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AltEnergy Acquisition Corp. (AEAE0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $691,836 compared to a net loss of $749,750 in the same quarter the previous year. The loss is attributed to operating expenses totaling $999,367.
Interest income earned on investments held in the Trust Account was $109,352 for the quarter, with an additional gain of $235,000 from the change in fair value of warrant liabilities.
The company reported cash of $86,320 held outside the Trust Account as of September 30, 2024, available for working capital purposes.
As of September 30, 2024, the Trust Account held $8,493,268, or approximately $11.51 per share, with funds reserved for potential dissolution costs and expenses.
AltEnergy Acquisition Corp. has extended the date to consummate an initial business combination to December 2, 2024, with the possibility of further monthly extensions up to May 2, 2025.
The company is pursuing a merger with Car Tech, LLC, with the transaction expected to be completed subject to stockholder approval and other customary closing conditions.
AltEnergy's securities were delisted from The Nasdaq Stock Market on November 5, 2024, but continue to trade on the over-the-counter market.
The company continues to evaluate its financial position and acknowledges uncertainties regarding its ability to continue as a going concern if an initial business combination is not completed by the extended deadline.
AltEnergy Acquisition Corp. has no long-term debt or off-balance sheet arrangements as of September 30, 2024, and is evaluating potential financing options to support its operations and complete a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AltEnergy Acquisition Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.