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Special Note Regarding Forward-Looking Statements
−Removed: References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Aldabra 4 Liquidity Opportunity Vehicle, Inc.
−Removed: References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Aldabra LOV Sponsor Partnership, LLC.
−Removed: The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report.
−Removed: Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
−Removed: Special Note Regarding Forward-Looking Statements
This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected.
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Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region.
−Removed: We intend to effectuate our initial Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale the Private Placement Warrants, proceeds of the sale of our shares in connection with our initial Business Combination (pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of the Initial Public Offering or
−Removed: otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, other securities issuances, or a combination of the foregoing.
+Added: We intend to effectuate our initial Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale the Private Placement Warrants, proceeds of the sale of our shares in connection with our initial Business Combination (pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of the Initial Public Offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, other securities issuances, or a combination of the foregoing.
We expect to continue to incur significant costs in the pursuit of our acquisition plans.
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Results of Operations
−Removed: As of March 31, 2026, the Company had not commenced any operations.
−Removed: All activities for the three months ended March 31, 2026 relates to the Company’s formation and Initial Public Offering.
+Added: As of June 30, 2026, the Company had not commenced any operations.
+Added: All activities for the three and six months ended June 30, 2026, relates, prior to the Initial Public Offering, formation and preparation for the Initial Public Offering, and after the Initial Public Offering, identifying a target company for a Business Combination.
The Company will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest.
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We expect to 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.
−Removed: For the three months ended March 31, 2026, we had a net income of $1,242,255, which consisted of interest earned on marketable securities held in Trust Account of $1,900,715 offset by general and administrative expenses of $658,460.
+Added: For the three months ended June 30, 2026, we had a net income of $1,645,634, which consisted of interest earned on marketable securities held in Trust Account of $1,849,247 offset by general and administrative expenses of $203,613.
+Added: For the six months ended June 30, 2026, we had net income of $2,887,889, which consisted of interest earned on marketable securities held in Trust Account of $3,749,962 offset by general and administrative expenses of $862,073.
Liquidity and Capital Resources
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.
−Removed: As of March 31, 2026, we had cash of $1,070,844 and working capital surplus of $1,095,935.
+Added: As of June 30, 2026, we had cash of $891,230 and working capital surplus of $892,322.
On January 23, 2026, the Company consummated the Initial Public Offering of 30,015,000 Units which includes the full exercise by the underwriters (the “Underwriters”) of their over-allotment option of 3,915,000 units (the “Units”), at $10.00 per Unit, generating gross proceeds of $300,150,000.
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We incurred total transaction costs amounting to $18,281,523, consisting of $5,220,000 of cash underwriting fees, $12,789,000 of deferred underwriting fees and $272,523 of other costs.
−Removed: For the three months ended March 31, 2026, net cash used in operating activities was $710,646.
+Added: For the six months ended June 30, 2026, net cash used in operating activities was $890,260.
Net income of $2,887,889 was affected by the interest earned on marketable securities held in Trust Account of $3,749,962, changes in prepaid insurance of $101,523, accounts payable of $22,554, accrued expenses of $40,782, and due to related party of $10,000.
−Removed: For the three months ended March 31, 2026, net cash used in investing activities was $300,150,000, which was due to the cash deposited into the Trust Account of $300,150,000.
−Removed: For the three months ended March 31, 2026, net cash provided by financing activities was $301,907,907, which was due to the proceeds from sale of Units, net of underwriting fees and reimbursement paid of $294,907,388 and proceeds from sale of Private Placement Warrants of $7,300,000 and Promissory Note (as defined below) of $50,000 offset by the payment of the Promissory Note of $250,000 and offering cost of $99,481.
+Added: For the six months ended June 30, 2026, net cash used in investing activities was $300,150,000, which was due to the cash deposited into the Trust Account of $300,150,000.
+Added: For the six months ended June 30, 2026, net cash provided by financing activities was $301,907,907, which was due to the proceeds from sale of Units, net of underwriting fees and reimbursement paid of $294,907,388 and proceeds from sale of Private Placement Warrants of $7,300,000 and Promissory Note (as defined below) of $50,000 offset by the payment of the Promissory Note of $250,000 and offering costs of $99,481.
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing earnings on the Trust Account (less taxes payable, if any), to complete our Business Combination.
To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
−Removed: We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or
−Removed: their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
+Added: We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required.
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Off-Balance Sheet Arrangements
−Removed: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026.
+Added: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2026.
We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.
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Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees.
−Removed: As of March 31, 2026, the Company incurred fees for these services of $71,000.
+Added: As of June 30, 2026, the Company incurred fees for these services of $160,000.
Underwriters Agreement
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Registration Rights
−Removed: The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the Initial Public Offering, (ii) Private Placement Warrants and the Class A ordinary shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the
−Removed: consummation of the Company’s initial Business Combination pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering.
+Added: The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the Initial Public Offering, (ii) Private Placement Warrants and the Class A ordinary shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of the Company’s initial Business Combination pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering.
The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
−Removed: In addition, the holders have certain “piggyback” registration rights with respect to registration statements filed subsequent to the Company’s completion of the Company’s initial Business Combination.
+Added: In addition, the holders have certain “piggyback” registration rights with respect to
+Added: registration statements filed subsequent to the Company’s completion of the Company’s initial Business Combination.
The Company will bear the expenses incurred in connection with the filing of any such registration statements.
3 unchanged sentences
Prior to the Initial Public Offering, the Company had borrowed $250,000 under the Promissory Note.
−Removed: As of March 31, 2026, there was no outstanding balance under the Promissory Note.
+Added: On January 23, 2026, the full balance was repaid in connection with the close of the Initial Public Offering.
+Added: There is no outstanding balance under the Promissory Note.
+Added: Borrowings under the Promissory Note are no longer available.
Critical Accounting Policies and Estimates
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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.