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 had a cash balance of $575,870 and no cash equivalents as of September 30, 2024[25]. - As of September 30, 2024, the Company held $60,056,234 in investments in the Trust Account, primarily in money market funds[26]. - The company reported a cash balance of $575,870 and a working capital surplus of $596,260 as of September 30, 2024, with plans to use these funds for operational expenses and due diligence on target businesses[78]. - The company has no long-term debt or capital lease obligations, but has agreed to pay $10,000 per month to the Sponsor for office space and administrative support[84]. IPO and Fundraising - Cayson Acquisition Corp completed its IPO on September 23, 2024, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units[14]. - The company also sold 230,000 private placement units for $2,300,000, which closed simultaneously with the IPO[14]. - The Initial Public Offering generated gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit, with the funds deposited in a trust account[96]. - The company simultaneously sold 230,000 Private Placement Units for total gross proceeds of $2,300,000, also at $10.00 per Unit[74]. - Total transaction costs incurred during the IPO amounted to $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 IPO is set at 3.5% of gross proceeds, amounting to $2,100,000, payable upon the closing of an initial business combination[85]. Financial Performance - For the three months ended September 30, 2024, the company incurred a net loss of $91,197, with formation and operating costs amounting to $147,438[8]. - For the three months ended September 30, 2024, the Company reported a net loss of $31,278[37]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial Business Combination[70]. - Cash used in operating activities from inception through September 30, 2024, was $258,602, with a net loss of $91,197[76]. - The company has incurred significant costs in pursuit of its financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern[19]. - Management has expressed substantial doubt about the company's ability to continue as a going concern due to insufficient financial resources[82]. Trust Account and Investments - The trust account holds $60,000,000 of net proceeds from the IPO, which will be invested in U.S. government securities until a business combination is completed[17]. - The company has placed an aggregate of $60,000,000 in the Trust Account following the IPO and private placement[75]. - 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]. - The estimated fair value of investments held in the Trust Account is determined using available market information[26]. Shareholder Information - The weighted average shares outstanding for ordinary shares subject to possible redemption was 377,953, with a basic and diluted net income per share of $0.08[8]. - The weighted-average shares outstanding for redeemable shares was 521,739, and for non-redeemable shares was 1,845,000[38]. - 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 Company recorded accretion of ordinary shares subject to redemption value of $4,750,492 for the period from May 27, 2024, through September 30, 2024[41]. Strategic Direction - Cayson Acquisition Corp. is led by CEO Yawei Cao and CFO Taylor Zhang, with the report dated November 6, 2024[106]. - The company is focused on strategic acquisitions to enhance market presence and drive growth[106]. - Future outlook includes expansion into new markets and sectors to diversify revenue streams[106]. - Emphasis on developing new technologies to improve operational efficiency and product offerings[106]. - The company aims to increase shareholder value through targeted investments and strategic partnerships[106]. - Financial performance metrics will be closely monitored to ensure alignment with growth objectives[106]. - Cayson Acquisition Corp. plans to leverage data analytics for better decision-making and market insights[106]. - The management team is committed to transparent communication with stakeholders regarding financial health and strategic direction[106]. - Ongoing evaluation of market trends will inform future business strategies and investment opportunities[106]. - The company is dedicated to maintaining compliance with regulatory requirements and enhancing corporate governance practices[106]. Internal Controls - The company has not completed an assessment of internal controls over financial reporting as of September 30, 2024, and plans to evaluate these controls prior to the completion of its initial business combination[93].
Cayson Acquisition Corp(CAPNU) - 2024 Q3 - Quarterly Report