Atlantic Coastal Acquisition II Files Q2 2024 10-Q

TL;DR

ACAB 10-Q filed. Financials for Q2 2024 out.

AI Summary

Atlantic Coastal Acquisition Corp. II filed its 10-Q for the period ending June 30, 2024. The company, operating in the Biological Products sector, reported its financial status and business activities. Key financial data and operational details for the second quarter and year-to-date periods are presented in this filing.

Why It Matters

This filing provides investors with an update on Atlantic Coastal Acquisition Corp. II's financial health and operational progress for the second quarter of 2024.

Risk Assessment

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

Key Players & Entities

• Atlantic Coastal Acquisition Corp. II (company) — Filer of the 10-Q
• 0001893219 (company) — Central Index Key for Atlantic Coastal Acquisition Corp. II
• 20240630 (date) — End of the reporting period
• 20240823 (date) — Filing date of the 10-Q

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
• $0 — e and 1 share of Series B common stock, $0 .00 01 par value, issued and outstandin

Filing Documents

• d882103d10q.htm (10-Q) — 815KB
• d882103dex311.htm (EX-31.1) — 10KB
• d882103dex312.htm (EX-31.2) — 10KB
• d882103dex321.htm (EX-32.1) — 4KB
• d882103dex322.htm (EX-32.2) — 4KB
• 0001193125-24-206165.txt ( ) — 4882KB
• acab-20240630.xsd (EX-101.SCH) — 54KB
• acab-20240630_cal.xml (EX-101.CAL) — 21KB
• acab-20240630_def.xml (EX-101.DEF) — 281KB
• acab-20240630_lab.xml (EX-101.LAB) — 324KB
• acab-20240630_pre.xml (EX-101.PRE) — 308KB
• d882103d10q_htm.xml (XML) — 628KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 23

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31

Signatures

Part III. Signatures 32 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item1. Interim Financial Statements. ATLANTIC COASTAL ACQUISITION CORP. II CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 (unaudited) December 31, 2023. ASSETS Current assets Cash and cash equivalents $ 236,779 $ 264,538 Prepaid expenses 40,500 — Cash and marketable securities held in Trust Account — 29,728,990 Total Current Assets 277,279 29,993,528 Cash held in Trust Account 7,619,044 7,372,451 TOTAL ASSETS $ 7,896,323 $ 37,365,979 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 1,515,813 $ 469,268 Excise tax payable 3,062,004 3,062,004 Accrued offering costs 5,000 5,000 Income taxes payable 338,507 308,194 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 2,225,051 1,655,000 Total Current Liabilities 7,306,375 35,388,456 Deferred underwriting fee payable 10,500,000 10,500,000 Total Liabilities 17,806,375 45,888,456 Commitments (Note 6) Series A common stock subject to possible redemption; 667,391 shares issued and outstanding at June 30, 2024 and December 31, 2023 at redemption value of $ 11.22 and $ 10.93 per share, respectively 7,487,321 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 June 30, 2024 and December 31, 2023, respectively 749 749 Series B common stock, $ 0.0001 par value; 10,000,000 shares authorized; 1 share issued and outstanding as of June 30, 2024 and December 31, 2023 1 1 Additional paid-in capital — — Accumulated deficit ( 17,398,123 ) ( 15,815,868 ) Total Stoc

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