Financial Performance - The company reported a net income of $830,819 for the three months ended June 30, 2023, primarily from interest earned on marketable securities held in the Trust Account[97]. - Operating costs for the three months ended June 30, 2023, were $228,650, leading to a net income of $830,819 after accounting for interest income[97]. - Cash used in operating activities from inception through June 30, 2023, was $602,933, with net income affected by interest income of $1,059,469[101]. Initial Public Offering - Total gross proceeds from the Initial Public Offering amounted to $250,000,000, with an additional $7,650,000 generated from the sale of Private Placement Warrants[99]. - The company incurred transaction costs of $18,361,877 related to the Initial Public Offering, including $4,400,000 in cash underwriting discounts[100]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account valued at $252,309,469[102]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2023[107]. - Monthly fees of $27,083.33 are payable to The Venture Collective LLC for services until the completion of a Business Combination[108]. Future Capital Needs - The company may need to raise additional capital to finance transaction costs or working capital deficits related to the initial Business Combination[106]. - The company does not expect to generate operating revenues until after the completion of a Business Combination[96].
Inflection Point Acquisition II(IPXX) - 2023 Q2 - Quarterly Report