Cartesian Growth Corporation II(RENEU) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $5,883,047, driven by a change in the fair value of warrant liabilities of $4,284,045 and interest earned of $1,037,897[117]. - For the nine months ended September 30, 2022, the company achieved a net income of $5,497,655, with significant contributions from a change in the fair value of warrant liabilities of $3,871,253 and interest income of $1,052,221[118]. Cash and Securities - As of September 30, 2022, the company held cash and marketable securities in the Trust Account amounting to $237,952,221, including approximately $1,052,221 of interest income[124]. - As of September 30, 2022, the company had cash held outside the Trust Account of $660,551 available for working capital needs[125]. Initial Public Offering - The company completed its Initial Public Offering on May 10, 2022, raising total gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[120]. - The company incurred transaction costs of $16,804,728 related to the Initial Public Offering, which included $4,600,000 in underwriting commissions[122]. Debt and Liquidity - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2022[130]. - The company has raised $4,600,000 in a Sponsor Loan, which may be converted into sponsor loan warrants at the Sponsor's discretion[121]. - The company has identified a liquidity condition that raises substantial doubt about its ability to continue as a going concern beyond November 10, 2023[127]. Accounting Standards - The company adopted ASU 2020-06 effective January 1, 2022, with no impact on its financial position, results of operations, or cash flows[139]. - Management believes that recently issued accounting standards, if adopted, would not have a material effect on the condensed financial statements[140]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[141].