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dMY Squared Technology Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $145,480 for the three months ended September 30, 2024, compared to a net loss of $72,939 for the same period in 2023.
General and administrative expenses for the quarter were $184,903, down from $240,703 in the same quarter the previous year.
The company reported interest income of $334,799 from investments held in the Trust Account, compared to $872,501 in the previous year.
A gain of $241,770 was recorded from changes in the fair value of derivative warrant liabilities.
The company had a working capital deficit of approximately $2.2 million as of September 30, 2024.
Cash provided by investing activities was $43,401,420, primarily due to withdrawals from the Trust Account for redemption and tax payments.
The company issued a convertible promissory note to its Chairman and CFO with a principal amount up to $1.75 million, of which $541,667 had been drawn by September 30, 2024.
dMY Squared Technology Group, Inc. is a blank check company formed for the purpose of effecting a business combination and is classified as an emerging growth company.
The company has not commenced any operations and will not generate operating revenues until after the completion of its initial business combination.
The filing also details various financial agreements, including the issuance of private placement warrants and overfunding loans from the sponsor.
The company continues to seek a business combination and has extended the period to complete the combination until November 29, 2024, with further extensions possible.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the dMY Squared Technology Group Inc. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.