Wed, Sep 11, 10:03 AM (101 days ago)
M3-Brigade Acquisition V Corp. reported its financial results for the quarter ending June 30, 2024. The company, incorporated on March 12, 2024, is a blank check entity focused on executing a business combination. As of June 30, 2024, it recorded a net loss of $33,600 for the quarter and a cumulative net loss of $49,474 since inception, primarily due to general and administrative expenses. The balance sheet showed total assets of $733,710, with liabilities exceeding assets, resulting in a shareholders' deficit of $24,474. On August 2, 2024, the company completed its Initial Public Offering (IPO) of 28,750,000 units at $10.00 per unit, raising gross proceeds of $287,500,000. The IPO included a full exercise of the underwriters' over-allotment option. Post-IPO, $288,937,500 was placed into a trust account for future business combination efforts. The firm plans to utilize these funds for identifying and evaluating potential targets and covering operational costs. However, uncertainties remain regarding the successful completion of a business combination amid ongoing geopolitical tensions affecting market conditions.