New Providence Acquisition II(NPAB) - 2023 Q2 - Quarterly Report
New Providence Acquisition IINew Providence Acquisition II(US:NPAB)2023-08-21 21:05

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $808,809, driven by interest earned on marketable securities of $1,697,318, offset by operating costs of $464,598 and a provision for income taxes of $325,210 [124]. - For the six months ended June 30, 2023, the company achieved a net income of $2,719,695, with interest income from marketable securities totaling $4,416,657, while incurring operating costs of $790,464 and a provision for income taxes of $906,498 [127]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the trust account amounting to $55,508,317, which includes approximately $1,775,992 of interest income [131]. - The company has withdrawn an aggregate of $205,478,750 from the trust account for redemptions and $2,006,285 of interest earned to pay tax obligations [131]. - The company intends to use substantially all funds in the trust account to complete its business combination and any remaining proceeds for working capital [132]. Operating Costs and Cash Flow - The company incurred $14,566,172 in initial public offering related costs, including $5,000,000 in underwriting fees and $8,750,000 in deferred underwriting fees [122]. - Cash used in operating activities for the six months ended June 30, 2023, was $1,489,010, with changes in operating assets and liabilities providing $356,814 of cash [129]. - The company does not have any long-term debt or off-balance sheet financing arrangements as of June 30, 2023 [136]. Going Concern and Capital Needs - The company has until May 9, 2024, to consummate the proposed business combination, raising substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements [135]. - The company may need to raise additional capital through loans or investments from its Sponsor or other parties, with no assurance that new financing will be available on commercially acceptable terms [135].