Clean Earth Acquisitions (CLIN) - 2023 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2023, the Company reported a net income of $7,216, primarily from $1,107,180 in dividend income on marketable securities[160]. - For the nine months ended September 30, 2023, the Company achieved a net income of $3,239,010, which included $4,216,253 in dividend income and $1,663,187 in realized gains on marketable securities[161]. Working Capital and Cash Position - As of September 30, 2023, the Company had a working capital deficit of $3,861,647 and only $9,266 in operating cash[165]. - As of September 30, 2023, the deferred underwriting fee payable was $805,000, reduced from $8,050,000 due to waivers by underwriters[170]. - The deferred underwriting fee has been reduced to $805,000 as of September 30, 2023, after waiving a total of $7,245,000 by the underwriter[181]. 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[150]. - The Company has entered into a Business Combination Agreement with Alternus Energy Group Plc, involving the acquisition of certain subsidiaries for up to 90 million shares[149]. - A special meeting of stockholders is scheduled for December 4, 2023, to approve the business combination with Alternus Energy Group[158]. - The Company has incurred significant costs in pursuit of its financing and acquisition plans, raising doubts about its ability to continue as a going concern[167]. Initial Public Offering - The Company completed its Initial Public Offering on February 28, 2022, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[151]. - Following the Initial Public Offering, $232,300,000 was placed in a Trust Account, invested in U.S. government securities[153]. Fees and Agreements - The Company recorded a nonrefundable cash fee of $500,000 related to a Placement Agent agreement, with an additional contingent fee of $450,000 pending the closing of the Business Combination[182]. - The Company incurred and paid $79,353 under a consulting agreement before terminating it in November 2022[183].