Cartesian Growth II(RENE) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $3,719,216, driven by interest income of $2,825,634 and changes in fair value of warrant liabilities and convertible promissory notes [117]. - For the six months ended June 30, 2023, the company achieved a net income of $7,429,973, with interest income contributing $5,727,752 and changes in fair value of warrant liabilities totaling $1,166,032 [118]. - The company has incurred operating costs of $311,461 for the three months ended June 30, 2023, and $550,776 for the six months ended June 30, 2023 [117][118]. Cash and Securities - As of June 30, 2023, the company held cash and marketable securities in the trust account amounting to $245,473,659, including approximately $8,573,659 in interest income [125]. - As of June 30, 2023, the company had cash held outside the trust account of $217,633 available for working capital needs [126]. 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 [121]. - The total net proceeds from the initial public offering, including the sale of private placement warrants and sponsor loan, amounted to $236,900,000, with transaction costs of $16,804,728 [123]. 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 [128]. Use of Funds - The company intends to use substantially all funds held in the trust account to complete its initial business combination and for working capital of the target business [125]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023 [132][132]. Accounting Standards - Management does not anticipate any material effect on condensed financial statements from recently issued accounting standards [141]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures [142].