Capital - As of September 30, 2022, the company had 1,010,056 used in operating activities during the nine months[116]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022, and does not anticipate needing to raise additional funds for operating expenditures[121][119]. Business Combination - The company is assessing the feasibility of completing a Business Combination before the mandatory liquidation date of June 14, 2023, but there is no assurance that this will be achieved[120]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and may utilize remaining proceeds for working capital and growth strategies[116]. Warrants and Obligations - The company has issued 13,164,375 Public and Private Placement Warrants, which are contingently exercisable and excluded from diluted earnings per share calculations as of September 30, 2022[128]. - The company has no obligations related to off-balance sheet financing arrangements or special purpose entities[121].
Athena Technology Acquisition II(ATEK) - 2022 Q3 - Quarterly Report