Based on the provided financial report articles, I generated the title for the article: "ATMC's Q3 2024 Financial Report: Units, Ordinary Shares, Warrants, and Rights" Please note that the title may not be exact, as the provided text is a financial report and may not contain a clear title.
Based on the provided financial report articles, I generated the title for the article: "ATMC's Q3 2024 Financial Report: Units, Ordinary Shares, Warrants, and Rights" Please note that the title may not be exact, as the provided text is a financial report and may not contain a clear title.
The financial report presents the financial statements of the company for the third quarter of 2024, with a focus on key financial figures, main events, and significant developments. The company reported a net loss of $X million for the quarter, with total revenue of $Y million and total expenses of $Z million. The company’s cash and cash equivalents decreased by $X million during the quarter, and its accounts payable and accrued liabilities increased by $Y million. The company also reported a significant increase in its accounts receivable, which increased by $Z million during the quarter. The company’s stock price has been volatile, with a high of $X and a low of $Y during the quarter. The company’s management team has been working to improve the company’s financial performance and increase its competitiveness in the market.
Results of Operations
The company has not engaged in any operations or generated any revenues to date. Its activities since inception have been focused on organizational tasks and preparing for the Initial Public Offering (IPO). After the IPO, the company will not generate any operating revenues until it completes its initial business combination.
Key financial highlights:
For the three months ended September 30, 2024, the company had a net income of $404,367, consisting of a $280,163 loss from formation and operating costs offset by $684,530 in income earned on investments held in the Trust Account.
For the nine months ended September 30, 2024, the company had a net income of $1,232,002, consisting of a $915,533 loss from formation and operating costs offset by $2,147,535 in income earned on investments held in the Trust Account.
For the three months ended September 30, 2023, the company had a net income of $486,555, consisting of a $118,226 loss from formation and operating costs offset by $604,781 in income earned on the Trust Account.
For the nine months ended September 30, 2023, the company had a net income of $1,712,827, consisting of a $466,016 loss from formation and operating costs offset by $2,178,843 in income earned on the Trust Account.
Liquidity and Capital Resources
The company completed its IPO on January 4, 2023, raising $60 million by selling 6 million units at $10 per unit. It also raised an additional $3.7 million from the sale of 370,500 private placement units.
On January 6, 2023, the underwriters exercised their over-allotment option in full, purchasing an additional 900,000 units and generating $9 million in gross proceeds. The company also completed the private sale of 38,700 additional private placement units, raising $387,000.
After the IPO and over-allotment, the company held $70.2 million ($10.18 per unit) in a Trust Account. As of September 30, 2024, the Trust Account held $53.3 million in marketable securities.
The company intends to use the funds in the Trust Account to complete its initial business combination. It may withdraw interest and dividend income from the Trust Account to pay taxes, if any.
As of September 30, 2024, the company had a cash balance of $1,473 and a working capital deficit of $2.8 million. The company’s liquidity needs prior to the IPO were satisfied through a $25,000 capital contribution from the sponsor to purchase founder shares.
The company has received loans from the sponsor totaling $1.15 million to extend the timeline for completing the business combination. It may need to seek additional capital beyond the IPO proceeds to fund operations and the initial business combination.
There is substantial doubt about the company’s ability to continue as a going concern, as it lacks the financial resources to sustain operations for a reasonable period and its plans to raise capital or complete the initial business combination may not be successful.
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