Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $3,710,757, driven by interest income of $2,902,118 and changes in fair value of warrant liabilities and convertible promissory notes [114]. - The company has no operating revenues to date and does not expect to generate any until after completing its initial business combination [113]. 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 [117]. - The company incurred transaction costs of $16,804,728 related to the initial public offering, including $4,600,000 in underwriting commissions [119]. Cash and Securities - As of March 31, 2023, the company had cash and marketable securities of $242,648,025 in the trust account, which will be used for the completion of a business combination [121]. - As of March 31, 2023, the company had cash held outside the trust account of $421,781 available for working capital needs [122]. Debt and Financial Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2023 [128][129]. - The company has raised $4,600,000 in a sponsor loan, which may be converted into warrants at the sponsor's discretion [118]. Going Concern - The company has substantial doubt about its ability to continue as a going concern beyond November 10, 2023, without completing a business combination [124]. Equity Presentation - The company recognizes changes in the redemption value of its Class A ordinary shares immediately, presenting them as temporary equity on the balance sheet [134].
Cartesian Growth II(RENE) - 2023 Q1 - Quarterly Report