Financial Performance - The company incurred a net loss of $114,382 for the six months ended June 30, 2025, with operating costs of $918,605 and share-based compensation expense of $395,400, offset by interest income of $1,199,623 [141]. - Cash used in operating activities for the six months ended June 30, 2025, was $565,609, with a net loss of $110,031 [146]. - The company has not generated any revenues to date and does not expect to do so until after the completion of the Business Combination [139]. - There is substantial doubt about the company's ability to continue as a going concern for the next twelve months due to liquidity concerns [151]. Capital Structure and Financing - The company completed its Initial Public Offering on May 19, 2025, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit [144]. - The company plans to utilize proceeds from the Convertible Note Financing, amounting to approximately $235 million, for acquiring additional bitcoin for working capital purposes [133]. - Preferred Equity Investors subscribed to purchase non-voting preferred units of ProCap BTC for an aggregate amount of approximately $516.5 million [133]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering, totaling $4,400,000 [156]. - The company will pay advisors a cash fee of $9,800,000 upon the consummation of the initial business combination [157]. Business Combination and Strategy - The Business Combination Agreement involves a merger with ProCap BTC, with the company expected to become a wholly-owned subsidiary of Pubco upon completion [130]. - The company intends to complete the initial business combination before the end of the Completion Window, but there is no assurance it will succeed [152]. - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination and for working capital of the target business [148]. Assets and Liabilities - As of June 30, 2025, the company had marketable securities held in the Trust Account amounting to $251,199,623, including approximately $1,199,623 of interest income [148]. - The company has cash of $1,003,946 outside the Trust Account, intended for identifying and evaluating target businesses [149]. - The company has no long-term debt or capital lease obligations [154]. - The company has no off-balance sheet arrangements as of June 30, 2025 [153]. Administrative and Compliance Matters - The company will reimburse an affiliate of its Sponsor $10,000 per month for administrative services until the business combination or liquidation is completed [155]. - The company accounts for ordinary shares subject to possible redemption as temporary equity, presenting them at redemption value [159]. - The company does not believe that recently issued accounting standards will have a material effect on its condensed financial statements [162]. - The company has incurred significant costs related to acquisition plans and may need to raise additional capital through loans or investments [151].
Columbus Circle Capital Corp I-A(BRR) - 2025 Q2 - Quarterly Report