Financial Position - As of March 31, 2024, the company had cash and marketable securities held in the trust account amounting to $176,978,684, including approximately $16,765,246 of interest income[120]. - As of March 31, 2024, the company had a working capital deficit of $1,624,127[128]. - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2024[130][131]. Income and Revenue - For the three months ended March 31, 2024, the company reported a net income of $2,534,872, which included interest earned on cash and marketable securities of $2,276,486[111]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[110]. Business Combination and IPO - The company generated total gross proceeds of $230,000,000 from its initial public offering, with transaction costs amounting to $16,804,728[114][116]. - The company has extended the deadline for consummating a business combination from November 10, 2023, to up to November 10, 2024, allowing for monthly extensions[108]. - The company plans to use substantially all funds held in the trust account to complete its initial business combination and for working capital of the target business[120]. - The underwriters of the initial public offering are entitled to a deferred underwriting commission of $11,500,000, contingent upon the completion of a business combination[132]. Operating Costs and Expenses - The company incurred operating costs of $223,183 for the three months ended March 31, 2024[111]. - The company incurs a monthly fee of $10,000 to the sponsor for office space and administrative services, starting from May 5, 2022[131]. Legal and Compliance - The company has engaged a legal advisor for services related to a potential business combination, with fees contingent on success[133]. - The company has no legal proceedings pending[142]. - The company is classified as a smaller reporting company and is not required to provide certain disclosures[139]. - There were no changes in internal control over financial reporting during the fiscal quarter of 2024 that materially affected the company's controls[141]. Other Financial Instruments - The company issued unsecured promissory notes totaling $750,000 to the sponsor, with the principal payable upon consummation of the initial business combination[123]. - The company adopted ASU 2016-13 on January 1, 2023, which did not impact its financial statements[137]. Shareholder Activity - The company had an aggregate redemption amount of approximately $77.4 million, with 7,129,439 Class A ordinary shares redeemed at a price of approximately $10.86 per share[109].
Cartesian Growth Corporation II(RENEU) - 2024 Q1 - Quarterly Report