ADDED
On May 30, 2025, the underwriters partially exercised their over-allotment option to purchase an additional 595,000 units at a purchase price of $10.00 per Unit.
On July 13, 2025, the underwriters forfeited their option to purchase an additional 155,000 units and as a result, 38,750 Founder Shares were forfeited (see Note 5).
On July 13, 2025, the remaining unexercised over-allotment option to purchase up to 155,000 Units at $ 10.00 per Unit were expired and 38,750 Founder Shares were forfeited along with the expiry of the over-allotment option (see Note 5(i)).
7 Going Concern Consideration As of September 30, 2025, the Company had $ 1,439,631 in cash and working capital of $ 1,377,744 .
As of September 30, 2025, the estimated fair value of marketable securities held in Trust Account was $ 56,875,827 .
For the nine and three months ended September 30, 2025, the Company recorded income earned on investments held in Trust Account of $ 785,952 and $ 582,130 , respectively.
For the nine and three months ended September 30, 2025, the Company recorded accretion of ordinary share subject to redemption value of $ 2,877,633 and $ 2,359,965 , respectively.
of options Vesting date Expiry date Exercise price Spot price Risk-free rate Volatility May 30, 2025 155,000 May 29, 2025 July 13, 2025 9.80 10.01 4.19 % 3.4 % June 30, 2025 155,000 May 29, 2025 July 13, 2025 9.80 10.09 4.17 % 3.1 % On May 30, 2025, June 30, 2025 and September 30, 2025, the fair value of the over-allotment liability were $ 39,900 , $ 47,200 and 0 nil, respectively, and gain from change in fair value of over-allotment liability of $ 39,900 and $ 47,200 was recorded for the nine and three months ended September 30, 2025, respectively.
For the nine and three months ended September 30, 2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company.
As a result, diluted income (loss) per share is the same as basic income (loss) per share for the period presented.
REMOVED
For the period from April 29, 2024 (inception) through June 30, 2024 Ordinary Shares Subscription Additional Paid-in Accumulated Total Shareholder s Shares Amount Receivable Capital Deficit Equity Balance as of April 29, 2024 (inception) - $ - $ - $ - $ - $ - Issuance of ordinary shares to Sponsor 10,000 1 ( 1 ) - - - Balance as of June 30, 2024 (Unaudited) 10,000 $ 1 $ ( 1 ) $ - $ - $ - The accompanying notes are an integral part of these unaudited condensed financial statements.
7 Going Concern Consideration As of June 30, 2025, the Company had $ 1,450,158 in cash and working capital of $ 1,393,432 .
As of June 30, 2025, the estimated fair value of marketable securities held in Trust Account was $ 56,293,697 .
For the six and three months ended June 30, 2025, the Company recorded income earned on investments held in Trust Account of $ 203,822 .
For the six and three months ended June 30, 2025, the Company recorded accretion of ordinary share subject to redemption value of $ 517,668 .
of options Vesting date Expiry date Exercise price Spot price Risk-free rate Volatility May 30, 2025 155,000 May 29, 2025 July 13, 2025 9.80 10.01 4.19 % 3.4 % June 30, 2025 155,000 May 29, 2025 July 13, 2025 9.80 10.09 4.17 % 3.1 % On May 30, 2025 and June 30, 2025, the fair value of the over-allotment liability were $ 39,900 and $ 47,200 , respectively, and loss from change in fair value of over-allotment liability of $ 7,300 was recorded for the six and three months ended June 30, 2025.
For the six and three months ended June 30, 2025, the effect of diluted securities was 12,163.
14 Note 3 Initial Public Offering On May 30, 2025, the Company consummated its IPO of 5,000,000 Units, at $10.00 per Unit, generating gross proceeds of $50,000,000.
As of June 30, 2025 and December 31, 2024, there were 1,437,500 and 1,437,500 Founder shares issued and outstanding, among which, up to 38,750 and 187,500 Founder Shares are subject to forfeiture if the underwriters over-allotment is not exercised in full, respectively.
For the six and three months ended June 30, 2025, the Company has accrued $ 10,333 for the service provided by the Sponsor.