Voyager Acquisition Corp. Reports Financial Results Following Initial Public Offering, Net Proceeds of $255.1 Million

As of September 30, 2024, Voyager Acquisition Corp. reported significant financial developments following its Initial Public Offering (IPO) on August 8, 2024. The company generated gross proceeds of $253 million from the sale of 25.3 million units, with an additional $7.7 million raised through a private placement of 7.665 million units. The total offering proceeds amounted to approximately $260.7 million, with net proceeds of $255.1 million after deducting offering expenses.

The company's total assets surged to $256.9 million as of September 30, 2024, a substantial increase from just $71,680 at the end of 2023. This growth was primarily driven by investments held in the trust account, valued at $256.1 million, which are invested in U.S. Treasury securities. Current assets included cash holdings of $757,895, marking a notable increase from no cash or cash equivalents reported at the end of 2023.

Voyager Acquisition Corp. reported a net income of $1.3 million for the three months ended September 30, 2024, and a net income of $1.2 million for the nine-month period. Basic and diluted net income per ordinary share for the third quarter was $0.07, while for the nine months, it was $0.12. However, the accumulated deficit increased to $(11.3 million) from $(5,000) at the end of 2023, reflecting ongoing operational costs and expenses associated with the IPO and business combination pursuits.

Total liabilities decreased significantly to $12.1 million as of September 30, 2024, down from $76,680 at the end of 2023. Current liabilities were reported at $30,000, a reduction from previous levels. The company also noted a deferred underwriting fee payable of $12.045 million, contingent upon the completion of a business combination.

In terms of share structure, Voyager had 25.3 million Class A ordinary shares and 6.3 million Class B ordinary shares outstanding as of November 14, 2024. The company has committed to using the net proceeds from the IPO and private placement primarily for a business combination, which must meet specific valuation criteria relative to the net assets held in the trust account.

Management has indicated that the company has sufficient funds for working capital needs until at least September 30, 2025, following the IPO. However, they acknowledged the potential for increased expenses related to public company compliance and due diligence as they pursue a business combination.