Company: IPODW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111055
Chunk: 36

Company: Dune Acquisition Corp II
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 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.

We do not believe we will need to raise additional
funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target
business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so,
we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional
financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares
upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such
Business Combination.

As of September 30, 2025, we had operating cash
and cash equivalents of $401,902 and a working capital surplus of $401,633. 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.

18

In connection with Management’s assessment
of going concern considerations in accordance with ASC 205-40, “Going Concern,” as of June 30, 2025, the Company may need
to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties.
Our officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever
amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may
not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional
measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit
of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available
to it on commercially acceptable terms, if at all. The Company’s liquidity condition raises substantial doubt about the Company’s
ability to continue as a going concern