Financial Performance - The company reported a net income of $2,352,808 for the three months ended June 30, 2025, with interest income from marketable securities of $3,414,180 and operating costs of $1,061,372[138]. - For the six months ended June 30, 2025, the company had a net income of $3,229,304, consisting of interest income of $6,744,626 and operating costs of $3,515,322[138]. - For the six months ended June 30, 2024, cash used in operating activities was $202,415, with a net income of $7,368,911 impacted by interest earned on marketable securities of $7,894,384[147]. Initial Public Offering - The company generated gross proceeds of $305,000,000 from its Initial Public Offering of 30,500,000 units at $10.00 per unit[143]. - Following the Initial Public Offering, a total of $308,050,000 was placed in the trust account after accounting for transaction costs of $17,966,142[145]. - The underwriters received an underwriting discount of $0.20 per unit, totaling $6,100,000, with no deferred fee payable after waiver letters were received[156]. Business Combination and Acquisition Plans - The company entered into a Business Combination Agreement on February 11, 2025, to merge with e2, subject to shareholder approval and customary closing conditions[128]. - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of its initial business combination[125]. - The company has not generated any operating revenues to date and does not expect to do so prior to completing its initial business combination[137]. Cash and Operating Activities - As of June 30, 2025, cash used in operating activities was $421,342, with net income of $3,229,304 influenced by interest earned on marketable securities[146]. - As of June 30, 2025, cash held in the trust account amounted to $338,525,756, including $30,475,756 of interest income, intended for the initial business combination[148]. - Cash held outside the trust account as of June 30, 2025, was $1,178,340, primarily for identifying and evaluating target businesses[149]. - The company may obtain Working Capital Loans up to $1,500,000, convertible into private placement warrants at $1.00 per warrant, to finance working capital deficits[150]. Debt and Financial Obligations - The company has no long-term debt or capital lease obligations, with a monthly payment of $15,000 to an affiliate for office space and administrative support[155]. - The company has determined that mandatory liquidation by August 18, 2025, raises substantial doubt about its ability to continue as a going concern[153]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities as of June 30, 2025[154]. Accounting and Financial Reporting - As of June 30, 2025, the fair value of cash and marketable securities in the trust account was $338,525,863, compared to $331,781,130 as of December 31, 2024[158]. - Management does not believe that any recently issued accounting standards will materially affect the financial statements[162].
Nabors Energy Transition Corp. II(NETDU) - 2025 Q2 - Quarterly Report