M3-Brigade Acquisition V Corp., classified as a shell company, reported a net income of $2,010,116 for the three months ended September 30, 2024. This marks a significant increase compared to a net loss of $(33,600) for the same period. Since its inception on March 12, 2024, the company has generated a total net income of $1,960,642. Basic net income per Class A ordinary share for Q3 2024 was $0.08, while for the period from inception to September 30, 2024, it was $0.13.
The company completed its Initial Public Offering (IPO) on August 2, 2024, selling 28,750,000 units at $10.00 each, resulting in gross proceeds of $287,500,000. The IPO included the full exercise of the underwriters' over-allotment option for an additional 3,750,000 units. Additionally, M3-Brigade sold 8,337,500 Private Placement Warrants at $1.00 per warrant, generating $8,337,500. The total amount placed in the Trust Account after the IPO and over-allotment was $288,937,500, with investments held primarily in U.S. treasury securities.
As of September 30, 2024, the company reported cash of $934,287 and working capital of $405,032, indicating sufficient funds for its operational needs until at least September 30, 2025. The company does not anticipate needing to raise additional funds for operating expenditures prior to its initial business combination. However, there is a risk that actual costs for identifying a target business may exceed estimates.
General and administrative costs for Q3 2024 were $295,128, and from inception to September 30, 2024, these costs totaled $344,602. The company has not generated any operating revenues to date, with income derived solely from interest on cash and marketable securities.
M3-Brigade Acquisition V Corp. has 28,750,000 Class A ordinary shares and 7,187,500 Class B ordinary shares issued and outstanding as of November 12, 2024. The company is required to complete its initial business combination within 24 months from the closing of the IPO, or it will cease operations and redeem public shares. The financial statements are prepared in accordance with GAAP for interim financial information and are unaudited.
About M3-Brigade Acquisition V Corp.
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