GigCapital7 Corp.(GIGGU) - 2024 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $610,950, with operating expenses of $213,755 and interest income of $989,729[88]. - From May 8, 2024, to September 30, 2024, the company had a net income of $546,549, with total operating expenses of $278,157[89]. - Cash used in operating activities from May 8, 2024, to September 30, 2024, was $528,479, which included an increase in liabilities of $277,524[92]. Cash and Securities - As of September 30, 2024, the company held cash and marketable securities amounting to $200,989,729 in the Trust Account[91]. - The company raised net proceeds of $198,680,159 from the sale of public units in the Offering, after deducting net offering expenses of approximately $1,319,841[90]. - The company intends to use substantially all funds in the Trust Account for acquiring target businesses and covering related expenses[93]. Debt and Liabilities - As of September 30, 2024, the company had no long-term debt or capital lease obligations, with a monthly fee agreement of $30,000 for office space and $20,000 for accounting services[99]. - The company expects to incur significant costs in pursuing acquisition plans and cannot assure the success of raising capital or completing its initial business combination[87]. Operations and Revenue - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and preparing for the Offering[88]. Market and Interest Rate Risk - As of September 30, 2024, the company was not subject to any market or interest rate risk[107]. - Funds held in the Trust Account are only invested in U.S. government treasury bills, bonds, or notes with a maturity of 185 days or less[107]. - The company believes there will be no associated material exposure to interest rate risk due to the short-term nature of these investments[107]. Warrants and Fair Value - Warrants for ordinary shares are accounted for as liabilities at fair value on the condensed balance sheet[106]. - Changes in the fair value of warrants are recognized as a component of other income (expense) on the condensed statement of operations[106]. - The company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants[106]. - Upon exercise or expiration, the portion of the warrant liability related to ordinary shares will be reclassified to additional paid-in capital[106].