Financial Performance - The company had a net income of $3,796,892 for the three months ended March 31, 2024, primarily from interest income on marketable securities of $4,062,370, offset by operating costs of $265,478 [127]. - Cash used in operating activities for the three months ended March 31, 2024, was $48,560, with net income affected by interest earned on marketable securities [133]. Marketable Securities - As of March 31, 2024, the company held marketable securities in the trust account valued at $319,730,485, including $11,680,485 of interest income [134]. - The fair value of marketable securities held in the trust account increased from $315,668,115 as of December 31, 2023, to $319,730,485 as of March 31, 2024 [144]. Initial Public Offering - The company completed its Initial Public Offering on July 18, 2023, raising gross proceeds of $305,000,000 from the sale of 30,500,000 units at $10.00 per unit [130]. - The company also sold 9,540,000 private placement warrants for gross proceeds of $9,540,000 at a price of $1.00 per warrant [130]. - Total transaction costs incurred during the Initial Public Offering amounted to $17,966,142, which included $6,100,000 in cash underwriting discounts and $10,675,000 in deferred underwriting fees [132]. Debt and Capital Needs - The company has no long-term debt or capital lease obligations, only an agreement to pay $15,000 per month for office space and administrative support [141]. - The company may need to raise additional capital through loans or investments to finance its operations and potential business combination [139]. Acquisition Plans - The company has incurred significant costs in pursuit of its acquisition plans and cannot assure the success of completing an initial business combination [125].
Nabors Energy Transition II(NETD) - 2024 Q1 - Quarterly Report