Financial Position - The Company raised gross proceeds of $310.0 million from the Initial Public Offering, with offering costs amounting to $17,586,741[110]. - As of June 30, 2024, the Company had a working capital deficit of $7,866,115, with only $7,133 in its operating bank account[121]. - The balance in the Trust Account after redemptions was approximately $26,415,545 as of January 30, 2024[119]. - The Company issued unsecured promissory notes totaling $3,181,000, which are not expected to be settled out of current assets[121]. - On January 30, 2024, the Company issued a 2024 Note for $1,660,000 to the Sponsor, which matures upon closing of the Business Combination[124]. - The Company liquidated U.S. government treasury obligations held in the Trust Account on January 27, 2023[112]. - The Company redeemed approximately 26,506,157 Class A ordinary shares at an aggregate redemption amount of approximately $269,485,746[116]. - The Sponsor converted 7,600,000 Class B ordinary shares into Public Shares on a one-for-one basis on January 30, 2024[119]. - The company reported a net income of approximately $205,000 for the three months ended June 30, 2024, which included interest earned on investments of $306,000 and a gain from the change in fair value of warrant liabilities of $125,000[129]. - For the six months ended June 30, 2024, the company had a net loss of approximately $289,000, which included a loss from operations of $1.0 million, offset by interest earned of $695,000[129]. - The company generated non-operating income in the form of interest income and dividends on cash and investments held in the Trust Account, but has not generated any operating revenues to date[128]. - As of June 30, 2024, the company had no long-term debt obligations or off-balance sheet arrangements[131][135]. - The company paid an underwriting discount of approximately $6,200,000 at the closing of the Initial Public Offering and agreed to pay Deferred Underwriting Fees of approximately $10,850,000[133]. Business Combination - The Company has extended the Termination Date for consummating a Business Combination to August 29, 2024, with the possibility of further monthly extensions[120]. - The company has until January 29, 2025, to consummate a Business Combination, or it will face mandatory liquidation[126]. - The company has broad discretion in applying the net proceeds from the Initial Public Offering and Private Placement towards a Business Combination[113]. - The company may need to obtain additional financing to complete a Business Combination or to redeem a significant number of its Public Shares[126]. Operational Status - The company has not engaged in any operations since its inception and is focused on identifying a target business for a prospective Business Combination[128]. - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, accounting, and auditing compliance costs[128]. Trust Account - Interest on the Trust Account's deposit account is currently approximately 2.5% - 3.0% per annum, but this rate is variable and may change significantly[138].
stellation Acquisition I(CSTA) - 2024 Q2 - Quarterly Report