Company: IPODW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111055
Chunk: 35

Company: Dune Acquisition Corp II
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 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 $80,961 of cash for operating activities.  

For the period from September 13, 2024 (inception)
through September 30, 2024, cash used in operating activities was $0. Net loss of $16,230 was affected by changes in operating assets
and liabilities which used $16,230 of cash for operating activities.  

As of September 30, 2025 we had marketable securities
held in the Trust Account of $146,497,545 (including approximately $2,388,170 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 September 30, 2025, we had cash of $401,902.
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 affiliate of our Sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would
repay such loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside
the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000
of such loans may be