Andretti Acquisition Corp. II, incorporated on May 21, 2024, completed its Initial Public Offering (IPO) on September 9, 2024, selling 23,000,000 units at $10.00 each, generating gross proceeds of $230 million. Additionally, the company sold 760,000 Private Placement Units for $7.6 million. The total amount placed in the Trust Account after the IPO was $231.15 million, with marketable securities held in the Trust Account valued at $231.81 million as of September 30, 2024.

For the three months ended September 30, 2024, Andretti reported a net income of $581,366, with basic net income per Class A redeemable ordinary share at $0.05. From inception through September 30, 2024, the net income totaled $537,674. The company has not generated any operating revenues to date, with income derived solely from interest on marketable securities, amounting to $664,125 for the quarter.

The company incurred total transaction costs of $15.01 million related to the IPO, which included cash underwriting fees of $4.6 million and deferred underwriting fees of $9.78 million. General and administrative costs for the quarter were $82,759, totaling $126,451 since inception.

As of September 30, 2024, Andretti had 23,760,000 Class A ordinary shares and 5,750,000 Class B ordinary shares outstanding. The Class B shares, issued to the Sponsor for $25,000, will convert into Class A shares upon the initial Business Combination. The company also had 11,880,000 warrants outstanding, including 11,500,000 Public Warrants and 380,000 Private Placement Warrants.

Operating cash as of September 30, 2024, was $876,169, with a working capital surplus of $1,003,124. The company has assessed its going concern and believes it has sufficient funds for working capital needs until at least September 30, 2025. However, it may require additional financing if costs exceed estimates or if a significant number of public shares are redeemed upon the Business Combination.

On September 30, 2024, the company experienced a change in its board of directors, with Zakary C. Brown resigning from the board and the compensation committee, although this was not due to any disagreements. The company remains classified as a shell company and is considered an emerging growth company under the JOBS Act, eligible for certain reporting exemptions.