19 unchanged sentences
The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
−Removed: As of September 30, 2025, the Company had not yet commenced any operations.
−Removed: All activity through September 30, 2025 relates to the Company’s formation and the initial public offering (“IPO”), which is described below and target search for Business Combination.
+Added: As of March 31, 2026, the Company had not yet commenced any operations.
+Added: All activity through March 31, 2026 relates to the Company’s formation and the initial public offering (“IPO”), which is described below and target search for Business Combination.
The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest.
24 unchanged sentences
There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.
−Removed: As of September 30, 2025, the redemption value of the trust account was approximately $10.46 per share.
+Added: As of March 31, 2026, the redemption value of the trust account was approximately $10.66 per share.
If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated articles of incorporation, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.
10 unchanged sentences
We have neither engaged in any operations nor generated any revenues to date.
−Removed: Our activities through September 30, 2025 were organizational activities, including those necessary to prepare for the IPO and identifying a target company for a Business Combination.
+Added: Our activities through March 31, 2026 were organizational activities, including those necessary to prepare for the IPO and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination.
1 unchanged sentence
We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing a Business Combination.
−Removed: For the three months ended September 30, 2025, the Company reported net income of $2,450,594, which consists of $2,570,630, in investment income earned in Trust Account, offset by $120,036 of general and administrative expenses.
−Removed: For the nine months ended September 30, 2025, the Company reported net income of $7,092,083, which consists of $7,482,906, in investment income earned in Trust Account, offset by $390,823 of general and administrative expenses.
−Removed: For the period ended July 15 (inception) to September 30, 2024, the Company reported net loss of $8,919, which consists of general and administrative expenses.
+Added: For the three months ended March 31, 2026, the Company reported net income of $1,906,945, which consists of $2,126,628, in investment income earned in Trust Account, offset by $219,683 of general and administrative expenses.
+Added: For the three months ended March 31, 2025, the Company reported net income of $2,251,490, which consists of $2,416,319, in investment income earned in Trust Account, offset by $164,829 of general and administrative expenses.
Liquidity and Capital Resources
−Removed: As of September 30, 2025, the Company held a cash balance of $746,386.
+Added: As of March 31, 2026, the Company held a cash balance of $364,632.
Prior to the IPO, our liquidity needs were satisfied through the $25,000 proceeds received from the Sponsor for purchase of Founder Shares (as defined below), as well as $180,000 loan from Sponsor under a promissory note (“Promissory Notes”).
4 unchanged sentences
In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated to, loan us funds as may be required (“Working Capital Loans”).
−Removed: As of September 30, 2025, there were no Working Capital Loans under this arrangement.
+Added: As of March 31, 2026, there were no Working Capital Loans under this arrangement.
We do not believe we need to raise additional funds in order to meet the expenditures required for operating our business.
1 unchanged sentence
Off-Balance Sheet Arrangement
−Removed: We have no obligations, assets, or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025.
+Added: We have no obligations, assets, or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026.
Contractual Obligations
19 unchanged sentences
The purchase price was satisfied against the promissory note between Company and Sponsor dated July 19, 2024.
−Removed: As of September 30, 2025, there was no outstanding balance under the promissory notes.
+Added: As of March 31, 2026, there was no outstanding balance under the promissory notes.
Administrative Services Agreement
24 unchanged sentences
The Company’s ordinary share features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events.
−Removed: Accordingly, at September 30, 2025, ordinary share subject to possible redemption is presented as temporary equity at redemption value, outside of the stockholders’ equity section of the Company’s balance sheet.
+Added: Accordingly, at March 31, 2025, ordinary share subject to possible redemption is presented as temporary equity at redemption value, outside of the stockholders’ equity section of the Company’s balance sheet.
The Company recognizes changes in redemption value using the “at redemption value” method and accordingly recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable shares to equal the redemption value at the end of each reporting period.
2 unchanged sentences
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
−Removed: The Company did not have any cash equivalents as of September 30, 2025.
−Removed: Deferred offering costs
−Removed: Deferred offering costs consist of legal, regulatory, underwriter expenses and accounting cost incurred through the balance sheet date that are directly related to the IPO and that were charged to shareholders equity upon the completion of the IPO on October 23, 2024.
+Added: The Company did not have any cash equivalents as of March 31, 2026.
The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes.
4 unchanged sentences
The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense.
−Removed: There were no unrecognized tax benefits as of September 30, 2025 and no amounts accrued for interest and penalties.
+Added: There were no unrecognized tax benefits as of March 31, 2026 and no amounts accrued for interest and penalties.
The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.
10 unchanged sentences
Net income (loss) per share of ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary share outstanding for the respective period.
−Removed: Net income for the nine-month period ended September 30, 2025 was allocated to redeemable and non-redeemable shares of ordinary share.
+Added: Net income for the three-month period ended March 31, 2026 & 2025 was allocated to redeemable and non-redeemable shares of ordinary share.
Diluted net income per share attributable to stockholders adjusts the basic net income per share attributable to stockholders and the weighted-average shares of ordinary share outstanding for the potentially dilutive impact of outstanding warrants.
1 unchanged sentence
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.
+Added: Operating Segments
+Added: ASC Topic 280, “Segment Reporting”, establishes standards for companies to report, in their financial statements, information about operating segments, products, services, geographic areas, and major customers.
+Added: Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s CODM, or group, in deciding how to allocate resources and assess performance.
+Added: The Company’s CODM has been identified as the Chief Financial Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance.
+Added: Accordingly, management has determined that the Company only has one reporting segment.
+Added: The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss.
+Added: The measure of segment assets is reported on the balance sheet as total assets.
+Added: When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in total assets, which include the following:
+Added: March 31, 2026
+Added: March 31, 2025
+Added: Cash held in Trust Account
+Added: Warrant Instruments
+Added: The Company accounts for the Public Warrants issued in connection with the IPO, the Private Unit Warrants and the $15 Private Warrants in accordance with the guidance contained in FASB ASC 815, “Derivatives and Hedging”.
+Added: Under ASC 815-40, the Public Warrants and the Private Unit Warrants and $15 Private Warrants meet the criteria for equity treatment and as such will be recorded in shareholders’ equity.
+Added: If the Public and Private Unit and $15 Private Warrant no longer meet the criteria for equity treatment, they will record as a liability and re-measured each period with changes recorded in the statement of operations.
Recently issued accounting standard
3 unchanged sentences
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.