M3-Brigade Acquisition V Corp., classified as a shell company and an emerging growth entity, filed its 10-Q for the quarter ending June 30, 2024. The company was incorporated on March 12, 2024, with the primary objective of executing a business combination. As of June 30, 2024, M3-Brigade reported a net loss of $15,874 for the quarter and a cumulative net loss of $33,600 since inception. The total shareholders’ deficit stood at $24,474, with no cash available at the end of the reporting period.
On August 2, 2024, M3-Brigade successfully completed its Initial Public Offering (IPO), selling 28,750,000 units at $10.00 each, generating gross proceeds of $287.5 million. This included an additional 3,750,000 units sold due to the underwriters' over-allotment option. The IPO also involved the sale of 8,337,500 private placement warrants at $1.00 each, totaling $8.34 million. The total amount placed in the Trust Account reached $288.94 million, which will be utilized for the upcoming business combination.
The company incurred transaction costs of $19,406,996 related to the IPO, which included a cash underwriting fee of $5 million and a deferred underwriting fee of $13.4 million. As of June 30, 2024, M3-Brigade had a working capital deficit of $758,184 and no outstanding cash. The company has not issued any Class A ordinary shares, although it is authorized to issue up to 200 million shares.
M3-Brigade's financial statements reflect a focus on general and administrative costs, which contributed to the net losses reported. The company has adopted ASU 2020-06 as of its inception date, with no significant impact on its financial statements. The major tax jurisdiction for the company is the Cayman Islands, where it is not subject to income taxes.
Management has expressed confidence in the effectiveness of its disclosure controls and procedures, with no material changes reported during the fiscal quarter. The company must complete its initial business combination within 24 months of the IPO, or it will cease operations and redeem public shares.
About M3-Brigade Acquisition V Corp.
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