Company: PCAP
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074297
Chunk: 107

Company: ProCap Acquisition Corp
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 closing of our Initial Public Offering
on May 22, 2025, a total of $250,000,000 (which amount includes $11,250,000 of the Deferred Fee) was placed in a U.S.-based Trust Account
maintained by Odyssey Transfer and Trust Company, acting as trustee. The proceeds held in the Trust Account may be invested by the trustee
only in U.S. government securities with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury
obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. The Company may, at any time (based on management
team’s ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee
to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing
demand deposit account at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment
Company Act, which risk increases the longer that we hold investments in the Trust Account, we may, at any time (based on the Management
Team’s ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee
to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest-bearing
demand deposit account at a bank.

Transaction costs amounted to $14,026,609, consisting
of $2,200,000 of cash underwriting fee, $11,250,000 of deferred underwriting fee, and $576,609 of other offering costs.

The remaining proceeds from the Initial Public
Offering and the Private Placement are held outside the Trust Account. Such funds are being used primarily to enable us to identify a
target and to negotiate and consummate our initial Business Combination.

There has been no material change in the planned
use of the proceeds from our Initial Public Offering and the Private Placement as described in the IPO Registration Statement. The specific
investments in our Trust Account may change from time to time.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Trading Arrangements

During the quarterly period ended June 30, 2025,
none of our directors or officers (as defined in Rule 16a-1(f) promulg