Financial Position - As of June 30, 2025, the company had cash held in the Trust Account of $16,418,112, including $2,532,723 of interest expense[210] - As of June 30, 2025, the company had drawn $2,215,650 under the Working Capital Note, which is repayable upon the consummation of the Business Combination or liquidation[207] - The Company has borrowed a total of $3.1 million under various promissory notes, with $2.3 million allocated for working capital and $0.8 million for extensions of the Combination Period[217] - As of June 30, 2025, the outstanding amount under the Working Capital Note was $2,215,650, which has been amended multiple times, increasing the principal from $300,000 to $2,750,000[229] - The Company has deposited a total of $360,000 into the Trust Account for the year ended June 30, 2025, related to the Second Extension[230] Income and Expenses - For the three months ended June 30, 2025, the company reported a net income of $5,939,902, driven by a change in fair value of warrant liabilities of $6,028,000 and interest income of $170,039[200] - For the six months ended June 30, 2025, the company had a net income of $6,227,798, consisting of a change in fair value of warrant liabilities of $6,576,000 and interest income of $341,031[202] - The company incurred operating and formation costs of $258,137 for the three months ended June 30, 2025[200] - The company had a net loss of $3,973,890 for the three months ended June 30, 2024, with operating and formation costs of $2,174,582[201] - The Company incurred $50,000 and $100,000 in fees for administrative support services for the three and six months ended June 30, 2025, respectively[223] Business Combination and Extensions - The company intends to use funds held in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business[210] - The Company has until October 7, 2025, to complete a Business Combination, or it may seek to extend the Combination Period, subject to shareholder approval[219] - The Cartica Funds will not purchase any forward purchase shares, which may result in insufficient funds to consummate the business combination[228] - The company’s securities were delisted from Nasdaq due to failure to complete a Business Combination by January 4, 2025[197] Warrant and Share Information - As of June 30, 2025, there were 27,400,000 warrants issued and outstanding, including 11,500,000 Public warrants classified as Level 1[239] - The underwriters received a cash underwriting discount of $4,600,000 and a deferred fee of $8,050,000, which will only be payable if a business combination is completed[225] - The Company calculates net income (loss) per ordinary share by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period[241] - The earnings per share calculation allocates net income (loss) pro rata to Class A and Class B ordinary shares, considering redemption and restriction features[244] Accounting and Reporting - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories in financial statements[245] - Management does not anticipate that recently issued accounting standards will materially affect the unaudited condensed financial statements[246] - The Company is currently evaluating the impact of adopting ASU 2024-03[245] - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[247] Liquidity and Going Concern - The Company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern for the next twelve months from the report date[221]
Cartica Acquisition p(CITE) - 2025 Q2 - Quarterly Report