Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,230,406, primarily from interest earned on marketable securities held in the Trust Account amounting to $2,501,400[115]. - As of September 30, 2025, the company had marketable securities in the Trust Account totaling $241,927,472, which includes $10,777,472 of interest income[122]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination[114]. Initial Public Offering - The company completed its Initial Public Offering on September 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[120]. - The company incurred $15,014,904 in costs related to the Initial Public Offering, including $4,600,000 in cash underwriting fees and $9,775,000 in deferred underwriting fees[121]. Cash and Working Capital - As of September 30, 2025, the company had cash of $207,470 available for operational expenses and due diligence on potential target businesses[123]. - The company may need to raise additional capital through loans or investments to meet working capital needs, as indicated by its going concern assessment[125]. - The company has issued unsecured Notes totaling $1,500,000 for working capital purposes, which may convert into private placement units at a price of $10.00 per unit upon the Business Combination[133][134]. Costs and Expenses - The company has incurred general and administrative costs of $270,994 for the three months ended September 30, 2025, and $643,809 for the nine months ended September 30, 2025[115]. Shareholder Matters - The company has the option to extend the Combination Period, which currently ends on September 9, 2026, subject to shareholder approval[113]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value as of September 30, 2025[136]. - Changes in redemption value of redeemable ordinary shares are recognized immediately and adjust the carrying value accordingly[137]. Earnings Per Share - Net income per ordinary share is calculated by dividing net income by the weighted average ordinary shares outstanding for the respective period[138]. - Diluted net income per share is the same as basic income per share for the period presented due to the contingent nature of outstanding warrants[138]. Accounting and Reporting - The company has not identified any critical accounting estimates that could materially affect reported amounts of assets and liabilities[135]. - Management does not believe that recently issued accounting standards will have a material effect on the financial statements[139]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[140].
Andretti Acquisition Corp. II(POLEU) - 2025 Q3 - Quarterly Report