Wed, May 15, 10:38 AM (72 days ago)
Cartesian Growth Corporation II's quarterly report for the period ending March 31, 2024, details the company's financial status and activities. The company, a blank check entity, has not commenced operations but is focused on identifying a target for a business combination. Key financial highlights include: 1. **Assets and Liabilities**: As of March 31, 2024, total assets stood at $177.3 million, primarily held in a Trust Account. Current liabilities were $1.98 million, with total liabilities at $19.1 million. Shareholders’ deficit was $18.7 million. 2. **Income Statement**: The company reported a net income of $2.53 million, down from $3.71 million in the same quarter of the previous year. This includes a change in the fair value of warrant liabilities ($449K) and interest income from the Trust Account ($2.28 million). 3. **Cash Flow**: Net cash used in operating activities was $180K. Cash inflows from financing activities amounted to $700K, resulting in an ending cash balance of $121K. 4. **Redemptions and Extensions**: Significant shareholder redemptions reduced Trust Account funds by approximately $77.4 million. The company extended its business combination deadline to November 10, 2024, with monthly extensions supported by sponsor deposits. 5. **Uncertainties and Risks**: The report highlights uncertainties due to geopolitical tensions and market conditions, which may impact the company's ability to complete a business combination. Overall, Cartesian Growth Corporation II maintains a strong cash position but faces challenges related to operational commencement and market volatility.