INACULOW SIGNALOPERATIONAL10-Q

INACU filed a routine Q1 2026 10-Q showing continued pre-revenue SPAC operations with modest declines in current assets and net income while maintaining adequate time to complete its business combination by April 2027.

This is a standard quarterly filing for a SPAC that has not yet identified a merger target, with no material operational developments beyond routine period updates. The company continues to have over 12 months remaining in its combination period, providing sufficient runway for deal completion.

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

Current assets declined 19.1% to $615K and net income decreased 13.8% to $874K, both reflecting typical cash burn patterns for a SPAC in its search phase. These modest declines are within normal operating parameters for a pre-revenue special purpose acquisition company and do not signal any immediate liquidity concerns.

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 ).
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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.
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SIGNAL HISTORY — INACU
2025-11
2026-05
HighMediumLow
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