Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $3,971,625, driven by interest income of $4,450,892 from marketable securities, with operating costs of $479,267[115] - For the nine months ended September 30, 2024, the company achieved a net income of $11,340,536, consisting of interest income of $12,345,276 and operating costs of $1,004,740[115] - Cash used in operating activities for the nine months ended September 30, 2024, was $264,250, with net income affected by interest earned on marketable securities[122] Marketable Securities - As of September 30, 2024, the company held marketable securities in the trust account valued at $328,013,391, including $19,963,391 of interest income[124] - The fair value of marketable securities held in the trust account was $328,013,391 as of September 30, 2024, compared to $315,668,115 as of December 31, 2023[133] Initial Public Offering - The company completed its Initial Public Offering on July 18, 2023, raising gross proceeds of $305,000,000 from the sale of 30,500,000 units at $10.00 per unit[119] - The company incurred transaction costs of $17,966,142 related to the Initial Public Offering, which included a cash underwriting discount of $6,100,000 and deferred underwriting fees of $10,675,000[121] Financing and Liquidity - The company may need to obtain additional financing to complete its initial business combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[128] - The company has determined that if a business combination does not occur by July 18, 2025, it may face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[129] - The company has no long-term debt or capital lease obligations, only an agreement to pay $15,000 per month for office space and administrative support[131] Internal Controls and Compliance - There were no changes in internal control over financial reporting that materially affected the internal control during the fiscal quarter ended September 30, 2024[141] - Disclosure controls and procedures were effective at a reasonable assurance level during the reporting period[140] - Management does not believe that any recently issued accounting standards will materially affect the unaudited condensed financial statements[137] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[138] Legal Matters - There are no legal proceedings currently affecting the company[143]
Nabors Energy Transition II(NETD) - 2024 Q3 - Quarterly Report