Nabors Energy Transition Corp. II, a shell company incorporated on April 12, 2023, reported its financial results for the period ending September 30, 2024. The company has not commenced operations and has generated no operating revenues to date. As of September 30, 2024, Nabors held total assets of $329.9 million, an increase from $318.0 million at the end of the previous fiscal year. This growth was primarily driven by an increase in marketable securities held in the Trust Account, which rose to $328.0 million from $315.7 million.
The company reported a net income of $11.3 million for the nine months ended September 30, 2024, compared to $3.5 million for the same period in the previous year. For the three months ended September 30, 2024, net income was $3.8 million, slightly up from $3.5 million in the same quarter of 2023. The increase in net income was attributed to higher interest income from marketable securities, which amounted to $12.3 million for the nine months ended September 30, 2024, compared to $3.3 million for the same period in 2023.
Cash and cash equivalents decreased to $1.6 million as of September 30, 2024, from $2.0 million at the end of 2023. The company reported net cash used in operating activities of $264,250 for the nine months ended September 30, 2024, an improvement from $544,434 in the prior year. The accumulated deficit increased to $(12.9 million) from $(11.9 million) at the end of 2023, reflecting ongoing operational costs.
Nabors Energy Transition Corp. II completed its Initial Public Offering (IPO) on July 18, 2023, raising gross proceeds of $305 million from the sale of 30.5 million units. The company also sold 9.5 million private placement warrants for $9.5 million. As of September 30, 2024, the company had a working capital of $1.6 million and is actively seeking a target company for its initial business combination, which must be completed by July 18, 2025, to avoid liquidation.
Administrative expenses increased to $135,000 for the nine months ended September 30, 2024, compared to $37,500 for the same period in 2023, reflecting the costs associated with public company compliance and operational activities. The company has no long-term debt or capital lease obligations and has incurred deferred legal fees of $823,703 as of September 30, 2024, up from $343,684 at the end of 2023.
About Nabors Energy Transition Corp. II
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