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Cartesian Growth Corporation II (RENE0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial activities, including the completion of its initial public offering on May 10, 2022, which raised $230 million through the sale of 23 million units at $10 per unit. Each unit consists of one Class A ordinary share and one-third of a warrant.
The company reported a net income of $8,205,527 for the year ended December 31, 2024. This includes a change in the fair value of warrant liabilities of $918,166 and interest income of $8,127,041 from the trust account.
As of December 31, 2024, Cartesian Growth Corporation II had $84,565,597 in cash and marketable securities held in the trust account, which will be used for the completion of a business combination and/or for the redemption of public shares if a business combination is not completed within the specified time frame.
The company has extended the deadline for completing a business combination to November 5, 2025, with the possibility of monthly extensions, provided that the sponsor deposits additional funds into the trust account.
Cartesian Growth Corporation II's management team, led by CEO Peter Yu, continues to seek a suitable business combination target. The company has not yet commenced operations or generated any revenues.
The company's financial statements indicate a working capital deficit of $3,037,571 as of December 31, 2024, and it has incurred significant costs related to identifying and evaluating potential business combination targets.
Cartesian Growth Corporation II is classified as a blank check company and is subject to various risks, including the potential inability to complete a business combination, as detailed in the risk factors section of the filing.
The filing also outlines the company's reliance on its sponsor and management team for funding and operational support until a business combination is completed.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cartesian Growth Corporation II annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.