Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 3

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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ARCH 31, 2025

(Unaudited) 

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS
OPERATIONS

ProCap Acquisition Corp (the “Company”)
is a blank check company incorporated as a Cayman Islands exempted corporation on January 2, 2025. The Company was incorporated for
the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business
Combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination
target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any
Business Combination target with respect to an initial Business Combination with the Company.

As of March 31, 2025, the Company had not commenced
any operations. All activity for the period from January 2, 2025 (inception) through March 31, 2025 relates to the Company’s
formation and the initial public offering (the “Initial Public Offering), which is described below. The Company will not generate
any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating
income in the form of interest income on investments from the proceeds derived from the Initial Public Offering. The Company has selected
December 31 as its fiscal year end.

The registration statement for the Company’s
Initial Public Offering was declared effective on May 20, 2025. On May 22, 2025, the Company consummated the Initial Public Offering of
25,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public
Shares”), which includes the partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units,
at $10.00 per Unit, generating gross proceeds of $250,000,000. Each Unit consists of one Class A ordinary share and one-third of one redeemable
warrant (each, a “Public Warrant”).

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 430,000 units (the “Private Placement Units”) at a price of $10.00 per
Private Placement Unit, in a private placement to the Company’s sponsor, ProCap Acquisition Sponsor, LLC (the “Sponsor”