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, $2,215,650 was drawn and outstanding under the Working Capital Note, which has been amended multiple times to increase its principal sum[207]. - 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 sum from $300,000 to $2,750,000[229][234]. - 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][234]. Income and Revenue - 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, with warrant liabilities contributing $6,576,000 and interest income of $341,031[202]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination[199]. Business Combination and Extensions - The company has until October 7, 2025, to complete the Nidar Business Combination or another Business Combination[190]. - 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]. - If a Business Combination does not occur, there may be a mandatory liquidation, raising substantial doubt about the Company's ability to continue as a going concern for the next twelve months[221]. - On January 3, 2025, shareholders approved the Third Extension, resulting in approximately $10.56 million being removed from the Trust Account for redemptions[192]. - The Fourth Extension Note issued on August 11, 2025, amounts to $202,214.40, with monthly deposits of $67,404.80 into the Trust Account from July 8, 2025, through October 7, 2025[233]. - The Company has terminated the Forward Purchase Agreement with the Cartica Funds, which would have provided up to $30,000,000 in funding for the business combination[228]. Operating Activities - The company incurred cash used in operating activities of $418,212 for the six months ended June 30, 2025, compared to $1,052,233 for the same period in 2024[208][209]. - 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]. Shareholder and Warrant 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]. Accounting and Reporting - 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 allocation is pro rata to Class A and Class B ordinary shares, considering any redemption and restriction features[244]. - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[245]. - Management does not anticipate that recently issued accounting standards will materially affect the unaudited condensed financial statements[246]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[247]. IPO and Fundraising - The company completed the sale of 23,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000 during its IPO[205]. - The Company has drawn nine installments of $40,000 under the terms of the Second Extension Note, totaling $360,000 deposited in the Trust Account for the year ended June 30, 2025[230].
Cartica Acquisition Corp(CITEU) - 2025 Q2 - Quarterly Report