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, the company had a net income of $1,710,911, with interest income from marketable securities of $1,948,063 and operational costs of $237,152[103]. - Cash used in operating activities for the six months ended June 30, 2024, was $496,525, influenced by interest earned on marketable securities[108]. Marketable Securities - As of June 30, 2024, the company held marketable securities in the Trust Account amounting to $289,448,063, including approximately $1,948,063 of interest income[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]. Cash Position - The company had cash of $571,765 as of June 30, 2024, intended for identifying and evaluating target businesses and related operational expenses[110]. - The company does not have any long-term debt or off-balance sheet arrangements as of June 30, 2024[114]. Future Capital Needs - The company may need to raise additional capital to complete its Business Combination or to cover significant redemptions of public shares[112]. Legal Proceedings - The company has no legal proceedings pending as of the report date[121].
GP-ACT III Acquisition Corp.(GPAT) - 2024 Q2 - Quarterly Report