HYACHIGH SIGNALFINANCIAL10-K

HYAC experienced severe financial deterioration with stockholders' equity plunging to -$23.2M, cash reserves nearly depleted to $4K, and the company swinging from $11.3M profit to -$1.5M loss.

This represents a dramatic liquidity crisis for the SPAC, with cash reserves falling 96% to just $4,000 while liabilities more than doubled to $23.3M. The massive negative stockholders' equity of -$23.2M indicates the company is technically insolvent and may face immediate going concern issues if additional funding cannot be secured.

Comparing 2026-03-30 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

HYAC's financial position has collapsed catastrophically, with cash falling from $101K to just $4K (-96%) while current liabilities exploded from $792K to $5.6M (+602%). The company swung from an $11.3M profit to a -$1.5M loss, and stockholders' equity deteriorated to -$23.2M, indicating technical insolvency. This liquidity crisis, combined with worsening operating losses of -$2.8M and negative operating cash flow of -$757K, signals imminent financial distress requiring urgent capital injection or business combination completion.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+601.8%
$792K→$5.6M

Current liabilities surged 601.8% — significant near-term obligations; verify ability to meet short-term debt.

Operating Income
P&L
-193.8%
-$940K→-$2.8M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Stockholders Equity
Balance Sheet
-153.8%
-$9.2M→-$23.2M

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

Total Liabilities
Balance Sheet
+146.6%
$9.4M→$23.3M

Liabilities grew 146.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
-113%
$11.3M→-$1.5M

Net income declined 113% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-95.7%
$101K→$4K

Cash declined 95.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-86.2%
$282K→$39K

Current assets declined 86.2% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
-80.2%
-$420K→-$757K

Operating cash flow fell 80.2% — earnings quality concerns; investigate working capital changes and non-cash items.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-14
ADDED
As of March 30, 2026, there were 23,425,499 Class A Ordinary Shares, par value $0.0001 per share, and 5,750,000 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.
These forward-looking statements can be identified by the use of forward-looking terminology, including the words believe, estimate, anticipate, expect, intend, plan, may, will, potential, project, predict, continue, should, could or would or, in each case, their negative or other variations or comparable terminology.
Overview We are a blank check company incorporated on March 7, 2023 as a Cayman Islands exempted company and formed for the purpose of effecting a Business Combination with one or more businesses or entities.
We may pursue an initial Business Combination in any business or industry.
To date, our efforts have been limited to (i) organizational activities, (ii) activities related to our Initial Public Offering, and (iii) searching for and consummating a Business Combination, including the Suncrete Business Combination (as described below).
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REMOVED
As of March 14, 2025, there were 23,797,600 Class A Ordinary Shares, par value $0.0001 per share, and 5,750,000 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.
These forward-looking statements can be identified by the use of forward-looking terminology, including the words believes, estimates, anticipates, expects, intends, plans, may, will, potential, projects, predicts, continue, or should, or, in each case, their negative or other variations or comparable terminology.
Additionally, in 2024, the SEC (as defined below) adopted additional rules and regulations relating to SPACs (as defined below).
In addition, the SEC s adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation under the Investment Company Act (as defined below), including its duration, asset composition, business purpose, and the activities of the SPAC and its management team.
The 2024 SPAC Rules may materially affect our ability to negotiate and complete our initial Business Combination and may increase the costs and time related thereto.
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