Financial Performance - The company reported a net loss of $25,780 for the three months ended September 30, 2024, and a total net loss of $41,602 from inception on June 18, 2024, through September 30, 2024[102]. - The company does not expect to generate operating revenues until after the completion of its Initial Business Combination[101]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $172,500,000 from the sale of 17,250,000 Units, including the full exercise of the over-allotment option[103]. - An additional 648,375 Private Placement Units were sold at $10.00 per unit, generating gross proceeds of $6,483,750[103]. - A total of $173,362,500 was placed in the Trust Account following the IPO and Private Placement[104]. - Offering expenses amounted to $10,113,129, which included a cash underwriting fee of $3,450,000 and a deferred underwriting fee of $6,037,500[104]. - The underwriters exercised their over-allotment option in full, purchasing an additional 2,250,000 Units at $10.00 per Unit[112]. Use of Funds - The company intends to use substantially all funds in the Trust Account to complete its Initial Business Combination and for working capital of the target business[105]. - The company may need to obtain additional financing to complete its Initial Business Combination or due to potential redemptions of Public Shares[108]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[110].
Newbury Street II Acquisition Corp(NTWOU) - 2024 Q3 - Quarterly Report