FIGX Capital Acquisition Corp. 10-Q Summary
Business Context and Reporting Period
Company: FIGX Capital Acquisition Corp. (FIGX), a Cayman Islands exempted company and Special Purpose Acquisition Company (SPAC).
Reporting Period: Quarterly period ended September 30, 2025.
Business Status: The Company is in the pre-business combination phase. It was incorporated on February 20, 2025, and consummated its Initial Public Offering (IPO) on June 30, 2025. It has not yet commenced operations or generated operating revenue. The Company intends to focus on the financial and business services industry.
Deadline: The Company has until June 30, 2027 (24 months from IPO) to consummate an initial Business Combination.
Key Financial Metrics
| Metric | Value (as of Sept 30, 2025) |
|---|---|
| Trust Account Balance | $152,246,061 |
| Cash (Outside Trust) | $1,023,157 |
| Working Capital | $978,531 |
| Net Income (3 Months Ended Sept 30) | $1,436,792 |
| Net Income (Inception to Sept 30) | $1,157,636 |
| Operating Expenses (3 Months) | $159,269 |
| Deferred Underwriting Fee | $6,419,000 |
| Redemption Value per Public Share | $10.10 |
Material Changes and Results of Operations
The Company reported a net income of $1,436,792 for the three months ended September 30, 2025. This income is derived entirely from non-operating sources, specifically interest earned on investments held in the Trust Account ($1,596,061), which offset formation and general and administrative costs of $159,269.
For the period from inception (February 20, 2025) through September 30, 2025, the Company reported a net income of $1,157,636. This includes share-based compensation expense of $164,499 related to the issuance of Founder Shares to independent directors and management.
There were no material changes in the Company's financial position compared to the prior quarter other than the accrual of interest income in the Trust Account, which increased the redemption value per share from $10.00 to $10.10.
Outlook, Risks, and Contingencies
- Liquidity: The Company has sufficient funds to operate for at least one year from the date of the report. It holds $1,023,157 in cash outside the Trust Account for working capital needs.
- Financing: The Sponsor and affiliates may provide "Working Capital Loans" up to $1,500,000 to fund transaction costs. These loans may be convertible into units of the post-combination entity. As of September 30, 2025, no such loans were outstanding.
- Deferred Fees: A deferred underwriting fee of $6,419,000 is payable to underwriters only upon the completion of a Business Combination.
- Risks: The Company faces risks common to SPACs, including the inability to complete a Business Combination within the 24-month window, which would trigger a liquidation and redemption of public shares. The Company is also subject to risks associated with being an emerging growth company and potential changes in market conditions.
- Related Party Transactions: The Company pays the Sponsor $10,000 per month for administrative services. As of September 30, 2025, $9,021 was owed to the Sponsor.
Investor Verification Checklist
- Trust Account Growth: Verify the current interest rate environment and its impact on the Trust Account balance, which determines the redemption price for public shareholders.
- Extension Provisions: Review the Company's ability to extend the Combination Period beyond June 30, 2027, and the shareholder approval requirements for such extensions.
- Deferred Underwriting Fee: Confirm the obligation to pay $6,419,000 upon a successful Business Combination and its impact on the net proceeds available to the combined entity.
- Shareholder Rights: Note that Class B Founder Shares (held by Sponsor and management) have voting control on director appointments prior to a Business Combination, while Public Shares do not.
- Warrant Terms: Verify the exercise price of $11.50 per share and the redemption conditions (triggered if share price exceeds $18.00 for 20 of 30 trading days).