AltEnergy Acquisition Corp. has reported significant financial developments in its latest 10-K filing for the fiscal year ending December 31, 2024. The company, which is a blank check entity formed to pursue a business combination, has not generated any operational revenue since its inception. As of December 31, 2024, AltEnergy reported a net loss of $2.7 million, compared to a net income of $2.5 million in the previous year. This shift is attributed to increased operational expenses, including business combination costs and general administrative expenses, which totaled approximately $3.9 million for the year.
The company has made notable changes to its capital structure and operational timeline. In April 2023, stockholders approved an extension of the deadline to complete a business combination from May 2, 2023, to May 2, 2024. This extension was further pushed to May 2, 2025, following a special meeting in April 2024. During this period, stockholders redeemed approximately 21.4 million Class A shares for a total of $222.5 million, reflecting a proactive approach to managing shareholder interests amid ongoing efforts to identify a suitable target for acquisition.
Operationally, AltEnergy has been actively pursuing a merger with Car Tech, LLC, with an amended merger agreement signed in February 2025. The merger is expected to create a new entity, "New Car Tech," which will be listed on the Nasdaq Capital Market. The agreement outlines that Car Tech's membership interests will convert into shares of AltEnergy's common stock, with a total consideration of $120 million, including an earn-out provision. This strategic move is aimed at enhancing the company's market position and operational capabilities post-merger.
As of the end of 2024, AltEnergy held approximately $8.5 million in its trust account, down from $17.6 million in the previous year, primarily due to redemptions. The company also reported a significant decrease in its derivative warrant liabilities, which fell to $81,900 from $940,000, indicating a positive adjustment in the fair value of these financial instruments. The company continues to face challenges, including compliance with Nasdaq listing requirements, as it was notified of deficiencies regarding the number of total holders and market value of publicly held shares.
Looking ahead, AltEnergy's management has expressed uncertainty regarding its ability to complete a business combination by the extended deadline of May 2, 2025. The company has acknowledged that failure to do so would result in the liquidation of its assets and the redemption of public shares at approximately $10.20 each. The ongoing efforts to secure a merger and the potential for additional financing will be critical in determining the company's future viability and operational success.
About AltEnergy Acquisition Corp
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