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GSR III Acquisition Corp. (GSRT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that the company, a blank check company, has not yet commenced operations. The company was incorporated on May 10, 2023, and its activities have been related to its formation and the initial public offering.
The company completed its initial public offering on November 8, 2024, raising gross proceeds of $230,000,000 through the sale of 23,000,000 units at $10.00 per unit. Simultaneously, it completed a private placement of 422,500 units, generating additional proceeds of $4,225,000.
As of September 30, 2024, GSR III Acquisition Corp. reported a working capital deficit of $744,297. Following the initial public offering, the company had a working capital surplus of $1,910,213.
The company incurred a net loss of $85,810 for the three months ended September 30, 2024, and a net loss of $116,235 for the nine months ended September 30, 2024. These losses were attributed to operating costs.
GSR III Acquisition Corp. has entered an agreement to pay up to $55,556 per month for office space and administrative services. No amounts were incurred under this agreement as of September 30, 2024.
The company has an outstanding promissory note with its sponsor, with a balance of $39,756 as of September 30, 2024, which was partially settled through risk capital funding.
The company has not identified any critical accounting policies or recent accounting pronouncements that would materially affect its financial statements.
GSR III Acquisition Corp. has no off-balance sheet arrangements as of September 30, 2024, and is not involved in any legal proceedings.
The company has not made any unregistered sales of equity securities other than those disclosed in the filing related to its initial public offering and private placement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GSR III Acquisition Corp. quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.