Financial Performance - The company reported a net loss of $3,513,781 for the three months ended September 30, 2025, 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, primarily due to a change in fair value of warrant liabilities of $3,288,000 and interest income of $514,927[183]. - The company incurred total operating and formation costs of $1,088,910 for the nine months ended September 30, 2025[188]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of the Business Combination[179]. - 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 the report due to liquidity concerns[201]. Cash and Borrowings - As of September 30, 2025, the company had approximately $16,794,222 in cash held in the Trust Account, including $2,908,834 of interest expense[190]. - As of September 30, 2025, the outstanding balance under the Working Capital Note was $2,594,731, with an additional $149,295 borrowed subsequently[175]. - 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]. - As of September 30, 2025, outstanding borrowings under the Working Capital Note amounted to $2,445,435, up from $1,798,500 as of December 31, 2024[208]. - The Company has drawn nine installments of $40,000 under a loan agreement, totaling $360,000 deposited into the Trust Account for the year ended September 30, 2025[209]. 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 entered into a forward purchase agreement for up to $30,000,000 in aggregate, but the Cartica Funds decided not to proceed with the purchase, potentially impacting the ability to consummate the business combination[206][207]. Shareholder Activity - Following the Fourth Extension Meeting, shareholders redeemed 420,537 Public Shares for approximately $5.2 million, resulting in a per-share redemption price of about $12.46[172]. - 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]. Accounting and Reporting - The Company calculates its earnings per share by allocating net (loss) income pro rata to its Class A and Class B ordinary shares[222]. - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[223]. - Management does not believe that recently issued accounting standards will 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]. Warrants and Notes - As of September 30, 2025, there were 27,400,000 warrants issued and outstanding, including 11,500,000 Public warrants classified as Level 1[218]. - The Company issued the Fourth Extension Note for up to $202,214.40, with monthly deposits of $67,404.80 into the Trust Account through October 7, 2025[212]. - 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].
Cartica Acquisition Corp(CITEU) - 2025 Q3 - Quarterly Report