Company: IPODW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074296
Chunk: 71

Company: Dune Acquisition Corp II
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 detected all our control deficiencies and instances
of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial
Reporting

There was no change in our internal control over
financial reporting that occurred during the fiscal quarter ended June 30, 2025, that has materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.

17

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

As a smaller reporting company under Rule 12b-2
of the Exchange Act, we are not required to include risk factors in this Quarterly Report. For additional risks relating to our operations,
see the section titled “Risk Factors” contained in our final prospectus for the Initial Public Offering filed with the SEC
on May 8, 2025. Any of these factors could result in a significant or material adverse effect on our results of operations or financial
condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results
of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our final
prospectus for the Initial Public Offering filed with the SEC, except we may disclose changes to such factors or disclose additional factors
from time to time in our future filings with the SEC. 

Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.

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. The Units were sold at an offering price of $10.00 per unit, generating total gross proceeds of $143,750,000. Clear Street LLC.
acted as sole book-running manager of the Initial Public Offering. The securities in the offering were registered under the Securities
Act on registration statement on Form S-1 (No. 333-285639). The Securities and Exchange Commission declared the registration statements
effective on May 6, 2025.

Simultaneous with the closing of the Initial
Public Offering, the Sponsor consummated the private