Financial Performance - The company reported a net income of $2,856,883 for the three months ended September 30, 2023, primarily from interest earned on marketable securities held in the Trust Account[102]. - Total net income from inception (March 6, 2023) through September 30, 2023, was $3,681,499, with interest income from marketable securities amounting to $4,329,480[103]. - Cash used in operating activities from inception through September 30, 2023, was $811,083, with net income impacted by interest earned on marketable securities[107]. Initial Public Offering - 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[105]. - Following the Initial Public Offering, a total of $251,250,000 was placed in the Trust Account, with transaction costs amounting to $18,361,877[106]. Trust Account and Securities - As of September 30, 2023, the company held marketable securities in the Trust Account valued at $255,579,480, consisting of U.S. government treasury obligations[108]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023[113]. - Monthly fees of $27,083.33 are payable to The Venture Collective LLC for services until the completion of a Business Combination[114]. - The underwriters are entitled to a deferred underwriting commission of $13,100,000 upon the completion of the company's initial Business Combination[115]. 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[112].
Inflection Point Acquisition II(IPXX) - 2023 Q3 - Quarterly Report