Financial Performance - The company generated net income of approximately $476,000 for the three months ended September 30, 2024, primarily from $627,000 of interest income on investments held in the Trust Account[119] - The company incurred approximately $135,000 in general and administrative expenses for the three months ended September 30, 2024[119] - The company has no revenues to date and will not generate operating revenues until after the completion of a Business Combination[117] Initial Public Offering - The company completed its Initial Public Offering on August 14, 2024, raising $100 million from the sale of 10 million Class A ordinary shares at $10.00 per share[107] - The company also raised an additional $3 million from the private placement of 300,000 Class A ordinary shares at $10.00 per share to the Sponsor[108] Cash and Working Capital - As of September 30, 2024, the company had approximately $269,000 in cash and a working capital deficit of approximately $82,000[113] Business Combination - The company has until August 14, 2026, to complete a Business Combination, or it will cease operations and redeem Public Shares[110] - The company is focusing its search for target businesses in the financial services, healthcare, real estate services, technology, and software industries[106] Investments - The fair value of the company's investments in U.S. government treasury bills held in the Trust Account was approximately $100.8 million as of September 30, 2024[128] Shareholder Equity - As of September 30, 2024, there are 10,000,000 Class A ordinary shares subject to possible redemption, classified as temporary equity[131] - The company recognizes changes in redemption value of Class A ordinary shares immediately and adjusts the carrying value accordingly[131] - Accretion associated with redeemable Class A ordinary shares is excluded from earnings per share calculations[133] - Net income (loss) per ordinary share is calculated using the two-class method, allocating net income (loss) pro rata to different classes of shares[133] Accounting and Compliance - The company has not opted out of the extended transition period under the JOBS Act, allowing it to adopt new or revised financial standards at the same time as private companies[130] - The company complies with ASC 480 for accounting Class A ordinary shares subject to possible redemption[131] - The financial statements include significant accounting policies that are critical to understanding the company's financial position[134] - There are no off-balance sheet arrangements or contractual obligations as of September 30, 2024[135] - The company has not reported any commitments or contractual obligations as of the latest reporting date[135] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[136]
Cantor Equity Partners, Inc.(CEP) - 2024 Q3 - Quarterly Report