Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $2,288,322, with operating costs of $3,825,776 and interest income of $1,537,454 from marketable securities [134]. - For the nine months ended September 30, 2025, the company achieved a net income of $940,982, driven by interest income of $8,282,080, offset by operating costs of $7,341,098 [134]. Initial Public Offering - The company completed its Initial Public Offering on July 18, 2023, raising gross proceeds of $305,000,000 from the sale of 30,500,000 units at $10.00 per unit [138]. - The company also sold 9,540,000 private placement warrants at $1.00 each, generating an additional $9,540,000 in gross proceeds [138]. - The company incurred transaction costs of $17,966,142 related to the Initial Public Offering, including $6,100,000 in cash underwriting discounts and $10,675,000 in deferred underwriting fees [140]. Cash and Assets - As of September 30, 2025, the company had cash held in the trust account amounting to $154,158,677, which includes $8,282,080 of interest income [142]. - As of September 30, 2025, the company had cash of $629,566 held outside the trust account, intended for operational expenses [143]. - As of September 30, 2025, the fair value of cash and marketable securities held in the Trust Account amounts to $154,158,677, down from $331,781,130 as of December 31, 2024, indicating a decrease of approximately 53% [151]. Debt and Obligations - The company issued a $2,000,000 unsecured promissory note to Nabors Lux 2 S.a.r.l. for additional working capital, which may be converted into warrants at $1.00 per warrant [129]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2025, and has a monthly obligation of $15,000 for office-related expenses [148]. Business Combination - The company has extended the deadline for consummating its initial business combination multiple times, with the latest extension to November 18, 2025 [128]. Fair Value Measurements - The over-allotment option liability, initially measured at fair value of $402,224, was derecognized on August 27, 2023, following the expiration of the option to purchase 4,000,000 Units [152]. - The fair value of public warrants at issuance amounted to $3,507,500, which is recorded as a component of additional paid-in capital for equity-classified warrants [154].
Nabors Energy Transition Corp. II(NETDU) - 2025 Q3 - Quarterly Report