GSR III Acquisition Corp. Files Q3 2024 10-Q

TL;DR

GSR III Acquisition Corp. filed its Q3 10-Q. SPAC life continues.

AI Summary

GSR III Acquisition Corp. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in the Cayman Islands, is a blank check company. Its principal executive offices are located in Austin, Texas.

Why It Matters

This filing provides an update on GSR III Acquisition Corp.'s financial status and operations for the third quarter of 2024, which is crucial for investors tracking the SPAC's progress.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a SPAC, providing standard financial and operational updates.

Key Players & Entities

• GSR III Acquisition Corp. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• Cayman Islands (location) — Jurisdiction of incorporation
• Austin, TX (location) — Principal executive offices location

FAQ

Key Financial Figures

• $0.0001 — LLC Class A ordinary share, par value $0.0001 per share GSRT The Nasdaq Stock Market

Filing Documents

• ea0225502-10q_gsr3acq.htm (10-Q) — 302KB
• ea0225502ex31-1_gsr3acq.htm (EX-31.1) — 11KB
• ea0225502ex31-2_gsr3acq.htm (EX-31.2) — 17KB
• ea0225502ex32-1_gsr3acq.htm (EX-32.1) — 7KB
• ea0225502ex32-2_gsr3acq.htm (EX-32.2) — 7KB
• 0001213900-24-111949.txt ( ) — 2243KB
• gsrt-20240930.xsd (EX-101.SCH) — 22KB
• gsrt-20240930_cal.xml (EX-101.CAL) — 9KB
• gsrt-20240930_def.xml (EX-101.DEF) — 133KB
• gsrt-20240930_lab.xml (EX-101.LAB) — 175KB
• gsrt-20240930_pre.xml (EX-101.PRE) — 128KB
• ea0225502-10q_gsr3acq_htm.xml (XML) — 155KB

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15 PART II Other Information 16 Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17 i GSR III ACQUISITION CORP. BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current Assets: Prepaid expenses $ - $ 8,502 Total Current Assets - 8,502 Non-Current Assets Deferred offering costs 749,792 - Total Assets $ 749,792 $ 8,502 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accrued expenses $ 704,541 $ - Promissory note – related party 39,756 - Total Current Liabilities 744,297 - Shareholders' Equity (Deficit) Preferred shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 - - Class A ordinary shares, $ 0.0001 par value; 200,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 - - Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023 575 575 Additional paid in capital 137,653 24,425 Accumulated deficit ( 132,733 ) ( 16,498 ) Total Shareholders' Equity 5,495 8,502 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 749,792 $ 8,502 The accompanying notes are an integral part of these unaudited financial statements. 1 GSR III ACQUISITION CORP. (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, For the Period from May 10, 2023 (Inception) through September 30, 2024 2023 2024 2023 General and administrative expenses $ 85,810 $ - $ 116,235 $ 13,392 Net Loss $ ( 85,810 ) $ - $ ( 116,235 ) $ ( 13,392 ) Weighted average Class B ordinary shares outstanding, basic and diluted 5,750,000 5,750,000 5,750,000 5

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS GSR III Acquisition Corp. (the "Company") is a blank check company incorporated as a Cayman Islands exempted company on May 10, 2023. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities that the Company has not yet identified ("Business Combination"). As of September 30, 2024, the Company had not yet commenced operations. All activity for the period from May 10, 2023 (inception) through September 30, 2024 relates to the Company's formation and the initial public offering (the "Initial Public Offering"). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company expects to generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. Financing The registration statement for the Company's Initial Public Offering was declared effective on November 7, 2024. On November 8, 2024, the Company consummated the Initial Public Offering of 23,000,000 units including 3,000,000 additional public units as the underwriters' over-allotment option was exercised in full (the "Units" and, with respect to the shares of Class A ordinary shares included in the Units being offered, the "Public Shares"), at $ 10.00 per Unit, generating gross proceeds of $ 230,000,000 . Simultaneously with the consummation of the Initial Public Offering and the sale of the Units, the Company consummated the private placement ("Private Placement") of 422,500 units including 7,500 additional private placement units as the underwriters' over-allotment option was exercised in full (the "Private Placement Units") to GSR III Sponsor LLC (the "Spons

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