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Cartesian Growth Corporation II(RENEU) - 2023 Q2 - Quarterly Report
RENEUCartesian Growth Corporation II(RENEU)2023-08-10 20:06

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of 3,719,216,drivenbyinterestincomeof3,719,216, driven by interest income of 2,825,634 and changes in fair value of warrant liabilities and convertible promissory notes[96]. - For the six months ended June 30, 2023, the company achieved a net income of 7,429,973,withinterestincomecontributing7,429,973, with interest income contributing 5,727,752 and changes in fair value of warrant liabilities totaling 1,166,032[97].CashandSecurities−AsofJune30,2023,thecompanyheldcashandmarketablesecuritiesinthetrustaccountamountingto1,166,032[97]. 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 8,573,659ofinterestincome[104].−AsofJune30,2023,thecompanyhadcashheldoutsidethetrustaccountof8,573,659 of interest income[104]. - As of June 30, 2023, the company had cash held outside the trust account of 217,633 available for working capital needs[105]. Initial Public Offering - The company completed its initial public offering on May 10, 2022, raising total gross proceeds of 230,000,000fromthesaleof23,000,000unitsat230,000,000 from the sale of 23,000,000 units at 10.00 per unit[100]. - The company incurred transaction costs of 16,804,728relatedtotheinitialpublicoffering,whichincluded16,804,728 related to the initial public offering, which included 4,600,000 in underwriting commissions[102]. Debt and Financial Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[110]. - The company has raised $4,600,000 in sponsor loans, which may be converted into warrants at the sponsor's discretion[101]. Business Continuity - The company has substantial doubt about its ability to continue as a going concern if a business combination is not completed by November 10, 2023[107]. Accounting and Reporting - Management does not anticipate any material effect on condensed financial statements from recently issued accounting standards[120]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[121]. Use of Funds - The company plans to utilize funds held in the trust account primarily for completing its initial business combination and financing operations of the target business[104].