EQV Ventures Acquisition Corp., incorporated on April 15, 2024, completed its Initial Public Offering (IPO) on August 8, 2024, raising gross proceeds of $350 million by offering 35 million units at $10.00 each. In addition to the IPO, the company sold 400,000 private placement units to EQV Ventures Sponsor LLC for $4 million and 262,500 units to BTIG, LLC for $2.625 million, bringing total gross proceeds from private placements to $6.625 million. The total transaction costs associated with the IPO were $19.094 million, which included underwriting fees and other offering costs.
As of June 30, 2024, EQV Ventures reported a net loss of $46,916, primarily due to general and administrative expenses. The company had cash of $2,759 and a working capital deficit of $675,415. The balance sheet reflected 160,000 Class A ordinary shares and 10,062,500 Class B ordinary shares, with a total shareholders’ deficit of $21,518. The company’s accumulated deficit stood at $(46,916) as of the same date.
The company has not generated any revenue to date, focusing solely on organizational activities and preparations for the IPO. Future revenue is anticipated to come from non-operating income derived from interest on marketable securities held in the Trust Account, which contains the entirety of the IPO proceeds. EQV Ventures aims to utilize these funds primarily for completing a Business Combination, with a requirement that target businesses have a fair market value of at least 80% of the assets held in the Trust Account.
As of June 30, 2024, EQV Ventures had no outstanding working capital loans and had agreed to pay a monthly administrative service fee of $30,000 starting August 6, 2024, for office space and administrative support. The company has also granted registration rights to holders of Founder Shares and Private Placement Units, allowing them to demand registration of their securities.
The company is classified as a smaller reporting company and is not subject to income taxes in its primary jurisdiction, the Cayman Islands. There were no critical accounting estimates disclosed as of June 30, 2024, and the company reported effective disclosure controls and procedures under the supervision of management.
About EQV Ventures Acquisition Corp.
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