Tue, Jul 9, 9:26 PM (60 days ago)
Atlantic Coastal Acquisition Corp. II reported a net loss of $1,048,724 for Q1 2024, primarily due to operating and formation costs of $1,141,068 and a provision for income taxes of $4,140, partially offset by interest income of $96,484. The company's cash balance significantly decreased to $10,613 from $264,538 at year-end 2023, reflecting substantial redemptions and withdrawals. Current liabilities increased to $6,605,045 from $35,388,456, driven by accounts payable, accrued expenses, and advances from related parties. The company extended its Business Combination deadline to July 19, 2024, with further extensions possible. Liquidity concerns persist, and management acknowledges substantial doubt about the company's ability to continue as a going concern.