Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $3,513,781, with interest income of $173,896 and operating costs of $399,677 [180]. - For the nine months ended September 30, 2025, the company had a net income of $2,714,017, driven by a change in fair value of warrant liabilities of $3,288,000 and interest income of $514,927 [183]. - The company incurred operating and formation costs of $1,088,910 for the nine months ended September 30, 2025 [183]. - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months from the date of filing the report [201]. - The Company calculates its earnings per share by allocating net (loss) income pro rata to its Class A and Class B ordinary shares [222]. Cash and Investments - As of September 30, 2025, the company had cash held in the Trust Account of approximately $16,794,222, including $2,908,834 of interest expense [190]. - The company intends to use substantially all funds in the Trust Account to complete the Business Combination and for working capital of the target business [190]. - As of September 30, 2025, the total outstanding balance under the Working Capital Note was $2,594,731 [175]. - As of September 30, 2025, $2,445,435 was outstanding under the amended Working Capital Note, which has been increased to a principal amount of $2.75 million [208]. - The total amount borrowed under various promissory notes is $3.5 million, with $2.6 million allocated for working capital and $0.9 million for extensions of the Combination Period [213]. Business Combination - The company has until February 7, 2026, to complete the Nidar Business Combination, with the option to extend the Combination Period [170]. - The Company has until February 7, 2026, to complete the Nidar Business Combination, or it may seek to extend the Combination Period, which requires shareholder approval [201]. - The company entered into an agreement with Oppenheimer for advisory services related to the Nidar Business Combination, agreeing to pay a cash fee of $2,000,000 upon consummation [177]. - The Company may lack sufficient funds to consummate the business combination due to the termination of the Forward Purchase Agreement with the Cartica Funds [206]. IPO and Underwriting - The company completed the sale of 23,000,000 Units at a price of $10.00 per Unit, generating gross proceeds of $230,000,000 during its IPO [185]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $4,600,000, and a deferred fee of $8,050,000, which will be payable only if a business combination is completed [205]. Warrant and Share Information - The Company has 27,400,000 warrants issued and outstanding, including 11,500,000 Public warrants classified as Level 1 and 15,900,000 Private Placement Warrants classified as Level 3 [218]. Accounting Standards - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories [223]. - The Company is currently evaluating the impact of adopting ASU 2024-03 [223]. - Management does not believe that any other recently issued accounting standards would have a material effect on the unaudited condensed financial statements [224]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [225]. Shareholder Activity - On October 3, 2025, shareholders redeemed 420,537 Public Shares for approximately $5.2 million, resulting in a per-share redemption price of about $12.46 [172]. Loan and Fees - The Company incurred and paid $50,000 and $150,000 in fees for administrative support services for the three and nine months ended September 30, 2025, respectively [203]. - The Company has drawn a total of $360,000 in installments of $40,000 under a loan agreement for the Trust Account through September 2025 [209]. - The Fourth Extension Note issued on August 11, 2025, has a principal amount of up to $202,214.40, with monthly deposits of $67,404.80 until October 7, 2025 [212].
Cartica Acquisition p(CITE) - 2025 Q3 - Quarterly Report