Financial Position - As of September 30, 2024, the company had $1,189,876 in its operating bank account and working capital of $863,999[109]. - As of September 30, 2024, the company had no long-term debt obligations or off-balance sheet arrangements[113]. Income and Expenses - For the three months ended September 30, 2024, the company reported a net income of $6,964,802, driven by investment income of $7,407,809, with general and administrative costs of $443,007[107]. - For the nine months ended September 30, 2024, the company achieved a net income of $19,943,559, with investment income of $21,215,500 and general and administrative costs of $1,271,941[107]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[106]. - The company has entered into a monthly administrative service fee agreement of $16,667 with its Sponsor for general and administrative services[114]. - The company incurred offering costs of $28,550,129 related to the Initial Public Offering, including $17,500,000 for deferred underwriting commissions[101]. Initial Public Offering - The company completed its Initial Public Offering on April 25, 2023, raising gross proceeds of $500,000,000 from the sale of 50,000,000 Units at $10.00 per Unit[101]. - The company has until April 25, 2025, to complete a Business Combination, or it will redeem public shares at a price equal to the amount in the Trust Account[104]. - The company has contingent fees of $732,045 with a service provider, payable only if a Business Combination is consummated[117].
Ares Acquisition II(AACT) - 2024 Q3 - Quarterly Report