Company: IPODW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111055
Chunk: 24

Company: Dune Acquisition Corp II
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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2025(Unaudited) Promissory Note — Related Party  The Sponsor had agreed to loan the Company an aggregate of up to $150,000, as amended, to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest bearing, unsecured and due at the earlier of September 30, 2025 or the closing of the Initial Public Offering. As of May 8, 2025, the Company had borrowed $150,000 under the promissory note. This amount was repaid at the close of the Initial Public Offering and borrowings under this note are no longer allowed.  Administrative Services Agreement  Commencing on the effective date of the Initial Public Offering, May 6, 2025, the Company entered into an agreement with the Sponsor or an affiliate to pay an aggregate of $15,000 per month for utilities and secretarial and administrative support. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three months ended September 30, 2025 the Company incurred and paid $45,000 and $90,000, respectively, for these fees. For the nine months ended September 30, 2025 the Company incurred and paid $75,000 and $125,000, respectively, of which $45,000 is included in the prepaid expenses under balance sheet.  Working Capital Loans  In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of September 30, 2025 and December 31, 2024 no such Working Capital Loans were outstanding.  

NOTE 6. COMMITMENTS Risks and Uncert