Financial Position - As of March 31, 2023, the company had cash and marketable securities held in the trust account amounting to $242,648,025, including approximately $5,748,025 of interest income[64]. - As of March 31, 2023, the company had cash held outside the trust account of $421,781 available for working capital needs[65]. - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2023[70][66]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of $3,710,757, driven by interest earned on cash and marketable securities of $2,902,118 and a change in the fair value of warrant liabilities of $1,063,916[58]. - The company incurred operating and formation costs of $239,315 for the three months ended March 31, 2023[58]. 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[60]. - Transaction costs for the initial public offering totaled $16,804,728, which included $4,600,000 in underwriting commissions and $11,500,000 in deferred underwriting commissions[62]. Liquidity and Going Concern - The company has a liquidity condition that raises substantial doubt about its ability to continue as a going concern beyond November 10, 2023[67]. Business Strategy - The company intends to use substantially all funds held in the trust account to complete its initial business combination[64]. - The company has identified high-growth businesses as potential targets for its initial business combination, focusing on those with proven or potential transnational operations[57].
Cartesian Growth Corporation II(RENEU) - 2023 Q1 - Quarterly Report