$ABP
Abpro Holdings, Inc.

2022 Q4 Form 10-K Financial Statement

#000119312523088454 Filed on April 03, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $588.7K $2.050M
YoY Change 114448.04%
Operating Profit -$2.050M
YoY Change
Interest Expense $2.576M $4.124M
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $3.761M
YoY Change
Pretax Income $1.988M $1.711M
YoY Change -95681.51%
Income Tax $530.5K $824.0K
% Of Pretax Income 26.69% 48.16%
Net Earnings $1.457M $886.9K
YoY Change -49648.49%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.04 $0.02
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $392.5K $392.5K
YoY Change
Cash & Equivalents $392.4K
Short-Term Investments
Other Short-Term Assets $377.8K $377.8K
YoY Change
Inventory
Prepaid Expenses $377.8K
Receivables
Other Receivables
Total Short-Term Assets $770.2K $770.2K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $309.8M $309.8M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $309.8M $309.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $770.2K $770.2K
Total Long-Term Assets $309.8M $309.8M
Total Assets $310.6M $310.6M
YoY Change 85839.33% 85839.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.243M $1.318M
YoY Change 69234.75% 454.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.142M $2.142M
YoY Change 533.47% 533.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.50M $10.50M
YoY Change
Total Long-Term Liabilities $10.50M $10.50M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.142M $2.142M
Total Long-Term Liabilities $10.50M $10.50M
Total Liabilities $12.64M $12.64M
YoY Change 3638.46% 3638.4%
SHAREHOLDERS EQUITY
Retained Earnings -$11.18M
YoY Change 623445.01%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.18M $297.9M
YoY Change
Total Liabilities & Shareholders Equity $310.6M $310.6M
YoY Change 85839.33% 85839.81%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.457M $886.9K
YoY Change -49648.49%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$128.1K -$1.185M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $331.5K -$305.7M
YoY Change
Cash From Investing Activities $331.5K -$305.7M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 307.2M
YoY Change
NET CHANGE
Cash From Operating Activities -128.1K -1.185M
Cash From Investing Activities 331.5K -305.7M
Cash From Financing Activities 0.000 307.2M
Net Change In Cash 203.4K 392.4K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$128.1K -$1.185M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001893219
CY2022 dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
CY2022 dei Document Type
DocumentType
10-K
CY2022 dei Document Annual Report
DocumentAnnualReport
true
CY2022 dei Document Period End Date
DocumentPeriodEndDate
2022-12-31
CY2022 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022 dei Document Transition Report
DocumentTransitionReport
false
CY2022 dei Entity File Number
EntityFileNumber
001-41224
CY2022 dei Entity Registrant Name
EntityRegistrantName
Atlantic Coastal Acquisition Corp. II
CY2022 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2022 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-1013956
CY2022 dei Entity Address Address Line1
EntityAddressAddressLine1
6 St Johns Lane, Floor 5
CY2022 dei Entity Address City Or Town
EntityAddressCityOrTown
New York
CY2022 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10013
CY2022 dei City Area Code
CityAreaCode
248
CY2022 dei Local Phone Number
LocalPhoneNumber
890-7200
CY2022 dei Security12b Title
Security12bTitle
Shares of Series A common stock included as part of the units
CY2022 dei Trading Symbol
TradingSymbol
ACAB
CY2022 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2022 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2022 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2022 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2022 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2022 dei Entity Small Business
EntitySmallBusiness
true
CY2022 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2022 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2022 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2022 dei Entity Shell Company
EntityShellCompany
true
CY2022Q2 dei Entity Public Float
EntityPublicFloat
299400000
CY2022 acab Number Of Days Within Which Public Shares Shall Be Redeemed
NumberOfDaysWithinWhichPublicSharesShallBeRedeemed
P10D
CY2022 dei Auditor Firm
AuditorFirmId
688
CY2022 dei Auditor Name
AuditorName
Marcum LLP
CY2022 dei Auditor Location
AuditorLocation
New York, NY
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
392446
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
377780
CY2022Q4 us-gaap Assets Current
AssetsCurrent
770226
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
361372
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
309790455
CY2022Q4 us-gaap Assets
Assets
310560681
CY2021Q4 us-gaap Assets
Assets
361372
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1243172
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1793
CY2022Q4 acab Accrued Offering Costs
AccruedOfferingCosts
75000
CY2021Q4 acab Accrued Offering Costs
AccruedOfferingCosts
236095
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
823991
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
100277
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2142163
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
338165
CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
10500000
CY2022Q4 us-gaap Liabilities
Liabilities
12642163
CY2021Q4 us-gaap Liabilities
Liabilities
338165
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
309097930
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
24250
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11180162
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1793
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-11179412
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
23207
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
310560681
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
361372
CY2022Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.044
CY2022 acab Operation And Formation Costs
OperationAndFormationCosts
2050410
acab Operation And Formation Costs
OperationAndFormationCosts
1793
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-2050410
us-gaap Operating Income Loss
OperatingIncomeLoss
-1793
CY2022 us-gaap Interest Income Other
InterestIncomeOther
1848
us-gaap Interest Income Other
InterestIncomeOther
0
CY2022 acab Investment Income Expense Nonoperating
InvestmentIncomeExpenseNonoperating
4121971
acab Investment Income Expense Nonoperating
InvestmentIncomeExpenseNonoperating
0
CY2022 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-362500
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3761319
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
0
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1710909
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1793
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
823991
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Net Income Loss
NetIncomeLoss
886918
us-gaap Net Income Loss
NetIncomeLoss
-1793
CY2022Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.044
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7503750
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
0
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
25000
us-gaap Net Income Loss
NetIncomeLoss
-1793
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
23207
CY2022 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
13850000
CY2022 acab Adjustments To Additional Paid In Capital Compensation Expense For Fair Value Of Assigned Founder Shares To Apeiron
AdjustmentsToAdditionalPaidInCapitalCompensationExpenseForFairValueOfAssignedFounderSharesToApeiron
362500
CY2022 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
8100000
CY2022 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
505049
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
33896988
CY2022 us-gaap Net Income Loss
NetIncomeLoss
886918
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-11179412
CY2022Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.044
CY2022 us-gaap Net Income Loss
NetIncomeLoss
886918
us-gaap Net Income Loss
NetIncomeLoss
-1793
CY2022 acab Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
4121971
acab Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
0
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
362500
us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
377780
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
0
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1241379
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1793
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
823991
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1184963
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
0
CY2022 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
306000000
us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
0
CY2022 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
331516
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
0
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-305668484
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
294240000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
13850000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
49262
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
743830
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100277
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
307245893
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100277
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
149539
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
392446
CY2022 acab Gross Proceeds
GrossProceeds
300000000
CY2022 acab Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
-8100000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
0
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
392446
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2022 acab Payment Of Deferred Offering Costs By The Sponsor In Exchange For The Issuance Of Series B Common Stock
PaymentOfDeferredOfferingCostsByTheSponsorInExchangeForTheIssuanceOfSeriesBCommonStock
0
acab Payment Of Deferred Offering Costs By The Sponsor In Exchange For The Issuance Of Series B Common Stock
PaymentOfDeferredOfferingCostsByTheSponsorInExchangeForTheIssuanceOfSeriesBCommonStock
25000
CY2022 acab Deferred Offering Costs Included In Accrued Offering Costs
DeferredOfferingCostsIncludedInAccruedOfferingCosts
717219
acab Deferred Offering Costs Included In Accrued Offering Costs
DeferredOfferingCostsIncludedInAccruedOfferingCosts
236095
CY2022 acab Initial Classification Of Series A Common Stock Subject To Possible Redemption
InitialClassificationOfSeriesACommonStockSubjectToPossibleRedemption
309097930
acab Initial Classification Of Series A Common Stock Subject To Possible Redemption
InitialClassificationOfSeriesACommonStockSubjectToPossibleRedemption
0
CY2022 acab Deferred Underwriting Fee Payable As Non Cashinvesting And Financing Activities
DeferredUnderwritingFeePayableAsNonCashinvestingAndFinancingActivities
10500000
acab Deferred Underwriting Fee Payable As Non Cashinvesting And Financing Activities
DeferredUnderwritingFeePayableAsNonCashinvestingAndFinancingActivities
0
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<div id="fin465046_6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS </div></div></div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div></div><div style="font-weight:bold;display:inline;"> </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlantic Coastal Acquisition Corp. II (the “Company”) is a blank check company incorporated in Delaware on May 20, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2022, the Company had not yet commenced any operations. All activity for the period May 20, 2021 (inception) through December 31, 2022 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-operating</div> income in the form of interest income from the proceeds derived from the Initial Public Offering. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registration statement for the Company’s Initial Public Offering was declared effective on January 13, 2022. On January 19, 2022, the Company consummated the Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the shares of Series A common stock included in the Units being offered, the “Public Shares”), which includes the partial exercise by the underwriters of its over-allotment option in the amount of 3,900,000 Units at $10.00 per Unit, generating gross proceeds of $300,000,000, which is described in Note 3. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 13,850,000 warrants (each, a “Private Placement Warrant” and, collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Atlantic Coastal Acquisition Management II LLC (the “Sponsor”), generating gross proceeds of $13,850,000, which is described in Note 4. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transaction costs amounted to $17,204,107, consisting of $5,760,000 of underwriting fees (net of $240,000 reimbursed by the underwriters), $10,500,000 of deferred underwriting fees, and $944,107 of other offering costs. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the closing of the Initial Public Offering on January 19, 2022, an amount of $306,000,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), to be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Rule 2a-7 of</div> the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Company’s management has broad discretion with respect to the specific application of the cash held outside of the Trust Account substantially all of the net proceeds from the Initial Public Offering and the sale of the Private Placement Warrants, which are placed in the Trust Account are intended to be applied generally toward completing a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"/> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.20 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the holders of the Company’s shares prior to the Initial Public Offering (the “Initial Stockholders”) have agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Initial Stockholders have agreed (a) to waive their redemption rights with respect to their Founder Shares and Public Shares held by them in connection with the completion of a Business Combination, (b) to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within 15 months from the closing of the Initial Public Offering and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s Initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-initial</div> business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will have until 15 months from the closing of the Initial Public Offering to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><span style="-sec-ix-hidden:hidden73343805">ten</span></div></div> business days thereafter, redeem the Public Shares, at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a per-share</div> price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"/> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders acquire Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.20 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay our taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. There is no assurance that the Company’s plans to consummate the Business Combination will be successful or successful within the Combination Period. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. </div> <div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Going Concern </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December 31, 2022, the Company had $392,446 in its operating bank accounts and a working capital deficit of $679,412. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="display:inline;">In connection with the Company’s assessment of going concern considerations in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">205-40</div> “Presentation of Financial Statements—Going Concern,” the Company has until April 19, 2023, to consummate a Business Combination. If a Business Combination is not consummated by this date and an extension not requested by the Sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. Although the Company intends to consummate a Business Combination on or before April 19, 2023, it is uncertain that the Company will be able to consummate a Business Combination by this time. Management has determined that the liquidity condition, coupled with the mandatory liquidation, should a Business Combination not occur, and an extension is not requested by the Sponsor, and potential subsequent dissolution raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s plan is to complete a business combination or obtain an extension on or prior to April 19, 2023, however it is uncertain that the Company will be able to consummate a Business Combination or obtain an extension by this time. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after April 19, 2023. </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"/> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Risks and Uncertainties </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management continues to evaluate the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, close of the Initial Public Offering, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these financial statements. The specific impact, if any, on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. </div> <div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Inflation Reduction Act of 2022 </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly-traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and impact the Company’s ability to complete a Business Combination. </div>
CY2022Q1 acab Gross Proceeds From Initial Public Offer
GrossProceedsFromInitialPublicOffer
300000000
CY2022Q1 acab Transaction Costs Of Issuance
TransactionCostsOfIssuance
17204107
CY2022Q1 acab Underwriting Fees Net Of Reimbursement By Underwriters
UnderwritingFeesNetOfReimbursementByUnderwriters
5760000
CY2022Q1 acab Reimbursement By Underwriters
ReimbursementByUnderwriters
240000
CY2022Q4 acab Deferred Underwriting Commission Non Current
DeferredUnderwritingCommissionNonCurrent
10500000
CY2022Q1 acab Other Offering Costs
OtherOfferingCosts
944107
CY2022Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
306000000
CY2022Q1 acab Per Share Payment Made To Acquire Restricted Investments
PerSharePaymentMadeToAcquireRestrictedInvestments
0.102
CY2022Q1 acab Term Of Restricted Investments
TermOfRestrictedInvestments
P185D
CY2022Q1 acab Percentage Of Net Assets In The Trust Account For Which The Business Combination Shall Be Effected
PercentageOfNetAssetsInTheTrustAccountForWhichTheBusinessCombinationShallBeEffected
0.80
CY2022Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.2
CY2022Q4 acab Minimum Net Worth Needed To Consummate Business Combination
MinimumNetWorthNeededToConsummateBusinessCombination
5000001
CY2022Q4 acab Percentage Of Shares That Can Be Transferred Without Any Restriction
PercentageOfSharesThatCanBeTransferredWithoutAnyRestriction
0.15
CY2022Q4 acab Percentage Of Shares Redeemable In Case Business Combination Is Not Consummated
PercentageOfSharesRedeemableInCaseBusinessCombinationIsNotConsummated
1
CY2022 acab Time Limit Within Which Business Combination Shall Be Consummated From The Date Of Initial Public Offering
TimeLimitWithinWhichBusinessCombinationShallBeConsummatedFromTheDateOfInitialPublicOffering
P15M
CY2022Q4 us-gaap Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities
LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities
100000
CY2022Q1 acab Per Share Amount Available For Distribution
PerShareAmountAvailableForDistribution
10
CY2022Q4 acab Per Share Amount To Be Maintained In The Trust Account For Distribution
PerShareAmountToBeMaintainedInTheTrustAccountForDistribution
10.2
CY2022Q4 us-gaap Cash
Cash
392446
CY2022Q4 acab Working Capital Loan
WorkingCapitalLoan
679412
CY2022Q3 acab Percentage Of Federal Excise Tax On Stock Buy Back
PercentageOfFederalExciseTaxOnStockBuyBack
0.01
CY2022Q3 acab Effective Date For Levy Of Federal Excise Tax On Stock Buy Back
EffectiveDateForLevyOfFederalExciseTaxOnStockBuyBack
2023-01-01
CY2022 acab Common Stock Issuance Costs
CommonStockIssuanceCosts
-16699058
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
33896988
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
309097930
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these financial statements is the determination of fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. </div>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
392446
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0
CY2022Q1 acab Offering Costs
OfferingCosts
17204107
CY2022Q1 acab Offering Costs Allocated In Temporary Equity
OfferingCostsAllocatedInTemporaryEquity
16699058
CY2022Q1 acab Offering Costs Allocated In Shareholders Equity
OfferingCostsAllocatedInShareholdersEquity
505049
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
361372
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. </div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
28850000
CY2022 acab Disclosure Of Initial Public Offering
DisclosureOfInitialPublicOffering
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;;text-indent: 0px;"><div style="font-weight:bold;display:inline;">NOTE 3 — INITIAL PUBLIC OFFERING </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Pursuant to the Initial Public Offering, the Company sold 30,000,000 Units, which include the partial exercise by the underwriters of their over-allotment option in the amount of 3,900,000 units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s Series A common stock and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-half</div> of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Series A common stock at an exercise price of $11.50 per whole share (see Note 7). </div>
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10
CY2022 acab Disclosure Of Private Placement
DisclosureOfPrivatePlacement
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">NOTE 4 — PRIVATE PLACEMENT </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 13,850,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $13,850,000, in a private placement. Each Private Placement Warrant is exercisable to purchase one Series A common stock at a price of $11.50 per share, subject to adjustments (see Note 7). A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. </div>
CY2022 acab Underwriting Discount Per Share
UnderwritingDiscountPerShare
0.2
CY2022 acab Payment Of Underwriting Discount
PaymentOfUnderwritingDiscount
6000000
CY2022Q4 acab Deferred Underwriting Discount Per Share
DeferredUnderwritingDiscountPerShare
0.35
CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
10500000
CY2022Q1 acab Percentage Of Advisory Service Fee
PercentageOfAdvisoryServiceFee
0.08
CY2022Q1 acab Advisory Service Fee
AdvisoryServiceFee
240000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022 acab Number Of Days After Consummation Of Business Combination With In Which The Securities Shall Be Registered
NumberOfDaysAfterConsummationOfBusinessCombinationWithInWhichTheSecuritiesShallBeRegistered
P20D
CY2022 acab Number Of Days After Which Business Combination With In Which Securities Registration Shall Be Effective
NumberOfDaysAfterWhichBusinessCombinationWithInWhichSecuritiesRegistrationShallBeEffective
P60D
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0
CY2022Q4 acab Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
388575
CY2021Q4 acab Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
0
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
388575
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
0
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
388575
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
823991
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-388575
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-388575
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
823991
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-388575
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.0445
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.2271
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.4816
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0

Files In Submission

Name View Source Status
acab-20221231_cal.xml Edgar Link unprocessable
0001193125-23-088454-index-headers.html Edgar Link pending
0001193125-23-088454-index.html Edgar Link pending
0001193125-23-088454.txt Edgar Link pending
0001193125-23-088454-xbrl.zip Edgar Link pending
acab-20221231.xsd Edgar Link pending
d465046d10k.htm Edgar Link pending
d465046dex311.htm Edgar Link pending
d465046dex312.htm Edgar Link pending
d465046dex321.htm Edgar Link pending
d465046dex322.htm Edgar Link pending
d465046dex47.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
acab-20221231_def.xml Edgar Link unprocessable
acab-20221231_lab.xml Edgar Link unprocessable
acab-20221231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
d465046d10k_htm.xml Edgar Link completed
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending