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Nabors Energy Transition Corp. II (NETD0.00%) 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 $3,971,625, primarily from interest income on marketable securities held in the trust account amounting to $4,450,892, offset by operating costs of $479,267.
For the nine months ended September 30, 2024, the company reported a net income of $11,340,536, with interest income on marketable securities totaling $12,345,276 and operating costs of $1,004,740.
As of September 30, 2024, the company held $328,013,391 in marketable securities in the trust account, primarily in U.S. Treasury Bills, and had cash of $1,645,094.
The company completed its Initial Public Offering on July 18, 2023, raising gross proceeds of $305,000,000. Simultaneously, it sold 9,540,000 private placement warrants for $9,540,000.
Transaction costs related to the offering amounted to $17,966,142, including underwriting discounts and other offering expenses.
The company has 24 months from the IPO date to complete a business combination, failing which it will liquidate and distribute the trust account funds to shareholders.
Management has identified substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by July 18, 2025.
The report details the company's financial position, including liabilities of $14,770,128 and shareholders' deficit of $12,906,321 as of September 30, 2024.
Nabors Energy Transition Corp. II is a blank check company formed for the purpose of effecting a merger or similar business combination, focusing on the energy transition sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nabors Energy Transition Corp. II quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.