Financial Performance - The company reported a net income of $559,864 for the three months ended March 31, 2025, primarily from interest earned on cash and marketable securities held in the trust account [174]. - As of March 31, 2025, the trust account held cash and marketable securities totaling $85,688,408, including approximately $23,288,612 of interest income [184]. - The company generated total gross proceeds of $230,000,000 from its initial public offering, with transaction costs amounting to $16,804,728 [177][179]. - The deferred underwriting commission from the initial public offering amounts to $11,500,000, contingent upon the consummation of the initial business combination [197]. Shareholder Activity - Shareholders redeemed 7,129,439 Class A ordinary shares for approximately $77.4 million at a redemption price of $10.86 per share following the First Extension Charter Amendment [165]. - Following the Second Extension Charter Amendment, shareholders redeemed 8,620,849 Class A ordinary shares for an aggregate amount of $99,613,642 at a redemption price of approximately $11.55 per share [167]. - All 15,870,561 Class A ordinary shares are subject to redemption and are presented at redemption value as temporary equity [204]. Business Operations - The company has not engaged in any operations or generated revenues to date, focusing solely on identifying a target company for a business combination [173]. - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of completing an initial business combination [161]. - 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 [184]. Financial Position - The company has cash held outside the trust account of $81,252 available for working capital needs [185]. - As of March 31, 2025, the company had $85,688,408 in cash and marketable securities held in the trust account for business combination completion [193]. - The company has a working capital deficit of $3,682,958 as of March 31, 2025 [193]. - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2025 [195][196]. - The company has no borrowings under any working capital loans as of March 31, 2025 [186]. Funding and Financial Support - The company issued an unsecured promissory note to the sponsor for $2,400,000 in connection with the Second Extension Charter Amendment [168]. - The company issued unsecured promissory notes totaling $1,800,000 on November 6, 2023, to fund extension payments for the business combination period [188]. - The sponsor deposited $150,000 in the trust account in November 2024, December 2024, January 2025, February 2025, and April 2025 to extend the business combination period [191]. Legal and Advisory Services - The company has engaged a legal advisor for services related to the initial business combination, with fees contingent upon successful completion [198]. Going Concern - Management has raised substantial doubt about the company's ability to continue as a going concern due to liquidity conditions [192].
Cartesian Growth II(RENE) - 2025 Q1 - Quarterly Report