EURKRHIGH SIGNALOPERATIONAL10-K

EURKR has entered into a definitive business combination agreement with Marine Thinking Inc., an autonomous ship and fleet solutions company, marking a complete strategic pivot from its original SPAC investment thesis.

This represents a fundamental transformation of the company's business model and investment proposition, as EURKR is abandoning its original acquisition strategy focused on leveraging management's Asian market experience. The planned merger will involve domesticating from the Cayman Islands to Canada and rebranding as Marine Thinking Holdings Inc., essentially making this an entirely different investment than what shareholders originally backed.

Comparing 2025-12-15 vs 2024-12-26View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet shows meaningful deterioration with current assets declining substantially and total assets falling by nearly half to $31.4M. The sharp reduction in current assets to just $99K suggests the SPAC may be running low on readily available cash as it approaches its business combination deadline. The overall financial picture reflects a company nearing the end of its SPAC lifecycle with diminished resources available for operations.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-86.5%
$734K→$99K

Current assets declined 86.5% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-46.6%
$58.8M→$31.4M

Total assets contracted 46.6% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2025-12-15
PRIOR — 2024-12-26
ADDED
As of December 12, 2025, there were 4,825,733 ordinary shares issued and outstanding, including 3,388,233 Class A ordinary shares and 1,437,500 Class B ordinary shares, respectively.
1 Proposed Business Combination with Marine Thinking Business Combination Agreement On October 29, 2025, EURK entered into a business combination agreement (as the same may be amended, supplemented or otherwise modified from time to time, the BCA ), with Marine Thinking Inc.
( Marine Thinking ), a company incorporated under the Canada Business Corporations Act ( CBCA ) and 17358750 Canada Inc., a company incorporated under the CBCA and a wholly-owned subsidiary of EURK (the Amalgamation Sub, together with EURK and Marine Thinking, the Parties, and each, a Party ).
Marine Thinking is an autonomous ship and fleet solution providing company.
The BCA contemplates that the business combination among EURK, Marine Thinking and Amalgamation Sub will be completed through the following series of transactions, (i) prior to the time when the Amalgamation (as defined below) becomes effective (the Amalgamation Effective Time ), EURK shall complete the deregistration as a Cayman Islands exempted company in accordance with section 206 of the Companies Act and, immediately upon such deregistration, the domestication to Canada under the CBCA (the SPAC Continuance ).
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REMOVED
As of December 23, 2024, there were 7,645,500 ordinary shares issued and outstanding, including 6,208,000 Class A ordinary shares and 1,437,500 Class B ordinary shares, respectively.
1 Competitive Advantages We seek to create compelling shareholder value through the extensive experience and demonstrated success of our management team (in particular, our Chief Executive Officer and Chairman) in investing in, operating and transforming businesses, with a particular combination of competitive advantages such as: Leadership of an Experienced Management Team and Board of Directors Our management team is led by our Chief Executive Officer and Chairman of our Board of Directors, Dr.
Our management team has an extensive track record of creating value for shareholders by acquiring strong businesses at disciplined valuations, investing in growth while fostering financial discipline and ultimately improving financial results.
Our team consists of experienced investment banking, financial services and capital market professionals and senior operating executives of companies in multiple jurisdictions.
We believe we will benefit from their accomplishments, and specifically their current activities in the Asian market, in identifying attractive acquisition opportunities.
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