Athena Technology Acquisition II(ATEK) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $1,706,425, driven by interest income of$2,758,504, offset by operating expenses of $495,083 and income tax expenses of$556,996[117]. - The company has no operating revenues to date and does not expect to generate any until after completing its initial business combination[116]. - Net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common stock outstanding, with no Public or Private Placement Warrants exercised as of March 31, 2023[138]. Investments and Financing - The company had investments held in the Trust Account amounting to $262,396,797 as of March 31, 2023, which are intended to be used for completing a business combination[124]. - The initial public offering generated gross proceeds of$250,000,000 from the sale of 25,000,000 units, with each unit priced at $10.00[119]. - The company incurred offering costs of$14,420,146 for its initial public offering, which included $5,000,000 in underwriting fees[121]. - The company may need to obtain additional financing to complete its business combination or if a significant number of public shares are redeemed[128]. Business Combination and Future Plans - The company intends to hold a special meeting on June 12, 2023, to vote on extending the deadline for completing its initial business combination from June 14, 2023, to January 14, 2024[115]. - The company expects to incur significant costs related to being a public company and for due diligence expenses in connection with searching for a business combination[116]. Company Structure and Compliance - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2023[130]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[133]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[135]. - Common stock subject to possible redemption is classified as temporary equity, affecting the presentation on the balance sheet[137]. - The company accounts for warrants based on specific terms, determining whether they are equity or liability classified instruments[140].