Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $3,656,457, primarily from interest earned on marketable securities held in the Trust Account of $3,799,919[106]. - For the nine months ended September 30, 2024, the company had a net income of $5,367,368, with interest income from marketable securities amounting to $5,747,982[106]. - As of September 30, 2024, the company held marketable securities in the Trust Account totaling $293,247,982, including approximately $5,747,982 of interest income[113]. Initial Public Offering - The company completed its Initial Public Offering on May 13, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 units at $10.00 per unit[109]. - Transaction costs associated with the Initial Public Offering amounted to $20,269,166, which included a cash underwriting fee of $5,000,000 and a deferred underwriting fee of $13,687,500[110]. Operating Activities - Cash used in operating activities for the nine months ended September 30, 2024, was $554,783, influenced by interest earned on marketable securities[111]. - The company does not expect to generate operating revenues until after the completion of its Business Combination[105]. - The company incurred formation and operational costs of $143,462 for the three months ended September 30, 2024[106]. Capital Structure - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[118]. - The company may need to raise additional capital to finance transaction costs related to its intended Business Combination[117].
GP-ACT III Acquisition Corp.(GPAT) - 2024 Q3 - Quarterly Report