IPO Details - The company completed its Initial Public Offering (IPO) on September 22, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 Units at $10.00 per Unit[115]. - The company incurred total costs of $10,060,403 related to the IPO, including $3,450,000 in cash underwriting fees and a Deferred Fee of up to $6,037,500[122]. - The company has until September 22, 2027, to complete its Business Combination, or it will cease operations and redeem Public Shares at a cash price equal to the amount in the Trust Account[118]. Financial Performance - The company generated a net income of $43,587 for the three months ended September 30, 2025, primarily from interest income of $151,164 on marketable securities held in the Trust Account[121]. - As of September 30, 2025, the company had approximately $172,651,164 in marketable securities in the Trust Account, including $151,164 of interest income[124]. - The company has not generated any operating revenues to date and will not do so until after the completion of its initial Business Combination[120]. Cash and Funding - The company has cash held outside the Trust Account amounting to $1,098,128, intended for evaluating target businesses and related activities[126]. - The company has not yet borrowed under any Working Capital Loans as of September 30, 2025[129]. - The company has incurred $4,000 in fees for administrative services for the three months ended September 30, 2025[131]. Accounting Policies and Estimates - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, income and expenses[136]. - As of September 30, 2025, there were no critical accounting estimates disclosed that could materially affect the financial statements[137]. - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[138]. - Net income per Ordinary Share is calculated using the two-class method, allocating net income pro rata to different classes of shares[139]. - Management does not anticipate any recently issued accounting standards to have a material effect on the financial statements[141]. Regulatory and Compliance - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring disclosures of significant segment expenses and performance measures[140]. - The company adopted ASU 2023-07 on September 22, 2025, coinciding with the Initial Public Offering[140]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[142]. Business Combination and Shareholder Approval - The company may seek to extend the Combination Period with shareholder approval, which could affect its ability to maintain its Nasdaq listing[119].
Galata Acquisition(LATAU) - 2025 Q3 - Quarterly Report