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Cartesian Growth II(RENE) - 2023 Q3 - Quarterly Report
RENECartesian Growth II(RENE)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[145]. - As of September 30, 2023, the company had a working capital deficit of 137,566,withonly137,566, with only 26,981 in cash held outside the trust account[152]. - As of September 30, 2023, there are no off-balance sheet arrangements, obligations, assets, or liabilities reported[154]. - The company has no long-term debt obligations, with a monthly payment of 10,000forofficespaceandadministrativeservicesstartingfromMay5,2022[155].IncomeandRevenue−ForthethreemonthsendedSeptember30,2023,thecompanyreportedanetincomeof10,000 for office space and administrative services starting from May 5, 2022[155]. Income and Revenue - 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[133]. - For the nine months ended September 30, 2023, the company achieved a net income of 9,296,631,drivenbyinterestincomeof9,296,631, driven by interest income of 8,925,457 and a change in the fair value of warrant liabilities[134]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[132]. Initial Public Offering - The company completed its initial public offering on May 10, 2022, raising total gross proceeds of 230,000,000fromthesaleof23,000,000unitsatapriceof230,000,000 from the sale of 23,000,000 units at a price of 10.00 per unit[138]. - 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 and 11,500,000indeferredunderwritingcommissions[142].−Adeferredunderwritingcommissionof11,500,000 in deferred underwriting commissions[142]. - A deferred underwriting commission of 11,500,000 is contingent upon the successful completion of an initial business combination[156]. Business Combination - 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[149].−Thecompanyplanstoutilizesubstantiallyallfundsheldinthetrustaccounttocompleteitsinitialbusinesscombinationandforworkingcapitaltofinanceoperationsofthetargetbusiness[145].−Thecompanyhasengagedalegaladvisorforservicesrelatedtoapotentialbusinesscombination,withfeescontingentonsuccess[157].ShareholderEquity−FollowingtheCharterAmendment,approximately150,000[149]. - The company plans to utilize substantially all funds held in the trust account to complete its initial business combination and for working capital to finance operations of the target business[145]. - The company has engaged a legal advisor for services related to a potential business combination, with fees contingent on success[157]. Shareholder Equity - Following the Charter Amendment, approximately 172.4 million remained in the trust account after 7,129,439 Class A Ordinary Shares were redeemed at a price of approximately 10.86pershare,totalingaround10.86 per share, totaling around 77.4 million[131]. - All 23,000,000 Class A ordinary shares are subject to possible redemption and are classified as temporary equity at redemption value[162]. - Changes in the redemption value of ordinary shares are recognized immediately, affecting additional paid-in capital and accumulated deficit[163]. - Net income per share is calculated by dividing net income by the weighted average number of ordinary shares outstanding, with two classes of shares sharing earnings and losses pro rata[164]. Internal Controls - There were no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended September 30, 2023[170].