Financial Performance - The company reported a net income of $3,507,082 for the three months ended September 30, 2023, primarily from interest income on marketable securities [110]. - Cash used in operating activities from inception through September 30, 2023, was $544,434, with net income affected by interest earned on marketable securities [116]. Initial Public Offering (IPO) - Total gross proceeds from the Initial Public Offering amounted to $305,000,000, with 30,500,000 units sold at $10.00 per unit [113]. - The company incurred transaction costs of $17,966,142 related to the Initial Public Offering, which included a cash underwriting discount of $6,100,000 [115]. Marketable Securities - As of September 30, 2023, the company held marketable securities in the Trust Account valued at $311,408,512, including approximately $3,358,512 of interest income and unrealized gains [117]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination [117]. Operational Costs and Obligations - The company has no long-term debt or capital lease obligations, only an agreement to pay $15,000 per month for office space and administrative support [123]. - The company has incurred expenses related to being a public company, including legal and financial reporting costs [109]. - As of September 30, 2023, the company had cash of $2,020,197 available for identifying and evaluating target businesses [118]. - The company may need to raise additional capital to complete its Business Combination or to cover operational costs if necessary [121].
Nabors Energy Transition Corp. II(NETDU) - 2023 Q3 - Quarterly Report