Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $1,631,524, primarily from interest income of $1,819,161 on cash held in the Trust Account[105]. - For the six months ended June 30, 2025, the company achieved a net income of $3,079,421, with interest income from the Trust Account totaling $3,604,845[106]. IPO and Trust Account - The company completed its IPO, raising gross proceeds of $175,000,000 from 17,500,000 units at $10.00 per unit[109]. - Following the IPO, a total of $175,875,000 was placed in the Trust Account, with transaction costs amounting to $11,028,226[110]. - As of June 30, 2025, the company had cash held in the Trust Account of $180,202,115, intended for the initial business combination[113]. Cash and Debt Position - The company had cash of $1,088,465 in its operating bank account as of June 30, 2025, to fund operational activities and due diligence[114]. - The company does not have any long-term debt or capital lease obligations as of June 30, 2025[120]. - The company has no off-balance sheet arrangements or critical accounting estimates to disclose as of June 30, 2025[118][122]. Business Combination Concerns - The underwriters received a cash underwriting discount of $3,500,000 and a deferred fee of $7,000,000, contingent on the completion of a business combination[121]. - The mandatory liquidation date is set for May 27, 2026, should a business combination not occur by that date, raising concerns about the company's ability to continue as a going concern[117].
FACT II Acquisition Corp.(FACTU) - 2025 Q2 - Quarterly Report