Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $2,416,719, primarily from interest earned on investments held in the Trust Account totaling $2,636,302[109]. - Cash used in operating activities for the three months ended March 31, 2025, was $236,730, with net income affected by interest earned on investments[115]. 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[113]. - The company incurred total offering costs of $11,403,592 related to the Initial Public Offering, including a cash underwriting fee of $2,000,000[114]. Trust Account and Investments - As of March 31, 2025, the company had investments held in the Trust Account amounting to $254,392,500, which will be used to complete its Business Combination[116]. - As of March 31, 2025, the company had cash of $1,870,579 available for working capital purposes[117]. Business Combination and Financing - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and conducting due diligence[117]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination[107]. - The company may need to obtain additional financing to complete its Business Combination or due to potential redemptions of Public Shares[119]. Debt and Liabilities - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[120].
Bleichroeder Acquisition Corp. I(BACQ) - 2025 Q1 - Quarterly Report