MKLYUMEDIUM SIGNALOPERATIONAL10-Q
McKinley Acquisition Corporation completed its initial public offering with full exercise of the underwriters' over-allotment option, raising $172.5 million that was deposited into a trust account for future business combination activities.
The successful completion of the IPO with full over-allotment exercise demonstrates strong investor demand for this SPAC and provides substantial capital ($150 million base plus $22.5 million over-allotment) for identifying and acquiring a target business. With $1.88 million in operating cash and positive working capital of $1.84 million, the company has adequate liquidity for its search phase operations while the bulk of investor funds remain protected in the trust account.
Comparing 2025-11-13 vs 2025-09-23View on EDGAR →
LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2025-09-23
ADDED
As of September 30, 2025, the Company had not yet commenced operations.
All activity for the period from March 27, 2025 (inception) through September 30, 2025 relates to the Company s formation, the initial public offering ( Initial Public Offering ), which is described below, and following the Initial Public Offering, seeking a target business to acquire.
The Company s underwriters fully exercised their over-allotment option to purchase an additional 2,250,000 Public Units at $ 10.00 per unit in full on August 15, 2025.
The over-allotment units were delivered to the underwriters in connection with the closing on August 19, 2025, generating an additional $ 22,500,000 of proceeds which were deposited into the Trust Account (defined below).
5 MCKINLEY ACQUISITION CORPORATION NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 Upon the closing of the Initial Public Offering and exercise of the underwriters over-allotment option, $ 150,000,000 of the proceeds from the Initial Public Offering and $ 22,500,000 of the proceeds from the exercise of the underwriters over-allotment option were deposited into the Trust Account (the Trust Account ), respectively, and is invested only in cash held in a demand deposit account, U.S.
Going Concern and Liquidity As of September 30, 2025, the Company had $ 1,883,395 cash and working capital of $ 1,841,061 .
7 MCKINLEY ACQUISITION CORPORATION NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, and tariff on imports from foreign countries could adversely affect the Company s search for an initial business combination and any target business with which the Company may ultimately consummate an initial Business Combination.
Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had $ 1,883,395 cash and no cash equivalents as of September 30, 2025.
Cash Held in Trust Account As of September 30, 2025, the assets held in the Trust Account, amounting to $ 173,451,679 , were held in cash.
REMOVED
1 http://fasb.org/srt/2025#ChiefFinancialOfficerMember 0002067592 Q2 --12-31 false Includes an aggregate of up to 853,448 Class B ordinary shares, $0.0001 par value subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (Note 6).
(1) Includes an aggregate of up to 853,448 Class B ordinary shares, $0.0001 par value subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (Note 6).
The accompanying notes are an integral part of these condensed financial statements.
The accompanying notes are an integral part of these condensed financial statements.
The accompanying notes are an integral part of these condensed financial statements.
As of June 30, 2025, the Company had not yet commenced operations.
All activity for the period from March 27, 2025 (inception) through June 30, 2025 relates to the Company s formation and the proposed initial public offering ( Initial Public Offering ), which is described below.
Upon the closing of the Initial Public Offering, $ 150,000,000 of the proceeds from the Initial Public Offering was deposited into the Trust Account (the Trust Account ) and is invested only in U.S.
Going Concern As of June 30, 2025, the Company had no cash and a working capital deficit of $ 98,122 .
Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, and tariff on imports from foreign countries could adversely affect the Company s search for an initial business combination and any target business with which the Company may ultimately consummate an initial Business Combination.
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