Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of approximately $1,300,000, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.1 million [228]. - For the nine months ended September 30, 2025, the company had a net loss of approximately $1,700,000, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million [230]. - For the three months ended September 30, 2024, the company reported a net income of approximately $326,000, driven by gains from the change in fair value of derivative liabilities of approximately $882,000 [229]. Liquidity and Capital Structure - As of September 30, 2025, the company had cash of $1,001,325 and a working capital deficit of $357,128 [223]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern [226]. - As of September 30, 2025, 455,736 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity [234]. Business Operations and Future Plans - The company has until November 15, 2026, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed [225]. - The company does not expect to generate operating revenues until the closing and completion of its initial Business Combination [227]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised [233]. - The company has not engaged in any off-balance sheet arrangements as of September 30, 2025 [243]. - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies [246].
Chain Bridge I(CBRGU) - 2025 Q3 - Quarterly Report