Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $3,572,019, primarily from interest income on marketable securities of $3,832,014, with operating costs of $259,995[117] - For the six months ended June 30, 2024, the company achieved a net income of $7,368,911, consisting of interest income of $7,894,384 and operating costs of $525,473[117] Marketable Securities - As of June 30, 2024, the company held marketable securities in the trust account valued at $323,562,499, including $15,512,499 of interest income[125] - The fair value of marketable securities held in the trust account increased from $315,668,115 as of December 31, 2023, to $323,562,499 as of June 30, 2024[134] 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[120] - 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 and deferred underwriting fees of $10,675,000[122] Cash and Financing - As of June 30, 2024, the company had cash of $1,781,929 available for identifying and evaluating target businesses and other operational expenses[126] - The company may need to obtain additional financing to complete its initial business combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[128] Going Concern - The company has determined that if a business combination does not occur by July 18, 2025, it may face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[129] Debt and Obligations - The company has no long-term debt or capital lease obligations, with a monthly payment of $15,000 to an affiliate for office space and administrative support[131]
Nabors Energy Transition Corp. II(NETDU) - 2024 Q2 - Quarterly Report