Financial Performance - The company had a net income of $711,859 for the three months ended September 30, 2024, primarily from interest earned on cash held in the Trust Account[103]. - Total gross proceeds from the Initial Public Offering amounted to $150,000,000, with an additional $3,000,000 generated from the partial exercise of the over-allotment option[106][107]. - As of September 30, 2024, the company had cash held in the Trust Account totaling $153,675,282, including $675,282 of interest income[110]. - The company incurred $7,395,804 in transaction costs related to the Initial Public Offering, which included $2,660,000 in cash underwriting fees[108]. - For the period from May 9, 2024, through September 30, 2024, cash used in operating activities was $259,843[109]. - As of September 30, 2024, the company had $2,128,294 in cash available for working capital purposes[111]. Business Strategy - The company intends to use substantially all funds in the Trust Account to complete its Business Combination[110]. - The company does not anticipate needing to raise additional funds to meet operating expenditures prior to the Business Combination[113]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[114][115]. - The company incurred $26,000 in administrative support services fees for the three months ended September 30, 2024[116]. Internal Controls and Risk Management - Disclosure controls and procedures were effective as of September 30, 2024[124]. - No changes in internal control over financial reporting during the fiscal quarter of 2024[125]. - No material changes to risk factors since the Initial Public Offering[126].
Black Spade Acquisition II Co(BSIIU) - 2024 Q3 - Quarterly Report