Financial Performance - As of June 30, 2024, the company had net income of $102,875, consisting of interest income of $202,332 and unrealized gains of $7,097, offset by operating costs of $106,554 for the three months ended June 30, 2024[82]. - Cash used in operating activities from inception through June 30, 2024, was $196,326, with net income of $87,478 impacted by interest earned on marketable securities of $202,332[84]. - The company does not expect to generate operating revenues until after completing its Business Combination[81]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on June 13, 2024, raising gross proceeds of $86,250,000 from the sale of 8,625,000 Class A ordinary shares at $10.00 per share[83]. - The underwriter fully exercised its over-allotment option, purchasing an additional 1,125,000 Public Shares at $10.00 per share during the Initial Public Offering[91]. - The company completed its Initial Public Offering (IPO) on June 13, 2024, issuing 8,625,000 Public Shares, including an over-allotment of 1,125,000 shares[104]. - The IPO generated gross proceeds of $86,250,000, which were placed in the Trust Account[106]. - Additionally, the company sold 286,250 Private Placement Shares at $10.00 each, raising gross proceeds of $2,862,500[105]. - The registration statement for the IPO was declared effective by the SEC on June 11, 2024[104]. Investments and Cash Position - As of June 30, 2024, the company held investments in the Trust Account totaling $86,459,429, including interest income and unrealized gains[85]. - The company has cash of $1,286,981 available for identifying and evaluating target businesses and related due diligence activities[87]. - Up to $3.0 million of Working Capital Loans may be convertible into shares of the post-Business Combination entity at a price of $10.00 per share[88]. Internal Controls and Compliance - As of June 30, 2024, the company's disclosure controls and procedures were deemed effective by its Certifying Officers[100]. - There were no changes in internal control over financial reporting that materially affected the company during the fiscal quarter of 2024[102]. - The company does not expect its disclosure controls and procedures to prevent all errors or instances of fraud, providing only reasonable assurance[101]. - The company is committed to ensuring timely decisions regarding required disclosures through its established controls and procedures[99]. Legal and Risk Factors - The company has not been involved in any legal proceedings as of the date of the report[102]. - There have been no material changes to the risk factors disclosed in the company's final prospectus for the IPO[103]. - The company has no off-balance sheet arrangements or obligations as of June 30, 2024[89]. - The company incurred $9,500 in fees for administrative services for the three months ended June 30, 2024[90].
Perceptive Capital Solutions Corp(PCSC) - 2024 Q2 - Quarterly Report