Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $1,770,649, primarily from interest earned on marketable securities held in the Trust Account of $1,948,063, after deducting formation and operational costs of $177,414[103]. - For the six months ended June 30, 2024, cash used in operating activities was $496,525, with a net income of $1,710,911 impacted by interest earned on marketable securities[108]. Marketable Securities - As of June 30, 2024, the company had marketable securities in the Trust Account totaling $289,448,063, which includes approximately $1,948,063 of interest income[109]. - The company plans to use substantially all funds in the Trust Account to complete its initial Business Combination and for working capital to finance operations of the target business[109]. Initial Public Offering - The company completed its Initial Public Offering on May 13, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 units at $10.00 per unit[106]. - The company incurred transaction costs of $20,269,166 related to the Initial Public Offering, which included a cash underwriting fee of $5,000,000 and a deferred underwriting fee of $13,687,500[107]. Future Operations - The company does not expect to generate operating revenues until after the completion of its Business Combination[102]. - As of June 30, 2024, the company had cash of $571,765 available for identifying and evaluating target businesses and related activities[110]. - The company may need to raise additional capital through loans or investments to finance transaction costs related to its initial Business Combination[113]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[114].
GP-ACT III Acquisition Corp.(GPATU) - 2024 Q2 - Quarterly Report