SPEGMEDIUM SIGNALREGULATORY10-Q

SPEG changed its jurisdiction of incorporation from Delaware to the Cayman Islands while clarifying its pre-revenue SPAC status and unit separation timeline.

The reincorporation to the Cayman Islands represents a structural change that may affect shareholder rights and governance frameworks compared to Delaware law. The updated disclosures emphasize that the company remains in its target identification phase with no operational activities, which is typical for SPACs but reinforces the speculative nature of the investment until a business combination is announced.

Comparing 2025-11-14 vs 2025-08-25View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet shows a meaningful reduction in current liabilities, declining from $234K to $107K, suggesting improved near-term liquidity management. This change likely reflects the settlement of IPO-related expenses or other formation costs as the SPAC transitions from its initial offering phase to active target seeking. The modest liability base is consistent with a newly formed SPAC focused primarily on capital deployment rather than ongoing operations.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-54.4%
$234K→$107K

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2025-11-14
PRIOR — 2025-08-25
ADDED
(Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1795957 (State or other jurisdiction of incorporation or organization) (I.R.S.
See definitions of large accelerated filer , accelerated filer , smaller reporting company , and emerging growth company in Rule 12b-2 of the Exchange Act.
As of September 30, 2025, the Company had not commenced any operations.
All activity for the period from June 5, 2024 (inception) through September 30, 2025 relates to the Company s formation, the Initial Public Offering (as defined below), and subsequent to the Initial Public Offering, identifying a target company for a Business Combination.
The Company will provide the Company s public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer.
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REMOVED
(Exact Name of Registrant as Specified in Its Charter) Delaware 98-1795957 (State or other jurisdiction of incorporation or organization) (I.R.S.
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
On July 16, 2025, the Company consummated its Initial Public Offering and sold 11,500,000 Units, including 1,500,000 Units sold pursuant to the full exercise of the underwriters option to purchase additional units to cover the over-allotment, hence the 500,000 shares of Class B ordinary shares were no longer subject to forfeiture.
The accompanying notes are an integral part of the unaudited condensed financial statements.
On July 16, 2025, the Company consummated its Initial Public Offering and sold 11,500,000 Units, including 1,500,000 Units sold pursuant to the full exercise of the underwriters option to purchase additional units to cover the over-allotment, hence the 500,000 shares of Class B ordinary shares were no longer subject to forfeiture.
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