NMPAULOW SIGNALFINANCIAL10-Q

NMPAU's Q3 10-Q filing shows routine quarterly progression for this SPAC formed in December 2024, with continued pre-revenue operations focused on identifying a business combination target.

This is standard operational activity for a recently-formed special purpose acquisition company that completed its IPO and over-allotment option exercise in July 2025. The company has begun allowing unit separation trading and continues searching for acquisition targets, which represents normal SPAC lifecycle progression.

Comparing 2025-11-12 vs 2025-08-13View on EDGAR →
FINANCIAL ANALYSIS

The financial changes reflect typical SPAC operations during the target identification phase, with stockholders' equity declining meaningfully and current assets modestly lower quarter-over-quarter. Net income decreased from the prior period as the company incurs formation and operating expenses while generating interest income from IPO proceeds held in trust, consistent with the expected cash burn pattern for a pre-business combination SPAC.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-55.7%
$786K$348K

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Net Income
P&L
-39%
$972K$593K

Net income declined 39% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
-31.5%
$514K$352K

Current assets declined 31.5% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2025-11-12
PRIOR — 2025-08-13
ADDED
Financial Statements 1 Condensed Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 1 Unaudited Condensed Statements of Operations for the three and nine months ended September 30, 2025 2 Unaudited Condensed Statements of Changes in Shareholders Equity (Deficit) for the three and nine months ended September 30, 2025 3 Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2025 4 Notes to Unaudited Condensed Financial Statements 5 Item 2.
As of September 30, 2025, the Company had not commenced any operations.
All activity for the period from December 18, 2024 (inception) through September 30, 2025, relates to the Company s formation and the initial public offering (the Initial Public Offering ), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination.
The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
On August 28, 2025, the Company announced that, on or around September 3, 2025, the holders of the Units were able to elect to separately trade the Class A ordinary shares and the rights included in the Units.
Any Units not separated will continue to trade on the Global Market tier of The Nasdaq Stock Market ( Nasdaq ) under the symbol NMPAU.
The Class A ordinary shares and the rights that are separated will trade on Nasdaq under the symbols NMP and NMPAR, respectively.
Upon the closing of the Initial Public Offering, and subsequently the closing of the Over-Allotment Option, an amount of $ 115,000,000 (or $ 10.00 Unit) from the net proceeds of the Initial Public Offering, Over-Allotment Option and Private Placement was placed in a trust account (the Trust Account ), with Continental Stock Transfer Trust Company acting as trustee, which may only be invested in U.S.
Going Concern Considerations At September 30, 2025, the Company had cash of $ 440,824 and a working capital of $ 566,713 .
The interim results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the year ending December 31, 2025, or for any future interim periods.
REMOVED
INDEX TO FINANCIAL STATEMENTS Page Financial Statements of NMP Acquisition Corp.: Condensed Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 F-1 Condensed Statements of Operations for the three and six months ended June 30, 2025 (unaudited) F-2 Condensed Statements of Changes in Shareholder s Deficit for the three and six months ended June 30, 2025 (unaudited) F-3 Condensed Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) F-4 Notes to Financial Statements F-5 1 NMP ACQUISITION CORP.
CONDENSED STATEMENTS OF OPERATIONS For the Three Months Ended June 30, 2025 (Unaudited) For the Six Months Ended June 30, 2025 (Unaudited) Formation and operating expenses $ 77,889 $ 133,456 TOTAL EXPENSES 77,889 133,456 Net loss $ ( 77,889 ) $ ( 133,456 ) Weighted average shares outstanding, basic and diluted (1) 3,333,333 3,111,111 Basic and diluted net loss per ordinary share $ ( 0.02 ) $ ( 0.04 ) (1) Excludes up to 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).
As of June 30, 2025, the Company had not commenced any operations.
All activity for the period from December 18, 2024 (inception) through June 30, 2025 relates to the Company s formation and the initial public offering (the 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 this offering.
Subsequently, the underwriters exercised the over-allotment option in full, and the closing of the issuance and sale of the additional Public Units (the Over-Allotment Option Units ) occurred on July 10, 2025.
Upon the closing of the Initial Public Offering, management has agreed that $ 10.00 per Public Share sold in the Initial Public Offering, including proceeds of the sale of the Private Placement Units, will be held in a trust account (the Trust Account ) and initially invested in U.S.
Going Concern Considerations At June 30, 2025, the Company had cash of $ 1,325,110 and a working capital deficit of $ 159,217 .
The interim results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods.
As of June 30, 2025 and December 31, 2024, the Company had $ 214,143 and $0 , respectively, of deferred offering costs.
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