TVAIMEDIUM SIGNALFINANCIAL10-Q

TVAI remains in pre-operations SPAC phase with declining net income and working capital while maintaining substantial trust account reserves.

The company continues operating as a special purpose acquisition company that has not yet commenced business operations or identified a merger target. The reduction in working capital from $637K to $523K and declining net income suggest ongoing operational expenses are consuming available funds outside the trust account, which is typical for SPACs during their search phase.

Comparing 2025-11-14 vs 2025-08-13View on EDGAR →
FINANCIAL ANALYSIS

Net income declined meaningfully from $2.0M to $994K quarter-over-quarter, while current assets dropped by about one-third to $291K. However, the company maintains a substantial $204.4M in trust account investments, providing ample resources for potential acquisitions. The financial profile reflects a typical SPAC burning through working capital while preserving shareholder funds in trust during the target identification process.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-49.6%
$2.0M→$994K

Net income declined 49.6% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
-33.4%
$437K→$291K

Current assets declined 33.4% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2025-11-14
PRIOR — 2025-08-13
ADDED
As of September 30, 2025, the Company had not commenced any operations.
The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $ 10.00 per Public Share).The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 5).
As of September 30, 2025, the Company had no cash and had a working capital surplus of $ 522,948 .
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Investments Held in Trust Account As of September 30, 2025, assets held in the Trust Account were held in a money market fund and are classified as trading securities.
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REMOVED
10-Q Q2 false --12-31 0001872228 Includes up to 875,000 Class B ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (see Note 4).
Subsequently on May 16, 2025, the Company consummated the Initial Public Offering of 20,125,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 2,625,000 Units and as such 875,000 Class B ordinary shares are no longer subject to forfeiture.
As of June 30, 2025, the Company had not commenced any operations.
The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $ 10.00 per Public Share).
The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 5).
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