Based on the provided financial report articles, I generated the title for the article: "ATMC's Q1 2025 Financial Report: Ordinary Shares, Warrants, and Rights Issued" Please note that the title may not be exact, as the provided text is a financial report and may not contain a clear title.
Unfortunately, the provided text does not appear to be a financial report, but rather a series of financial data and notes in a specific format. However, I can try to summarize the key financial figures and main events mentioned in the text:
- The report appears to be for a company with the ticker symbol “0001889106” and is likely a quarterly report.
- The company’s common stock, additional paid-in capital, and retained earnings are all mentioned, but no specific figures are provided.
- The report mentions an initial public offering (IPO) and a private placement, both of which occurred in 2023.
- The company also mentions a post-business combination period, which likely refers to a merger or acquisition.
- The report includes notes on the company’s financial statements, including related-party transactions and the exercise of warrants and rights.
- The company’s financial statements are presented in a condensed format, with no specific figures or amounts provided.
Overall, the report appears to be a summary of the company’s financial performance and events, but does not provide detailed financial information.
Results of Operations
The company has not engaged in any operations or generated any revenues to date. Its only activities since inception have been organizational activities and those necessary to complete the Initial Public Offering (IPO). After the IPO, the company will not generate any operating revenues until it completes its initial business combination. However, the company will generate non-operating income in the form of interest income on the funds held in the Trust Account after the IPO.
The company expects to incur increased expenses as a result of being a public company, including for legal, financial reporting, accounting, and auditing compliance, as well as for due diligence expenses related to the initial business combination.
For the three months ended March 31, 2025, the company had a net income of $117,969, which consists of a loss of $183,402 from formation and operating costs offset by $301,371 in income earned on the investments held in the Trust Account.
For the three months ended March 31, 2024, the company had a net income of $442,265, which consists of a loss of $344,903 from formation and operating costs offset by $787,168 in income earned on the investments held in the Trust Account.
Liquidity and Capital Resources
On January 4, 2023, the company consummated its IPO of 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000. Simultaneously, the company sold 370,500 Private Placement Units at $10.00 per unit in a private placement, generating $3,705,000 in gross proceeds.
On January 6, 2023, the underwriters exercised their over-allotment option in full, purchasing an additional 900,000 units at $10.00 per unit, generating $9,000,000 in gross proceeds. The company also completed the private sale of 38,700 additional Private Placement Units at $10.00 per unit, generating $387,000 in gross proceeds.
After the IPO and over-allotment, an aggregate of $70,242,000 ($10.18 per unit) from the net proceeds and the sale of the Private Placement Units was held in the Trust Account. As of March 31, 2025, the Trust Account held $15,596,634 in marketable securities.
The company intends to use substantially all of the funds held in the Trust Account, including any amounts representing income earned on the Trust Account (less amounts released for taxes and deferred underwriting commissions), to complete its initial business combination. The company may withdraw interest and dividend income from the Trust Account to pay taxes, if any.
As of March 31, 2025, the company had a cash balance of $1,377 and a working capital deficit of $3,553,143. The company’s liquidity needs prior to the IPO were satisfied through a $25,000 capital contribution from the Sponsor to purchase the founder shares. As of March 31, 2025, the company had $1,262,500 outstanding in loans against promissory notes issued to the Sponsor for extensions of the business combination deadline, and an additional $54,979 borrowed from HCYC for a further extension.
The company expects it will need additional capital beyond the net proceeds from the IPO and the funds held outside the Trust Account to satisfy its liquidity needs, including for paying existing accounts payable, identifying and evaluating prospective business combination candidates, performing due diligence, and completing the initial business combination. The company’s founders or their affiliates may loan the company additional funds, but there is no guarantee they will do so.
The company will use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform due diligence, travel to meet with potential targets, review corporate documents, and structure, negotiate, and complete the initial business combination. The company could also use a portion of these funds to pay commitment fees for financing, fees to consultants, or to fund a “no-shop” provision with respect to a proposed business combination.
The company has extended the deadline to complete its initial business combination multiple times, with the current deadline being October 4, 2025. Shareholders have had the opportunity to redeem their shares in connection with these extensions, resulting in significant redemptions and a reduction in the funds remaining in the Trust Account.
The company’s ability to continue as a going concern is uncertain, as it lacks the financial resources to sustain operations for a reasonable period of time, and its plans to raise capital or complete the initial business combination may not be successful. These factors raise substantial doubt about the company’s ability to continue as a going concern.
