Financial Performance - The company had a net income of $3,796,892 for the three months ended March 31, 2024, primarily from interest income on marketable securities of $4,062,370, offset by operating costs of $265,478 [106]. - Cash used in operating activities for the three months ended March 31, 2024, was $48,560, with net income affected by interest earned on marketable securities [111]. Marketable Securities - As of March 31, 2024, the company held marketable securities in the trust account valued at $319,730,485, which includes $11,680,485 of interest income [112]. - The fair value of marketable securities held in the trust account increased from $315,668,115 as of December 31, 2023, to $319,730,485 as of March 31, 2024 [120]. Initial Public Offering - The company completed its Initial Public Offering on July 18, 2023, raising gross proceeds of $305,000,000 from the sale of 30,500,000 units at $10.00 per unit [108]. - The company incurred transaction costs of $17,966,142 related to the Initial Public Offering, including $6,100,000 in cash underwriting discounts and $10,675,000 in deferred underwriting fees [110]. Debt 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 [118]. - The company has no off-balance sheet arrangements or obligations as of March 31, 2024 [117]. Future Capital Needs - The company may need to raise additional capital through loans or investments to finance its operations and complete its initial business combination [116]. - The company issued unsecured promissory notes totaling $3,050,000 as overfunding loans, which will be repaid upon the closing of the initial business combination [109].
Nabors Energy Transition Corp. II(NETDU) - 2024 Q1 - Quarterly Report