Andretti Acquisition Corp. II, a blank check company incorporated in the Cayman Islands, reported its financial performance for the period ending December 31, 2024, in its recent 10-K filing. The company generated a net income of $3.05 million, primarily from interest earned on marketable securities held in its Trust Account, which amounted to approximately $234.5 million as of the end of the reporting period. This figure includes about $3.35 million in interest income, offset by general and administrative costs of $303,225. The company has not yet engaged in any substantive discussions regarding a specific business combination target.
The company completed its Initial Public Offering (IPO) on September 9, 2024, raising gross proceeds of $230 million from the sale of 23 million units, which included the full exercise of an over-allotment option. Additionally, it raised $7.6 million through a private placement of 760,000 units to its sponsor and underwriters. The total amount placed in the Trust Account following the IPO was $231.15 million. The company incurred approximately $15 million in IPO-related costs, including underwriting fees and other expenses.
As of March 25, 2025, Andretti Acquisition Corp. II had 23.76 million Class A Ordinary Shares and 5.75 million Class B Ordinary Shares outstanding. The Class B shares, held by the sponsor, are convertible into Class A shares upon the completion of a business combination. The company has until September 9, 2026, to complete its initial business combination, with the possibility of extending this period subject to shareholder approval. If the company fails to complete a business combination within the specified timeframe, it will liquidate and distribute the funds held in the Trust Account to shareholders.
The management team, led by CEO William M. Brown and Executive Chairman William J. Sandbrook, is focused on identifying and negotiating potential business combination targets. The company has not yet selected a specific target but aims to leverage its management's extensive network and experience in the industry to find suitable opportunities. The filing also highlights the potential impact of market conditions and geopolitical factors on the company's ability to complete a business combination, emphasizing the inherent risks associated with its operations as a blank check company.
About Andretti Acquisition Corp. II
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