Company: IPODW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111055
Chunk: 34

Company: Dune Acquisition Corp II
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 Trust Account. We incur expenses as a result of being a public
company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2025,
we had net income of $1,335,424, which consists of interest income on marketable securities held in the Trust Account of $1,514,706 offset
by formation and general and administrative costs of $179,282.

For the nine months ended September 30, 2025,
we had a net income of $2,048,349 which consists of interest income on marketable securities held in the Trust Account of $2,388,170 offset
by formation and general and administrative costs of $339,821.

For the period from September 13, 2024 (inception)
through September 30, 2024, we had a net loss of $16,230 which consists of formation and general and administrative costs.

Liquidity, Capital Resources and Going Concern

On May 8, 2025, we consummated the Initial
Public Offering of 14,375,000 Units, which included the full exercise by the underwriters of their over-allotment option in the amount
of 1,875,000 Units, at $10.00 per Unit generating gross proceeds of $143,750,000. Simultaneously with the closing of the Initial Public
Offering, we completed the sale of 2,000,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private
placement to our Dune Acquisition Holdings II LLC (the “Sponsor”), generating gross proceeds of $2,000,000.

Following the Initial Public Offering, the full
exercise of the over-allotment option, and the sale of the Private Placement Warrants, a total of $144,109,375 ($10.025 per Unit) was
placed in the Trust Account. We incurred transaction costs of $6,637,469, consisting of $550,000 of a cash underwriting fee, $5,750,000
of deferred underwriting fees and $337,469 of other offering costs.

For the nine months ended September 30, 2025,
cash used in operating activities was $392,962. Net income of $2,048,349 was affected by interest earned on marketable securities held
in the Trust Account of $2,388,170 offset