Financial Position - As of June 30, 2024, total assets amounted to $233,708, with current assets at $1,402 and deferred offering costs at $232,306[5]. - Total liabilities were reported at $252,400, including accrued offering costs of $112,758 and a promissory note related to a party amounting to $134,642[5]. - The total shareholder's deficit as of June 30, 2024, was reported at $(18,692)[6]. - As of June 30, 2024, the Company had not commenced any operations and had generated no operating revenues, relying solely on non-operating income from interest on investments from the Initial Public Offering proceeds[11]. - As of June 30, 2024, the company had borrowed $134,642 under a promissory note from the Sponsor, which was repaid in full at the closing of the IPO[50][70]. - The Company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[83]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on September 9, 2024, selling 23,000,000 units, including 3,000,000 units from the underwriters' over-allotment option[6]. - The Initial Public Offering was completed on September 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 units at $10.00 per unit, including an over-allotment option[12]. - An additional $7,600,000 was raised from the sale of 760,000 Private Placement Units at $10.00 per unit, bringing total gross proceeds to $237,600,000[13]. - Transaction costs for the Initial Public Offering totaled $15,014,904, which included $4,600,000 in cash underwriting fees and $9,775,000 in deferred underwriting fees[14]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the IPO, totaling $4,600,000[69]. - The company completed its Initial Public Offering (IPO) on September 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 units, including the full exercise of the underwriters' over-allotment option of 3,000,000 units at $10.00 per unit[68]. Business Operations - The company has not yet generated revenue as it is in the early stages of operations, focusing on capital raising and market positioning[7]. - The Company must complete a Business Combination with target businesses having a fair market value of at least 80% of the net balance in the Trust Account at the time of signing an agreement[15]. - If the Company fails to complete the initial Business Combination within 24 months, it will redeem public shares at a price equal to the amount in the Trust Account, which was $10.05 per share as of September 9, 2024[17]. - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination[78]. - The Company has determined it has access to funds from the Sponsor to meet working capital needs for at least one year from the date of the financial statements[22]. - The Company has not generated any revenues to date and does not expect to do so until after completing a Business Combination[75]. Shareholder Information - As of October 11, 2024, there were 23,760,000 Class A ordinary shares and 5,750,000 Class B ordinary shares issued and outstanding[4]. - The company issued 5,750,000 Class B ordinary shares, resulting in additional paid-in capital of $24,425[8]. - The Sponsor made a capital contribution of $25,000 for 5,750,000 Class B ordinary shares, valued at approximately $0.004 per share[48]. - The Class B ordinary shares will convert into Class A ordinary shares on a one-for-one basis upon the consummation of the initial Business Combination[63]. - The company is authorized to issue a total of 500,000,000 Class A ordinary shares, with none issued as of June 30, 2024[61]. Compensation and Expenses - General and administrative costs for the period amounted to $43,692, contributing to the overall net loss[7]. - The Chief Executive Officer will receive $12,500 per month for his services starting September 5, 2024[52][67]. - The company has committed to pay the Sponsor $2,500 per month for administrative services starting September 5, 2024[51][67]. Financial Performance - The net loss for the period from May 21, 2024 (inception) through June 30, 2024, was $43,692, resulting in a basic and diluted net loss per share of $0.01[7]. - As of June 30, 2024, the Company reported a net loss of $43,692, primarily due to general and administrative costs[76]. - The Company accounts for income taxes under ASC Topic 740, with a tax provision of zero for the period presented due to its exempt status in the Cayman Islands[34].
Andretti Acquisition Corp. II(POLEU) - 2024 Q2 - Quarterly Report