AltEnergy Acquisition Corp Releases Q3 2023 10-Q Report

AltEnergy Acquisition Corp, a blank check company focused on effecting a merger or similar business combination, has released its Form 10-Q report for the third quarter of 2023. The report provides insights into the company's financial performance and operational status as it continues to seek a target for its initial business combination.

Financial Highlights

• Net Income: $2.42 million for the nine months ended September 30, 2023, compared to $10.09 million for the same period in 2022, primarily due to a decrease in the gain on the change in fair value of derivative warrant liabilities.
• Net Income (Loss) for Three Months Ended September 30, 2023: $(0.73) million, compared to $0.92 million for the same period in 2022, driven by a loss on the change in fair value of derivative warrant liabilities.
• Net Income Per Share (Class A): $0.15 for the nine months ended September 30, 2023, compared to $0.35 for the same period in 2022.
• Net Income Per Share (Class B): $0.15 for the nine months ended September 30, 2023, compared to $0.35 for the same period in 2022.
• Interest Income: $3.98 million for the nine months ended September 30, 2023, reflecting income earned on investments held in the Trust Account.
• Operating Expenses: $1.34 million for the nine months ended September 30, 2023, compared to $1.10 million for the same period in 2022, reflecting increased costs associated with being a public company and due diligence expenses.

Business Highlights

• Company Overview: AltEnergy Acquisition Corp. is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company has not yet commenced operations and is focused on identifying a target for its initial business combination.
• Extension of Combination Period: On April 28, 2023, the company extended the deadline to complete its initial business combination to May 2, 2024. This extension was approved by stockholders and involved the redemption of 21,422,522 Class A shares, resulting in $222,484,624 being removed from the Trust Account.
• Trust Account Status: As of September 30, 2023, the company held $17,483,547 in its Trust Account, which is intended to be used for completing an initial business combination. This amount equates to approximately $11.08 per share of Class A common stock subject to redemption.
• Operational Focus: The company has not engaged in any operations or generated revenues to date. Its activities have been limited to organizational tasks and preparing for the initial public offering.
• Future Outlook: The company plans to use the funds in the Trust Account to complete an initial business combination. If unable to do so by the extended deadline, it will cease operations and liquidate. Management acknowledges substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by May 2, 2024.

SEC Filing: AltEnergy Acquisition Corp Releases Q3 2023 [ OTC:AEAE ] - 10-Q - Nov. 03, 2023