Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $1,071,221, consisting of interest earned on marketable securities of $1,349,715, offset by operating costs of $278,494[90] - From inception on April 4, 2024, through September 30, 2024, the company had a net income of $1,018,558, with total interest earned of $1,349,715 and operating costs of $331,157[90] Marketable Securities and Trust Account - As of September 30, 2024, the company held marketable securities in the trust account amounting to $232,499,715, which will be used primarily to complete a Business Combination[97] - The company plans to use funds held in the Trust Account for working capital to finance operations of the target business post-Business Combination[94] Initial Public Offering - The company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[93] - The company also sold 6,850,000 Private Placement Warrants at $1.00 per warrant, generating additional gross proceeds of $6,850,000[93] Cash and Operating Activities - Cash held outside the trust account as of September 30, 2024, was $825,134, which is available for working capital needs[98] - The company incurred cash used in operating activities of $294,130 from inception through September 30, 2024[96] Debt and Financing - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[101] - The company may need additional financing to complete its Business Combination or to address potential redemptions of Public Shares[100]
HCM II Acquisition Corp.(HONDU) - 2024 Q3 - Quarterly Report