Financial Performance - As of September 30, 2023, the company reported a net income of approximately $3.0 million for the three months ended, primarily from investments held in the Trust Account[112]. - For the nine months ended September 30, 2023, the company achieved a net income of approximately $8.0 million, driven by approximately $8.6 million in income from investments[113]. - The company incurred general and administrative expenses of approximately $211,375 for the three months ended September 30, 2023[112]. - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[102]. - The company has incurred $30,000 in administrative expenses for related party services for the three months ended September 30, 2023[123]. Trust Account and Cash Position - The Trust Account holds approximately $235.8 million, invested in U.S. government securities and money market funds[106]. - The company had approximately $1.4 million in cash held outside of the Trust Account and working capital of approximately $1.4 million as of September 30, 2023[115]. Initial Public Offering - The Initial Public Offering generated gross proceeds of approximately $230.0 million, with offering costs of approximately $13.4 million[103]. - The underwriters received an underwriting discount of $0.20 per Unit, totaling $4.6 million, with an additional deferred fee of $0.35 per Unit, approximately $8.1 million, payable upon completion of a business combination[126]. - The company has 15 months from the closing of the Initial Public Offering to consummate an initial business combination, extendable by an additional three months with certain conditions[109]. Shareholder and Accounting Information - The Company classified all 23,000,000 Class A ordinary shares as redeemable, recognizing a charge against additional paid-in capital for the difference between the initial carrying value and the redemption value[129]. - Net income (loss) per ordinary share is calculated by dividing net income by the weighted-average number of ordinary shares outstanding, excluding the effect of certain warrants[131]. - The Company adopted ASU No. 2021-08 on January 1, 2023, which did not impact the unaudited condensed financial statements[135]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[137]. Legal and Compliance - As of September 30, 2023, the Company had Deferred Legal Fees of approximately $824,992.50, up from $743,000 as of December 31, 2022[127]. - There are no off-balance sheet arrangements or contractual obligations as of September 30, 2023[119]. - There were no changes in internal control over financial reporting that materially affected the Company during the fiscal quarter ended September 30, 2023[141].
Spring Valley Acquisition Corp. II(SVIIU) - 2023 Q3 - Quarterly Report