SPEGUMEDIUM SIGNALOPERATIONAL10-Q

SPEGU completed its IPO process and transitioned from pre-IPO formation phase to active target acquisition phase as a SPAC.

The company has moved beyond its initial public offering milestone and is now actively seeking a business combination target, representing the next critical phase in its SPAC lifecycle. The jurisdiction change from Delaware to Cayman Islands and updated operational language indicate the company has formalized its structure for pursuing acquisition opportunities.

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 the company has settled IPO-related expenses and streamlined its cost structure. With no revenue-generating operations as expected for a SPAC in target acquisition phase, the financial position appears stable for pursuing business combination opportunities. The liability reduction indicates improved working capital management as the company transitions from formation to acquisition activities.

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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