Financial Performance - The net loss for the three months ended September 30, 2025, was $46,196,000 compared to a net income of $4,112,487,000 for the same period in 2024, indicating a substantial decline in profitability[12]. - Basic and diluted net loss per Class A redeemable ordinary share for the three months ended September 30, 2025, was $(0.00), compared to $0.40 for the same period in 2024[12]. - For the nine months ended September 30, 2025, the company reported a net income of $108,068 compared to a net loss of $477,816 for the same period in 2024[16]. - For the three months ending September 30, 2025, the Company reported a net loss of $46,196, primarily due to operating and formation costs of $142,843, offset by $16,603 in earnings on cash held in the trust account and a gain of $80,000 from changes in fair value of warrant liabilities[178]. - For the nine months ended September 30, 2025, the Company had a net income of $108,068, mainly from a gain of $213,333 from changes in fair value of warrant liabilities and $49,500 in earnings on cash held in the trust account, offset by $154,808 in operating and formation costs[179]. Assets and Liabilities - Total assets decreased from $1,967,696,000 as of December 31, 2024, to $1,900,003,000 as of September 30, 2025, representing a decline of approximately 3.4%[10]. - Current liabilities increased significantly from $30,171,000 to $196,864,000, marking a rise of about 552%[10]. - Cash and marketable securities held in the Trust Account decreased from $1,967,696,000 to $1,888,076,000, a decline of about 4%[10]. - The accumulated deficit as of September 30, 2025, was $6,001,110,000, a slight improvement from $6,059,678,000 as of December 31, 2024[10]. - As of September 30, 2025, the Company had $11,927 in operating bank accounts and $1,888,076 in the Trust Account, with a working capital deficit of $184,936[170]. Shareholder Activity - The company raised gross proceeds of $400,000,000 from its Initial Public Offering, with 40,000,000 units sold at $10.00 per unit[23]. - Shareholders redeemed 38,808,563 Class A ordinary shares for a total of $393,676,799, averaging approximately $10.14 per share during the December 2022 Extraordinary General Meeting[31]. - As of February 29, 2024, shareholders redeemed 83,349 Class A ordinary shares for a total of $911,508, equating to approximately $10.94 per share, leaving 10,161,589 Class A shares outstanding[38]. - On October 31, 2024, shareholders redeemed 124,289 Class A ordinary shares for total payments of approximately $1.40 million[120]. - The Company has 10,173,653 Class A ordinary shares issued and outstanding as of September 30, 2025, with 173,653 shares subject to possible redemption[87]. Business Combination and Operations - The company had not commenced any operations as of September 30, 2025, and will not generate operating revenues until after completing its initial Business Combination[20]. - The Company plans to focus on technology businesses primarily located in the United States for its Business Combination[19]. - As of June 21, 2023, the company extended the deadline to consummate a Business Combination to March 20, 2024[32]. - The Company extended the deadline for completing a business combination from March 20, 2024, to June 30, 2024, as approved by shareholders[37]. - The Company has extended the deadline to consummate a business combination to December 31, 2025, following shareholder approval[166]. Nasdaq Compliance and Delisting - The Company received a notice from Nasdaq regarding potential delisting due to non-compliance with business combination timelines, leading to a hearing request[47]. - On June 21, 2024, Nasdaq determined to delist the Company's securities due to non-compliance with listing requirements, effective June 25, 2024[51]. - The Company received a final delisting notice from Nasdaq on August 13, 2024, due to violations of listing rules[52]. - The Company is evaluating alternative options for trading and potential future re-listings to maximize shareholder value following the delisting[56]. - The Company is assessing alternative trading options after being delisted from Nasdaq due to non-compliance with listing rules[159]. Financial Instruments and Liabilities - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[76]. - The Company had no outstanding liabilities to the former Sponsor as of September 30, 2025, following the transfer of liabilities amounting to $5,457,840 to the Original Sponsor[175]. - The Company incurred $0 fees under the administrative support agreement during the three months ended September 30, 2025[192]. - The Company has not recognized any unrecognized tax benefits as of September 30, 2025, and does not expect significant changes in unrecognized tax benefits over the next twelve months[78]. - The Company had a warrant liability of $266,667, reflecting a change in fair value of $(559,999) during the year ended December 31, 2024[137]. Share Structure and Compensation - The Company converted 9,825,000 Class B ordinary shares into Class A ordinary shares, resulting in a total of 10,244,938 Class A shares outstanding, with 419,938 subject to possible redemption[36]. - The Company has two classes of shares, and diluted net income (loss) per share is the same as basic net income (loss) per share for the periods ended September 30, 2025 and 2024[201]. - The Company has 175,000 Class B ordinary shares issued and outstanding as of September 30, 2025[122]. - The Company transferred 150,000 Founder Shares to three independent directors as compensation for their future services[90]. - As of September 30, 2025, no stock-based compensation expense was recognized due to the improbability of achieving the performance-based vesting condition[91].
Corner Growth Acquisition (COOL) - 2025 Q3 - Quarterly Report