Dune Acquisition Corp II
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
CCAQ$10.600.0%Stored close · as of Nov 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001213900-25-074296
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001213900-25-111055
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 33 previous paragraphs and 37 current paragraphs.
27 unchanged; 5 reworded; 3 added; 1 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
For the period from September 13, 2024 (inception) through September 30, 2024, we had a net loss of $16,230 which consists of formation and general and administrative costs.
Current report
Liquidity, Capital Resources and Going Concern
Current report
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 for a period of time within one year after the date that the accompanying financial statements are issued. Management plans to address this uncertainty through a Business Combination.
Removed paragraphs (1)
Previous report
Liquidity and Capital Resources
Reworded paragraphs (5)
Previous wording
For the three months ended June 30, 2025, we had net income of $761,019, which consists of interest income on marketable securities held in the Trust Account of $873,464 offset by formation and general and administrative costs of $112,445.
Current wording
For the three months ended September 30, 2025, we had net income of $1,335,424, which consists of interest income on marketable securities held in the Trust Account of $1,514,706 offset by formation and general and administrative costs of $179,282.
Previous wording
For the six months ended June 30, 2025, we had a net income of $712,925 which consists of interest income on marketable securities held in the Trust Account of $973,464 offset by formation and general and administrative costs of $160,539.
Current wording
For the nine months ended September 30, 2025, we had a net income of $2,048,349 which consists of interest income on marketable securities held in the Trust Account of $2,388,170 offset by formation and general and administrative costs of $339,821.
Previous wording
For the six months ended June 30, 2025, cash used in operating activities was $205,109. Net income of $712,925 was affected by interest earned on marketable securities held in the Trust Account of $873,464 offset by the payment of offering costs through promissory note of $23,500 and the payment of operating costs through advances from related party of $4,320. Changes in operating assets and liabilities used $72,390 of cash for operating activities.
Current wording
For the nine months ended September 30, 2025, cash used in operating activities was $392,962. Net income of $2,048,349 was affected by interest earned on marketable securities held in the Trust Account of $2,388,170 offset by the payment of offering costs through promissory note of $23,500 and the payment of operating costs through advances from related party of $4,320. Changes in operating assets and liabilities used $80,961 of cash for operating activities.
Previous wording
As of June 30, 2025 we had marketable securities held in the Trust Account of $144,982,39 (including approximately $873,464 of interest income) consisting of money market funds invested in U.S. treasury securities. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **
Current wording
As of September 30, 2025 we had marketable securities held in the Trust Account of $146,497,545 (including approximately $2,388,170 of interest income) consisting of money market funds invested in U.S. treasury securities. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
Previous wording
As of June 30, 2025, we had cash of $589,755. 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.
Current wording
As of September 30, 2025, we had cash of $401,902. 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.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the period from September 13, 2024 (inception) through September 30, 2024, cash used in operating activities was $0. Net loss of $16,230 was affected by changes in operating assets and liabilities which used $16,230 of cash for operating activities.
Current report — wording carried from elsewhere
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.