Financial Position - As of September 30, 2024, Cayson Acquisition Corp reported a total shareholders' deficit of $1,412,958 and total liabilities of $60,837,526[7]. - As of September 30, 2024, the company had $575,870 in its operating bank account and working capital of $596,260[18]. - The company has incurred significant costs related to its financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern[19]. - The company lacks sufficient financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[82]. - The company may require loans from sponsors or affiliates to cover working capital deficiencies, with up to $1,500,000 of such loans convertible into working capital units at $10.00 per unit[80]. Operating Results - For the three months ended September 30, 2024, the company incurred a net loss of $91,197, with a basic and diluted net loss per share of $0.07 for ordinary shares[8]. - The total cash used in operating activities for the period was $258,602, with a net loss of $91,197 and interest earned on investments held in the trust account amounting to $56,234[10]. - For the three months ended September 30, 2024, the Company reported a net loss of $31,278, and for the period from May 27, 2024 (inception) through September 30, 2024, the net loss was $91,197[37]. - Cash used in operating activities from inception through September 30, 2024, was $258,602, influenced by interest earned on cash held in the Trust Account[76]. Initial Public Offering (IPO) - The company generated gross proceeds of $60,000,000 from its Initial Public Offering (IPO) on September 23, 2024, by issuing 6,000,000 units[14]. - The Company completed its IPO on September 23, 2024, generating gross proceeds of $60,000,000 at a price of $10.00 per Unit[74]. - The Company sold 6,000,000 Units at a price of $10.00 per Unit during its IPO, with each Unit consisting of one ordinary share and one right to receive one-tenth of an ordinary share upon the consummation of the initial Business Combination[43]. - The Company incurred total transaction costs of $3,722,528, which included $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting fees[75]. - The deferred underwriting discount for the underwriters is 3.5% of the gross proceeds of the IPO, amounting to $2,100,000, payable upon the closing of an initial business combination[85]. Trust Account and Investments - The trust account holds $60,000,000 from the IPO proceeds, which will be invested in U.S. government securities until a business combination is completed or funds are distributed to shareholders[17]. - As of September 30, 2024, the company had cash held in the Trust Account amounting to $60,056,234, which will be primarily used to complete its Business Combination[77]. - As of September 30, 2024, the Company had investments held in the Trust Account amounting to $60,056,234, primarily in money market funds[25][26]. Business Operations and Strategy - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[13]. - The company has not engaged in any operations or generated revenues to date, focusing on identifying a target for its initial Business Combination[70]. - The Company has until 12 months from the IPO closing to complete a business combination, or it will proceed to liquidate and redeem public shares[16]. - The company is focused on strategic acquisitions to enhance market presence and operational capabilities[106]. - Future outlook includes potential expansion into new markets and sectors to drive growth[106]. - Emphasis on developing new technologies and products to meet evolving customer demands[106]. - The management team is committed to transparency and regular updates on financial health and strategic initiatives[106]. - The company aims to leverage synergies from acquisitions to improve overall efficiency and profitability[106]. - Ongoing assessment of market trends to inform investment decisions and strategic direction[106]. - Collaboration among team members is prioritized to share insights and enhance decision-making processes[106]. Shareholder Information - As of September 30, 2024, there were 2,055,000 ordinary shares issued and outstanding, including up to 225,000 founder shares subject to forfeiture[63]. - The basic and diluted net income (loss) per share for redeemable shares was $0.07, while for non-redeemable shares it was $(0.04) for the three months ended September 30, 2024[38]. - As of September 30, 2024, ordinary shares subject to possible redemption were presented at a redemption value of $60,056,234, classified as temporary equity[40]. Management and Governance - Cayson Acquisition Corp. has appointed Yawei Cao as Chief Executive Officer and Taylor Zhang as Chief Financial Officer[106]. - The report is signed on November 6, 2024, indicating the company's compliance with the Securities Exchange Act of 1934[105]. - The Sponsors have agreed not to transfer any Founder Shares until six months after the consummation of an Initial Business Combination[49]. Financial Reporting and Compliance - The Company recorded offering costs of $3,722,528, which were charged to additional paid-in capital upon completion of the IPO, with $3,974,257 allocated to public shares subject to redemption[29]. - The company has not completed an assessment of internal controls over financial reporting as of September 30, 2024, and expects to assess the internal controls of target businesses prior to the initial business combination[93]. - There were no unrecognized tax benefits or amounts accrued for interest and penalties as of September 30, 2024[31]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[21].
Cayson Acquisition Corp(CAPN) - 2024 Q3 - Quarterly Report