Company: PCAP
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108209
Chunk: 4

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

(UNAUDITED)

    Cash Flows from Operating Activities: 

    Net income 
    $3,390,355 
  
    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 
     (3,707,094)
  
    Change in fair value of over-allotment option liability 
     (21,211)
  
    Adjustment to accrued offering costs 
     (35,000)
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     (77,991)
  
    Accrued expenses 
     22,779 
  
    Net cash used in operating activities 
     (347,267)

    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 – related party 
     (200,659)
  
    Payment of offering costs 
     (343,500)
  
    Net cash provided by financing activities 
     251,555,841 

    Net Change in Cash 
     1,208,574 
  
    Cash – Beginning of period 
     — 
  
    Cash – End of period 
    $1,208,574 

    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 
    $19,458,786 
  
    Deferred underwriting fee payable 
    $11,250,000 
  
    Forfeiture of Founder Shares