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Battery Future Acquisition (BFAC) - 2024 Q1 - Quarterly Report
BFACBattery Future Acquisition (BFAC)2024-05-15 21:29

Financial Performance - As of March 31, 2024, the company reported a net income of 3,453,001,primarilyduetoafavorablechangeinfairvalueofwarrantliabilitiesof3,453,001, primarily due to a favorable change in fair value of warrant liabilities of 1,272,819 and interest earned on investments held in the trust account of 669,170[230]−Thecompanyreportedgeneralandadministrativeexpensesof669,170[230] - The company reported general and administrative expenses of 88,584 for the three months ended March 31, 2024, a decrease from 420,692forthesameperiodin2023[234]−Thecompanyhadabasicanddilutednetincomepershareof420,692 for the same period in 2023[234] - The company had a basic and diluted net income per share of 0.25 for both Class A and Class B ordinary shares for the three months ended March 31, 2024, compared to 0.05forthesameperiodin2023[234]CashandWorkingCapital−Thecompanyhad0.05 for the same period in 2023[234] Cash and Working Capital - The company had 32,949 in cash and a working capital deficit of (36,892)asofMarch31,2024,comparedto(36,892) as of March 31, 2024, compared to 111,819 in cash and a working capital deficit of (4,614,345)asofDecember31,2023[231]−Approximately(4,614,345) as of December 31, 2023[231] - Approximately 68.2 million (approximately 10.88pershare)wasremovedfromtheTrustAccountduetotheredemptionof6,266,236ClassAordinaryshares,leavingapproximately10.88 per share) was removed from the Trust Account due to the redemption of 6,266,236 Class A ordinary shares, leaving approximately 56.3 million in the Trust Account[240] Business Combination and Trust Account - Following the First Redemption, approximately 242.4million(approximately242.4 million (approximately 10.51 per share) was removed from the Trust Account, leaving approximately 119.6millionremaining[213]−ThecompanyhastheoptiontoextendthetimetocompleteaBusinessCombinationbyuptotwelveone−monthextensions,withrecentextensionscosting119.6 million remaining[213] - The company has the option to extend the time to complete a Business Combination by up to twelve one-month extensions, with recent extensions costing 250,000 each[227] - The company extended the period to consummate a Business Combination by depositing 250,000intotheTrustAccountonthreeoccasions,enablingextensionstoNovember17,2023[227]−OnNovember14,2023,shareholdersapprovedanextensionoftheCombinationPeriodtoJune17,2024,withoutadditionaldepositsintotheTrustAccount[215]InitialPublicOffering−ThecompanycompleteditsinitialpublicofferingonDecember17,2021,raisinggrossproceedsof250,000 into the Trust Account on three occasions, enabling extensions to November 17, 2023[227] - On November 14, 2023, shareholders approved an extension of the Combination Period to June 17, 2024, without additional deposits into the Trust Account[215] Initial Public Offering - The company completed its initial public offering on December 17, 2021, raising gross proceeds of 345 million from the sale of 34,500,000 units at 10.00perunit[222]−Theunderwritersearnedacashunderwritingdiscountof2.010.00 per unit[222] - The underwriters earned a cash underwriting discount of 2.0% of the gross proceeds of the IPO, amounting to 6,900,000, and a marketing fee of 5.0% upon completion of a Business Combination, which was later waived[235] Future Expectations - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses related to business combination efforts[217] - The company anticipates generating non-operating income in the form of interest income on marketable securities held after the Public Offering[217] Share Structure - As of May 15, 2024, the company had 5,170,599 Class A ordinary shares and 8,625,000 Class B ordinary shares outstanding[233] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[244]