SilverBox Corp IV, incorporated on April 16, 2024, reported its financial performance for the period ending September 30, 2024, following its Initial Public Offering (IPO) on August 19, 2024. The company sold 20,000,000 units at $10.00 each, generating gross proceeds of $200 million. Additionally, it completed a private placement of 455,000 units, raising $4.55 million. As of September 30, 2024, the Trust Account held $202.27 million, primarily in U.S. Treasury Bills.
For the three months ended September 30, 2024, SilverBox Corp IV reported a net income of $1.38 million, with total other income of $1.57 million. The net income for the period from inception through September 30, 2024, was $1.36 million. The company did not generate any revenue during this period, as it is focused on completing a business combination. The net income was influenced by interest earned on investments in the Trust Account, totaling $1.27 million, and a change in the fair value of the over-allotment option liability amounting to $306,504.
As of September 30, 2024, the company had a total shareholders' deficit of $(9.64 million), a significant increase from $(1,340) as of June 30, 2024. This change reflects the impact of the IPO and associated costs, which totaled $13 million, including underwriting fees and other offering costs. The company reported cash and cash equivalents of $952,134 and working capital of $926,956, indicating sufficient funds for operational needs for at least one year.
The company has established a 24-month window to complete its initial business combination, with a requirement to achieve a fair market value of at least 80% of the Trust Account value. If the business combination is not completed within this timeframe, the company will cease operations and redeem public shares at the Trust Account value.
As of September 30, 2024, SilverBox Corp IV had 20,455,000 Class A ordinary shares and 5,000,000 Class B ordinary shares outstanding. The Class B shares hold exclusive voting rights for the appointment or removal of directors prior to the business combination. The company has no long-term debt or significant liabilities, apart from a monthly payment of $15,000 to the Sponsor for administrative support services.
About SilverBox Corp IV
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