Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $15,433,911, primarily due to a change in fair value of warrant liabilities amounting to $14,278,490 and general and administrative expenses of $2,940,901 [151]. - For the nine months ended September 30, 2025, the company had a net loss of $14,649,991, which included a change in fair value of warrant liabilities of $15,355,000 and general and administrative expenses of $4,675,665 [152]. - For the nine months ended September 30, 2025, net cash used in operating activities was $1,607,589, with a net loss of $14,649,991 impacted by a change in fair value of warrant liabilities of $15,355,000 [160]. - For the period from June 13, 2024, to September 30, 2024, the net loss was $52,461, influenced by formation costs of $16,241 and operating costs of $15,420 [161]. - The company has incurred significant costs related to financing and acquisition plans, raising doubts about its ability to continue as a going concern within one year [167]. Capital and Funding - The company generated gross proceeds of $166,000,000 from the initial public offering of 16,600,000 Units at $10.00 per Unit, along with an additional $5,985,000 from the sale of 5,985,000 private placement warrants [156]. - A total of $166,415,000 was placed in the trust account following the initial public offering and related transactions, after incurring $10,605,256 in offering costs [157]. - The company may receive loans from its sponsor or affiliates to fund working capital deficiencies, with up to $1,500,000 convertible into private placement warrants at $1.00 per warrant [164]. - The underwriters from the initial public offering are entitled to a cash underwriting fee of $3,320,000, with a deferred fee payable upon the completion of the initial business combination [172]. Assets and Liabilities - As of September 30, 2025, the company had $171,904,018 in mutual funds primarily invested in money market funds held in the trust account, intended for the initial business combination [162]. - The company held $482,352 in cash outside the trust account as of September 30, 2025, primarily for evaluating target businesses and due diligence [163]. - There are no off-balance sheet arrangements as of September 30, 2025, and the company does not have any long-term debt or capital lease obligations [168]. - The company has a contractual obligation to pay $30,000 per month for office space and related services starting November 21, 2024, until a business combination is completed [169]. Operations and Business Development - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination [150]. - The company has entered into an advisory services agreement with Volta Tread LLC, with fees not exceeding an annual limit of 10% of interest earned on funds held in the trust account [159]. Regulatory and Compliance - The company incurred expenses related to being a public entity, including legal, financial reporting, accounting, and auditing compliance costs [150]. - The company announced a change of ticker symbols for its Class A ordinary shares, units, and public warrants from "DYNX," "DYNXU," and "DYNXW" to "ETHM," "ETHMU," and "ETHMW," respectively, effective August 26, 2025 [141]. - The company has not identified any critical accounting estimates that significantly impact its unaudited condensed consolidated financial statements [174]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories starting in fiscal years after December 15, 2026 [175].
Dynamix Corporation(DYNX) - 2025 Q3 - Quarterly Report