FACT II Acquisition Corp. Reports Net Loss of $104,287 for Period Ending September 30, 2024

FACT II Acquisition Corp. reported its financial results for the period ending September 30, 2024, revealing a net loss of $104,287, attributed entirely to general and administrative expenses. The company, which was incorporated on June 19, 2024, has not yet commenced operations or generated any revenue, as its activities have been focused on organizational tasks and preparing for its Initial Public Offering (IPO). The weighted average number of Class B ordinary shares outstanding during this period was 5,128,205, resulting in a basic and diluted net loss per share of $(0.02).

In terms of financial position, as of September 30, 2024, FACT II Acquisition Corp. had total assets of $11,593 in cash and a working capital deficit of $424,528. The company has not issued any Class A ordinary shares, while 6,708,333 Class B ordinary shares were outstanding, with a portion subject to forfeiture based on the underwriters' over-allotment option. The company’s total shareholders’ deficit stood at $(79,287) at the end of the reporting period.

Significant developments include the completion of the IPO on November 27, 2024, where FACT II Acquisition Corp. sold 17,500,000 units at $10.00 each, generating gross proceeds of $175 million. Additionally, the company raised $6.63 million through the sale of 663,125 private placement units. The total transaction costs associated with the IPO amounted to $11,028,226, which included underwriting fees and other offering costs. Following the IPO, the company placed $175,875,000 into a trust account, which will be utilized for future business combinations.

Looking ahead, FACT II Acquisition Corp. aims to utilize the funds from the trust account to complete a business combination with a target company. The company has a period of 18 months from the IPO to finalize this transaction, with the possibility of extending to 24 months if a definitive agreement is executed within the initial timeframe. The management has indicated that while they do not foresee the need for additional funds to meet operational expenditures, they may require further financing to complete a business combination or to address potential redemptions of public shares. The company remains focused on identifying suitable acquisition targets and executing its business strategy.