Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $2,263,403, primarily from interest earned on marketable securities held in the Trust Account amounting to $2,455,602, offset by general and administrative costs of $192,199[118]. - As of March 31, 2025, the company held marketable securities in the Trust Account valued at $236,955,653, which includes approximately $5,805,653 of interest income[124]. - The company had cash of $612,692 as of March 31, 2025, primarily used for identifying and evaluating target businesses[125]. - The company incurred $45,000 in fees for administrative services and CEO compensation for the three months ended March 31, 2025[132]. - The company may need to raise additional capital through loans or investments to meet working capital needs, raising concerns about its ability to continue as a going concern[128]. Initial Public Offering - The company completed its Initial Public Offering on September 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[122]. - Following the Initial Public Offering, a total of $231,150,000 was placed in the Trust Account, with $15,014,904 incurred in related costs, including $4,600,000 in cash underwriting fees[123]. - The underwriters of the Initial Public Offering received a cash underwriting discount of $4,600,000, with an additional deferred underwriting discount of $9,775,000 payable upon completion of the initial Business Combination[134]. Accounting Standards and Disclosures - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring significant segment expense disclosures[139]. - Public entities must disclose the title and position of the chief operating decision maker (CODM) and how they use reported segment profit or loss measures[139]. - Companies with a single reportable segment must provide all disclosures required by ASU 2023-07 and existing segment disclosures in Topic 280[139]. - The management does not anticipate that recently issued accounting standards will materially affect the financial statements[140]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[141]. Capital Allocation - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[124]. - The company has no long-term debt or capital lease obligations, with its only contractual obligations being related to administrative services and CEO agreements[129].
Andretti Acquisition Corp. II(POLEU) - 2025 Q1 - Quarterly Report