Newbury Street II Acquisition Corp reported its financial results for the quarter ending March 31, 2025, revealing a net income of $1.7 million, primarily driven by interest income from its Trust Account. The company earned $1.83 million in interest on cash and securities held in the Trust Account, while incurring operating costs of $155,106. This marks a significant increase in net income compared to the previous fiscal period, where the company had not yet commenced operations and thus reported no income.
The company, which went public on November 4, 2024, through an Initial Public Offering (IPO) that raised $172.5 million, has seen its total assets grow to approximately $177.7 million as of March 31, 2025. This includes $176.4 million held in the Trust Account, which is designated for future business combinations. The increase in total assets from $176.1 million at the end of 2024 reflects the successful execution of the IPO and the full exercise of the underwriter's over-allotment option.
Operationally, Newbury Street II Acquisition Corp has not yet identified a target for its initial business combination, which it must complete by November 4, 2026. The company has maintained a working capital of approximately $1.19 million, with cash reserves of $1.13 million. As of the reporting date, the company had 17,998,375 Class A Ordinary Shares and 6,118,000 Class B Ordinary Shares outstanding. The company is classified as a smaller reporting company and an emerging growth company, allowing it to take advantage of certain regulatory exemptions.
The filing also highlights the potential risks facing the company, including geopolitical instability and changes in international trade policies, which could impact its ability to identify suitable business combination targets. The company has indicated that it may need to raise additional funds to complete its initial business combination or to cover redemptions of public shares, should a significant number of shareholders choose to redeem their shares upon the completion of a business combination.
Looking ahead, Newbury Street II Acquisition Corp remains focused on identifying a target for its business combination while navigating the evolving regulatory landscape for special purpose acquisition companies (SPACs). The company has expressed confidence in its ability to utilize the funds in its Trust Account effectively, although it acknowledges the inherent uncertainties in the current economic environment.
About Newbury Street II Acquisition Corp
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