Wed, May 15, 4:51 PM (305 days ago)
AltEnergy Acquisition Corp. filed its 10-Q for the quarter ended March 31, 2024. Key financial highlights include: 1. **Financial Position**: The company reported total assets of $18.17 million, with $17.82 million held in the Trust Account. Cash available for working capital was $96,892. 2. **Liabilities**: Current liabilities increased to $5.37 million, primarily due to higher accounts payable and accrued expenses. Total liabilities were $14.60 million, including $8.05 million in deferred underwriting commissions and $1.18 million in derivative warrant liabilities. 3. **Income Statement**: The company incurred a net loss of $1.26 million, driven by $1.20 million in total expenses, including $959,391 in general and administrative costs. Other income was negatively impacted by a $235,000 loss from changes in the fair value of warrant liabilities. 4. **Cash Flow**: Net cash used in operating activities was $208,887. The company raised $230,805 through related party advances and sponsor loans. 5. **Going Concern**: Management highlighted substantial doubt about the company's ability to continue as a going concern due to the potential inability to complete a business combination by November 2, 2024, or May 2, 2025, if extended. 6. **Proposed Business Combination**: On February 21, 2024, the company entered into a merger agreement with Car Tech, LLC, expecting to list on Nasdaq post-merger. 7. **Extension and Redemptions**: The company extended its deadline to complete a business combination to November 2, 2024, with potential monthly extensions up to May 2, 2025. Recent shareholder redemptions reduced the Trust Account by $9.51 million. 8. **Nasdaq Compliance**: The company received notices from Nasdaq regarding non-compliance with market value and total holder requirements, with plans to transfer to the Nasdaq Capital Market to regain compliance. These points provide a comprehensive overview of AltEnergy Acquisition Corp.'s financial health and operational status for the quarter.