Atlantic stal Acquisition II(ACAB) - 2023 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2023, the company reported a net income of $2,821,459, which includes interest income of$5,754,715 from cash and marketable securities held in the Trust Account[297]. - Cash used in operating activities for the year ended December 31, 2023, was $3,845,177, with net income affected by interest earned on cash and marketable securities[307]. Initial Public Offering - The company generated gross proceeds of$300,000,000 from its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, along with an additional$13,850,000 from the sale of Private Placement Warrants[298]. - The company incurred transaction costs of $17,204,107 related to the Initial Public Offering, including$5,760,000 in underwriting fees and $10,500,000 in deferred underwriting fees[299]. Trust Account and Cash Management - As of December 31, 2023, the company had cash and marketable securities in the Trust Account amounting to$37,101,441, with $29,728,990 redeemed and withdrawn in January 2024[301]. - The company plans to use substantially all funds in the Trust Account to complete its Business Combination and for working capital needs thereafter[303]. - The company has incurred significant costs in pursuit of its acquisition plans and may need to raise additional capital to meet its working capital needs[310]. - As of December 31, 2023, the company owed$160,000 under Extension Promissory Notes issued to the Sponsor to extend the time for completing a business combination[306]. Business Combination Timeline - The company has until April 19, 2024, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[311]. Accounting Standards - The FASB issued ASU No. 2023-09, effective for annual periods beginning after December 15, 2024, requiring additional disclosures in income tax rate reconciliation[319]. - ASU 2020-06 simplifies accounting for convertible instruments and is effective for fiscal years beginning after December 15, 2023, with early adoption permitted[320]. - The Company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[321]. - Management believes that no other recently issued accounting standards will materially affect the financial statements[322]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2023[313].