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Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Atlantic Coastal Acquisition Corp II - Class A

Announcement: ACAB 10-Q Quarterly Report

Form 8-K - Current report - Item 1.01 Item 5.03 Item 5.07 Item 8.01 Item 9.01

Announcement: ACAB 8-K Special Filing

Form 8-K - Current report - Item 1.01 Item 9.01

Part 1: Analysis of Performance

Atlantic Coastal Acquisition Corp. II is a blank check company whose sole purpose is to acquire a business combination target in any industry or sector. The company’s only activities from May 20, 2021 (inception) through December 31, 2022, were organizational activities, those necessary to consummate the IPO, and identifying a target company for a business combination. The company has neither engaged in any operations nor generated any revenues to date.

The company had a net income of $886,918, which consisted of interest income from the bank of $1,848, and interest earned on marketable securities held in the Trust Account of $4,121,971, offset by operating and formation costs of $2,050,410, compensation expense of $362,500, and a provision for income taxes of $823,991. The company also generated $331,516 of interest income from the Trust Account and had cash of $392,446 as of December 31, 2022, held outside the Trust Account primarily to identify and evaluate the target businesses.

Atlantic Coastal Acquisition Corp. II’s IPO was on January 19, 2022, in which it consumed a total of $300,000,000 from the sale of 30,000,000 Units, which includes the partial exercise of the over-allotment option in the amount of 3,900,000 Units at $10.00 per Unit. The company simultaneously consummated the sale of 13,850,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating gross proceeds of $13,850,000. The transaction costs incurred for IPO amounted to $17,204,107, with $5,760,000 of underwriting fees, and $944,107 was for other costs.

Part 2: Forward-Looking Analysis

Atlantic Coastal Acquisition Corp. II intends to effectuate its business combination using cash from the proceeds of the IPO and the sale of Private Placement Warrants, its capital stock, debt, or a combination of cash, stock, and debt. The company has not identified a potential acquisition target yet. However, given the experience of the management team, it expects to focus on acquiring a business combination target within the financial services industry and related sectors, including potentially the mobility sector. We cannot assure investors that the company’s plans to complete a Business Combination will be successful. We expect the company to continue to incur significant costs in the pursuit of its acquisition plans until the successful completion of the business combination.

The recent trends in the industry show a surge in blank check companies, with a record of 607 SPAC IPOs of approximately $194 billion in proceeds in 2021, a trend that has continued in the first quarter of 2022. The low-interest-rate environment and the willingness of some investors to accept the risks associated with such investments have contributed to this trend. However, there is increasing regulatory scrutiny on SPACs and the increased competition among SPACs for suitable acquisition targets. Therefore, there could be heightened pressure on the management team to find an attractive acquisition target and the potential for higher acquisition prices due to the competition.

In conclusion, while Atlantic Coastal Acquisition Corp. II had a net income, generated interest income, and has cash held outside the Trust Account, the company’s performance analysis is limited since it has not engaged in any operations yet. However, the company has a seasoned management team with experience in the financial services industry, and it may focus on such sectors, including potentially the mobility sector, as potential targets for its business combination. Nonetheless, the investors should exercise caution since the company may continue to incur expenses in its activities, and its plans to complete a business combination may not be successful. Also, prospective acquisition targets could be limited or may come at higher prices due to increased competition and regulatory scrutiny on blank check companies.

Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Atlantic Coastal Acquisition Corp. II: An Analysis of Performance and Forward-Looking Plans

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: ACAB 10-Q Quarterly Report

Announcement: ACAB 10-Q Quarterly Report

Announcement: ACAB 8-K Special Filing

Announcement: ACAB 8-K Special Filing

Announcement: ACAB 8-K Special Filing

Announcement: ACAB 8-K Special Filing

Announcement: ACAB 8-K Special Filing

Announcement: ACAB 8-K Special Filing

Atlantic Coastal Acquisition Corp. II: An Analysis of Performance and Forward-Looking Plans

Atlantic Coastal Acquisition Corp. II: An Analysis of Performance and Forward-Looking Plans

Announcement: ACAB SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACAB SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment