ALDFUMEDIUM SIGNALFINANCIAL10-K

ALDFU's cash position declined meaningfully while the trust account grew, reflecting the typical cash management dynamics of a SPAC that has not yet completed a business combination.

The company remains a pre-revenue SPAC with approximately $243 million in trust and has not commenced operations as of December 31, 2025. The trust account value per public share increased to $10.57 from $10.14, indicating modest growth from interest income while the company searches for an acquisition target.

Comparing 2026-03-25 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet shows a notable decline in operating cash and current assets, with cash outside the trust account dropping to $542K from $1.0M. Stockholders' equity contracted by half to $652K, while total liabilities remained minimal at $28K. The overall financial picture reflects a SPAC burning through operating cash while maintaining its substantial trust account for the eventual business combination, with the trust account growing through interest income to over $243 million.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-50.1%
$1.3M→$652K

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Assets
Balance Sheet
-48.8%
$1.3M→$680K

Current assets declined 48.8% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
-46.1%
$1.0M→$542K

Cash declined 46.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
+27.8%
$22K→$28K

Liabilities increased 27.8% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-25
PRIOR — 2025-02-11
ADDED
As of March 24, 2026 there were 23,707,500 Class A ordinary shares, par value $0.0001, and 6,160,714 Class B ordinary shares, par value $0.0001, issued and outstanding.
As of December 31, 2025, the Company had not yet commenced any operations.
As of December 31, 2025, there was $243,045,615 in investments and cash held in the trust account, which includes interest income available for the Company to use for its income tax, as well as $541,650 of cash held outside the trust account.
As of December 31, 2025, we have withdrawn $0 of interest earned from the trust account to pay taxes.
The Company generates nonoperating income in the form of interest income from the proceeds derived from the IPO.
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REMOVED
As of February 11, 2025 there were 29,868,214 shares of Common Stock, par value $0.0001, issued and outstanding.
As of December 31 ,2024, the Company had not yet commenced any operations.
As of December 31, 2024, there was $233,166,502 in investments and cash held in the trust account, which includes interest income available for the Company to use for its income tax, as well as $1,004,085 of cash held outside the trust account.
As of December31, 2024, we have withdrawn $0 of interest earned from the trust account to pay taxes.
The Company will generate nonoperating income in the form of interest income from the proceeds derived from the IPO.
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