Andretti Acquisition Corp. II, incorporated on May 21, 2024, is classified as a shell company and has not yet identified a specific business combination target. As of June 30, 2024, the company reported a net loss of $43,692, primarily due to general and administrative costs, with no revenues generated during this period. The total shareholder’s deficit stood at $(18,692), reflecting the early-stage nature of the company.
On September 9, 2024, Andretti completed its Initial Public Offering (IPO), selling 23,000,000 units at $10.00 per unit, which generated gross proceeds of $230 million. This IPO included the full exercise of the underwriters' over-allotment option, resulting in an additional 3,000,000 units sold. The company also sold 760,000 Private Placement Units at the same price, yielding an additional $7.6 million. The total amount placed in the Trust Account after the IPO was $231.15 million, which will be utilized for a future business combination and working capital of the target business.
The total transaction costs associated with the IPO amounted to $15,014,904, which included $4.6 million in cash underwriting fees and $9.775 million in deferred underwriting fees. The company has committed to pay the Sponsor $2,500 per month for administrative services and $12,500 per month to the CEO starting September 5, 2024.
As of June 30, 2024, Andretti had no cash equivalents and reported a lack of sufficient liquidity to meet current obligations. However, the company has access to funds from the Sponsor to cover working capital needs for at least one year. The company has no long-term debt or off-balance sheet arrangements, and it does not anticipate needing additional funds for operating expenses unless costs exceed estimates or a significant number of public shares are redeemed.
The company’s investment strategy for the Trust Account involves investing in U.S. government treasury obligations with short maturities or in qualifying money market funds. The completion window for a business combination is set at 24 months from the IPO closing date. As of June 30, 2024, there were no outstanding public or private warrants, and the company has no unrecognized tax benefits or accrued interest related to income taxes, as it is considered an exempted Cayman Islands company.
About Andretti Acquisition Corp. II
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