INACR SEC Filing Analysis — 2025-11-13

INACRMEDIUM SIGNALOPERATIONAL10-Q

INACR updated its quarterly reporting to reflect progression from formation phase to active target identification phase following completion of its $115 million IPO.

The language changes indicate the SPAC has successfully completed its IPO and is now actively seeking a business combination target, with a deadline of April 2, 2027. The trust account structure is now operational with funds invested in money market instruments, providing clarity on the timeline and process for investors.

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

FINANCIAL ANALYSIS

The company's financial position reflects typical early-stage SPAC operations with current assets declining modestly to $615K and net income decreasing to $874K, both relatively minor changes. The core $115 million in IPO proceeds remains secured in the trust account and invested in money market funds, with the company generating interest income as expected for a newly public SPAC in its target identification phase.

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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SIGNAL HISTORY — INACR

2026-05

2025-11

HighMediumLow

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