IPO and Fundraising - The company completed its Initial Public Offering (IPO) on August 8, 2024, raising gross proceeds of $253 million from the sale of 25,300,000 Units, including an over-allotment of 3,000,000 Units[130]. Financial Performance - The company generated a net income of $2,491,997 for the three months ended June 30, 2025, compared to a net loss of $50,808 for the same period in 2024[135]. - For the six months ended June 30, 2025, the company reported a net income of $4,925,142, up from a net loss of $102,848 in the same period in 2024[136]. Trust Account and Investments - The main source of income for the six months ended June 30, 2025, was $5,420,956 from investments held in the Trust Account[136]. - As of June 30, 2025, the Trust Account held $264,520,734 in a money market fund, an increase from $259,099,778 held in U.S. Treasury bills as of December 31, 2024[143]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination, with the remaining proceeds to be used for working capital[145]. Cash and Liquidity - The company has a cash balance of $92,494 held outside the Trust Account as of June 30, 2025[146]. - Estimated primary liquidity requirements include approximately $1,425,000 for general working capital and $400,000 for director and officer's liability insurance[149]. - The company does not anticipate needing to raise additional funds to meet operating expenditures prior to the initial Business Combination[147]. Expenses and Operations - The company incurred general and administrative costs as its primary expenses, with no significant changes in its financial position since the last audited financial statements[134]. - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[134]. - The company has not yet engaged in any operations or generated revenues, with all activities focused on preparing for the IPO and initial business combination[134]. - The company has no long-term debt or significant contractual obligations, except for a monthly payment of $10,000 to the Sponsor for administrative support[153]. - A deferred underwriting commission of $12,045,000 is due upon completion of the initial Business Combination[154]. - The company has not conducted any operations to date, resulting in no quarterly operating data included in the financial statements[152]. - The company may need additional financing to complete the initial business combination or due to significant public share redemptions[151]. Financial Instruments and Reporting - The fair value of the company's warrants was recorded at IPO using a Monte Carlo simulation model, involving significant judgment and estimates[156]. - The company does not have any off-balance sheet arrangements as of June 30, 2025[152]. - Up to $1,500,000 of loans may be convertible into warrants at a price of $1.00 per warrant at the lender's option[148]. - The company expects to incur approximately $150,000 for legal and accounting fees related to regulatory reporting requirements[149].
Voyager Acquisition Corp.(VACHU) - 2025 Q2 - Quarterly Report