Ownership / New Providence Acquisition Corp. II | Tables in SEC filings

NPAB New Providence Acquisition Corp. II

Quarterly report

CONDENSED BALANCE SHEETS

	September 30,		December 31,
	2024		2023
	(unaudited)
ASSETS
Current Assets
Cash	$	3,400	$	56,867
Prepaid expenses		21,917		13,080
Prepaid income taxes		10,226		—
Total Current Assets		35,543		69,947

Cash and marketable securities held in Trust Account		7,504,714		56,981,202
TOTAL ASSETS	$	7,540,257	$	57,051,149

LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued expenses	$	1,795,191	$	1,295,810
Income taxes payable		—		209,997
Excise taxes payable		2,554,283		2,054,788
Promissory Notes - related party		790,000		290,000
Advance from related parties		5,692		—
Total Current Liabilities		5,145,166		3,850,595

Deferred underwriting payable		8,750,000		8,750,000
Total Liabilities		13,895,166		12,600,595

Commitments and Contingencies (Note 6)

Class A Common Stock subject to possible redemption, $0.0001 par value; 682,524 and 5,267,875 shares issued and outstanding at $10.99 and $10.75 per share redemption value at September 30, 2024 and December 31, 2023, respectively		7,500,540		56,621,690

Stockholders’ Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding		—		—
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized; 6,249,999 and 3,000,000 shares issued and outstanding (excluding 682,524 and 5,267,875 shares subject to possible redemption) at September 30, 2024 and December 31, 2023, respectively		625		300
Class B Common Stock, $0.0001 par value; 10,000,000 shares authorized; one share and 3,250,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		—		325
Additional paid-in capital		—		—
Accumulated deficit		(13,856,074)		(12,171,761)
Total Stockholders’ Deficit		(13,855,449)		(12,171,136)
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT	$	7,540,257	$	57,051,149

	For the Nine Months Ended September 30,
	2024		2023
Cash Flows from Operating Activities:
Net (loss) income	$	(356,389)	$	2,945,394
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust Account		(1,197,306)		(5,138,865)
Deferred tax provision		—		(148,862)
Changes in operating assets and liabilities:
Prepaid expenses		(8,837)		238,828
Prepaid income taxes		(10,226)		125,826
Accounts payable and accrued expenses		499,381		179,507
Advance from related parties		5,692		—
Income taxes payable		(209,997)		172,698
Net cash used in operating activities		(1,277,682)		(1,625,474)

Cash Flows from Investing Activities:
Cash withdrawn from Trust Account to pay franchise and income taxes		724,215		1,343,285
Cash withdrawn from Trust Account in connection with redemption of Common Stock		49,949,579		205,478,750
Net cash provided by investing activities		50,673,794		206,822,035

Cash Flows from Financing Activities:
Proceeds from Promissory Notes - related party		500,000		200,000
Redemption of Common Stock		(49,949,579)		(205,478,750)
Net cash used in financing activities		(49,449,579)		(205,278,750)

Net Change in Cash		(53,467)		(82,189)
Cash – Beginning of period		56,867		339,663
Cash – End of period	$	3,400	$	257,474

Supplementary cash flow information:
Cash paid for franchise and income taxes	$	788,550	$	898,000

Non-Cash investing and financing activities:
Remeasurement of Class A Common Stock subject to redemption	$	828,429	$	3,934,401
Excise Tax payable attributable to redemption of Common Stock	$	499,495	$	2,054,788

	For the Three Months Ended September 30, 2024						For the Nine Months Ended September 30, 2024
	Class A		Class A				Class A		Class A
	Redeemable		Non-Redeemable		Class B		Redeemable		Non-Redeemable		Class B
Basic and diluted net loss per share of Common Stock
Numerator:
Allocation of net loss, as adjusted	$	(28,808)	$	(220,563)	$	(43,241)	$	(114,059)	$	(145,292)	$	(97,038)
Denominator:
Basic and diluted weighted average Common Stock outstanding		682,524		5,225,543		1,024,457		2,941,730		3,747,263		2,502,737
Basic and diluted net loss per share of Common Stock	$	(0.04)	$	(0.04)	$	(0.04)		(0.04)	$	(0.04)		(0.04)

Common Stock subject to possible redemption, December 31, 2023	$	56,621,690
Plus:
Remeasurement of carrying value to redemption value		543,275
Common Stock subject to possible redemption, March 31, 2024	$	57,164,965
Less:
Redemption of Class A Common Stock subject to redemption		(49,949,579)
Plus:
Remeasurement of carrying value to redemption value		257,252
Common Stock subject to possible redemption, June 30, 2024	$	7,472,638
Plus:
Remeasurement of carrying value to redemption value		27,902
Common Stock subject to possible redemption, September 30, 2024	$	7,500,540

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