Cartesian Growth Corporation II(RENEU) - 2024 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $2,909,414, which includes interest earned on cash and marketable securities of$2,340,228[137]. - For the nine months ended September 30, 2024, the company had a net income of $7,551,693, driven by interest income of$6,924,394 from cash and marketable securities[139]. Trust Account and Securities - As of September 30, 2024, the company held cash and marketable securities in the trust account amounting to $182,526,592, including approximately$21,413,154 in interest income[147]. - Following the First Extension Charter Amendment, approximately $172.4 million remained in the trust account after 7,129,439 Class A ordinary shares were redeemed at approximately$10.86 per share[129]. - After the Second Extension Charter Amendment, approximately $83.77 million remained in the trust account after 8,620,849 Class A ordinary shares were redeemed at approximately$11.55 per share[131]. - As of September 30, 2024, the company had $199,764 in operating bank accounts and$182,526,592 in marketable securities held in the trust account[156]. Operating Costs and Revenues - The company incurred operating costs of $217,022 for the three months ended September 30, 2024, and$638,503 for the nine months ended September 30, 2024[137][139]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[136]. Business Combination and Funding - The company intends to use substantially all funds in the trust account to complete its initial business combination and for working capital of the target business[147]. - The company issued an unsecured promissory note to the sponsor for $2,400,000 in connection with the Second Extension Charter Amendment[132]. - The company issued an unsecured promissory note of$500,000 on October 12, 2023, and additional notes of $250,000 each on January 19, 2024, and July 12, 2024[150]. - The company drew an aggregate of$1,800,000 from the First Extension Note, with $150,000 drawn at each extension date from November 2023 through October 2024[152]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2024[158][159]. - The company is obligated to pay the sponsor$10,000 per month for office space and administrative services until the completion of a business combination or liquidation[159]. Liquidity and Risk Factors - Management has determined that liquidity conditions raise substantial doubt about the company's ability to continue as a going concern[155]. - The company has no material changes to risk factors disclosed in its 2023 Annual Report as of the date of this Quarterly Report[170]. Legal and Compliance - The company has engaged a legal advisor for services related to the consummation of an initial business combination, with fees contingent upon success[161]. - The company has conducted an evaluation of its disclosure controls and procedures, concluding they were effective at a reasonable assurance level[167].