Financial Performance - The Company had a net income of $2,928,626 for the three months ended September 30, 2024, primarily from interest earned on cash held in the Trust Account and changes in fair value of warrant liabilities[120]. - For the nine months ended September 30, 2024, the Company reported a net income of $1,215,643, with interest income of $471,143 and changes in fair value of warrant liabilities amounting to $744,500[121]. Cash and Assets - As of September 30, 2024, the Company had cash held in the Trust Account of $16,012,716, which is intended for completing a Business Combination[129]. - As of September 30, 2024, the Company had cash of $34,688 available for identifying and evaluating target businesses[130]. - As of September 30, 2024, the Company has no off-balance sheet arrangements, obligations, assets, or liabilities[138]. - The Company has no long-term debt or significant liabilities, indicating a strong liquidity position[139]. IPO and Costs - The Company incurred $57,010,008 in costs related to its IPO, including $19,800,000 in underwriting fees and $36,225,000 in deferred underwriting fees[126]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $36,225,000, payable only upon the completion of a Business Combination[140]. - The Company reduced the deferred underwriting fee by $21,735,000 due to waivers from BofA Securities and Goldman Sachs, impacting the statement of operations and accumulated deficit[141]. - A further reduction of $14,490,000 in the deferred underwriting fee was made following a waiver from Credit Suisse, with similar impacts on financial statements[142]. Business Combination and Compliance - The Company has extended the Termination Date for its Business Combination from February 4, 2024, to February 4, 2025, with the option for additional monthly extensions[114]. - The Company is subject to delisting proceedings by NYSE American due to failure to consummate a Business Combination within the specified timeframe[115]. - The Company has until December 4, 2024, to complete a Business Combination, or it will face mandatory liquidation and potential dissolution[137]. Operational Status - The Company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence activities[119]. - The Company incurs a monthly fee of $10,000 to an affiliate of an executive officer for office space and services, starting from February 1, 2021[139]. Risk and Controls - As of September 30, 2024, the Company is not subject to any market or interest rate risk, with investments in U.S. government securities[149]. - The Company has not identified any critical accounting estimates that could materially affect financial results[143]. - Disclosure controls and procedures were evaluated as effective by the Chief Executive Officer and Chief Financial Officer as of September 30, 2024[151].
Jaws Mustang Acquisition (JWSM) - 2024 Q3 - Quarterly Report