While total assets are reported at $305.1 million, the vast majority are locked in a trust, leaving the firm with a vulnerable liquidity position and an accumulated deficit of $11.6 million.
| Total Current Assets | 1.26M | 810.12K | 24 |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 303.86M | 310M | 54 |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 303.86M | 0 | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 305.12M | 310.81M | 77 |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 0% | 99999900% | - |
| Total Current Liabilities | 91K | 95.68K | 71 |
| Accounts Payable | 0 | 20.68K | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 68 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 91K | 0 | 0 |
| Current Ratio | 13.83x | 8.47x | 0.33x |
| Quick Ratio | 13.83x | 8.47x | 0.33x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 12.79M | 12.79M | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 12.88M | 12.88M | 71 |
| Total Debt | 0 | 0 | 68 |
| Net Debt | -1.09M | -701.59K | 68 |
| Debt / Equity | 0.00x | - | 10.51x |
| Debt / EBITDA | -0.00x | - | 188.94x |
| Net Debt / EBITDA | 6.96x | - | 188.94x |
| Interest Coverage | - | - | - |
| Total Equity | 292.24M | 297.92M | 6 |
| Equity Growth % | 0% | 99999900% | - |
| Book Value per Share | 9.69 | 7.76 | 0.00 |
| Total Shareholders' Equity | 292.24M | 297.92M | 6 |
| Common Stock | 303.86M | 310M | 750 |
| Retained Earnings | -11.62M | -12.08M | -19 |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and deal failure
As reported in the 2025Q2 financial statements, NPAC maintains a total cash position of $1.1 million, yet the critical distinction between trust-restricted funds and the $701,592 in operating cash suggests a narrow window for the sponsor to finalize a business combination before exhausting available capital.
The current ratio of 13.83 appears deceptively strong, as it is heavily skewed by the inclusion of trust assets that are legally restricted from being used for general corporate purposes. Investors should monitor the depletion rate of the operating cash balance, as any further decline may necessitate dilutive sponsor loans or an extension vote to maintain the entity's viability.
Based on the 2025Q2 balance sheet, the company reports $292.2 million in equity, which is primarily composed of capital contributions offset by a $11.6 million accumulated deficit, reflecting the ongoing erosion of shareholder value through administrative expenses incurred during the search for a target.
The negative retained earnings balance highlights the structural reality that the shell company is a value-consuming vehicle until a merger is successfully executed. This accumulation of deficits suggests that the equity base is effectively a placeholder, and its long-term quality remains entirely dependent on the sponsor's ability to secure a target that can reverse this trend.
According to recent SEC filings, the company's balance sheet trajectory remains stagnant, characterized by a lack of operational assets and a reliance on interest-bearing trust funds, which indicates that the business quality is currently tethered to the macro interest rate environment rather than internal growth.
The absence of PPE or intangible assets confirms that the entity is purely a financial shell, with no underlying operational momentum to drive value. The trajectory suggests that the balance sheet will remain in this state of suspended animation until a definitive agreement is reached, at which point the risk profile will shift fundamentally.
As indicated by the 2025Q2 financial data, the headline total asset figure of $305.1 million is misleadingly high, as the vast majority of these assets are locked in a trust account and unavailable to support the company's ongoing administrative and deal-sourcing requirements.
Analysts should be wary of conflating the trust account's size with the company's actual financial health, as the latter is defined solely by the limited operating cash. This distortion may lead to an overestimation of the sponsor's flexibility, when in reality, the entity faces significant pressure to close a deal before the operating runway is fully depleted.
Quick answers to the most common questions about buying NPAC stock.
As of 2025, New Providence Acquisition Corp. III (NPAC) had total assets of $310.8M including $0.8M in current assets.
New Providence Acquisition Corp. III (NPAC) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
New Providence Acquisition Corp. III (NPAC) has total shareholders' equity (book value) of $297.9M ($7.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
New Providence Acquisition Corp. III (NPAC) reported a current ratio of 8.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.