Financial Performance - The Company had a net income of $4,341,773 for the three months ended June 30, 2024, primarily from interest earned on cash held in the Trust Account and changes in fair value of warrant liabilities[98]. - For the six months ended June 30, 2024, the Company reported a net loss of $2,818,131, with general and administrative expenses totaling $906,450[99]. Cash and Investments - As of June 30, 2024, the Company had cash held in the Trust Account amounting to $15,788,393, which is intended for completing a Business Combination[102]. - The Company has no off-balance sheet arrangements or long-term debt obligations as of June 30, 2024[110]. - As of June 30, 2024, the Company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government securities or money market funds[119]. IPO and Financing - The Company raised gross proceeds of $1,035,000,000 from its IPO, with an additional $22,700,000 from the sale of Private Placement Warrants[100]. - The Company incurred $57,010,008 in costs related to its IPO, including $19,800,000 in underwriting fees[100]. - The Company reduced the deferred underwriting fee by $14,490,000, resulting in $311,527 reflected in the statement of operations and $14,178,473 charged to accumulated deficit[113]. Business Combination - The Company extended the Termination Date for its Business Combination from February 4, 2024, to February 4, 2025, allowing for monthly extensions thereafter[94]. - The Company has until September 4, 2024, to consummate a Business Combination, or it will face mandatory liquidation[108]. Shareholder Activity - A total of 698,321 Class A ordinary shares were redeemed for an aggregate amount of $7,662,572 in connection with the extension vote[94]. - As of June 30, 2024, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' deficit section of the balance sheets[114]. Warrant Liabilities - The Company issued 25,875,000 public warrants and 11,350,000 private placement warrants, all recognized as derivative liabilities at fair value[118]. - The liabilities related to warrants are subject to re-measurement at each balance sheet date until exercised, with changes in fair value recognized in the statements of operations[118]. - As of June 30, 2024, the Company had outstanding loans of $500,000 under the Working Capital Loans[104].
Jaws Mustang Acquisition (JWSM) - 2024 Q2 - Quarterly Report