Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 66

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 8
Chunk 66
---
law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise.

Overview

We are a blank check company incorporated in the
Cayman Islands on January 2, 2025 formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition,
share purchase, reorganization or other similar Business Combination with one or more businesses. We intend to effectuate our Business
Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Units, our shares,
debt or a combination of cash, shares and debt.

We expect to continue to incur significant costs
in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities from January 2, 2025 (inception) through March 31, 2025 were organizational activities,
those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination. Subsequent to the Initial
Public Offering, we generate non-operating income in the form of interest income on marketable securities held in the Trust Account. We
incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as
for due diligence expenses.

For the period from January 2, 2025 (inception)
through March 31, 2025, we had a net loss $70,019, which consisted of general and administrative costs.

Liquidity and Capital Resources

Until the consummation of the Initial Public Offering,
our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value $0.0001 per share, by the Sponsor
and loans from the Sponsor.

Subsequent to the quarterly period covered by
this Quarterly Report on Form 10-Q, on May 22, 2025, we consummated the Initial Public Offering of 25,000,000 Units, which includes the
partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross
proceeds of $250,000,000