Cantor Equity Partners I Inc-A(CEPO) - 2025 Q2 - Quarterly Report

IPO and Fundraising - The company completed its Initial Public Offering (IPO) on January 8, 2025, raising $200 million from the sale of 20 million Class A ordinary shares at $10.00 per share[111]. - An additional $5 million was raised through a private placement of 500,000 Class A ordinary shares at the same price to the Sponsor[112]. - The company plans to raise $500 million through the issuance of 1.00% convertible senior secured notes due five years after the closing date of the Transactions[119]. - The company has also agreed to sell 40 million Class A ordinary shares for $400 million in a private placement immediately prior to the CEPO Merger[119]. Business Combination - The company has until January 8, 2027, to complete its Business Combination, or it will liquidate and redeem Public Shares at a price equal to the amount in the Trust Account[114]. - A Business Combination Agreement was entered into on July 16, 2025, with BSTR Holdings, Inc., involving a merger that will result in the company becoming a publicly traded entity[117]. - The SEC's new rules for SPACs, effective July 1, 2024, may impact the company's ability to negotiate and complete its Business Combination[115]. - The company has engaged Cantor Fitzgerald & Co. for advisory services related to the Business Combination, with a fee of $7,000,000 payable upon consummation, representing 3.5% of the gross proceeds from the Initial Public Offering[134]. Financial Position - As of June 30, 2025, the company had a working capital deficit of approximately $75,000, compared to approximately $299,000 as of December 31, 2024[124]. - As of June 30, 2025, the company had $25,000 in cash in its operating account, up from $0 as of December 31, 2024[124]. - Approximately $3.316 million of interest income earned on funds held in the Trust Account was available to pay taxes as of June 30, 2025[124]. - As of June 30, 2025, the company had approximately $244,000 outstanding under the Sponsor Loan, with no borrowings under Working Capital Loans or the Sponsor Note[137]. Income and Expenses - For the three months ended June 30, 2025, the company reported a net income of approximately $1,955,000, primarily from $2,130,000 in interest income, offset by $145,000 in general and administrative expenses[130]. - For the six months ended June 30, 2025, the company had a net income of approximately $2,949,000, consisting of $3,316,000 in interest income, with $309,000 in general and administrative expenses[131]. - The company has not generated any operating revenues to date and will not do so until after the completion of the Business Combination[129]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs, as well as due diligence expenses[129]. Liquidity and Support - The company has satisfied its liquidity needs through June 30, 2025, with a $25,000 contribution from the Sponsor and a $134,000 loan from the Sponsor, along with a commitment for an additional $1,750,000 for transaction costs related to a Business Combination[125][128]. - The Sponsor has committed to provide up to $1,750,000 in the Sponsor Loan for expenses related to identifying and evaluating target businesses[136]. Shareholder Information - As of June 30, 2025, the company had 20,000,000 Class A ordinary shares subject to possible redemption, classified as temporary equity[141]. - The company has not entered into any off-balance sheet arrangements or contractual obligations as of June 30, 2025[144].