INACU SEC Filing Analysis — 2025-11-13

INACUMEDIUM SIGNALOPERATIONAL10-Q

INACU has transitioned from pre-IPO formation stage to active SPAC operations, with $115 million now held in trust and a deadline of April 2027 to complete its initial business combination.

The company has successfully completed its IPO and is now actively seeking acquisition targets, representing a significant operational milestone for this special purpose acquisition company. The updated language indicates INACU is generating interest income from its trust account investments and has established clear parameters for its business combination timeline.

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

FINANCIAL ANALYSIS

The financial metrics show modest declines with current assets decreasing 19% to $615K and net income falling 14% to $874K quarter-over-quarter. These changes likely reflect the operational transition and standard SPAC expenses as the company moves from formation to active target identification phase. The overall financial position remains stable with the substantial $115 million trust account providing the primary capital for future acquisitions.

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 — INACU

2026-05

2025-11

HighMediumLow

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