Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $2,907,329, primarily from interest earned on marketable securities held in the Trust Account amounting to $3,107,381, after deducting organizational and operational costs of $200,052[135] - For the three months ended March 31, 2024, the company reported a net loss of $59,738, attributed to organizational and operational costs[136] Marketable Securities and Trust Account - As of March 31, 2025, the company had marketable securities in the Trust Account totaling $299,844,019, which includes approximately $3,107,381 of interest income[142] - The company plans to utilize substantially all funds in the Trust Account to complete its initial business combination and may use remaining proceeds for working capital and growth strategies[142] Initial Public Offering - The company completed its Initial Public Offering on May 13, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Units at $10.00 per Unit[138] - The company incurred transaction costs of $20,269,166 related to the Initial Public Offering, which included a cash underwriting fee of $5,000,000 and a deferred underwriting fee of $13,687,500[139] Cash and Operational Expenses - As of March 31, 2025, the company had cash of $376,572 available for identifying and evaluating target businesses and other operational expenses[143] - The company has no off-balance sheet arrangements or long-term liabilities other than a monthly fee of $5,000 for office space and administrative services[149] Business Combination Timeline - The company has until May 13, 2026, to complete its initial business combination, failing which it will trigger an automatic winding up and liquidation[144] - The company has outstanding promissory notes totaling $400,000, which are due at the earlier of the consummation of the initial business combination or the second anniversary of the Initial Public Offering[137]
GP-ACT III Acquisition Corp.(GPAT) - 2025 Q1 - Quarterly Report