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 of $3,799,919, after accounting for operational costs of $143,462[106]. - For the nine months ended September 30, 2024, the company achieved a net income of $5,367,368, with interest income from marketable securities totaling $5,747,982, offset by formation and operational costs of $380,614[106]. - The company incurred a net loss of $616 for the three months ended September 30, 2023, primarily due to formation and operational costs[107]. Marketable Securities - As of September 30, 2024, the company held marketable securities in the Trust Account amounting to $293,247,982, which includes approximately $5,747,982 of interest income[113]. - Cash used in operating activities for the nine months ended September 30, 2024, was $554,783, influenced by interest earned on marketable securities[111]. 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 totaled $20,269,166, which included a cash underwriting fee of $5,000,000 and a deferred underwriting fee of $13,687,500[110]. Financing and Capital Needs - The company does not anticipate needing to raise additional funds for operating expenditures but may require additional financing to complete its Business Combination[116]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[118]. - The company plans to utilize funds held in the Trust Account to complete its initial Business Combination and for working capital to finance operations of the target business[113].
GP-ACT III Acquisition Corp.(GPATU) - 2024 Q3 - Quarterly Report