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Inflection Point Acquisition Corp. II(IPXXU) - 2024 Q2 - Quarterly Report
IPXXUInflection Point Acquisition Corp. II(IPXXU)2024-08-14 20:10

Financial Performance - For the three months ended June 30, 2024, the company reported a net income of 3,044,937,primarilyfrominterestanddividendincomeof3,044,937, primarily from interest and dividend income of 3,389,364 on marketable securities held in the Trust Account[106]. - For the six months ended June 30, 2024, the company achieved a net income of 5,964,104,withinterestanddividendincometotaling5,964,104, with interest and dividend income totaling 6,739,277 from marketable securities[107]. - Cash used in operating activities for the six months ended June 30, 2024, was 269,078,withnetincomeimpactedbydividendincomeof269,078, with net income impacted by dividend income of 6,739,277[112]. - Net income per share is calculated by dividing net income by the weighted average number of ordinary shares outstanding, with no dilutive securities affecting the calculation[126]. Marketable Securities - As of June 30, 2024, the company held marketable securities in the Trust Account amounting to 265,710,795,consistingofU.S.governmenttreasuryobligationsandmoneymarketfunds[114].IPOandTransactionCosts−ThecompanycompleteditsIPOonMay30,2023,raisinggrossproceedsof265,710,795, consisting of U.S. government treasury obligations and money market funds[114]. 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, including an over-allotment option[110]. - Transaction costs incurred during the IPO totaled 18,361,877,whichincluded18,361,877, which included 4,400,000 in cash underwriting discounts and 13,100,000indeferredunderwritingfees[111].DebtandFinancialObligations−Thecompanyhasnolong−termdebtoroff−balancesheetarrangementsasofJune30,2024,andhasnotenteredintoanyspecialpurposeentities[122].−Thecompanyhasanoutstandingborrowingof13,100,000 in deferred underwriting fees[111]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024, and has not entered into any special purpose entities[122]. - The company has an outstanding borrowing of 274,750 under a convertible promissory note issued to the CEO, allowing for borrowing up to 2,500,000forongoingexpenses[119].OperationalConcerns−ThecompanymayneedtoraiseadditionalcapitaltocompleteitsBusinessCombinationortocoveroperationalcosts,whichraisesconcernsaboutitsabilitytocontinueasagoingconcern[121].ServicesandExpenses−Thecompanyincurred2,500,000 for ongoing expenses[119]. Operational Concerns - The company may need to raise additional capital to complete its Business Combination or to cover operational costs, which raises concerns about its ability to continue as a going concern[121]. Services and Expenses - The company incurred 56,646 and $122,536 for services provided by The Venture Collective LLC for the three and six months ended June 30, 2024, respectively[115]. Accounting Standards and Reporting - Management does not anticipate that any recently issued accounting standards will materially affect the Company's financial statements[127]. - The Company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[129]. Share Structure - The weighted average shares were reduced by 825,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised[126].