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Cartesian Growth II(RENE) - 2024 Q1 - Quarterly Report
RENECartesian Growth II(RENE)2024-05-15 01:16

Financial Position - As of March 31, 2024, the company had cash and marketable securities held in the trust account amounting to 176,978,684,includingapproximately176,978,684, including approximately 16,765,246 of interest income[144]. - The company has a working capital deficit of 1,624,127asofMarch31,2024[152].−Thecompanyhadcashheldoutsidethetrustaccountof1,624,127 as of March 31, 2024[152]. - The company had cash held outside the trust account of 120,718 available for working capital needs as of March 31, 2024[145]. - The company has no long-term debt obligations or significant liabilities, except for a monthly payment of 10,000tothesponsorforoffice−relatedservices[155].−Thecompanyhasnooff−balancesheetarrangementsasofMarch31,2024,andDecember31,2023[154].IncomeandExpenses−ForthethreemonthsendedMarch31,2024,thecompanyreportedanetincomeof10,000 to the sponsor for office-related services[155]. - The company has no off-balance sheet arrangements as of March 31, 2024, and December 31, 2023[154]. Income and Expenses - For the three months ended March 31, 2024, the company reported a net income of 2,534,872, which included interest earned on cash and marketable securities of 2,276,486[135].−Thecompanyincurredoperatingcostsof2,276,486[135]. - The company incurred operating costs of 223,183 for the three months ended March 31, 2024[135]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[134]. Initial Public Offering - The company generated total gross proceeds of 230,000,000fromitsinitialpublicoffering,withtransactioncostsamountingto230,000,000 from its initial public offering, with transaction costs amounting to 16,804,728[138][141]. - The underwriters of the initial public offering are entitled to a deferred underwriting commission of 11,500,000,contingentuponthecompletionofabusinesscombination[156].BusinessCombination−ThecompanyhasextendedthedeadlinetoconsummateabusinesscombinationfromNovember10,2023,touptoNovember10,2024,allowingformonthlyextensions[132].−ThesponsordepositedanExtensionPaymentof11,500,000, contingent upon the completion of a business combination[156]. Business Combination - The company has extended the deadline to consummate a business combination from November 10, 2023, to up to November 10, 2024, allowing for monthly extensions[132]. - The sponsor deposited an Extension Payment of 150,000 into the trust account to facilitate the extension of the business combination period[148]. - The company has engaged a legal advisor for services related to a potential business combination, with fees contingent on success[157]. Accounting Policies - The company adopted ASU 2016-13 on January 1, 2023, which did not impact its financial statements[161]. - The company accounts for warrants as liabilities at fair value, subject to re-measurement at each balance sheet date[159]. - The fair value of convertible promissory notes is recorded at issuance and adjusted at each balance sheet date, with changes recognized as non-cash gains or losses[160]. - The company does not anticipate a material impact from the adoption of ASU 2023-09, effective after December 15, 2025[162]. - Management's financial estimates are based on significant judgments and historical experience, which may lead to actual results differing from estimates[158]. - The company has not disclosed any quantitative and qualitative market risk information as it qualifies as a smaller reporting company[164].