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Newbury Street II Acquisition Corp Unit (NTWOU+0.10%) 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 loss of $25,780 for the three months ended September 30, 2024, and a net loss of $41,602 for the period from June 18, 2024 (inception) through September 30, 2024.
The company did not generate any operating revenues during the period. The losses are attributed to operating and formation costs.
As of September 30, 2024, the company reported total assets of $222,777 and total liabilities of $239,379, resulting in a shareholder's deficit of $16,602.
Newbury Street II Acquisition Corp Unit completed its Initial Public Offering on November 4, 2024, raising gross proceeds of $172,500,000 through the sale of 17,250,000 units.
Simultaneously with the IPO, the company raised an additional $6,483,750 through a private placement of 648,375 units.
The company placed $173,362,500 in a trust account, intended to be used for a future business combination.
The filing outlines the company's plans to identify and complete an Initial Business Combination within 24 months from the IPO date.
The company has not yet commenced operations and will not generate operating revenues until after the completion of its Initial Business Combination.
The filing also discusses potential risks and uncertainties, including geopolitical instability and market volatility, which could impact the company's ability to complete a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Newbury Street II Acquisition Corp Unit quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.