SSEAMEDIUM SIGNALFINANCIAL10-Q

SSEA's underwriter exercised its full over-allotment option in August 2025, eliminating the forfeiture risk on Founder Shares while the SPAC continues its 15-month timeline to complete a business combination.

The over-allotment exercise provides certainty around the share structure and eliminates dilution risk from potential Founder Share forfeitures. However, the company remains in pre-revenue SPAC status with declining cash resources and continued operating losses as it searches for an acquisition target.

Comparing 2025-10-31 vs 2025-08-22View on EDGAR →
FINANCIAL ANALYSIS

The company's financial position shows modest improvement with operating cash flow burn substantially reduced and operating losses declining by over one-third quarter-over-quarter. However, current assets dropped meaningfully by 36% and stockholders' equity declined by nearly 30%, reflecting the ongoing cash consumption typical of a SPAC in its search phase. The overall picture indicates controlled cash management while the entity pursues its business combination mandate.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+90.6%
-$576K→-$54K

Operating cash flow surged 90.6% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+37.1%
-$253K→-$159K

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Assets
Balance Sheet
-36.4%
$380K→$242K

Current assets declined 36.4% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-29.8%
$5.8M→$4.0M

Equity decreased 29.8% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2025-10-31
PRIOR — 2025-08-22
ADDED
As a result of the underwriter s full exercise of its over-allotment option on August 11, 2025, no Founder Shares are currently subject to forfeiture as of September 30, 2025.
As a result of the underwriter s full exercise of its over-allotment option on August 11, 2025, no Founder Shares are currently subject to forfeiture as of September 30, 2025.
As a result of the underwriter s full exercise of its over-allotment option on August 11, 2025, no Founder Shares are currently subject to forfeiture as of September 30, 2025.
As of September 30, 2025, the Company had not commenced any operations.
There will be no redemption rights or liquidating distributions with respect to the Company s rights, which will expire worthless if the Company fails to complete the Business Combination within the 15 months from August 7, 2025, the effective date of the registration statement on Form S-1 (File Number 333-287976), as amended (the Registration Statement ) for our IPO, which was declared effective by the SEC on August 7, 2025, or during any extension period.
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REMOVED
2 STARRY SEA ACQUISITION CORP UNAUDITED CONDENSED STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2025 For the Six Months Ended June 30, 2025 (Unaudited) (Unaudited) Formation and operating costs $ 21,600 $ 107,104 Net loss $ ( 21,600 ) $ ( 107,104 ) Basic and diluted weighted average shares outstanding (1)(2) 1,250,000 1,250,000 Basic and diluted net loss per ordinary share $ ( 0.02 ) $ ( 0.09 ) (1) Excludes an aggregate of up to 187,500 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.
The Company will have 15 months from the effective date of the registration statement on Form S-1 (August 7, 2025,) to consummate its initial Business Combination.
Going Concern Consideration As of June 30, 2025, the Company had $ 1,000 of cash and $ 368,218 of working capital deficit.
For the six months ended June 30, 2025, we had a net loss of $ 107,104 .
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