Financial Performance - As of June 30, 2023, the company reported a net income of $1,358,377 for the three months ended, consisting of $1,713,104 in dividend income and $449,457 in realized gains on marketable securities[167]. - For the six months ended June 30, 2023, the company achieved a net income of $3,231,794, with $3,109,073 from dividend income and $1,663,187 in realized gains on marketable securities[168]. Working Capital and Financial Position - The company had a working capital deficit of $2,771,682 as of June 30, 2023, excluding marketable securities held in the Trust Account[172]. - Following the redemption of 14,852,437 shares of Class A Common Stock at approximately $10.38 per share, the total redemption amount was $154,152,327, leaving $84,562,944 in the Trust Account[165]. - The deferred underwriting commission was reduced to $805,000 as of June 30, 2023, after waivers from underwriters totaling $7,245,000[177]. - The company has no long-term debt or capital lease obligations as of June 30, 2023[176]. Business Operations and Future Plans - The company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination[159]. - The company entered into a Business Combination Agreement with Alternus Energy Group Plc, involving the acquisition of certain subsidiaries for up to 90 million shares[158]. - The company has incurred significant costs in pursuit of financing and acquisition plans, with ongoing liquidity needs being met through various promissory notes[174]. - The company raised gross proceeds of $230,000,000 from its Initial Public Offering by selling 23,000,000 Units at $10.00 per Unit[160].
Clean Earth Acquisitions (CLIN) - 2023 Q2 - Quarterly Report