SilverBox Corp IV, incorporated on April 16, 2024, is focused on executing a business combination through mergers, acquisitions, or similar transactions. As of June 30, 2024, the company reported a net loss of $23,660, primarily due to general and administrative expenses, with no revenues generated to date. The total shareholder's equity decreased significantly from $25,000 at inception to $1,340 by the end of the reporting period.
The company completed its Initial Public Offering (IPO) on August 19, 2024, successfully selling 20,000,000 units at $10.00 per unit, generating gross proceeds of $200 million. Additionally, 455,000 Private Placement Units were sold at the same price, yielding $4.55 million. The total transaction costs associated with the IPO amounted to $13,000,434, which included cash underwriting fees of $1,700,000 and deferred underwriting fees of $10,300,000.
As of June 30, 2024, SilverBox Corp IV had 20,455,000 Class A ordinary shares and 5,750,000 Class B ordinary shares issued and outstanding. The company’s liquidity status was concerning, as it did not have sufficient funds to meet its current obligations. However, management indicated that funding from the Sponsor would be available to cover working capital needs until at least the IPO date.
The company has established a Trust Account containing $201 million, which will be utilized for future business combinations. The funds in this account are to be invested in U.S. government securities or money market funds. The company is required to complete one or more initial business combinations with an aggregate fair market value of at least 80% of the Trust Account value within 24 months of the IPO.
In terms of governance, the Sponsor, directors, and officers have agreed to waive their redemption rights for Founder Shares and Public Shares in connection with the initial business combination. The company has also committed to pay the Sponsor $15,000 per month for administrative support services starting August 15, 2024.
Overall, SilverBox Corp IV is in the early stages of its operations, with significant financial activities centered around its IPO and preparations for future business combinations.
About SilverBox Corp IV
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