Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 2

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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     (70,019) 
     (70,019)

    Balance – March 31, 2025 
     —  
    $—  
     6,325,000  
    $633  
    $24,367  
    $(70,019) 
    $(45,019)

  (1) On May 20, 2025, the Company effected a share recapitalization pursuant to which the Company issued an additional 575,000 founder shares to the Sponsor for no additional consideration, resulting in the Sponsor holding an aggregate 6,325,000 founder shares issued and outstanding. All share and per share data has been retroactively presented (see Note 5 and Note 9).  (2) Includes up to 825,000 Class B ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (see Note 5). 

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

3

PROCAP ACQUISITION CORP

STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM JANUARY 2, 2025 (INCEPTION)
THROUGH MARCH 31, 2025

(UNAUDITED)

    Cash Flows from Operating Activities: 

    Net loss 
    $(70,019)
  
    Adjustments to reconcile net loss to net cash used in operating activities: 

    Payment of general and administrative costs through promissory note – related party 
     60,895 
  
    Changes in operating assets and liabilities: 

    Accrued expenses 
     9,124 
  
    Net cash used in operating activities 
     — 

    Net Change in Cash 
     — 
  
    Cash – Beginning of period 
     — 
  
    Cash – End of period 
    $— 

    Noncash investing and financing activities: 

    Deferred offering costs included in accrued offering costs 
    $179,209 
  
    Deferred offering costs paid through promissory note - related party 
    $40,000 
  
    Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares 
    $25,000 

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

4

PROCAP ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

M