Financial Performance - The company reported a net loss of $385,392 for the six months ended June 30, 2022, primarily due to a change in the fair value of a convertible promissory note of $434,451 and operating costs of $225,391[111][112]. - The company has no operating revenues to date and does not expect to generate any until after the completion of its initial Business Combination[110]. Cash and Securities - As of June 30, 2022, the company had cash and marketable securities held in the Trust Account amounting to $236,914,324, including approximately $14,324 of interest income[118]. - As of June 30, 2022, the company had $814,170 in cash held outside the Trust Account available for working capital needs[119]. Initial Public Offering - The company completed its Initial Public Offering on May 10, 2022, raising total gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[114]. - Transaction costs associated with the Initial Public Offering totaled $16,804,728, which included $4,600,000 in underwriting commissions and $11,500,000 in deferred underwriting commissions[116]. Funding and Loans - The company has raised $4,600,000 through a Sponsor Loan, which may be converted into warrants at the Sponsor's discretion[115]. - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination and may also use funds for working capital to finance operations of the target business[118]. Operational Costs - The company has incurred fees of $10,000 per month to the Sponsor for office space and administrative services since May 5, 2022[126]. - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2022[125][126]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not required to provide the information typically mandated for this item[135].
Cartesian Growth II(RENE) - 2022 Q2 - Quarterly Report