Company: IPODW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074296
Chunk: 32

Company: Dune Acquisition Corp II
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 II LLC (the “Sponsor”), generating gross proceeds of $2,000,000.

Following the Initial Public Offering, the full
exercise of the over-allotment option, and the sale of the Private Placement Warrants, a total of $144,109,375 ($10.025 per Unit) was
placed in the Trust Account. We incurred transaction costs of $6,637,469, consisting of $550,000 of a cash underwriting fee, $5,750,000
of deferred underwriting fees and $337,469 of other offering costs.

For the six months ended June 30, 2025, cash
used in operating activities was $205,109. Net income of $712,925 was affected by interest earned on marketable securities held in the
Trust Account of $873,464 offset by the payment of offering costs through promissory note of $23,500 and the payment of operating costs
through advances from related party of $4,320. Changes in operating assets and liabilities used $72,390 of cash for operating activities.  

As of June 30, 2025 we had marketable securities
held in the Trust Account of $144,982,39 (including approximately $873,464 of interest income) consisting of money market funds invested
in U.S. treasury securities. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all
of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable),
to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to
complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations
of the target business or businesses, make other acquisitions and pursue our growth strategies.  

As of June 30, 2025, we had cash of $589,755.
We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due
diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses
or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure,
negotiate and complete a Business Combination.

In order to fund working capital deficiencies
or finance transaction costs in connection with a Business Combination, our Sponsor, or an