$ABP
Abpro Holdings, Inc. Stock $abp

$abp Overview Financials Valuation SEC Filings Company Website

2024 Q1 Form 10-Q Financial Statement

#000119312524176812 Filed on July 09, 2024

Income Statement

Concept	2024 Q1	2023 Q1
Revenue		$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	$260.0K	$537.6K
YoY Change	-51.63%	8.92%
Operating Profit	-$1.141M	-$537.6K
YoY Change	112.27%	8.92%
Interest Expense		$3.288M
YoY Change		-2036.56%
% of Operating Profit
Other Income/Expense, Net	$96.48K	$3.288M
YoY Change	-97.07%	-1007.06%
Pretax Income	-$1.045M	$2.751M
YoY Change	-137.98%	-368.13%
Income Tax	$4.140K	$680.0K
% Of Pretax Income		24.72%
Net Earnings	-$1.049M	$2.071M
YoY Change	-150.65%	-301.84%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share		$0.06
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept	2024 Q1	2023 Q4	2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments			$295.2K
YoY Change			-10.69%
Cash & Equivalents	$10.61K	$264.5K	$295.2K
Short-Term Investments
Other Short-Term Assets			$277.2K
YoY Change			-62.29%
Inventory
Prepaid Expenses	$15.14K	$0.00	$277.2K
Receivables
Other Receivables
Total Short-Term Assets	$25.76K	$29.99M	$572.4K
YoY Change	-95.5%	3794.12%	-46.28%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments			$313.1M
YoY Change			2.37%
Other Assets			$0.00
YoY Change
Total Long-Term Assets	$7.508M	$7.372M	$313.1M
YoY Change	-97.6%	-97.62%	2.37%
TOTAL ASSETS
Total Short-Term Assets	$25.76K	$29.99M	$572.4K
Total Long-Term Assets	$7.508M	$7.372M	$313.1M
Total Assets	$7.534M	$37.37M	$313.6M
YoY Change	-97.6%	-87.97%	2.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses		$469.3K	$1.579M
YoY Change		-62.25%	304.93%
Deferred Revenue
YoY Change
Short-Term Debt			$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$6.605M	$35.39M	$3.158M
YoY Change	109.13%	1552.0%	709.76%
LONG-TERM LIABILITIES
Long-Term Debt			$0.00
YoY Change
Other Long-Term Liabilities			$10.50M
YoY Change			0.0%
Total Long-Term Liabilities			$10.50M
YoY Change			0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$6.605M	$35.39M	$3.158M
Total Long-Term Liabilities			$10.50M
Total Liabilities	$17.11M	$45.89M	$13.66M
YoY Change	25.23%	262.98%	25.42%
SHAREHOLDERS EQUITY
Retained Earnings	-$16.99M	-$15.82M	-$11.66M
YoY Change	45.62%	41.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$16.99M	-$15.82M	-$11.66M
YoY Change
Total Liabilities & Shareholders Equity	$7.534M	$37.37M	$313.6M
YoY Change	-97.6%	-87.97%	2.2%

Cashflow Statement

Concept	2024 Q1	2023 Q1
OPERATING ACTIVITIES
Net Income	-$1.049M	$2.071M
YoY Change	-150.65%	-301.84%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$263.9K	-$97.22K
YoY Change	171.47%	-89.52%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities		$0.00
YoY Change		-100.0%
Cash From Investing Activities	$29.69M	$0.00
YoY Change		-100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$29.73M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-29.68M	0.000
YoY Change		-100.0%
NET CHANGE
Cash From Operating Activities	-263.9K	-97.22K
Cash From Investing Activities	29.69M	0.000
Cash From Financing Activities	-29.68M	0.000
Net Change In Cash	-253.9K	-97.22K
YoY Change	161.18%	-129.41%
FREE CASH FLOW
Cash From Operating Activities	-$263.9K	-$97.22K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value
CY2024Q1	dei	Amendment Flag AmendmentFlag	false
CY2024Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2024Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2024Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001893219
CY2024Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
CY2024Q1	dei	Document Type DocumentType	10-Q
CY2024Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2024Q1	dei	Document Period End Date DocumentPeriodEndDate	2024-03-31
CY2024Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2024Q1	dei	Entity File Number EntityFileNumber	001-41224
CY2024Q1	dei	Entity Registrant Name EntityRegistrantName	ATLANTIC COASTAL ACQUISITION CORP. II
CY2024Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2024Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	85-1013956
CY2024Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	6 St Johns Lane, Floor 5
CY2024Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
CY2024Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10013
CY2024Q1	dei	City Area Code CityAreaCode	248
CY2024Q1	dei	Local Phone Number LocalPhoneNumber	890-7200
CY2024Q1	dei	Security12b Title Security12bTitle	Shares of Series A common stock included as part of the units
CY2024Q1	dei	Trading Symbol TradingSymbol	ACAB
CY2024Q1	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2024Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024Q1	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024Q1	dei	Entity Small Business EntitySmallBusiness	true
CY2024Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2024Q1	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
CY2024Q1	dei	Entity Shell Company EntityShellCompany	true
CY2024Q1	acab	Number Of Days Within Which Public Shares Shall Be Redeemed NumberOfDaysWithinWhichPublicSharesShallBeRedeemed	P10D
CY2024Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	10613
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	264538
CY2024Q1	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	15143
CY2023Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	0
CY2024Q1	us-gaap	Assets Held In Trust Current AssetsHeldInTrustCurrent	0
CY2023Q4	us-gaap	Assets Held In Trust Current AssetsHeldInTrustCurrent	29728990
CY2024Q1	us-gaap	Assets Current AssetsCurrent	25756
CY2023Q4	us-gaap	Assets Current AssetsCurrent	29993528
CY2024Q1	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	7508088
CY2023Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	7372451
CY2024Q1	us-gaap	Assets Assets	7533844
CY2023Q4	us-gaap	Assets Assets	37365979
CY2024Q1	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	1360707
CY2023Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	469268
CY2024Q1	acab	Excise Tax Payable Current ExciseTaxPayableCurrent	3062004
CY2023Q4	acab	Excise Tax Payable Current ExciseTaxPayableCurrent	3062004
CY2024Q1	acab	Accrued Offering Costs AccruedOfferingCosts	5000
CY2023Q4	acab	Accrued Offering Costs AccruedOfferingCosts	5000
CY2024Q1	us-gaap	Taxes Payable Current TaxesPayableCurrent	312334
CY2023Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	308194
CY2024Q1	us-gaap	Shares Subject To Mandatory Redemption Settlement Terms Amount Current SharesSubjectToMandatoryRedemptionSettlementTermsAmountCurrent	0
CY2023Q4	us-gaap	Shares Subject To Mandatory Redemption Settlement Terms Amount Current SharesSubjectToMandatoryRedemptionSettlementTermsAmountCurrent	29728990
CY2024Q1	us-gaap	Liabilities Current LiabilitiesCurrent	6605045
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	35388456
CY2024Q1	us-gaap	Deferred Compensation Liability Classified Noncurrent DeferredCompensationLiabilityClassifiedNoncurrent	10500000
CY2023Q4	us-gaap	Deferred Compensation Liability Classified Noncurrent DeferredCompensationLiabilityClassifiedNoncurrent	10500000
CY2024Q1	us-gaap	Liabilities Liabilities	17105045
CY2023Q4	us-gaap	Liabilities Liabilities	45888456
CY2024Q1	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2023Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2024Q1	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	7413838
CY2023Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	7292641
CY2024Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2024Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000
CY2024Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2024Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2024Q1	us-gaap	Preferred Stock Value PreferredStockValue	0
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue	0
CY2024Q1	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	0
CY2023Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	0
CY2024Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-16985789
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-15815868
CY2024Q1	us-gaap	Stockholders Equity StockholdersEquity	-16985039
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	-15815118
CY2024Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	7533844
CY2023Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	37365979
CY2024Q1	acab	Operation And Formation Costs OperationAndFormationCosts	1141068
CY2023Q1	acab	Operation And Formation Costs OperationAndFormationCosts	537558
CY2024Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-1141068
CY2023Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-537558
CY2024Q1	us-gaap	Interest Income Other InterestIncomeOther	847
CY2023Q1	us-gaap	Interest Income Other InterestIncomeOther	3542
CY2024Q1	acab	Investment Income Expense Nonoperating InvestmentIncomeExpenseNonoperating	95637
CY2023Q1	acab	Investment Income Expense Nonoperating InvestmentIncomeExpenseNonoperating	3284542
CY2024Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	96484
CY2023Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	3288084
CY2024Q1	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-1044584
CY2023Q1	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	2750526
CY2024Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	4140
CY2023Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	679998
CY2024Q1	us-gaap	Net Income Loss NetIncomeLoss	-1048724
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	2070528
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	-15815118
CY2024Q1	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	121197
CY2024Q1	us-gaap	Net Income Loss NetIncomeLoss	-1048724
CY2024Q1	us-gaap	Stockholders Equity StockholdersEquity	-16985039
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	-11179412
CY2023Q1	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	2554544
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	2070528
CY2023Q1	us-gaap	Stockholders Equity StockholdersEquity	-11663428
CY2024Q1	us-gaap	Net Income Loss NetIncomeLoss	-1048724
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	2070528
CY2024Q1	acab	Interest Earned On Marketable Securities Held In Trust Account InterestEarnedOnMarketableSecuritiesHeldInTrustAccount	95637
CY2023Q1	acab	Interest Earned On Marketable Securities Held In Trust Account InterestEarnedOnMarketableSecuritiesHeldInTrustAccount	3284542
CY2024Q1	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	15143
CY2023Q1	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-100571
CY2024Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	891439
CY2023Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	336223
CY2024Q1	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	4140
CY2023Q1	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	679998
CY2024Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-263925
CY2023Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-97222
CY2024Q1	us-gaap	Payments To Acquire Restricted Investments PaymentsToAcquireRestrictedInvestments	40000
CY2023Q1	us-gaap	Payments To Acquire Restricted Investments PaymentsToAcquireRestrictedInvestments	0
CY2024Q1	acab	Proceeds From Trust Account In Connection With Redemption ProceedsFromTrustAccountInConnectionWithRedemption	29728990
CY2023Q1	acab	Proceeds From Trust Account In Connection With Redemption ProceedsFromTrustAccountInConnectionWithRedemption	0
CY2024Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	29688990
CY2023Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	0
CY2024Q1	us-gaap	Proceeds From Other Debt ProceedsFromOtherDebt	50000
CY2023Q1	us-gaap	Proceeds From Other Debt ProceedsFromOtherDebt	0
CY2024Q1	us-gaap	Proceeds From Issuance Initial Public Offering ProceedsFromIssuanceInitialPublicOffering	0
CY2023Q1	us-gaap	Proceeds From Issuance Initial Public Offering ProceedsFromIssuanceInitialPublicOffering	0
CY2024Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	29728990
CY2023Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	0
CY2024Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-29678990
CY2023Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	0
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-253925
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-97222
CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	264538
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	392446
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	10613
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	295224
CY2024Q1	acab	Remeasurement Of Carrying Value To Redemption Value RemeasurementOfCarryingValueToRedemptionValue	121197
CY2023Q1	acab	Remeasurement Of Carrying Value To Redemption Value RemeasurementOfCarryingValueToRedemptionValue	2554544
CY2024Q1	us-gaap	Nature Of Operations NatureOfOperations	<div id="toc736415_5" style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><div style="font-weight:bold;display:inline;">NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 (a “Business Combination”). On November 30, 2023 the Company formed Abpro Merger Sub Corp. (“Merger Sub”), a wholly owned subsidiary of the Company. </div></div></div> <div style="margin-top:6pt; 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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of March 31, 2024, the Company had not yet commenced any operations. All activity for the period May 20, 2021 (inception) through March 31, 2024 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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;">Rule2a-7of</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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To mitigate the risk of us being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act), the Company instructed the Trustee in December 29, 2023 to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash (which may include demand deposit accounts) until the earlier of consummation of our Business Combination or liquidation. </div> <div style="margin-top:6pt; 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 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:6pt; 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 <div style="letter-spacing: 0px; top: 0px;display:inline;">a</div> 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: 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> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 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></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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 prior to September 19, 2024 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 Business Combination or to redeem<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div>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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Company had 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="-sec-ix-hidden:hidden118031016;display:inline;">ten</div> business days thereafter, redeem the Public Shares, at a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">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 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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. On April 18, 2023, the company held the Meeting to approve an extension of time for the Company to consummate a Business Combination from April 19, 2023 to October 19, 2023, subject to additional Extension(s) up to December 19, 2023 upon election by the Sponsor. The extension was approved and a result<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>26,564,308<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> shares of the Company’s Series A common stock were redeemed at approximately $</div>10.41<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> per share.</div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">On April 18, 2023, the Sponsor, the Company’s independent directors, and Apeiron Investment Group Ltd (collectively, the “Series B Holders”) voluntarily converted 7,499,999 shares of Series B <div style="letter-spacing: 0px; top: 0px;display:inline;">c</div>ommon <div style="letter-spacing: 0px; top: 0px;display:inline;">s</div>tock of the Company they held as of such date into 7,499,999 shares of Series A common stock of the Company (the “Conversion”) in accordance with the amended and restated certificate of incorporation, as amended. With respect to shares of Series A common stock that they received as result of the Conversion, the Series B Holders (i) agreed that they would not vote such stock until after the closing of a <div style="letter-spacing: 0px; top: 0px;display:inline;">B</div>usiness <div style="letter-spacing: 0px; top: 0px;display:inline;">C</div>ombination and (ii) acknowledged that such stock would not be entitled to any distribution from the Company’s trust account. As a result of the Conversion and the results of the Meeting described above, the Company has an aggregate of 10,935,691 shares of Series A common stock outstanding and 1 share of Series B <div style="letter-spacing: 0px; top: 0px;display:inline;">c</div>ommon <div style="letter-spacing: 0px; top: 0px;display:inline;">s</div>tock (held by the Sponsor) outstanding. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">On October 14, 2023 and November 14, 2023, the Company issued <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-interest</div> bearing, unsecured promissory notes in the aggregate principal amount of $80,000, <div style="letter-spacing: 0px; top: 0px;display:inline;">respectively, (the “Notes”) to the Sponsor. The</div> $80,000 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of proceeds was deposited into the Company’s trust account in order to extend the amount of time that the Company has available to complete a Business Combination. Upon the closing of a Business Combination by the Company, the Sponsor may elect to either receive repayment under the Notes or to convert all or a portion of the amount loaned under the Notes into Series A common stock of the Company at a price equal</div></div> <div style="display:inline;">to </div>$10.20 per share. In the event that the Company does not complete a <div style="display:inline;">B</div>usiness <div style="display:inline;">C</div>ombination, the amounts loaned under the Notes will be repaid to the Sponsor only from funds held outside the Trust Account or will be forfeited, eliminated, or otherwise forgiven. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On October 14, 2023, by resolution of the board of directors of the Company, the Company extended the expiration date of the Combination Period from October 19, 2023 to November 19, 2023. </div></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><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On November 14, 2023, by resolution of the board of directors of the Company, the Company extended the expiration date of the Combination Period from November 19, 2023 to December 19, 2023. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">On December 11, 2023, the Company, Abpro Merger Sub Corp., a Delaware corporation, and Abpro Corporation, a Delaware corporation (“Abpro”), entered into a business combination agreement (the “Business Combination Agreement” and the transactions contemplated thereby, the “Merger”). Please see the Current Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">8-K</div> filed on December 12, 2023 for more information on the terms of the Business Combination Agreement, which contains customary representations and warranties, covenants, closing conditions, termination provisions and other terms relating to the Merger. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">On December 15, 2023, the company held the Meeting to approve an extension of time for the Company to consummate a Business Combination from December 19, 2023 to March 19, 2024, subject to deposits into the trust account maintained for the benefit of the Company’s public stockholders the lesser of</div> (a) $30,000 or (b) $0.045 for each Public Share that is not redeemed in connection with the Meeting. If the Company has not consummated a Business Combination by the Extended Date, the Company may, without another stockholder vote, elect to extend the Extended Date on a monthly basis up to six times by an additional one month each time thereafter, until September 19, 2024. The extension was approved and a result 2,768,301 public shares of Series A common stock exercised and did not reverse, their right to redeem their <div style="letter-spacing: 0px; top: 0px;display:inline;">P</div>ublic <div style="letter-spacing: 0px; top: 0px;display:inline;">S</div>hares in connection with the vote upon the Charter Amendment Proposal. As a result of the foregoing, those holders will receive a payment of approximately $10.68 per share redeemed. This resulted in $29,728,990 being withdrawn from the trust account and paid to redeeming stockholders. The payment to the redeeming stockholders was processed in January 2024, as such $29,728,990 has been removed form Series A common stock subject to redemption and recorded as common stock to be redeemed. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">For the period ending March 31, 2024, $40,000 <div style="letter-spacing: 0px; top: 0px;display:inline;">of extension payments have been made to extend the time to consummate a Business Combination to April <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">1<div style="display:inline;">9</div></div>, 2024. On April 1<div style="display:inline;">7</div>, 2024, an additional<div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"> </div></div>$10,000 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">extension payment was made to extend until May 19, 2024. On May <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">20</div>, 2024 and June 26, 2024, an additional $</div><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10,000 </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extension payment was made to extend until July 19, 2024. </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="text-indent: 0px; background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 a Business Combination will be successful or successful within the Combination Period. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. </div></div></div> <div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";text-indent: 0px;"><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 and Liquidity </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">At March 31, 2024, the Company had $10,613 in its operating bank accounts and a working capital deficit of $6,579,289. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 a Business Combination. </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. The Company will need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. If the Company is unable to complete the Business Combination because it does not have sufficient funds available, the Company will be forced to cease operations and liquidate the Trust Account. These conditions raise substantial doubt about the Company’s ability to continue as a going concern one year from the date that these unaudited condensed consolidated financial statements are issued. </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><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;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“Presentation</div> of Financial Statements—Going Concern,” the Company has until July 19, 2024, to consummate a Business Combination. If a Business Combination is not consummated by this date there will be a mandatory liquidation and subsequent dissolution of the Company. Although the Company intends to consummate a Business Combination on or before July 19, 2024, 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 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 on or prior to July 19, 2024, however it is uncertain that the Company will be able to consummate a Business Combination by this time. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after July 19, 2024. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";text-indent: 0px;"><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;text-indent: 0px;">The impact of current conflicts around the globe, including Russia’s invasion of Ukraine and the Israel-Hamas war, and related sanctions, on the world economy is not determinable as of the date of these financial statements, and the specific impact 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: "Times New Roman";text-indent: 0px;"><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;text-indent: 0px;">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="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 a 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></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">On April 18, 2023 and December 13, 2023, the Company’s stockholders redeemed 26,564,308 <div style="letter-spacing: 0px; top: 0px;display:inline;">shares of Series A common stock for a total of</div> $276,471,460 and redeemed 2,768,301 <div style="letter-spacing: 0px; top: 0px;display:inline;">shares of Series A common stock for a total of<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div>$29,728,990, <div style="letter-spacing: 0px; top: 0px;display:inline;">respectively. The Company evaluated the classification and accounting of the stock redemption under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future events will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. The Company evaluated the current status and probability of completing a Business Combination as of December 31, 2023 and determined that a contingent liability should be calculated and recorded. As of March 31, 2024 and December 31, 2023, the Company recorded</div> $3,062,004 of excise tax liability calculated as 1% of shares redeemed. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On January 21, 2024, the Company received a partial waiver from an underwriter from the initial public offering that was entitled to a portion of the deferred underwriter fee. Subject to the closing of the Merger, the underwriter waived<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>$4,290,000 of the underwriter fee in exchange for 600,000 of common stock in the post-merger Company. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">On January 22, 2024, the Company issued a press release announcing that it filed a Registration Statement on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">S-4</div> with the Securities and Exchange Commission (“SEC”) on January 19, 2024 in connection with the previously announced Merger. </div></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
CY2024Q1	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
CY2024Q1	acab	Minimum Net Worth Needed To Consummate Business Combination MinimumNetWorthNeededToConsummateBusinessCombination	5000001
CY2024Q1	acab	Percentage Of Shares That Can Be Transferred Without Any Restriction PercentageOfSharesThatCanBeTransferredWithoutAnyRestriction	0.15
CY2024Q1	acab	Percentage Of Shares Redeemable In Case Business Combination Is Not Consummated PercentageOfSharesRedeemableInCaseBusinessCombinationIsNotConsummated	1
CY2024Q1	acab	Time Limit Within Which Business Combination Shall Be Consummated From The Date Of Initial Public Offering TimeLimitWithinWhichBusinessCombinationShallBeConsummatedFromTheDateOfInitialPublicOffering	P15M
CY2024Q1	us-gaap	Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities	100000
CY2023Q4	acab	Amount To Be Deposited In Trust Account AmountToBeDepositedInTrustAccount	30000
CY2023Q4	acab	Per Share Value Of The Amount To Be Deposited In Trust Account PerShareValueOfTheAmountToBeDepositedInTrustAccount	0.045
CY2023Q4	us-gaap	Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares	2768301
CY2023Q4	us-gaap	Share Price SharePrice	10.68
CY2023Q4	us-gaap	Proceeds From Sale Of Trust Assets To Pay Expenses ProceedsFromSaleOfTrustAssetsToPayExpenses	29728990
CY2024Q1	acab	Payments For Extension Of Time For Initial Business Combination PaymentsForExtensionOfTimeForInitialBusinessCombination	40000
CY2024Q2	acab	Payments For Extension Of Time For Initial Business Combination PaymentsForExtensionOfTimeForInitialBusinessCombination	10000
CY2024Q2	acab	Payments For Extension Of Time For Initial Business Combination PaymentsForExtensionOfTimeForInitialBusinessCombination	10000
CY2024Q2	acab	Payments For Extension Of Time For Initial Business Combination PaymentsForExtensionOfTimeForInitialBusinessCombination	10000
CY2022Q1	acab	Per Share Amount Available For Distribution PerShareAmountAvailableForDistribution	10
CY2024Q1	acab	Per Share Amount To Be Maintained In The Trust Account For Distribution PerShareAmountToBeMaintainedInTheTrustAccountForDistribution	10.2
CY2024Q1	us-gaap	Cash Cash	10613
CY2024Q1	acab	Working Capital Loan WorkingCapitalLoan	6579289
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
CY2024Q1	us-gaap	Sales And Excise Tax Payable Current SalesAndExciseTaxPayableCurrent	3062004
CY2024Q1	acab	Percentage Of Shares Redeemable PercentageOfSharesRedeemable	0.01
CY2024Q1	us-gaap	Use Of Estimates UseOfEstimates	<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><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 unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. </div> <div style="margin-top:6pt; 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 unaudited condensed consolidated 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. </div>
CY2024Q1	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0
CY2023Q4	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0
CY2024Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	10613
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	264538
CY2024Q1	us-gaap	Proceeds From Sale Of Trust Assets To Pay Expenses ProceedsFromSaleOfTrustAssetsToPayExpenses	260000
CY2022	acab	Gross Proceeds GrossProceeds	300000000
CY2022	acab	Proceeds Allocated To Public Warrants ProceedsAllocatedToPublicWarrants	-8100000
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
CY2023	acab	Temporary Equity Redemption Value TemporaryEquityRedemptionValue	-276471460
CY2023	us-gaap	Temporary Equity Accretion To Redemption Value Adjustment TemporaryEquityAccretionToRedemptionValueAdjustment	-29728990
CY2023	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	4395161
CY2023Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	7292641
CY2024Q1	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	121197
CY2024Q1	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	7413838
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
CY2024Q1	us-gaap	Deferred Offering Costs DeferredOfferingCosts	0
CY2023Q4	us-gaap	Deferred Offering Costs DeferredOfferingCosts	0
CY2024Q1	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><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>
CY2024Q1	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000
CY2024Q1	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.004
CY2023Q1	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.2472
CY2024Q1	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
CY2023Q1	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
CY2024Q1	us-gaap	Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights	28850000
CY2024Q1	acab	Disclosure Of Initial Public Offering DisclosureOfInitialPublicOffering	<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";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>
CY2024Q1	us-gaap	Shares Issued Price Per Share SharesIssuedPricePerShare	10
CY2024Q1	acab	Disclosure Of Private Placement DisclosureOfPrivatePlacement	<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";text-indent: 0px;"><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;text-indent: 0px;">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>
CY2024Q1	acab	Underwriting Discount Per Share UnderwritingDiscountPerShare	0.2
CY2024Q1	acab	Payment Of Underwriting Discount PaymentOfUnderwritingDiscount	6000000
CY2024Q1	acab	Deferred Underwriting Discount Per Share DeferredUnderwritingDiscountPerShare	0.35
CY2024Q1	us-gaap	Deferred Compensation Liability Classified Noncurrent DeferredCompensationLiabilityClassifiedNoncurrent	10500000
CY2022Q1	acab	Advisory Service Fee AdvisoryServiceFee	0.08
CY2022Q1	acab	Percentage Of Advisory Service Fee PercentageOfAdvisoryServiceFee	240000
CY2024Q1	acab	Percentage Of Gross Amount Payable To Sponsor Raised From Investors PercentageOfGrossAmountPayableToSponsorRaisedFromInvestors	0.04
CY2024Q1	acab	Minimum Net Worth Needed To Consummate Business Combination MinimumNetWorthNeededToConsummateBusinessCombination	5000001
CY2024Q1	acab	Minimum Cash And Cash Equivalents Needed To Consummate Business Combination MinimumCashAndCashEquivalentsNeededToConsummateBusinessCombination	8700000
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000
CY2024Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000
CY2024Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2024Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2024Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2024Q1	acab	Number Of Days After Consummation Of Business Combination With In Which The Securities Shall Be Registered NumberOfDaysAfterConsummationOfBusinessCombinationWithInWhichTheSecuritiesShallBeRegistered	P20D
CY2024Q1	acab	Number Of Days After Which Business Combination With In Which Securities Registration Shall Be Effective NumberOfDaysAfterWhichBusinessCombinationWithInWhichSecuritiesRegistrationShallBeEffective	P60D

Files In Submission

Name	View Source	Status
0001193125-24-176812-index-headers.html	Edgar Link	pending
0001193125-24-176812-index.html	Edgar Link	pending
0001193125-24-176812.txt	Edgar Link	pending
0001193125-24-176812-xbrl.zip	Edgar Link	pending
acab-20240331.xsd	Edgar Link	pending
acab-20240331_cal.xml	Edgar Link	unprocessable
acab-20240331_def.xml	Edgar Link	unprocessable
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d736415dex311.htm	Edgar Link	pending
d736415dex312.htm	Edgar Link	pending
d736415dex321.htm	Edgar Link	pending
acab-20240331_lab.xml	Edgar Link	unprocessable
acab-20240331_pre.xml	Edgar Link	unprocessable
d736415d10q_htm.xml	Edgar Link	completed
d736415dex322.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
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R16.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
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
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R26.htm	Edgar Link	pending
R27.htm	Edgar Link	pending
R3.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

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$ABP
Abpro Holdings, Inc. Stock $abp

2024 Q1 Form 10-Q Financial Statement

#000119312524176812 Filed on July 09, 2024

Income Statement

Balance Sheet

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Facts In Submission

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$ABP Abpro Holdings, Inc. Stock $abp

2024 Q1 Form 10-Q Financial Statement

#000119312524176812 Filed on July 09, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ABP
Abpro Holdings, Inc. Stock $abp