Financial Performance - As of September 30, 2024, the company reported a net loss of $356,389 for the nine months ended, with operating costs of $1,330,422 and interest income of $1,197,306 from the Trust Account [203]. - The company had a net loss of $292,612 for the three months ended September 30, 2024, with operating costs of $368,515 and interest income of $84,888 [201]. - For the nine months ended September 30, 2023, the company reported a net income of $2,945,394, with interest income from marketable securities amounting to $5,138,865 [204]. - The company has incurred a net loss of $356,389 for the nine months ended September 30, 2024, despite interest income of $1,197,306 [208]. Initial Public Offering - The company raised gross proceeds of $250 million from its Initial Public Offering of 25,000,000 Units at $10.00 per Unit, along with an additional $12 million from the sale of 8,000,000 Private Placement Warrants at $1.50 each [177]. - The company incurred $14,566,172 in Initial Public Offering related costs, including $5 million in underwriting fees and $8.75 million in deferred underwriting fees [178]. Redemption and Liquidation - Public Stockholders redeemed an aggregate of 19,732,125 Public Shares for approximately $205.48 million at a redemption price of about $10.41 per share during the 2023 Redemptions [190]. - The company expects to redeem all outstanding Public Shares for an estimated redemption price of approximately $10.90 per share after dissolution expenses [197]. - The company announced its intention to dissolve and liquidate on November 8, 2024, raising substantial doubt about its ability to continue as a going concern [219]. - The company announced the abandonment of the proposal to extend the date for consummating an initial business combination from November 9, 2024, to November 9, 2025, and will proceed with dissolution and liquidation [176]. Cash and Assets - As of September 30, 2024, the company had cash and marketable securities in the Trust Account totaling $7,504,714, including approximately $543,000 of interest income [210]. - Cash used in operating activities for the nine months ended September 30, 2023 was $1,625,474, while changes in operating assets and liabilities provided $716,859 of cash [209]. - The company has borrowed a total of $900,000 under the Second Promissory Note, with $400,000 remaining available to borrow as of October 16, 2024 [180]. - The company has outstanding promissory notes totaling $790,000 as of September 30, 2024, with $500,000 drawn under the Second Promissory Note [216]. - The company plans to use funds held outside the Trust Account primarily for liquidation expenses following the announcement of its intention to dissolve [212]. Compliance and Market Value - The company received a deficiency letter from Nasdaq regarding its market value of listed securities (MVLS) falling below the $50 million requirement, but later regained compliance [181][183]. Share Structure - Following the 2024 Founder Share Conversion, the company has 6,932,523 shares of Class A Common Stock and one share of Class B Common Stock outstanding [199]. Interest and Debt - Interest on the Trust Account's deposit account is currently at 4.5% per annum, but this rate is variable and may change significantly [220]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024 [221]. - The company has committed to pay its Sponsor up to $20,000 per month for administrative support services [222].
New Providence Acquisition II(NPAB) - 2024 Q3 - Quarterly Report