Tue, May 14, 4:13 PM (245 days ago)
Nabors Energy Transition Corp. II filed its 10-Q for the quarter ending March 31, 2024. The company, incorporated in April 2023, has not commenced operations and focuses on identifying a business combination target in the energy transition sector. Key financial highlights include: - **Assets:** Total assets increased to $321.98 million from $318.03 million in December 2023, mainly due to marketable securities in the Trust Account. - **Liabilities:** Total liabilities rose to $14.42 million from $14.26 million, driven by increased accounts payable and deferred legal fees. - **Shareholders' Deficit:** Increased to $12.17 million from $11.90 million due to accumulated deficit growth. - **Income:** The company reported a net income of $3.80 million, primarily from interest earned on marketable securities in the Trust Account. - **Cash Flow:** Cash used in operating activities was $48,560, leaving $1.94 million in cash as of March 31, 2024. - **Future Outlook:** The company has sufficient liquidity for the next year but may need additional financing for its business combination. The report indicates a stable financial position with adequate liquidity to continue operations while seeking a suitable business combination.