Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
Our units, class A ordinary shares and warrants are traded on The NASDAQ Capital Markets, LLC under the symbols “AMAO.U,” “AMAO” and “AMAOU,” respectively. Our units commenced public trading on March 18, 2021. Our Class A ordinary shares and warrants began separate trading on April 27, 2021.
As of December 31, 2022, there were six shareholders of record of our common stock. This number includes one position at Cede & Co., which includes an unknown number of shareholders holding shares of 742,308. The number of both shareholders of record and beneficial shareholders may change on a daily basis and without the Company’s immediate knowledge.
Dividends
We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time, and we will only pay such dividend out of our profits or share premium (subject to solvency requirements) as permitted under Delaware law. If we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
Securities Authorized for Issuance Under Equity Compensation Plans
None.
Stock Performance Graph
High
Low
Quarters ending in 2021
March 31
$ 9.98
$ 9.91
June 30
9.86
9.85
September 30
10.06
9.85
December 31
10.25
9.93
Quarters ending in 2022
March 31
$ 11.41
$ 9.535
June 30
11.24
10.01
September 30
10.32
10.05
December 31
10.43
9.97
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Recent Sales of Unregistered Sales of Equity Securities
On March 12, 2021, our sponsor, American Opportunity Ventures LLC, purchased an aggregate of 3,800,000 placement warrants (or 4,100,000 placement warrants if the over-allotment option is exercised in full) at a price of $1.00 per unit, for an aggregate purchase price of $3,800,000 ($4,100,000 if the over-allotment option is exercised in full). Each placement warrant will be identical to the warrants sold in this offering, except as described in this prospectus. The placement warrants were sold in a private.
Upon inception, our initial stockholders own an aggregate of 2,875,000 shares of our Class B common stock (up to 375,000 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) which will automatically convert into shares of our Class A common stock at the time of the consummation of our initial business combination on a one-for-one basis, subject to adjustment as described herein.
Use of Proceeds
The proceeds raised through the unregistered sales of equity securities were for general and administrative uses as well as funding the Trust.
Repurchases
None.
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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The registrant qualifies as a smaller reporting company, as defined by Rule 229.10(f)(1) and is not required to provide the information required by this Item.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.