Financial Performance - The company reported a net income of $995,265 for the three months ended June 30, 2025, primarily from interest earned on cash held in the Trust Account of $1,114,608[121]. - For the period from January 2, 2025, through June 30, 2025, the company had a net income of $925,246, with general and administrative costs amounting to $203,550[122]. - Cash used in operating activities from January 2, 2025, through June 30, 2025, was $188,472, with net income affected by non-cash items including interest income of $1,114,608[127]. Initial Public Offering - The company completed its Initial Public Offering on May 22, 2025, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit[124]. - Following the Initial Public Offering, a total of $250,000,000 was placed in the Trust Account, with total fees incurred amounting to $14,026,609[126]. - The underwriters are entitled to a deferred underwriting discount of $11,250,000, payable upon the completion of the initial Business Combination[134]. Business Strategy - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[128]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to the Business Combination[131]. Financial Position - The company has no off-balance sheet arrangements or long-term liabilities, except for a monthly payment of $10,000 to an affiliate of the Sponsor for various services[132][133]. - The company has not disclosed any critical accounting estimates as of June 30, 2025[135].
ProCap Acquisition Corp Unit(PCAPU) - 2025 Q2 - Quarterly Report