Financial Performance - As of September 30, 2025, the company reported a net loss of $395,372 for the three months ended, primarily due to formation and administrative expenses of $1,640,771 [129]. - The total net loss from inception (March 3, 2025) through September 30, 2025, was $487,506, with general and administrative expenses of $1,734,769 [130]. - The company had $290,238 in cash and cash equivalents outside of the Trust Account and a working capital deficit of $936,432 as of September 30, 2025 [131]. Initial Public Offering - The company completed its Initial Public Offering on June 30, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 Units at $10.00 per Unit [117]. - Offering costs incurred amounted to $9,424,463, which included $1,155,750 in cash underwriting fees and $5,175,000 in deferred underwriting fees [118]. - The underwriters of the Initial Public Offering are entitled to a deferred underwriting discount of $5,175,000, which will be payable only upon completion of an initial business combination [142]. Business Combination - The company executed a Business Combination Agreement on August 25, 2025, with Crypto.com and Trump Media & Technology Group, involving significant asset contributions [120]. - Crypto.com will contribute 6,313,000,212 Cronos tokens and necessary infrastructure to establish a proof of stake validator node as part of the business combination [122]. - TMTG will contribute 100% of the issued and outstanding membership interests of the Asset Company in exchange for 10,000,000 shares of SPAC Class A Common Stock [125]. - The company anticipates incurring significant costs related to identifying a target business and conducting due diligence prior to the initial business combination [139]. Accounting and Reporting - The Company has not identified any critical accounting estimates as of September 30, 2025 [143]. - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, aimed at improving reportable segment disclosures, with no material impact on the Company's financial statements upon adoption [144]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, requires additional disclosures related to income tax rate reconciliations and income taxes paid, which the Company is currently assessing [145][146]. - The Company does not believe that any other recently issued accounting pronouncements would have a material effect on its financial statements [147]. Trust Account - The Trust Account held marketable securities valued at $174,599,568, which are intended to be used for the initial business combination [134].
Yorkville Acquisition Corp Unit(YORKU) - 2025 Q3 - Quarterly Report