Financial Position - As of December 31, 2024, the company had an unrestricted cash balance of $183,491 and investments held in the Trust Account amounting to $260,033,862[289]. - The company had cash outside the Trust Account of $183,491 and $100,734 in accounts payable and accrued expenses as of December 31, 2024[290]. - As of December 31, 2024, the Trust Account included $9,030,000 of deferred underwriting commissions[295]. - The Company has no long-term debt, capital lease obligations, or long-term liabilities as of December 31, 2024[313]. - As of December 31, 2024, the outstanding amount under the Amended and Restated Formation and Regulatory Expenses Promissory Note was $542,975, with a borrowing limit increased to $600,000[309]. Income and Expenses - For the year ended December 31, 2024, the company reported a net income of $2,043,928, with a loss from operations of $253,368[290]. - The company expects to incur approximately $1,509,000 for legal, accounting, due diligence, and other expenses related to business combinations[298]. - The Company incurred $30,000 in administrative services expenses under the Administrative Services and Indemnification Agreement from October 25, 2024, to December 31, 2024[311]. - The underwriters received an underwriting discount of $0.15 per Unit, totaling $3,870,000 upon the closing of the Initial Public Offering and the Over-Allotment Option[317]. - The deferred fee to underwriters is $0.35 per Unit, amounting to $9,030,000, payable only if a business combination is completed[316]. Initial Public Offering - The company completed its Initial Public Offering on October 25, 2024, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit[292]. - The Over-Allotment Option was partially exercised on December 9, 2024, resulting in the issuance of 800,000 Over-Allotment Option Units[292]. - The Company granted the underwriters a 45-day option to purchase up to 3,750,000 Over-Allotment Option Units, with 800,000 units sold as a result of partial exercise[315]. Business Operations - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational efforts and preparing for the Initial Public Offering[290]. - The company intends to use substantially all funds held in the Trust Account to complete its initial business combination, including interest earned[295]. - The company may need to obtain additional financing to complete its initial business combination if the cash portion of the purchase price exceeds available funds[300]. Internal Controls - The Company has not completed an assessment of internal controls prior to the Initial Public Offering and expects to implement necessary controls before the initial business combination[302]. - The Company may incur significant expenses related to improving internal controls to meet regulatory requirements and market expectations[303]. Shareholder Information - The Sponsor paid an aggregate of $25,000 for 57,500,000 Founder Shares, which represent 16.67% of the Company's issued shares post-IPO[307]. - The Class A ordinary shares subject to possible redemption are classified as temporary equity and measured at fair value, with changes recognized immediately[320]. - The Company adopted ASU 2023-07 for the annual period ending December 31, 2024, improving reportable segment disclosure requirements[322]. - No Working Capital Loans have been borrowed to date, but they may be convertible into Private Placement Shares at $10.00 per share[312].
Bold Eagle Acquisition Corp.(BEAGU) - 2024 Q4 - Annual Report