MBVIMEDIUM SIGNALFINANCIAL10-Q
MBVI progressed from inception-stage operations with no cash and a working capital deficit in June to holding $1.57 million in cash and positive working capital of $909,428 by September 30, 2025.
This represents a meaningful milestone for the SPAC as it successfully completed its initial funding phase and transitioned from a deficit position to having sufficient working capital for operations. The stabilization of the founder shares (no longer subject to forfeiture) and establishment of the working capital loan conversion mechanism at $1.50 per warrant provides clarity on the company's capital structure as it seeks a business combination target.
Comparing 2025-11-13 vs 2025-10-08View on EDGAR →
LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2025-10-08
ADDED
As such, the 1,125,000 founder shares are no longer subject to forfeiture (Note 5).
As of September 30, 2025, the Company had not commenced any operations.
As of September 30, 2025, the Company had cash of $ 1,569,890 and working capital of $ 909,428 .
Up to $ 1,500,000 of such Working Capital Loans (as defined in Note 5) may be converted into private placement warrants upon consummation of the Business Combination at a price of $ 1.50 per warrant.
The Company had $ 1,569,890 in cash and no cash equivalents as of September 30, 2025.
REMOVED
Interim Financial Statements 1 Condensed Balance Sheet as of June 30, 2025 (Unaudited) 1 Condensed Statement of Operations for the period from June 5, 2025 (Inception) through June 30, 2025 (Unaudited) 2 Condensed Statement of Changes in Shareholder s Deficit for the period from June 5, 2025 (Inception) through June 30, 2025 (Unaudited) 3 Condensed Statement of Cash Flows for the period from June 5, 2025 (Inception) through June 30, 2025 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5 Item 2.
CONDENSED STATEMENT OF OPERATIONS FOR THE PERIOD FROM JUNE 5, 2025 (INCEPTION) THROUGH JUNE 30, 2025 (UNAUDITED) General and administrative costs $ 45,258 Loss from operations ( 45,258 ) Net loss $ ( 45,258 ) Basic and diluted weighted average Class B ordinary shares outstanding (1) 7,500,000 Basic and diluted net loss per Class B ordinary share $ ( 0.01 ) (1) Excludes 1,125,000 Class B ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters.
As of June 30, 2025, the Company had not commenced any operations.
As of June 30, 2025, there was $ 10,420 outstanding under advances from related parties.
As of June 30, 2025, the Company had no cash and working capital deficit of $ 254,745 .
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