Company: PCAP
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074297
Chunk: 100

Company: ProCap Acquisition Corp
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 securities
law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise.

Overview

We are a blank check company incorporated in the
Cayman Islands on January 2, 2025 formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition,
share purchase, reorganization or other similar Business Combination with one or more businesses. We intend to effectuate our Business
Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Units, our shares,
debt or a combination of cash, shares and debt.

We expect to continue to incur significant costs
in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities from January 2, 2025 (inception) through June 30, 2025 were organizational activities,
those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination. Subsequent to the Initial
Public Offering, we generate non-operating income in the form of interest income on cash held in the 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 June 30, 2025, we had
net income of $995,265, which consisted of interest earned on cash held in Trust Account of $1,114,608 and a change in the fair value
of the over-allotment option liability of $14,188, offset by general and administrative costs of $133,531.

For the period from January 2, 2025 (inception) through June 30,
2025, we had net income of $925,246, which consisted of interest earned on cash held in Trust Account of $1,114,608 and a change in the
fair value of the over-allotment option liability of $14,188, offset by general and administrative costs of $203,550.

Liquidity and Capital Resources

Until the consummation of the Initial Public Offering,
our only source of liquidity was an initial purchase of shares of Class