Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $1,685,471, primarily from interest earned on marketable securities held in the Trust Account[110]. - The company incurred operating costs of $164,940 for the three months ended June 30, 2025, and $320,046 for the six months ended June 30, 2025[110]. Initial Public Offering - The company generated gross proceeds of $172,500,000 from the Initial Public Offering of 17,250,000 Public Units, including 2,250,000 Option Units[114]. - The underwriting discount paid to the underwriter at the closing of the Initial Public Offering was $3,450,000, with an additional fee of $6,037,500 payable upon completion of the initial Business Combination[124]. - The company issued an IPO Promissory Note to the Sponsor for up to $300,000 to cover IPO-related expenses, which was fully repaid by November 4, 2024[113]. Trust Account and Funds Management - As of June 30, 2025, the total amount held in the Trust Account was $173,362,500 after accounting for offering expenses of $10,113,129[115]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[117]. - The company had cash of $1,065,294 outside the Trust Account as of June 30, 2025, primarily for identifying and evaluating target businesses[118]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to the initial Business Combination[120]. Debt and Obligations - The company has no long-term debt or capital lease obligations as of the reporting date[121].
Newbury Street II Acquisition Corp(NTWO) - 2025 Q2 - Quarterly Report