As of September 30, 2024, Agriculture & Natural Solutions Acquisition Corp (ANSC) reported significant financial developments following its public offering on November 13, 2023. The company, classified as a shell entity, had total current assets of $441,893, a decrease from $765,220 as of December 31, 2023. However, total assets increased to $362.2 million from $348.2 million, primarily due to an increase in cash held in the Trust Account, which rose to $361.7 million from $347.5 million.

Total current liabilities surged to $2.6 million from $239,103, contributing to an overall increase in total liabilities to $20.0 million, up from $12.9 million. The accumulated deficit worsened to $(19.5 million) from $(12.1 million) as of the end of the previous fiscal year, reflecting ongoing operational costs and expenses.

In terms of profitability, ANSC reported a net income of $490,583 for the three months ended September 30, 2024, compared to no income in the same period of 2023. For the nine months ended September 30, 2024, net income reached $6.9 million, a significant turnaround from a net loss of $(698) in the prior year. This improvement was attributed to interest income from the Trust Account, which amounted to $14.3 million for the nine-month period, offsetting general and administrative expenses of $7.4 million.

The company’s public offering generated gross proceeds of $345 million from the sale of 34.5 million units, with an additional 4.5 million units sold under an over-allotment option. The offering incurred transaction costs totaling approximately $20.4 million, including underwriting fees. The proceeds are held in a Trust Account, with access contingent upon the completion of an Initial Business Combination, which must occur within 24 months of the offering.

Strategically, ANSC signed a Business Combination Agreement on August 28, 2024, involving a merger with Agriculture & Natural Solutions Company Limited (NewCo) and other parties. This agreement outlines a two-step merger process, positioning ANSC to become a wholly owned subsidiary of NewCo, which operates a diversified agricultural business in Australia.

As of September 30, 2024, the company had a cash balance of $1 and a working capital deficit of $2.1 million. It has access to funds from its Sponsor to meet working capital needs until the business combination is completed or one year from the financial statement date. The company is classified as an emerging growth company and has not yet commenced operations.