10-Q - Newbury Street II Acquisition Corp (0002028027) (Filer)
Mon, Dec 16, 10:09 PM (63 days ago)
For the quarter ended September 30, 2024, Newbury Street II Acquisition Corp (NTWO) reported a net loss of $25,780, bringing the total loss since inception on June 18, 2024, to $41,602. The company, which has not yet commenced operations, recorded no revenues and incurred operating costs primarily related to its formation and initial public offering (IPO) preparations. As of September 30, 2024, total assets were valued at $222,777, with liabilities of $239,379, resulting in a shareholder deficit of $16,602. The company successfully completed its IPO on November 4, 2024, raising gross proceeds of $172,500,000 from the sale of 17,250,000 units at $10 each, including an over-allotment option. Additionally, a private placement generated $6,483,750. The total amount placed in a trust account following the IPO was $173,362,500, intended for future business combinations. The company has significant liquidity concerns, relying on sponsor loans for operational funding until the IPO proceeds are utilized. Future operations are subject to uncertainties, particularly regarding geopolitical factors impacting market conditions as the company seeks its initial business combination.