Financial Position - As of June 30, 2025, the company had $25,000 in cash and a working capital deficiency of $2,417,000[93]. - As of June 30, 2025, the company had issued unsecured promissory notes totaling approximately $1,278,000, with various maturity dates and conditions for repayment[97][108][110]. - As of August 14, 2025, only approximately $9,000 was available outside the trust account for working capital needs, raising concerns about the ability to operate prior to the business combination[113]. Business Operations - For the quarter ended June 30, 2025, the company reported a net loss of approximately $80,000, consisting of $94,000 in interest income and dividend income, offset by $174,000 in operating and financial expenses[105]. - The company has not engaged in revenue-generating operations to date and has incurred increased expenses related to being a public company and due diligence for potential business combinations[104]. Compliance and Trading Status - On October 29, 2024, the company received a notice of non-compliance from Nasdaq due to not completing an initial business combination within 36 months, leading to a suspension of trading on Nasdaq and a transition to OTC trading[99]. Business Combination Plans - A Business Combination Agreement was signed with Tembo e-LV B.V. on August 29, 2024, with plans to use cash from the initial public offering and private placement for the business combination[95]. - Energi Holdings Limited proposed a strategic acquisition of 51% of Tembo at a total enterprise value of $200 million, with negotiations ongoing[96]. - The company anticipates using substantially all funds in the trust account for the initial business combination, with remaining proceeds allocated for working capital[111]. - A total of 1,148,799 Class A ordinary shares were redeemed during the Third Extension, resulting in 3,926,071 Class A ordinary shares outstanding[100].
Cactus Acquisition Corp. 1 Ltd.(CCTSU) - 2025 Q2 - Quarterly Report