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 public warrants at issuance amounted to $3,507,500[136]. 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 $6,100,000 in cash underwriting discounts and $10,675,000 in deferred underwriting fees[121]. Financial Obligations and Concerns - The company has no long-term debt or capital lease obligations, only a monthly payment of $15,000 to an affiliate for office space and administrative support[131]. - The company may need to obtain additional financing to complete its initial business combination or to address potential redemptions of public shares[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]. Cash and Resources - As of September 30, 2024, the company had cash of $1,645,094, intended for identifying and evaluating target businesses and related due diligence[126]. Compliance and Controls - Management does not anticipate any material effect from recently issued accounting standards on 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]. - Disclosure controls and procedures were evaluated and deemed effective at a reasonable assurance level as of September 30, 2024[140]. - No changes in internal control over financial reporting occurred during the fiscal quarter ended September 30, 2024, that materially affected internal control[141]. Legal Matters - There are no ongoing legal proceedings against the company[143].
Nabors Energy Transition Corp. II(NETDU) - 2024 Q3 - Quarterly Report