Wed, May 15, 8:19 PM (72 days ago)
Colombier Acquisition Corp. II's 10-Q for Q1 2024 highlights key financial metrics and operational updates. The SPAC reported a net income of $1.66 million, driven primarily by $2.23 million in interest income from marketable securities in the Trust Account, offset by $568,619 in operating expenses. The company holds $173.09 million in the Trust Account, reflecting a slight increase due to interest earnings. Current assets totaled $978,803, while liabilities stood at $6.16 million, including a $5.95 million deferred underwriting fee. The company has $783,064 in cash outside the Trust Account to cover ongoing operational costs until a business combination is completed. No significant changes were noted in internal controls over financial reporting. The report also mentioned the SEC's new SPAC regulations effective July 1, 2024, which could impact future operations. The company withdrew $1 million from the Trust Account on April 1, 2024, for working capital needs. Overall, Colombier Acquisition Corp. II maintains a strong cash position and is focused on identifying a target for its initial business combination within the specified timeframe.