Company: APACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001829126-25-009045
Chunk: 104

Company: StoneBridge Acquisition II Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Part II, Item 8
Chunk 104
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Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the proceeds from the IPO and Private Placement held in the Trust Account will not be released until the earliest of (i) the completion of our initial business combination, (ii) the redemption of our public shares if we are unable to complete our initial business combination within the Combination Period, subject to applicable law, or (iii) the redemption of our public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association to (A) modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination within the Combination Period or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity.

We have incurred and expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a business combination will be successful.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our only activities since June 19, 2024, the date of our inception, have been organizational activities and those necessary to prepare for our IPO. We will not generate any operating revenues until after completion of our initial business combination. We expect to generate non-operating income in the form of interest income on cash and cash equivalents. We expect to incur increased expenses as a result of becoming a public company (for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective business combination candidates.

For the three and nine months ended September 30, 2025, we had net losses of $46,415 and $58,376, respectively, which are comprised of formation and operating costs.

Liquidity and Capital Resources

As of September 30, 2025, our cash balance was $1,791 and we had a working capital deficit of $486,175. Our sponsor agreed to loan us up to $800,000 in loans to cover organizational, IPO-related and post-IPO expenses. These loans were evidenced by a promissory note dated as of August 1, 2024, as amended on April 1, 2025, or as amended, the Promissory Note. As of September 30, 202