INACLOW SIGNALFINANCIAL10-Q

INAC updated its quarterly disclosures to reflect the current status of its SPAC operations and trust account management as of September 30, 2025.

The language changes primarily reflect routine quarterly updates for a special purpose acquisition company, transitioning from future-tense descriptions of trust account operations to present-tense reporting of actual investment activities. The company continues operating within normal SPAC parameters with its April 2027 business combination deadline intact.

Comparing 2025-11-13 vs 2025-08-13View on EDGAR →
FINANCIAL ANALYSIS

INAC's financial position remained relatively stable during the quarter, with current assets declining modestly to $615K and net income decreasing to $874K. The financial changes reflect typical quarter-to-quarter variations in a SPAC's pre-combination operating expenses and trust account investment income. Overall, the company maintains a standard pre-merger SPAC financial profile with adequate liquidity for operations.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-19.1%
$760K→$615K

Current assets declined 19.1% — monitor working capital adequacy and short-term liquidity.

Net Income
P&L
-13.8%
$1.0M→$874K

Net income declined 13.8% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2025-08-13
ADDED
As of September 30, 2025, the Company had not commenced any operations.
All activity for the period from June 7, 2024 (inception) through September 30, 2025 relates to the Company s formation, the initial public offering ( Initial Public Offering ), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination.
The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
Upon the closing of the Initial Public Offering and the over-allotment option, an aggregate amount of $ 115,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units and Private Placement Units were held in a trust account (the Trust Account as cash and subsequently invested in a Money Market Mutual Fund.
The Company can hold the funds the Trust Account in demand deposit or cash accounts or invest such proceeds only in U.S.
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REMOVED
FOR THE PERIOD FROM JUNE 7, 2024 (INCEPTION) THROUGH JUNE 30, 2024 Ordinary Shares Additional Paid-in Accumulated Total Shareholders Shares Amount Capital Deficit Deficit Balance June 7, 2024 (inception) $ $ $ $ Issuance of ordinary shares(1)(2) 2,875,000 288 4,712 5,000 Net loss ( 16,532 ) ( 16,532 ) Balance June 30, 2024 (unaudited) 2,875,000 $ 288 $ 4,712 $ ( 16,532 ) $ ( 11,532 ) (1) Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (Note 5 and 7).
As of June 30, 2025, the Company had not commenced any operations.
All activity for the period from June 7, 2024 (inception) through June 30, 2025 relates to the Company s formation and the initial public offering ( Initial Public Offering ), which is described below.
The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
Upon the closing of the Initial Public Offering and the over-allotment option, an amount of $ 115,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units and Private Placement Units are held in a trust account (the Trust Account ) as cash.
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