Financial Performance - The company reported a net income of $2,919,167 for the three months ended March 31, 2024, primarily from interest and dividend income [109]. - Cash used in operating activities for the three months ended March 31, 2024, was $156,457 [114]. - The company incurred $65,890 in fees for services from The Venture Collective LLC during the three months ended March 31, 2024 [116]. Marketable Securities and Cash Position - As of March 31, 2024, the company held marketable securities in the Trust Account amounting to $262,321,431 [115]. - The company had cash of $119,208 outside the Trust Account as of March 31, 2024, intended for operational expenses and due diligence [116]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024 [121]. IPO and Transaction Costs - The company completed its IPO on May 30, 2023, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units [112]. - Total transaction costs incurred during the IPO amounted to $18,361,877, including $4,400,000 in cash underwriting discounts [113]. Future Capital Needs and Acquisition Plans - The company may need to raise additional capital to finance working capital or transaction costs related to its initial Business Combination [119]. - The company anticipates significant costs in pursuing its acquisition plans and cannot assure the success of completing a Business Combination [107].
Inflection Point Acquisition II(IPXX) - 2024 Q1 - Quarterly Report