INACRLOW SIGNALOPERATIONAL10-Q

INACR's Q1 2026 10-Q shows routine quarterly progression for a SPAC still in target identification phase with no material operational developments.

This is a standard quarterly filing update for a Special Purpose Acquisition Company (SPAC) that continues operating as expected with no business combination yet identified. The company remains within its normal timeline, having until April 2027 to complete a business combination, and all changes reflect routine quarterly reporting updates rather than material business developments.

Comparing 2026-05-11 vs 2025-11-13View on EDGAR →
FINANCIAL ANALYSIS

Current assets declined modestly by 19.1% from $760K to $615K, likely reflecting normal operating expenses and professional fees associated with SPAC operations. Net income decreased 13.8% from $1.0M to $874K, which is typical for a SPAC during its search phase as it incurs ongoing costs while generating limited revenue. The overall financial picture remains stable and consistent with expected SPAC operating patterns during the target identification period.

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 — 2026-05-11
PRIOR — 2025-11-13
ADDED
Interim Financial Statements 1 Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025 1 Condensed Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited) 2 Condensed Statements of Changes in Shareholders Deficit for the three months ended March 31, 2026 and 2025 (Unaudited) 3 Condensed Statements of Cash Flows for the period for the three months ended March 31, 2026 and 2025 (Unaudited) 4 Notes to the Condensed Financial Statements (Unaudited) 5 Item 2.
On June 30, 2025, the Sponsor transferred 105,000 ordinary shares to an independent party becoming a member of the Sponsor and EBC transferred 190,379 to EBCH Indigo LLC (Note 5).
As of March 31, 2026, the Company had not commenced any operations.
All activity for the period from June 7, 2024 (inception) through March 31, 2026 relates to the Company s formation, the initial public offering ( Initial Public Offering ), which is described below, and subsequent to the Initial Public Offering, seeking to identify a target company for a Business Combination.
The Company has until April 2, 2027 (21 months from the closing of the Initial Public Offering) to consummate a Business Combination (the Combination Period ).
The Company initially has until April 2, 2027 to consummate the initial Business Combination.
If the Company does not complete a Business Combination by such date and it is not extended by shareholders, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association.
In connection with the Company s assessment of going concern considerations in accordance with ASC 205-40, Going Concern , as of March 31, 2026, the Company may need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties.
The accompanying unaudited condensed financial statements should be read in conjunction with the Company s Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the SEC on March 26, 2026.
The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2026 or for any future periods.
REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
On June 30, 2025, the Sponsor transferred 105,000 ordinary shares to an independent party joining the sponsor group and EBC transferred 190,379 to EBCH Indigo LLC (Note 5).
On June 30, 2025, the Sponsor transferred 105,000 ordinary shares to an independent party joining the sponsor group and EBC transferred 190,379 to EBCH Indigo LLC (Note 5).
On June 30, 2025, the Sponsor transferred 105,000 ordinary shares to an independent party joining the sponsor group and EBC transferred 190,379 to EBCH Indigo LLC (Note 5).
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 has until 21 months from the closing of the Initial Public Offering to consummate a Business Combination (the Combination Period ).
The Company initially has until April 2, 2027 to consummate the initial Business Combination (assume no extensions).
If the Company does not complete a Business Combination, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association.
In connection with the Company s assessment of going concern considerations in accordance with ASC 205-40, Going Concern , as of September 30, 2025, the Company may need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties.
SIGNAL HISTORY — INACR
2025-11
2026-05
HighMediumLow
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