Financial Position - As of September 30, 2025, total assets amounted to $282,783,440, with cash held in the trust account at $281,963,221[13] - Total current liabilities were reported at $48,783, with accrued offering costs of $34,870 and accrued expenses of $13,913[13] - As of September 30, 2025, the Company had $570,210 in cash and working capital of $771,436[37] - The Trust Account held $281,963,221 in cash as of September 30, 2025[47] - The Company has determined it has sufficient funds to meet working capital needs for over one year from the issuance of the financial statements[39] - As of September 30, 2025, there were 1,200,000 Class A ordinary shares issued and outstanding, excluding 28,000,000 Class A ordinary shares subject to possible redemption[80] - The Company is authorized to issue 5,000,000 preference shares, but none were issued or outstanding as of September 30, 2025[79] Income and Earnings - For the three months ended September 30, 2025, the net income was $1,869,556, with a basic and diluted net income per share of $0.06 for Class A ordinary shares[16] - The company generated interest income of $1,963,221 from cash held in the trust account during the same period[16] - The net income for the period from March 20, 2025, to September 30, 2025, was allocated as follows: $1,138,466 for Class A shares and $731,089 for Class B shares[57] - Basic and diluted net income per share for Class A ordinary shares was reported at $0.06, while Class B ordinary shares also reported $0.06 for the same period[57] Initial Public Offering (IPO) - The company raised gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 units at $10.00 per unit[25] - The Company completed its Initial Public Offering on August 1, 2025, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit[65] - An additional $30,000,000 was raised from the partial exercise of the over-allotment option, resulting in total gross proceeds of $280,000,000[65] - The underwriters partially exercised the over-allotment option, purchasing 3,000,000 additional units at $10.00 per unit, generating gross proceeds of $30,000,000[29] - The total gross proceeds from the IPO and private placement amounted to $252 million, with $250 million placed in a Trust Account[132] Business Operations - The company has not yet commenced any operations and will not generate operating revenues until after completing its initial business combination[24] - The Company has not generated any operating revenues to date and does not expect to until after completing a business combination[102] - The Company intends to focus on industries that complement its management team's background for future business combinations[23] - The Company has until 18 months from the IPO closing to complete a Business Combination, with a possible three-month extension[34] Costs and Expenses - The Company incurred offering costs of $3,582,634 related to the Initial Public Offering, with $3,438,859 allocated to Class A ordinary shares subject to redemption[48] - The Company expects to incur significant costs related to being a public company and due diligence expenses for business combinations[101] - The Company has committed to pay $20,000 per month for administrative services for up to 18 months, totaling $360,000 if extended[72] - The Company will reimburse the Sponsor up to $20,000 per month for office space and administrative support until the completion of its Business Combination[113] Shareholder Information - Shareholders can redeem their Public Shares for a pro rata portion of the Trust Account, initially valued at $10.00 per share[32] - As of September 30, 2025, there are 28,000,000 Class A ordinary shares subject to possible redemption, with a redemption value of $281,963,221[53] - The Company has two classes of ordinary shares, Class A and Class B, with income and losses shared pro rata among both classes[56] - The Class B ordinary shares will convert into Class A ordinary shares on a one-for-one basis upon the consummation of the initial business combination[82] Financial Instruments and Liabilities - The Company has evaluated its financial instruments and classified the public and private warrants under equity treatment[52] - The exercise price of the warrants is set at $11.50 per share, subject to adjustments based on certain conditions[87] - The Company has borrowed $214,461 under a promissory note with the Sponsor, with a total borrowing capacity of $350,000[71] - As of September 30, 2025, no amounts have been drawn under the Working Capital Loans, which can total up to $2,500,000[73] Compliance and Risk Management - The Company has not recognized any income tax provision for the period from inception to September 30, 2025, due to its status as a BVI business company[51] - There were no unrecognized tax benefits as of September 30, 2025, and no amounts accrued for interest and penalties[50] - The Company is exposed to geopolitical risks that could impact its search for an initial Business Combination due to ongoing global conflicts[61] - The Company has established processes to manage cybersecurity risks, relying on third-party technologies and personnel for protection[125] Legal and Regulatory Matters - The Company has not faced any litigation or legal proceedings as of the reporting date[122] - The management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective at a reasonable assurance level[118] - As of September 30, 2025, there were no critical accounting estimates disclosed by the Company[114] Miscellaneous - The Company issued 12,321,429 founder shares to the Sponsor for a total purchase price of $25,000, with 321,429 shares subject to forfeiture based on the underwriters' over-allotment[68] - The Company issued 1,000,000 representative shares as compensation, subject to a 180-day lock-up period[74] - The fair value of the over-allotment liability was measured at $1,290,375 as of August 1, 2025[91] - The fair value of Public Warrants was determined to be $8,061,250, classified within shareholders' equity[91]
D. Boral ARC Acquisition I Corp Unit(BCARU) - 2025 Q3 - Quarterly Report