HYACHIGH SIGNALFINANCIAL10-K

HYAC's cash position has deteriorated dramatically, falling from $101K to just $4K while operating cash outflows substantially increased.

The company's cash reserves have been nearly depleted, dropping over 95% to just $4,000, creating immediate liquidity concerns for this SPAC seeking a business combination. Combined with meaningfully higher operating cash outflows, HYAC faces severe financial constraints that could impair its ability to complete its intended merger or continue operations without additional funding.

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

HYAC's financial position has deteriorated sharply, with cash and equivalents falling precipitously from $101K to $4K and current assets declining by over 86% to just $39K. Operating cash outflows increased substantially from $420K to $757K, reflecting higher operating expenses during the period. The overall financial picture signals acute liquidity stress for this blank check company as it pursues its business combination objectives.

FINANCIAL STATEMENT CHANGES
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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