Company: IPODW
Filing Date: 2025-03-25
Form Type: S-1/A
Source: 0001013762-25-002292
Chunk: 330

Company: Dune Acquisition Corp II
Filing Date: 2025-03-25
Form: S-1/A
Chunk 330
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 13, 2024 (Inception) through December 31, 2024                       |     | F-6  |
| Notes to Financial Statements                                                                                              |     | F-7  |

F-1 Report of Independent Registered Public Accounting Firm To the Board of Directors and
Stockholders of Dune Acquisition Corporation II Opinion on the Financial Statements We have audited the accompanying balance sheet of Dune Acquisition Corporation II (the “Company”) as of December31, 2024, and the related statements of operations, shareholders’ deficit, and cash flows for the year from September 13, 2024 through December31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December31, 2024, and the results of its operations and its cash flows for the year from September13, 2024 through December31, 2024, in conformity with accounting principles generally accepted in the United States of America. Explanatory Paragraph — Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to the financial statements, the Company does not have sufficient cash and working capital to sustain its operations, and the Company’s ability to execute its business plan is dependent upon its completion of the proposed initial public offering described in Note 1 to the financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is