Financial Performance - The company reported a net loss of $6,203 for the period from March 6, 2023, to March 31, 2023[92]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its Business Combination[91]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on May 30, 2023, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit[94]. - An additional $7,650,000 was raised through the sale of 7,650,000 Private Placement Warrants at $1.00 each[94]. - Total funds placed in the Trust Account after the Initial Public Offering amounted to $251,250,000, with a per Unit value of $10.05[95]. - Transaction costs incurred during the Initial Public Offering totaled $18,361,877, including $4,400,000 in cash underwriting discounts[95]. Use of Funds - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination[96]. - Monthly fees of $27,083.33 will be paid to The Venture Collective LLC for services until the completion of the Business Combination[100]. - The underwriters are entitled to a deferred underwriting commission of $13,100,000 upon the completion of the initial Business Combination[101]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2023[99][100].
Inflection Point Acquisition II(IPXX) - 2023 Q1 - Quarterly Report