Cartesian Growth Corporation II has reported its financial performance for the fiscal year ending December 31, 2024, revealing a net income of $8.2 million, a decrease from the previous year's net income of $11.4 million. The company attributed this decline primarily to a reduction in interest income from cash and marketable securities held in its trust account, which fell to $8.1 million from $11.6 million in 2023. Operating costs also decreased to $1.0 million from $2.0 million, reflecting the company's ongoing efforts to manage expenses as it continues to seek a suitable target for its initial business combination.
Significant changes in the company's financial position were noted, particularly in its trust account, which held approximately $84.6 million as of December 31, 2024, down from $174.3 million the previous year. This reduction was largely due to shareholder redemptions, with 8.6 million Class A ordinary shares redeemed for approximately $99.6 million during the year. The company has extended its deadline for completing a business combination to November 10, 2025, following shareholder approval for two separate extensions in November 2023 and November 2024.
Operationally, Cartesian Growth Corporation II has focused on identifying high-growth businesses with transnational operations. The company has not yet completed any acquisitions but continues to evaluate potential targets. As of the end of 2024, the company had a working capital deficit of $3.0 million and cash held outside the trust account of $236,700. The management team, led by CEO Peter Yu, remains committed to leveraging their extensive experience in private equity to drive value creation post-acquisition.
Looking ahead, the company faces challenges related to market conditions and competition for attractive acquisition targets, particularly in light of geopolitical tensions and economic volatility. The management has expressed confidence in its ability to identify suitable business combinations but acknowledges the uncertainty surrounding the completion of such transactions. The company’s ability to continue as a going concern is contingent upon successfully executing a business combination by the extended deadline, as indicated in its financial statements.
About Cartesian Growth Corp II
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