EVACMEDIUM SIGNALFINANCIAL10-Q
EVAC completed its IPO process with the forfeiture of 575,000 founder shares following the expiration of underwriters' over-allotment option on August 17, 2025.
The company has transitioned from pre-IPO status to a public SPAC with $460 million held in trust, establishing its capital base for future business combinations. The forfeiture of founder shares reduces potential dilution and clarifies the final equity structure post-IPO.
Comparing 2025-11-14 vs 2025-08-13View on EDGAR →
FINANCIAL ANALYSIS
The balance sheet reflects EVAC's transition to public company status, with current liabilities declining meaningfully from $395K to $122K as IPO-related obligations were settled. The company now operates as a funded SPAC with substantial trust account proceeds available for acquisitions. The financial position appears stable with reduced near-term liabilities following the completion of the public offering process.
FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
$395K→$122K
Current liabilities reduced — improved short-term financial position and working capital health.
LANGUAGE CHANGES
NEW — 2025-11-14
PRIOR — 2025-08-13
ADDED
(2) Excludes 575,000 Class B ordinary shares forfeited by the Company s Sponsor (Note 7).
As a result of the partial exercise of the over-allotment option by the underwriters, 1,000,000 Founder Shares were no longer subject to forfeiture at such time.
The remaining 575,000 Founder Shares were forfeited on August 17, 2025, the expiration date of the over-allotment option, as the over-allotment option remained unexercised, resulting in the total Class B ordinary shares outstanding decreasing to 11,500,000 (Note 4).
As a result of the partial exercise of the over-allotment option by the underwriters, 1,000,000 Founder Shares were no longer subject to forfeiture at such time.
The remaining 575,000 Founder Shares were forfeited on August 17, 2025, the expiration date of the over-allotment option, as the over-allotment option remained unexercised, resulting in the total Class B ordinary shares outstanding decreasing to 11,500,000 (Note 4).
As a result of the partial exercise of the over-allotment option by the underwriters, 1,000,000 Founder Shares were no longer subject to forfeiture at such time.
The remaining 575,000 Founder Shares were forfeited on August 17, 2025, the expiration date of the over-allotment option, as the over-allotment option remained unexercised, resulting in the total Class B ordinary shares outstanding decreasing to 11,500,000 (Note 4).
As of September 30, 2025, the Company had not commenced any operations.
Upon the closing of the Initial Public Offering on July 3, 2025, an amount of $ 460,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the proceeds of the sale of the Private Placement Units, are being held in a trust account (the Trust Account ), located in the United States and invested in U.S.
II NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (Unaudited) The Company will provide holders of the outstanding Public Shares (the public shareholders ) with the opportunity to redeem all or a portion of their Class A ordinary shares upon the consummation of a business combination either (i) in connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer.
REMOVED
Interim Financial Statements 1 Condensed Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 1 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2025 (Unaudited) 2 Condensed Statements of Changes in Shareholders Deficit for the Three and Six Months Ended June 30, 2025 (Unaudited) 3 Condensed Statement of Cash Flows for the Six Months Ended June 30, 2025 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5 Item 2.
As a result of the partial exercise and the forfeiture of the over-allotment option by the underwriters, 1,000,000 founder shares are no longer subject to forfeiture, and 575,000 founder shares remain subject to forfeiture if the over-allotment option is not exercised in full by the underwriters (Note 4).
As a result of the partial exercise and the forfeiture of the over-allotment option by the underwriters, 1,000,000 founder shares are no longer subject to forfeiture, and 575,000 founder shares remain subject to forfeiture if the over-allotment option is not exercised in full by the underwriters (Note 4).
As a result of the partial exercise and the forfeiture of the over-allotment option by the underwriters, 1,000,000 founder shares are no longer subject to forfeiture, and 575,000 founder shares remain subject to forfeiture if the over-allotment option is not exercised in full by the underwriters (Note 4).
As of June 30, 2025, the Company had not commenced any operations.
II NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS JUNE 30, 2025 Upon the closing of the Initial Public Offering on July 3, 2025, an amount of $ 460,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the proceeds of the sale of the Private Placement Units, are being held in a trust account (the Trust Account ), located in the United States and invested in U.S.
The Company will provide its holders of the outstanding Public Shares (the public shareholders ) with the opportunity to redeem all or a portion of their Class A ordinary shares upon the consummation of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer.
If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission ( SEC ) and file tender offer documents with the SEC prior to completing a Business Combination.
II NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS JUNE 30, 2025 Risks and Uncertainties The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict.
At June 30, 2025, the Company had $ 4,921 in cash and working capital deficit of $ 1,366,846 .
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