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FACT II Acquisition Corp. (FACT-0.07%) has submitted its Form 10-Q filing for the quarterly period ended September 30, 2024.
The company is a blank check company, incorporated in the Cayman Islands on June 19, 2024, for the purpose of effecting a business combination. As of September 30, 2024, the company had not commenced any operations and had a net loss of $104,287 for the period.
On November 27, 2024, FACT II Acquisition Corp. completed its Initial Public Offering, selling 17,500,000 units at $10.00 per unit, generating gross proceeds of $175,000,000. Simultaneously, the company sold 663,125 private placement units, generating additional gross proceeds of $6,631,250.
The proceeds from the Initial Public Offering and private placement were placed in a trust account, totaling $175,875,000. These funds are intended to be used for the company's business combination activities.
The company reported total assets of $356,834 and a working capital deficit of $424,528 as of September 30, 2024. The company's management has broad discretion with respect to the application of the net proceeds from the Initial Public Offering and private placement.
FACT II Acquisition Corp. is classified as an emerging growth company and is subject to the associated risks. The company has not generated any operating revenues and does not expect to do so until after the completion of a business combination.
As of January 7, 2025, there were 18,488,125 Class A ordinary shares and 6,708,333 Class B ordinary shares issued and outstanding. The company has no long-term debt or off-balance sheet arrangements.
The company continues to evaluate target businesses for a potential business combination and intends to use the funds held in the trust account to complete such a transaction.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FACT II Acquisition Corp. quarterly 10-Q report dated January 7, 2025. To report an error, please email earnings@qz.com.