Financial Performance - The company reported a net loss of $59,738 for the three months ended March 31, 2024, compared to a net loss of $700 for the same period in 2023[93]. - The company has not generated any revenues to date and does not expect to do so until after the completion of the Business Combination[92]. Initial Public Offering (IPO) - 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[95]. - Transaction costs incurred during the Initial Public Offering totaled $20,269,166, which included a cash underwriting fee of $5,000,000 and a deferred underwriting fee of $13,687,500[96]. - A total of $287,500,000 was placed in the Trust Account following the Initial Public Offering, which will be used to complete the initial Business Combination[96]. - The underwriter is entitled to a deferred fee of up to $13,687,500, contingent upon the completion of the initial Business Combination[105]. Use of Funds - The company intends to use funds held in the Trust Account primarily for the initial Business Combination and working capital for the target business[97]. - The company may need to raise additional capital through loans or investments to meet operational expenditures prior to the initial Business Combination[101]. Operational Costs - The company incurred a monthly fee of $5,000 for office space and administrative services starting May 8, 2024[104]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[102].
GP-ACT III Acquisition Corp.(GPAT) - 2024 Q1 - Quarterly Report