Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $876,496, with interest income from marketable securities amounting to $3,330,446, offset by operating costs of $2,453,950 [128]. - For the three months ended March 31, 2024, the company reported a net income of $3,796,892, with interest income from marketable securities of $4,062,370, offset by operating costs of $265,478 [128]. Initial Public Offering - The company generated gross proceeds of $305,000,000 from the Initial Public Offering of 30,500,000 units at $10.00 per unit [130]. - The company incurred transaction costs of $17,966,142 related to the Initial Public Offering, which included $6,100,000 in cash underwriting discounts and $10,675,000 in deferred underwriting fees [133]. - The underwriters received an underwriting discount of $0.20 per unit, totaling $6,100,000, with an additional deferred commission of $8,006,250 payable upon completion of a business combination [144]. Cash and Assets - As of March 31, 2025, the company had cash held in the trust account of $335,111,576, including $27,061,576 of interest income [136]. - The fair value of cash and marketable securities held in the Trust Account amounts to $335,111,576 as of March 31, 2025, compared to $331,781,130 as of December 31, 2024 [146]. - As of March 31, 2025, the company had cash of $1,459,812 and intends to use these funds primarily for identifying and evaluating target businesses [137]. Business Operations and Plans - The company has not engaged in any operations or generated revenues to date, with activities focused on preparing for the Initial Public Offering and identifying a target company for a business combination [127]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans [117]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination and for working capital to finance operations of the target business [136]. - The Business Combination Agreement with e2 is subject to shareholder approval and customary closing conditions [118]. Financing and Debt - The company issued unsecured promissory notes totaling $3,050,000 as overfunding loans, which will be repaid upon the closing of the initial business combination [132]. - The company may obtain Working Capital Loans up to $1,500,000, which can be converted into private placement warrants at a price of $1.00 per warrant [138]. - The company may need additional financing to complete its initial business combination or to redeem a significant number of public shares [139]. - The company has no long-term debt or capital lease obligations, with a monthly obligation of $15,000 for office space and administrative support [143]. Going Concern - The company faces substantial doubt about its ability to continue as a going concern if a business combination does not occur by July 18, 2025 [140]. Accounting and Compliance - Management does not believe that any recently issued accounting standards will have a material effect on the financial statements [150]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities [142].
Nabors Energy Transition Corp. II(NETDU) - 2025 Q1 - Quarterly Report