Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,625,328, driven by interest income of $2,624,404 from marketable securities[137]. - As of September 30, 2025, the company held approximately $253,824,027 in marketable securities in the Trust Account, including $3,824,027 of interest income[142]. - The company has not generated any operating revenues to date and expects to incur increased expenses as a public company[136]. - Cash used in operating activities for the nine months ended September 30, 2025, was $1,378,900, influenced by interest earned and operational costs[140]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to liquidity concerns and the need for additional capital[149]. Initial Public Offering - The company completed its Initial Public Offering on May 19, 2025, raising gross proceeds of $250 million from the sale of 25 million Units at $10.00 per Unit[128]. - The underwriters partially exercised their over-allotment option, purchasing 3,000,000 Units from an initial option of 3,300,000 Units[152]. - A cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering amounted to $4,400,000[153]. Business Combination - The company entered into a Business Combination Agreement with ProCap BTC LLC on June 23, 2025, to facilitate its acquisition plans[133]. - The company has until May 19, 2027, to complete its Business Combination, or it will be required to liquidate and redeem Public Shares[131]. - The company will pay up to $10,600,000 in cash fees to advisors upon the consummation of the initial Business Combination[154]. Costs and Expenses - The company incurred total offering costs of $5,456,417, which included a cash underwriting fee of $4,400,000[139]. - The company incurred $30,000 and $50,000 in fees for administrative services for the three and nine months ended September 30, 2025, respectively[151]. - The company may seek Working Capital Loans up to $1,500,000 to fund working capital deficiencies, which may convert into units of the post-Business Combination entity[147]. Accounting and Financial Reporting - As of September 30, 2025, there were no critical accounting estimates to disclose, except for the fair value determination of Public Warrants[159]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value[160]. - Net loss per ordinary share is calculated by dividing net loss applicable to shareholders by the weighted average number of ordinary shares outstanding[161]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories[162]. - The company does not believe that any recently issued accounting standards will have a material effect on its financial statements[163]. Balance Sheet - The company has no long-term debt or long-term liabilities, ensuring a clean balance sheet[150].
Columbus Circle Capital Corp I Unit(CCCMU) - 2025 Q3 - Quarterly Report