Company Formation and Initial Public Offering - The company was incorporated on April 12, 2023, and aims to effect a Business Combination using proceeds from its Initial Public Offering of 30,500,000 units, generating gross proceeds of $305,000,000[108][114]. - Following the Initial Public Offering, a total of $308,050,000 was placed in the Trust Account, with transaction costs amounting to $17,966,142[116]. - The underwriters received an underwriting discount of $0.20 per unit, totaling $6,100,000, with an additional deferred fee of $10,675,000 payable upon completion of a Business Combination[125]. Financial Performance and Position - The company incurred a net loss of $7,427 from April 12, 2023, through June 30, 2023, primarily due to formation and operational costs[111]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2023[123]. - The company may need to raise additional capital through loans or investments to finance transaction costs or working capital deficits[122]. - The company has issued unsecured promissory notes totaling $3,050,000 to the Sponsor, which will be repaid upon the closing of the initial Business Combination[115]. Business Combination and Future Operations - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination and for working capital to finance operations of the target business[117]. - The company does not expect to generate operating revenues prior to the completion of its Business Combination[110]. - The weighted average shares as of June 30, 2023, were reduced by 1,125,000 Class F ordinary shares subject to forfeiture if the overallotment option is not exercised[128].
Nabors Energy Transition II(NETD) - 2023 Q2 - Quarterly Report