Colombier Acquisition Corp. II, a blank check company incorporated in the Cayman Islands, reported its financial performance for the period ending September 30, 2024, following its Initial Public Offering (IPO) on November 24, 2023. The company generated gross proceeds of $170 million from the sale of 17 million units, each priced at $10.00, and an additional $5 million from the sale of private placement warrants.

As of September 30, 2024, Colombier Acquisition Corp. II reported total assets of $177.5 million, an increase from $172.6 million at the end of 2023. However, current assets decreased significantly to $891,687 from $1.5 million, primarily due to a reduction in cash holdings, which fell to $480,735 from $1.3 million. Total current liabilities rose to $373,556, up from $205,073 at the end of 2023. The accumulated deficit also widened to $(5.4 million) compared to $(3.6 million) at the end of the previous fiscal year.

The company reported net income of $1.4 million for the three months ended September 30, 2024, and $4.8 million for the nine-month period, a significant turnaround from a net loss of $(13,359) during the same period in 2023. This income was primarily driven by interest earned on marketable securities, totaling $2.3 million for the quarter and $6.7 million for the nine months. Basic and diluted net income per Class A ordinary share was reported at $0.07 for the quarter and $0.22 for the nine months.

Colombier Acquisition Corp. II has until November 24, 2025, or February 24, 2026, to complete a business combination, which is a requirement for the company to utilize the funds raised in its IPO. As of September 30, 2024, the company had withdrawn $1 million from its Trust Account for working capital purposes and had no outstanding working capital loans.

The company’s financial obligations include monthly payments under an Administrative Services Agreement and a Services and Indemnification Agreement, totaling $10,000 and $60,000 per month, respectively. As of the reporting date, the company had no long-term debt or capital lease obligations.

Overall, Colombier Acquisition Corp. II is positioned to pursue its strategic goal of completing a business combination while managing its financial resources and obligations effectively.