Financial Performance - The company reported a net income of $3,507,082 for the three months ended September 30, 2023, primarily from interest income on marketable securities [129]. - Operating costs for the three months ended September 30, 2023, were $253,944, with total expenses from inception through the same date amounting to $261,371 [129][130]. - Cash used in operating activities from inception through September 30, 2023, was $544,434, influenced by interest earned on marketable securities and other factors [135]. - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and preparing for the Initial Public Offering [128]. Initial Public Offering - Total gross proceeds from the Initial Public Offering amounted to $305,000,000, with an additional $9,540,000 raised from the sale of Private Placement Warrants [132]. - The company incurred transaction costs of $17,966,142 related to the Initial Public Offering, including $6,100,000 in cash underwriting discounts [134]. Assets and Securities - As of September 30, 2023, the company held marketable securities in the Trust Account valued at $311,408,512, including approximately $3,358,512 of interest income and unrealized gains [136]. - As of September 30, 2023, the company had cash of $2,020,197 available for identifying and evaluating target businesses [137]. Financial Obligations and Future Needs - The company has no long-term debt or capital lease obligations, with a monthly payment of $15,000 for office space and administrative support [142]. - The company may need to raise additional capital through loans or investments to finance its operations and potential Business Combination [140].
Nabors Energy Transition II(NETD) - 2023 Q3 - Quarterly Report