Financial Position - As of September 30, 2024, the company had an unrestricted cash balance of $0 and a working capital deficiency of $450,279[100][106]. - The company has no long-term debt or capital lease obligations as of the reporting date[117]. - The company may need to seek additional financing to complete its initial business combination if cash requirements exceed available funds[115]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on October 25, 2024, raising $250,000,000 from the sale of 25,000,000 units at $10.00 per unit[107][108]. - The proceeds from the Initial Public Offering are placed in a Trust Account, invested in money market funds or U.S. government treasury obligations[108][109]. - The Company granted underwriters a 45-day option to purchase up to 3,750,000 additional Units at the Initial Public Offering price[119]. - A cash underwriting discount of $0.15 per Unit was paid, amounting to $3,750,000, upon the closing of the Initial Public Offering[121]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $8,750,000, payable only upon completion of a Business Combination[120]. - The Company received reimbursement of $1,250,000 from the underwriters for reasonable out-of-pocket expenses related to the Initial Public Offering[121]. Operational Status - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and preparing for the Initial Public Offering[101]. - For the three months ended September 30, 2024, the company reported a net loss of $49,328, primarily due to formation and operation costs[102]. - The company incurred $0 in administrative services expenses for the three and nine months ended September 30, 2024, under an agreement with the Sponsor[118]. Future Plans and Expectations - The company expects to incur approximately $1,509,000 for legal, accounting, due diligence, and other expenses related to business combinations[113]. - The company has a plan to use substantially all funds in the Trust Account to complete its initial business combination and may withdraw interest for permitted withdrawals[109]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[127]. Equity and Redemption - Holders of Founder Shares and Private Placement Shares are entitled to registration rights, allowing them to demand registration of their securities up to three times[123]. - Class A ordinary shares subject to possible redemption are classified as temporary equity and measured at fair value[125]. - Changes in redemption value of Class A ordinary shares are recognized immediately and adjusted at the end of each reporting period[126].
Bold Eagle Acquisition Corp.(BEAGU) - 2024 Q3 - Quarterly Report