Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $981,482, consisting of interest income of $1,163,406 and an unrealized gain of $14,204, offset by operating costs of $196,128[85]. - From inception on March 22, 2024, through September 30, 2024, the company had a net income of $1,068,960, with total interest income of $1,365,738 and an unrealized gain of $21,301, against operating costs of $318,079[86]. - Cash used in operating activities from inception through September 30, 2024, was $273,854, with net income affected by interest earned and unrealized gains[88]. Trust Account and Capital - As of September 30, 2024, the company held cash and investments in the Trust Account amounting to $87,637,039, including approximately $1,365,738 of interest income and unrealized gains[89]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds for working capital and growth strategies[89]. - The company has a working capital of $1,209,805 as of September 30, 2024, with cash held outside the Trust Account primarily for identifying and evaluating target businesses[90]. - Up to $3,000,000 of Working Capital Loans may be convertible into shares of the post-Business Combination entity at a price of $10.00 per share[91]. Initial Public Offering - The company completed its Initial Public Offering on June 13, 2024, raising gross proceeds of $86,250,000 from the sale of 8,625,000 Class A ordinary shares at $10.00 per share[87]. - The company completed its Initial Public Offering on June 13, 2024, issuing 8,625,000 Public Shares, including an over-allotment of 1,125,000 shares[108]. - Gross proceeds from the Initial Public Offering amounted to $86,250,000, which were placed in the Trust Account[110]. - The company also sold 286,250 Private Placement Shares at $10.00 each, generating gross proceeds of $2,862,500[109]. - The SEC declared the registration statement for the Initial Public Offering effective on June 11, 2024[108]. Administrative and Compliance Matters - The company incurred $45,000 and $54,500 in fees for administrative services for the three months ended September 30, 2024, and from inception through September 30, 2024, respectively[94]. - There were no changes in internal control over financial reporting during the fiscal quarter of 2024 that materially affected the company's reporting[106]. - The company's disclosure controls and procedures were deemed effective as of September 30, 2024[104]. - No material changes to risk factors were reported since the final prospectus for the Initial Public Offering filed on June 12, 2024[107]. - The company does not expect its disclosure controls and procedures to prevent all errors and instances of fraud[105]. - The company believes that no recently issued accounting standards will materially affect its condensed financial statements[103]. - Certifications of the Principal Executive and Financial Officers were completed in accordance with the Sarbanes-Oxley Act[7][8]. - The company has filed various XBRL documents for compliance purposes[9][10]. Agreements and Contracts - The company has entered into an Underwriting Agreement with Jefferies LLC[1]. - The company has amended and restated its Memorandum and Articles of Association[2]. - The company has established a Private Placement Shares Purchase Agreement with the Sponsor[3]. - The company has entered into an Investment Management Trust Agreement with Continental Stock Transfer & Trust Company[4]. - The company has a Registration and Shareholder Rights Agreement with the Sponsor and other equity holders[5]. - The company has an Administrative Services and Indemnification Agreement with the Sponsor[6]. Accounting Standards - The company adopted ASU 2016-13 on June 13, 2024, which did not have a material impact on its financial statements[101].
Perceptive Capital Solutions Corp(PCSC) - 2024 Q3 - Quarterly Report