Vine Hill Capital Investment Corp., incorporated on May 24, 2024, is classified as a shell company and has not commenced operations as of September 30, 2024. The company completed its initial public offering (IPO) on September 9, 2024, raising gross proceeds of $220 million from the sale of 22 million units at $10.00 per unit. This offering included a private placement of 5.5 million warrants, generating an additional $5.5 million. Following the underwriters' partial exercise of their over-allotment option, the total proceeds deposited into the trust account reached approximately $221.1 million.

For the three months ended September 30, 2024, Vine Hill reported other income of $1.379 million, which included $620,000 from the trust account and $759,000 from other sources. The net income for this period was $518,000, while the net income from inception to September 30, 2024, totaled $477,000. The company incurred operating costs of approximately $136,000 during the same three-month period, primarily due to professional fees, insurance, and executive compensation.

As of September 30, 2024, Vine Hill had cash and cash equivalents of approximately $1.416 million and working capital of about $1.504 million. The company 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 trust account funds are earmarked for the initial business combination, which must involve target businesses with a fair market value of at least 80% of the trust account assets.

The company has 22 million Class A ordinary shares and 7.333 million Class B ordinary shares outstanding. The Class B shares, initially issued as founder shares, are subject to certain transfer restrictions and will convert into Class A shares upon the initial business combination. The company has incurred offering costs totaling approximately $10.632 million, which includes underwriting discounts and deferred fees.

Vine Hill is classified as an emerging growth company, allowing it to take advantage of certain reporting exemptions. As of September 30, 2024, there were no unrecognized tax benefits, and the company is exempt from income tax obligations in both the Cayman Islands and the United States. The company has no off-balance sheet financing arrangements or long-term liabilities as of the reporting date.