Company: PCAP
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074297
Chunk: 17

Company: ProCap Acquisition Corp
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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’s balance sheet. As of June 30, 2025, the Class A ordinary shares subject
to possible redemption reflected in the balance sheet are reconciled in the following table:

    Gross proceeds 
    $250,000,000 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (1,816,667)
  
    Proceeds allocated to over-allotment option 
     (21,211)
  
    Class A ordinary shares issuance costs 
     (13,913,814)
  
    Plus: 

    Initial measurement of carrying value to redemption value 
     15,751,692 
  
    Remeasurement of carrying value to redemption value 
     1,114,608 
  
    Class A Ordinary Shares subject to possible redemption, June 30, 2025 
    $251,114,608 

Recent Accounting Pronouncements

Management does not believe that any other recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited financial
statements.

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering on May
22, 2025, the Company sold 25,000,000 Units, which includes the partial exercise by the underwriters of their over-allotment option
in the amount of 3,000,000 Units, at a price of $10.00 per Unit. Each Unit consists of one Class A ordinary share, and one-third
of one redeemable Public Warrant.

10

PROCAP ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited) 

Each Warrant will become exercisable 30 days after
the completion of the Company’s initial Business Combination and will expire five years after the completion of the Company’s
initial Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete its initial Business
Combination within the Completion Window, the Warrants will expire at the end of such period. If the Company is unable to deliver registered
shares of common stock to the holder upon exercise of the Warrants during the exercise period, there will be no net cash settlement of
these Warrants and the Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described
in the warrant agreement. Once the warrants become exercisable, the