Financial Performance - The company had a net income of $338,160 for the three months ended September 30, 2025, consisting of interest earned on cash and marketable securities of $701,198 and operating costs of $203,228[177]. - For the nine months ended September 30, 2025, the company reported a net income of $745,793, with interest income of $2,063,025 and operating costs of $660,860[179]. - For the nine months ended September 30, 2025, cash used in operating activities was $442,577, while net income was $745,793, impacted by interest earned of $2,063,025 on cash and marketable securities[186]. Initial Public Offering - The company generated total gross proceeds of $230,000,000 from its initial public offering of 23,000,000 units at a price of $10.00 per unit[181]. - The company incurred transaction costs of $16,804,728 related to the initial public offering, including $4,600,000 in underwriting commissions[185]. - The deferred underwriting commission from the initial public offering amounts to $11,500,000, contingent upon the consummation of the initial business combination[203]. Trust Account and Cash Management - Following the First Extension Charter Amendment, approximately $172.4 million remained in the trust account after 7,129,439 Class A ordinary shares were redeemed at approximately $10.86 per share[167]. - After the Second Extension Charter Amendment, approximately $83,770,196 remained in the trust account following the redemption of 8,620,849 Class A ordinary shares at approximately $11.55 per share[169]. - As of September 30, 2025, cash and marketable securities held in the trust account amounted to $88,478,622, including approximately $24,678,826 of interest income[188]. - Cash held outside the trust account was $44,123, intended for working capital needs and evaluating target businesses[189]. - The company intends to use funds held in the trust account primarily to complete its initial business combination and for working capital of the target business[188]. Business Operations and Strategy - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational tasks and identifying a target company for a business combination[176]. - The company has focused on seeking high-growth businesses with proven or potential transnational operations for its initial business combination[163]. - The company extended the deadline for consummating a business combination to August 5, 2026, following the approval of the Third Extension Charter Amendment[175]. Debt and Financial Obligations - The company had a working capital deficit of $5,298,431 as of September 30, 2025[197]. - The company issued an unsecured promissory note to the sponsor for $2,400,000 in connection with the Second Extension[170]. - The company issued unsecured promissory notes totaling $2,000,000 to the sponsor, with no interest and payable upon the consummation of the initial business combination[191]. - The sponsor deposited $150,000 monthly from November 2024 to April 2025, and $250,000 monthly from May 2025 to October 2025, to extend the business combination period[195]. - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2025[200][201]. Going Concern and Liquidity - Management has raised substantial doubt about the company's ability to continue as a going concern due to liquidity conditions[196].
Cartesian Growth Corporation II(RENEU) - 2025 Q3 - Quarterly Report