ADDED
As of March 9, 2026, there were 15,555,000 Class A ordinary shares, par value $0.0001 per share, 6,059,925 Class B ordinary shares, par value $0.0001 per share, of the Company issued and outstanding.
In February 2026, the board appointed Michael Braunstein as a director.
Such space is provided to us by our sponsor, as included in the administrative services agreement, at approximately $10,000 per month.
We intend to effectuate our Business Combination using cash derived from the proceeds of the initial public offering (the Initial Public Offering ) and the sale of the private units ( Private Placement Units ), our shares, debt or a combination of cash, shares and debt.
Our only activities from inception through December 31, 2025 were organizational activities and those necessary to prepare for the Initial Public Offering, described below.
We expect to generate non-operating income in the form of interest income on marketable securities held after the Initial Public Offering.
18 For the year ended December 31, 2025, we had a net income of $5,306,976, which consisted of interest earned on marketable securities held in Trust Account of $5,674,641 and change on overallotment liability of $221,454, offset by general and administrative costs of $589,119.
Liquidity, Capital Resources and Going Concern Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of Class B ordinary shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor, which were repaid at the closing of the Initial Public Offering.
For the year ended December 31, 2025, cash used in operating activities was $577,956.
Net income of $5,306,976 was affected by interest earned on marketable securities held in Trust Account of $5,674,641, change on overallotment liability of $221,454, and general and administrative costs through promissory note of $3,208.
REMOVED
As of March 31, 2025, there were 15,555,000 Class A ordinary shares, par value $0.0001 per share, 6,059,925 Class B ordinary shares, par value $0.0001 per share, of the Company issued and outstanding.
We intend to effectuate our Business Combination using cash derived from the proceeds of the IPO and the sale of the private units, our shares, debt or a combination of cash, shares and debt.
Our only activities from inception through December 31, 2024 were organizational activities and those necessary to prepare for the IPO, described below.
We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO.
Liquidity and Capital Resources Until the consummation of the IPO, our only source of liquidity was an initial purchase of Class B ordinary shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor, which were repaid at the closing of the IPO.
Following the closing of the IPO and the Private Placement, a total of $151,050,000 was placed in the Trust Account.
We incurred $8,782,919, consisting of $3,000,000 of cash underwriting fee, $5,250,000 of deferred underwriting fee, and $532,919 of other offering costs.
We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business.
However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial Business Combination.
Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our public shares upon completion of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.