EQV Ventures Acquisition Corp. Releases Q3 2024 10-Q Report

EQV Ventures Acquisition Corp., a blank check company focused on the energy industry, has released its Form 10-Q report for the third quarter of 2024. The report provides a detailed overview of the company's financial performance and operational activities, highlighting its recent Initial Public Offering (IPO) and strategic plans for future business combinations.

Financial Highlights

• Net Income: $2.961 million, driven by interest earned on marketable securities held in the Trust Account and a change in the fair value of the over-allotment liability.
• Net Income Per Ordinary Share, Class A: $0.10, reflecting the allocation of net income to Class A ordinary shares.
• Net Income Per Ordinary Share, Class B: $0.10, reflecting the allocation of net income to Class B ordinary shares.

Business Highlights

Company Overview

EQV Ventures Acquisition Corp. is a blank check company 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 or entities. The company is focused on the energy industry, primarily targeting the upstream exploration and production sector.

Initial Public Offering

On August 8, 2024, EQV Ventures Acquisition Corp. completed its Initial Public Offering (IPO) of 35,000,000 units at $10.00 per unit, generating gross proceeds of $350 million. Simultaneously, the company completed the sale of 662,500 Private Placement Units to the Sponsor and BTIG, generating additional gross proceeds of $6.625 million.

Trust Account

Following the IPO, $350 million from the net proceeds was placed in a trust account to be used for a future business combination. The funds are invested in U.S. government securities or money market funds meeting certain conditions.

Operational Strategy

The company intends to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform due diligence, and complete a business combination. The management has broad discretion with respect to the application of the net proceeds.

Future Outlook

EQV Ventures Acquisition Corp. plans to complete a business combination within 24 months from the closing of the IPO. If unable to do so, the company will redeem the public shares and liquidate. The company is actively seeking potential targets in the energy sector and aims to leverage its capital to acquire a business with significant growth potential.

SEC Filing: EQV Ventures Acquisition Corp. Releases Q3 2024 [ NYSE:EQV ] - 10-Q - Nov. 12, 2024