Financial Position - As of September 30, 2025, the company had $8,000 in cash and a working capital deficiency of $2,711,000[89] - The company issued unsecured promissory notes totaling $600,000 to Energi, with a balance due of approximately $675,000 as of September 30, 2025[93] - The company has requested additional loans from third parties to meet liquidity needs, as only approximately $75,000 is available outside the trust account as of November 14, 2025[110] Financial Performance - For the quarter ended September 30, 2025, the company reported a net loss of approximately $199,000, with operating and financial expenses totaling $294,000[102] - The company has not engaged in any revenue-generating operations to date and has incurred increased expenses related to being a public company[101] Business Transactions - The company signed a Business Combination Agreement with Tembo e-LV B.V. on August 29, 2024, and is working towards completing the transaction[91] - Energi Holdings proposed to acquire 51% of Tembo for a total enterprise value of $200 million, with Energi having $1 billion in annual revenues[92] Shareholder Actions - A total of 1,148,799 Class A ordinary shares were redeemed during the Third Extension, resulting in 3,926,071 Class A ordinary shares outstanding[96] - The Fourth Extension was approved on October 31, 2025, extending the mandatory liquidation date to November 2, 2026, with 711,333 Class A ordinary shares redeemed[98] - The company has reduced payments for the redemption of a portion of public shares in connection with multiple extension meetings[114] Compliance and Regulatory Issues - The company is subject to delisting from Nasdaq due to not completing an initial business combination within 36 months of its IPO, with trading suspended on November 5, 2024[95] Investment Strategy - The net proceeds from the initial public offering and private warrants are invested in U.S. government treasury bills with a maturity of 185 days or less[114] - Investments are made in money market funds that comply with Rule 2a-7 under the Investment Company Act of 1940[114] - The company believes there will be no material exposure to interest rate risk due to the short-term nature of these investments[114]
Cactus Acquisition 1 (CCTS) - 2025 Q3 - Quarterly Report