Company: PCAP
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074297
Chunk: 4

Company: ProCap Acquisition Corp
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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: 

    Net income 
    $925,246 
  
    Adjustments to reconcile net income to net cash used in operating activities: 

    Payment of general and administrative costs through promissory note – related party 
     80,895 
  
    Interest earned on cash held in Trust Account 
     (1,114,608)
  
    Change in fair value of over-allotment option liability 
     (14,188)
  
    Adjustment to accrued offering costs 
     (35,000)
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     (79,995)
  
    Accrued expenses 
     49,178 
  
    Net cash used in operating activities 
     (188,472)

    Cash Flows from Investing Activities: 

    Investment of cash into Trust Account 
     (250,000,000)
  
    Net cash used in investing activities 
     (250,000,000)

    Cash Flows from Financing Activities: 

    Proceeds from sale of Units, net of underwriting discounts paid 
     247,800,000 
  
    Proceeds from sale of Private Placement Units 
     4,300,000 
  
    Proceeds from promissory note 
     (200,659)
  
    Payment of offering costs 
     (343,500)
  
    Net cash provided by financing activities 
     251,555,841 

    Net Change in Cash 
     1,367,369 
  
    Cash – Beginning of period 
     — 
  
    Cash – End of period 
    $1,367,369 

    Noncash investing and financing activities: 

    Deferred offering costs included in accrued offering costs 
    $110,000 
  
    Deferred offering costs paid through promissory note - related party 
    $123,109 
  
    Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares 
    $25,000 
  
    Prepaid services paid by Sponsor through the promissory note – related party 
    $20,000 
  
    Accretion of Class A ordinary shares to redemption value 
    $16,866,300 
  
    Deferred underwriting fee payable 
    $11,250,000 

The accompanying notes are an integral part of
the unaudited financial statements. 

4

PROCAP ACQUISITION CORP