Vine Hill Capital Investment Corp., incorporated on May 24, 2024, is classified as a shell company and has not commenced operations as of June 30, 2024. The company reported a net loss of $41,000 for the period from inception through June 30, 2024, with total shareholder equity at $(16,000). As of June 30, 2024, the company had no cash balance and a working capital deficit of approximately $208,000, excluding deferred offering costs.

The company completed its initial public offering (IPO) on September 9, 2024, selling 22,000,000 Units at $10.00 each, generating gross proceeds of $220,000,000. This offering included 2,000,000 Units from the underwriters’ over-allotment option. Following the IPO, the company also sold 5,500,000 Private Placement Warrants at $1.00 each, raising an additional $5,500,000. The total amount deposited in the trust account reached $221,100,000, which will be invested in U.S. government treasury bills or money market funds. These funds will remain in the trust account until the completion of the initial business combination or the redemption of Class A ordinary shares if the business combination is not completed within 21 months.

As of June 30, 2024, the company had issued 7,666,667 Class B ordinary shares, which were later reduced to 7,333,334 shares following the forfeiture of 333,333 shares due to the underwriters’ partial exercise of their over-allotment option. The company’s management has determined that it has sufficient funds for its working capital needs for at least one year from the date of the financial statements.

The company has incurred significant costs related to its financing and acquisition plans, with estimated liquidity requirements including $350,000 for legal and accounting expenses, $100,000 for regulatory reporting, and $396,000 for payments to officers. The Chief Executive Officer and Chief Financial Officer will receive $33,000 per month, with part of this compensation deferred until the initial business combination.

Vine Hill Capital Investment Corp. has no long-term debt or off-balance sheet arrangements as of June 30, 2024, and there are no pending litigations against the company or its officers. The company has not identified any critical accounting estimates that could materially differ from actual results.