Wed, Nov 13, 11:06 AM (30 days ago)
M3-Brigade Acquisition V Corp. (MBAV) reported its financial results for the quarter ending September 30, 2024, following its initial public offering (IPO) on August 2, 2024. The company raised $287,500,000 through the sale of 28,750,000 units, with additional proceeds from the sale of 8,337,500 private placement warrants. As of September 30, 2024, total assets amounted to $292,625,623, primarily held in a trust account, while liabilities stood at $14,209,477. The company incurred a net income of $2,010,116 for the quarter, driven by $2,305,244 in interest income from trust investments, offset by $295,128 in general and administrative expenses. The cash balance was $934,287, supporting operational needs until a business combination is completed. The firm is actively seeking a target for its business combination but faces uncertainties due to geopolitical tensions that may impact market conditions. Overall, while the company maintains a healthy cash position, the success of future operations hinges on identifying and executing a business combination within the stipulated timeframe.