What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-13 compared with 2026-06-16 · 38 added, 31 removed, 111 unchanged (38% of the section changed)

25 unchanged sentences

For information identifying important factors that could cause actual results to differ materially from those anticipated

in the forward-looking statements, please refer to the Risk Factors section of our final prospectus for our initial public offering (“IPO”)

filed with the U.S.

Securities and Exchange Commission (the “SEC”).

Our securities filings can be accessed on the EDGAR section

of the SEC’s website at www.sec.gov.

Except as expressly required by applicable securities law, we disclaim any intention or obligation

to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

are a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering

into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with

one or more businesses or entities, which we refer to throughout this report as our initial business combination.

in the forward-looking statements, please refer to the Risk Factors section of our final prospectus for our IPO filed with the U.S.

and Exchange Commission (the “SEC”).

Our securities filings can be accessed on the EDGAR section of the SEC’s website

at www.sec.gov.

Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise

any forward-looking statements whether as a result of new information, future events, or otherwise.

are a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a

merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one

or more businesses or entities, which we refer to throughout this report as our initial business combination.

Our efforts to identify

3 unchanged sentences

business or had any substantive discussions, formal or otherwise, with respect to such a transaction with our company.

United Hydrogen Business Combination

Hydrogen Business Combination and Termination

June 19, 2024, Aimei Health entered into a definitive Business Combination Agreement (as amended on June 6, 2025, the “Merger Agreement”)

31 unchanged sentences

on September 26, 2025.

While the Company continues to use its best efforts to complete the proposed business combination as soon as practicable,

the completion of the business combination remains subject, among other conditions, to United Hydrogen obtaining required approvals from

the China Securities Regulatory Commission (the “CSRC”), which are currently pending.

The CSRC has been reviewing United

Hydrogen’s materials since August 12, 2024, and has required United Hydrogen to provide supplementary materials on several occasions.

As of the date of this Quarterly Report, the Company expects to close the business combination in late 2026, subject to the satisfaction

of customary closing conditions.

The completion of the proposed business combination was subject, among other conditions, to United Hydrogen obtaining

required approvals from the China Securities Regulatory Commission (the “CSRC”).

As of July 6, 2026, the CSRC had not granted

such approval.

On July 7, 2026, the Company delivered to United Hydrogen a notice of termination of the Merger Agreement pursuant to

Section 9.1(b) thereof, effective the same day.

As a result, the Merger Agreement terminated in accordance with its terms, and the proposed

business combination contemplated by the Merger Agreement will not be consummated.

Although the proposed business combination with United

Hydrogen was terminated, the Company continues to evaluate potential business combination opportunities and intends to identify and pursue

an appropriate target for a future business combination.

of Operations

have neither engaged in any operations nor generated any revenue to date.

Our only activities from inception to March 31, 2026 were organizational

Our only activities from inception to June 30, 2026 were organizational

activities, those necessary to prepare for and conduct the IPO, and those required to identify and evaluate a target company for a business

4 unchanged sentences

as a result of being a public company (for legal, financial reporting, accounting, and auditing compliance), as well as for due diligence

the three months ended March 31, 2026, we had net income of $45,440, which consisted of interest income earned on assets held in the

Trust Account of $107,424, partially offset by formation and operational costs of $61,984.

the three months ended March 31, 2025, we had net income of $184,662, which consisted of interest income earned on assets held in the

Trust Account of $598,076, partially offset by formation and operational costs of $413,414.

the six months ended June 30, 2026, we had net loss of $37,704, which consisted of general, administrative and operational costs of $254,332,

offset by interest income earned on cash held in the Trust Account of $216,628.

the three months ended June 30, 2026, we had net loss of $83,144, which consisted of general, administrative and operational costs of

$192,348, offset by interest income earned on cash held in the Trust Account of $109,204.

the six months ended June 30, 2025, we had net income of $609,632, which consisted of interest income earned on cash held in the Trust

Account of $1,064,650, partially offset by general, administrative and operational costs of $455,018.

the three months ended June 30, 2025, we had net income of $424,970, which consisted of interest income earned on cash held in the Trust

Account of $466,574, offset by general, administrative and operational costs of $41,604.

and Capital Resources

of March 31, 2026, we had $18,516 in our operating bank account, $12,276,196 in our Trust Account, and working capital deficit of approximately

of June 30, 2026, we had $1,466 in our operating bank account, $12,488,393 in our Trust Account, and working capital deficit of approximately

liquidity has been satisfied through the net proceeds from the consummation of our IPO and the Private Placement held outside of the

3 unchanged sentences

in “Note 5—Related Party Transactions” in the notes to our financial statements).

As of March 31, 2026, there were

no amounts outstanding under the Working Capital Loans.

As of June 30, 2026, there were no

amounts outstanding under the Working Capital Loans.

the period of time to complete a business combination, we will be using the funds held outside of the Trust Account for paying existing

8 unchanged sentences

doubt about the ability to continue as a going concern within one year after the date that the unaudited financial statements are issued.

There is no assurance that the Company’s plans to consummate a business combination will be successful by the Combination Deadline.

There is no assurance that the Company’s plans to consummate a business combination will be successful within the Combination Period.

The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty.

3 unchanged sentences

Sheet Financing Arrangements

have no obligations, assets, or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026.

have no obligations, assets, or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2026.

participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable

4 unchanged sentences

do not have any long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities.

The underwriter is

The underwriters were

entitled to a deferred fee of one percent (1.0%) of the gross proceeds of the IPO upon closing of a business combination, or $690,000.

6 unchanged sentences

results could materially differ from those estimates.

As of March 31, 2026, there were no critical accounting policies or estimates.

As of June 30, 2026, there were no critical accounting policies or estimates.

Accounting Standards

does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material

effect on our audited financial statements.

effect on our unaudited financial statements.

Quantitative and Qualitative Disclosures About Market Risk .

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis