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Cartesian Growth Corporation II(RENEU) - 2023 Q3 - Quarterly Report
RENEUCartesian Growth Corporation II(RENEU)2023-11-09 22:23

Financial Position - As of September 30, 2023, the company had cash and marketable securities held in the trust account amounting to 248,671,364,includingapproximately248,671,364, including approximately 11,771,364 of interest income[127]. - As of September 30, 2023, the company had a working capital deficit of 137,566,withcashheldoutsidethetrustaccountamountingto137,566, with cash held outside the trust account amounting to 26,981[133]. - As of September 30, 2023, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[135]. - The company has no long-term debt obligations, with a monthly payment of 10,000forofficespaceandadministrativeservicesstartingfromMay5,2022[136].IncomeandEarnings−ForthethreemonthsendedSeptember30,2023,thecompanyreportedanetincomeof10,000 for office space and administrative services starting from May 5, 2022[136]. Income and Earnings - For the three months ended September 30, 2023, the company reported a net income of 1,866,658, primarily from interest earned on cash and marketable securities held in the trust account of 3,197,705[115].−FortheninemonthsendedSeptember30,2023,thecompanyachievedanetincomeof3,197,705[115]. - For the nine months ended September 30, 2023, the company achieved a net income of 9,296,631, with interest earned on cash and marketable securities totaling 8,925,457[116].−Netincomepershareiscomputedbydividingnetincomebytheweightedaveragenumberofordinarysharesoutstanding,withtwoclassesofsharessharingearningsandlossesprorata[143].InitialPublicOffering−ThecompanycompleteditsinitialpublicofferingonMay10,2022,raisingtotalgrossproceedsof8,925,457[116]. - Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding, with two classes of shares sharing earnings and losses pro rata[143]. 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 a price of 10.00perunit[120].−Thecompanyincurredtransactioncostsof10.00 per unit[120]. - The company incurred transaction costs of 16,804,728 related to the initial public offering, which included 4,600,000inunderwritingcommissionsand4,600,000 in underwriting commissions and 11,500,000 in deferred underwriting commissions[124]. - The underwriters of the initial public offering are entitled to a deferred underwriting commission of 11,500,000,contingentuponthecompletionofabusinesscombination[137].BusinessCombination−Thecompanyhasfocusedonseekinghigh−growthbusinesseswithprovenorpotentialtransnationaloperationsforitsinitialbusinesscombination[107].−ThecompanyhasextendedthedeadlinetoconsummateabusinesscombinationfromNovember10,2023,toDecember10,2023,bymakinganExtensionPaymentof11,500,000, contingent upon the completion of a business combination[137]. Business Combination - The company has focused on seeking high-growth businesses with proven or potential transnational operations for its initial business combination[107]. - The company has extended the deadline to consummate a business combination from November 10, 2023, to December 10, 2023, by making an Extension Payment of 150,000[131]. - The company has engaged a legal advisor for services related to a potential business combination, with fees contingent on success[138]. Shareholder Matters - Following the Charter Amendment, approximately 172.4millionremainedinthetrustaccountafter7,129,439ClassAOrdinaryShareswereredeemedatapriceofapproximately172.4 million remained in the trust account after 7,129,439 Class A Ordinary Shares were redeemed at a price of approximately 10.86 per share, totaling an aggregate redemption amount of approximately $77.4 million[113]. - All 23,000,000 Class A ordinary shares are subject to possible redemption, classified as temporary equity at redemption value[141]. - The company recognizes changes in redemption value immediately, adjusting the carrying value of redeemable ordinary shares accordingly[142]. Operational Status - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[114]. - There were no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended September 30, 2023[149]. - The company has identified risks that could materially affect its results, consistent with those disclosed in the 2022 Annual Report[151].