Financial Performance - The company has not engaged in any operations or generated any revenues to date, with a net loss of $47,447 for the three months ended September 30, 2024 [99]. - The company has incurred a net loss of $77,427 from inception (June 24, 2024) through September 30, 2024, primarily due to formation and operating costs [99]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024 [109]. Initial Public Offering - The company completed its Initial Public Offering on November 4, 2024, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit [102]. - A total of $250,000,000 was placed in the Trust Account following the Initial Public Offering, with offering costs amounting to $11,403,592 [103]. - The underwriters received a cash underwriting discount of $2,000,000, with $1,000,000 paid at closing and the remainder payable from working capital starting 16 months post-IPO [111]. Use of Funds - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business [104]. - The company may need additional financing to complete its Business Combination or if a significant number of Public Shares are redeemed [108]. Business Strategy - The company has identified technology, media, and telecommunications sectors as primary targets for its Business Combination [94]. - The SEC's new SPAC rules effective July 1, 2024, may materially affect the company's ability to negotiate and complete its initial Business Combination [97].
Bleichroeder Acquisition Corp. I(BACQ) - 2024 Q3 - Quarterly Report