NTWOMEDIUM SIGNALFINANCIAL10-K

NTWO remains a pre-revenue SPAC that has not yet identified a business combination target, with current assets declining meaningfully and negative equity position worsening.

The company continues operating as a blank check company with no operating revenues and no selected acquisition target, indicating ongoing uncertainty about its future business direction. The deteriorating cash position and deepening negative equity suggest the SPAC is consuming resources while searching for a suitable merger candidate.

Comparing 2026-03-06 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

NTWO's financial position weakened during the period, with current assets declining from $1.4M to $896K, representing a reduction of over one-third. Stockholders' equity remained negative and deteriorated further from -$4.6M to -$5.3M. The overall financial picture reflects a pre-revenue SPAC burning through available resources while seeking a business combination, with a compressed asset base that may constrain its operational flexibility.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-38.1%
$1.4M→$896K

Current assets declined 38.1% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-13.9%
-$4.6M→-$5.3M

Equity decreased 13.9% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-03-06
PRIOR — 2025-03-31
ADDED
As of March 6, 2026, there were 17,998,375 Class A Ordinary Shares, par value $0.0001 per share, and 6,118,000 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.
49 SIGNATURES 51 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report (as defined below), including, without limitation, statements under Part II, Item 7.
These forward-looking statements can be identified by the use of forward-looking terminology, including the words believe, estimate, anticipate, expect, intend, plan, may, will, potential, project, predict, continue, should, could or would or, in each case, their negative or other variations or comparable terminology.
As of the date of this Report, we have not selected any Business Combination target.
We have generated no operating revenues to date, and we do not expect that we will generate operating revenues until we consummate our initial Business Combination.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
The registrant s Units begin trading on T he Nasdaq Stock Market LLC on November 1, 2024, and the registrant s Class A Ordinary Shares and Warrants began trading on The Nasdaq Stock Market LLC on December 27, 2024 .
Accordingly, there was no market value for the registrant s common equity as of the last business day of the second fiscal quarter of 2024.
The aggregate market value of the registrant s outstanding Class A Ordinary Shares, other than shares held by persons who may be deemed affiliates of the registrant, computed by reference to the closing price for the Class A Ordinary Shares on December 31, 2024, as reported on The Nasdaq Stock Market LLC, was $ 170,775,000 .
As of March 31, 2025, there were 17,998,375 Class A Ordinary Shares, par value $0.0001 per share, and 6,118,000 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.
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