Financial Performance - As of June 30, 2024, the Company had a net income of $570,542 for the six months, consisting of $1,369,022 in dividends on marketable securities held in the Trust Account[99]. - For the three months ended June 30, 2024, the Company reported a net income of $422,450, which included $689,680 in dividends on marketable securities[98]. Initial Public Offering - The Company generated gross proceeds of $189,750,000 from its Initial Public Offering of 18,975,000 units, sold at a price of $10.00 per unit[91]. - The underwriter exercised the over-allotment option in full, resulting in a cash underwriting discount of $3,795,000[108]. - The deferred fee for the underwriter amounts to $6,641,250, payable only upon the completion of a Business Combination[108]. Trust Account and Working Capital - A total of $191,647,500 was placed in a U.S.-based trust account, with $2,250,000 in the operating account as of June 30, 2024[94]. - The Company has incurred a working capital deficit of $2,834,967 as of June 30, 2024, excluding marketable securities held in the Trust Account[102]. - The Company extended the time to complete a business combination to August 18, 2024, by depositing $70,000 into the Trust Account[97]. - The Company has exercised twelve of the fifteen one-month extension periods, depositing a total of $840,000 into the Trust Account[97]. Shareholder Activity - Shareholders redeemed 14,202,813 Class A shares for approximately $149,486,187, or about $10.53 per share[96]. Debt and Liquidity - The Company has no long-term debt or capital lease obligations as of June 30, 2024[105]. - The Company plans to address liquidity needs through related party loans and effecting a Business Combination, but there is no assurance of success[103]. Management and Accounting - The founder is eligible for a transaction bonus of up to $1,000,000, contingent on the closing cash exceeding $1,000,000[109]. - The Company has not identified any critical accounting estimates that could materially affect reported financial results[110]. - The Company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[110].
silium Acquisition I(CSLM) - 2024 Q2 - Quarterly Report