Atlantic Coastal Acquisition Corp. II Files Q1 2024 10-Q

TL;DR

ACQ2 filed its Q1 2024 10-Q. Financials are in.

AI Summary

Atlantic Coastal Acquisition Corp. II filed its 10-Q for the period ending March 31, 2024. The filing details financial information and business operations for the first quarter of 2024. The company is involved in the biological products sector, specifically excluding diagnostic substances.

Why It Matters

This filing provides investors with a quarterly update on the financial health and operational status of Atlantic Coastal Acquisition Corp. II, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new information presented.

Key Players & Entities

• Atlantic Coastal Acquisition Corp. II (company) — Filer of the 10-Q
• 2024-03-31 (date) — End of reporting period
• 20240709 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — of one share of Series A common stock, $0.0001 par value, and one-half of one redeemab
• $11.50 — A common stock at an exercise price of $11.50 ACABW The Nasdaq Stock Market LLC

Filing Documents

• d736415d10q.htm (10-Q) — 636KB
• d736415dex311.htm (EX-31.1) — 10KB
• d736415dex312.htm (EX-31.2) — 10KB
• d736415dex321.htm (EX-32.1) — 4KB
• d736415dex322.htm (EX-32.2) — 4KB
• 0001193125-24-176812.txt ( ) — 4187KB
• acab-20240331.xsd (EX-101.SCH) — 51KB
• acab-20240331_cal.xml (EX-101.CAL) — 21KB
• acab-20240331_def.xml (EX-101.DEF) — 255KB
• acab-20240331_lab.xml (EX-101.LAB) — 306KB
• acab-20240331_pre.xml (EX-101.PRE) — 283KB
• d736415d10q_htm.xml (XML) — 479KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25

Signatures

Part III. Signatures 26 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item1. Interim Financial Statements. ATLANTIC COASTAL ACQUISITION CORP. II CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023. ASSETS Current assets Cash and cash equivalents $ 10,613 $ 264,538 Prepaid expenses 15,143 — Cash and marketable securities held in Trust Account — 29,728,990 Total Current Assets 25,756 29,993,528 Cash held in Trust Account 7,508,088 7,372,451 TOTAL ASSETS $ 7,533,844 $ 37,365,979 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 1,360,707 $ 469,268 Excise tax payable 3,062,004 3,062,004 Accrued offering costs 5,000 5,000 Income taxes payable 312,334 308,194 Common stock to be redeemed ( 2,768,301 shares of Series A common stock) — 29,728,990 Extension promissory note - related party 160,000 160,000 Advance from related parties 1,705,000 1,655,000 Total Current Liabilities 6,605,045 35,388,456 Deferred underwriting fee payable 10,500,000 10,500,000 Total Liabilities 17,105,045 45,888,456 Commitments (Note 6) Series A common stock subject to possible redemption; 667,391 shares issued and outstanding at March 31, 2024 and December 31, 2023 at redemption value of $ 11.11 and $ 10.93 per share, respectively 7,413,838 7,292,641 Stockholders' Deficit Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized, none issued and outstanding — — Series A common stock, $ 0.0001 par value; 100,000,000 shares authorized; 7,499,999 issued outstanding (excluding 667,391 shares subject to possible redemption) as of March 31, 2024 and December 31, 2023, respectively 749 749 Series B common stock, $ 0.0001 par value; 10,000,000 shares authorized; 1 shares issued and outstanding as of March 31, 2024 and December 31, 2023 1 1 Additional paid-in capital — — Accumulated deficit ( 16,985,789 ) ( 15,815,868 ) Total Stockhol

View Full Filing

View this 10-Q filing on SEC EDGAR