IPO and Trust Account - The company raised gross proceeds of $310 million from its Initial Public Offering (IPO) by issuing 31 million units at $10.00 per unit[151]. - The company placed $310 million of net proceeds from the IPO into a Trust Account, which was invested in U.S. government securities or money market funds[153]. - As of January 27, 2023, the balance in the Trust Account was approximately $46.1 million after redemptions totaling approximately $269.5 million[157]. - On January 27, 2023, the company liquidated U.S. government treasury obligations or money market funds held in the Trust Account[194]. - Funds in the Trust Account will be maintained in cash in an interest-bearing demand deposit account at a bank[194]. - The current interest rate on the deposit account is approximately 2.5% - 3.0% per annum[194]. - The deposit account carries a variable rate, with no assurance that the rate will not change significantly[194]. Business Combination and Extensions - The company approved multiple extensions for completing a Business Combination, with the latest extension pushing the deadline to January 29, 2025[162]. - The company drew $5,000 from the 2024 Note to extend the deadline for its initial Business Combination from February 28, 2025, to March 29, 2025[165]. - The company drew additional Extension Funds on March 27, 2025, to extend the deadline for its initial Business Combination from March 29, 2025, to April 29, 2025[168]. - The Company has until January 29, 2026, to consummate a Business Combination, or it will face mandatory liquidation[177]. Shareholder Activity - On January 30, 2024, the company converted 7.6 million Class B ordinary shares into Public Shares on a one-for-one basis[161]. - On January 27, 2025, shareholders redeemed approximately 2.3 million Class A ordinary shares for an aggregate amount of approximately $27.4 million[164]. Financial Performance - As of June 30, 2025, the Company had a working capital deficit of $6,141,635, net of a related party convertible promissory note of $3,181,000[173]. - For the three months ended June 30, 2025, the Company reported a net loss of approximately $221,000, including a loss from operations of approximately $265,000[180]. - For the six months ended June 30, 2025, the Company had a net loss of approximately $668,000, which included a loss from operations of approximately $680,000[181]. - The Company has drawn a total of $690,000 and $660,000 in Extension Funds as of June 30, 2025, and December 31, 2024, respectively, under the 2024 Note[172]. - The principal amount of the 2024 Note was increased by $590,000 from $1,660,000 to $2,250,000 on June 5, 2025[171]. - As of June 30, 2025, the Company had approximately $5,093,208 of borrowings outstanding and $300,000 of related administrative fees owed to the Sponsor[175]. - The Company has not generated any operating revenues to date and relies on non-operating income from interest and dividends on cash and investments held in the Trust Account[179]. - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs[179]. - The Company has no long-term debt obligations or capital lease obligations[184].
stellation Acquisition I(CSTA) - 2025 Q2 - Quarterly Report