Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $2,010,116, consisting of $2,305,244 from interest earned on marketable securities held in the Trust Account, offset by $295,128 of general and administrative costs[92]. - The company incurred general and administrative costs of $344,602 from inception through September 30, 2024[92]. Marketable Securities and Trust Account - As of September 30, 2024, the company had marketable securities held in the Trust Account amounting to $291,242,744, which will be primarily used to complete the Business Combination[97]. - The company intends to use substantially all funds in the Trust Account for the Business Combination and related operational financing[97]. Initial Public Offering - The company completed its Initial Public Offering on August 2, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Units at $10.00 per Unit[95]. - The total transaction costs incurred during the Initial Public Offering amounted to $19,406,996, including a cash underwriting fee of $5,000,000 and a deferred underwriting fee of $13,400,000[96]. Operational Financing and Future Expectations - As of September 30, 2024, the company had cash of $934,287 available for operational expenses and due diligence on prospective target businesses[98]. - The company does not expect to generate any operating revenues until after the completion of its Business Combination[91]. - The company may need to obtain additional financing to complete its Business Combination or to cover redemptions of Public Shares, which could involve issuing additional securities or incurring debt[100]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[101].
M3-Brigade Acquisition V Corp.(MBAV) - 2024 Q3 - Quarterly Report