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Andretti Acquisition Corp. II(POLEU) - 2024 Q2 - Quarterly Report
POLEUAndretti Acquisition Corp. II(POLEU)2024-10-11 20:45

Financial Position - As of June 30, 2024, total assets amounted to 233,708,withcurrentassetsat233,708, with current assets at 1,402 and deferred offering costs at 232,306[5].−Totalliabilitieswerereportedat232,306[5]. - Total liabilities were reported at 252,400, including accrued offering costs of 112,758andapromissorynoterelatedtoapartyamountingto112,758 and a promissory note related to a party amounting to 134,642[5]. - The total shareholder's deficit as of June 30, 2024, was reported at (18,692)[6].−AsofJune30,2024,theCompanyhadnotcommencedanyoperationsandhadgeneratednooperatingrevenues,relyingsolelyonnon−operatingincomefrominterestoninvestmentsfromtheInitialPublicOfferingproceeds[11].−AsofJune30,2024,thecompanyhadborrowed(18,692)[6]. - As of June 30, 2024, the Company had not commenced any operations and had generated no operating revenues, relying solely on non-operating income from interest on investments from the Initial Public Offering proceeds[11]. - As of June 30, 2024, the company had borrowed 134,642 under a promissory note from the Sponsor, which was repaid in full at the closing of the IPO[50][70]. - The Company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[83]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on September 9, 2024, selling 23,000,000 units, including 3,000,000 units from the underwriters' over-allotment option[6]. - The Initial Public Offering was completed on September 9, 2024, raising gross proceeds of 230,000,000fromthesaleof23,000,000unitsat230,000,000 from the sale of 23,000,000 units at 10.00 per unit, including an over-allotment option[12]. - An additional 7,600,000wasraisedfromthesaleof760,000PrivatePlacementUnitsat7,600,000 was raised from the sale of 760,000 Private Placement Units at 10.00 per unit, bringing total gross proceeds to 237,600,000[13].−TransactioncostsfortheInitialPublicOfferingtotaled237,600,000[13]. - Transaction costs for the Initial Public Offering totaled 15,014,904, which included 4,600,000incashunderwritingfeesand4,600,000 in cash underwriting fees and 9,775,000 in deferred underwriting fees[14]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the IPO, totaling 4,600,000[69].−ThecompanycompleteditsInitialPublicOffering(IPO)onSeptember9,2024,raisinggrossproceedsof4,600,000[69]. - The company completed its Initial Public Offering (IPO) on September 9, 2024, raising gross proceeds of 230,000,000 from the sale of 23,000,000 units, including the full exercise of the underwriters' over-allotment option of 3,000,000 units at 10.00perunit[68].BusinessOperations−Thecompanyhasnotyetgeneratedrevenueasitisintheearlystagesofoperations,focusingoncapitalraisingandmarketpositioning[7].−TheCompanymustcompleteaBusinessCombinationwithtargetbusinesseshavingafairmarketvalueofatleast8010.00 per unit[68]. Business Operations - The company has not yet generated revenue as it is in the early stages of operations, focusing on capital raising and market positioning[7]. - The Company must complete a Business Combination with target businesses having a fair market value of at least 80% of the net balance in the Trust Account at the time of signing an agreement[15]. - If the Company fails to complete the initial Business Combination within 24 months, it will redeem public shares at a price equal to the amount in the Trust Account, which was 10.05 per share as of September 9, 2024[17]. - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination[78]. - The Company has determined it has access to funds from the Sponsor to meet working capital needs for at least one year from the date of the financial statements[22]. - The Company has not generated any revenues to date and does not expect to do so until after completing a Business Combination[75]. Shareholder Information - As of October 11, 2024, there were 23,760,000 Class A ordinary shares and 5,750,000 Class B ordinary shares issued and outstanding[4]. - The company issued 5,750,000 Class B ordinary shares, resulting in additional paid-in capital of 24,425[8].−TheSponsormadeacapitalcontributionof24,425[8]. - The Sponsor made a capital contribution of 25,000 for 5,750,000 Class B ordinary shares, valued at approximately 0.004pershare[48].−TheClassBordinaryshareswillconvertintoClassAordinarysharesonaone−for−onebasisupontheconsummationoftheinitialBusinessCombination[63].−Thecompanyisauthorizedtoissueatotalof500,000,000ClassAordinaryshares,withnoneissuedasofJune30,2024[61].CompensationandExpenses−Generalandadministrativecostsfortheperiodamountedto0.004 per share[48]. - The Class B ordinary shares will convert into Class A ordinary shares on a one-for-one basis upon the consummation of the initial Business Combination[63]. - The company is authorized to issue a total of 500,000,000 Class A ordinary shares, with none issued as of June 30, 2024[61]. Compensation and Expenses - General and administrative costs for the period amounted to 43,692, contributing to the overall net loss[7]. - The Chief Executive Officer will receive 12,500permonthforhisservicesstartingSeptember5,2024[52][67].−ThecompanyhascommittedtopaytheSponsor12,500 per month for his services starting September 5, 2024[52][67]. - The company has committed to pay the Sponsor 2,500 per month for administrative services starting September 5, 2024[51][67]. Financial Performance - The net loss for the period from May 21, 2024 (inception) through June 30, 2024, was 43,692,resultinginabasicanddilutednetlosspershareof43,692, resulting in a basic and diluted net loss per share of 0.01[7]. - As of June 30, 2024, the Company reported a net loss of $43,692, primarily due to general and administrative costs[76]. - The Company accounts for income taxes under ASC Topic 740, with a tax provision of zero for the period presented due to its exempt status in the Cayman Islands[34].