Financial Position - As of September 30, 2025, the company had approximately $431,000 in cash and cash equivalents and negative working capital of approximately $601,000, which includes about $847,000 in deferred compensation[116] - As of September 30, 2025, the company had cash and cash equivalents of approximately $431,000 and negative working capital of approximately $601,000[145] - The company has no off-balance sheet financing arrangements or obligations as of September 30, 2025[146] - As of September 30, 2025, the company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[148] Business Combination - The company entered into a business combination agreement on September 8, 2025, with CoinShares International Limited and other entities, aiming to merge and create a publicly traded company[117] - Each SPAC Class A Share will be converted into one Holdco Ordinary Share at the SPAC Effective Time, with the business combination valued at approximately $1.2 billion[121] - The business combination is subject to customary conditions, including shareholder approvals and regulatory clearances[126] - The business combination will result in CoinShares becoming a wholly-owned subsidiary of SPAC Merger Sub[120] - The company intends to use substantially all funds in the trust account to complete its initial business combination[140] - If the company cannot complete a business combination before June 9, 2026, it may be forced to liquidate unless it receives an extension approval from its shareholders[145] Financial Performance - The company has incurred operating costs of approximately $1,358,000 and $1,539,000 for the three and nine months ended September 30, 2025, respectively, primarily due to business combination costs and executive compensation[136] - Other income for the three and nine months ended September 30, 2025 consisted of approximately $2,415,000 and $7,190,000, respectively, primarily from interest income related to the trust account[138] - The company raised approximately $222,500,000 from its initial public offering, with $221,100,000 deposited in the trust account[139] Management and Operations - The company has agreed to operate its business in the ordinary course and refrain from taking certain actions without prior consent from CoinShares[124] - The company pays $10,000 per month for administrative support related to its initial public offering[148] - Starting September 6, 2024, the CEO and CFO will receive $33,000 per month, with $16,500 payable currently and the remainder upon the completion of the initial business combination[149] - The Executive Director will also receive $33,000 per month, all payable upon the completion of the initial business combination[149] Future Outlook and Risks - The company expects to incur significant costs in pursuing its acquisition and financing plans[116] - The company expects to incur significant costs in pursuit of its financing and acquisition plans, indicating a need for additional working capital[145] - The company may need to seek additional financing to complete its initial business combination or due to potential redemptions by public shareholders[144] - The company has not engaged in any operations or generated revenues to date, with all activities related to its formation and the initial public offering[135] Accounting and Reporting - The company does not believe it has any critical accounting estimates that could materially affect reported financial results[151] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[152]
Vine Hill Capital Investment Corp.(VCIC) - 2025 Q3 - Quarterly Report