Financial Performance - The company had a net income of $225,699 for the three months ended September 30, 2023, consisting of interest earned on marketable securities of $722,208, offset by operating costs of $355,345 and income taxes of $141,164 [123]. - For the nine months ended September 30, 2023, the company reported a net income of $2,945,394, driven by interest income of $5,138,865, with operating costs of $1,145,809 and income taxes of $1,047,662 [126]. - Cash used in operating activities for the nine months ended September 30, 2023 was $1,625,474, with net income of $2,945,394 affected by interest income and deferred tax provision [128]. Marketable Securities - As of September 30, 2023, the company held marketable securities in the trust account amounting to $56,230,525, including approximately $2,498,200 of interest income [130]. - The company has withdrawn an aggregate of $205,478,750 from the trust account for redemptions and $2,006,285 of interest earned for tax obligations [130]. Costs and Expenses - 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 [121]. - The company expects to incur significant costs in pursuing acquisition plans and cannot assure the success of completing a business combination [121]. Cash Position - The company has a total of $257,474 in cash held outside the trust account as of September 30, 2023, intended for identifying and evaluating target businesses [132]. - The company issued an unsecured promissory note of $300,000 to the Sponsor, with $200,000 outstanding as of September 30, 2023 [133]. Business Combination and Going Concern - 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 [136].
New Providence Acquisition II(NPAB) - 2023 Q3 - Quarterly Report