Quantitative and Qualitative Disclosures about Market Risk
−Removed: The net proceeds from our IPO and the Private Placements held in the Trust Account are invested in U.S.
−Removed: government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S.
−Removed: government treasury obligations.
−Removed: Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.
+Added: We are subject to market risks in the ordinary course of our business, including changes in interest rates.
+Added: Historically, fluctuations in interest rates have not had a significant impact on our operating results.
+Added: As of December 31, 2025, we had no outstanding variable rate indebtedness, and we have not utilized any derivative financial instruments such as futures contracts, options and swaps, forward foreign exchange contracts or interest rate swaps and futures.
+Added: In addition, any sales we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates.
+Added: These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market.
+Added: These risks will vary depending upon the currency or currencies involved.
+Added: Overall, we believe that our exposure to interest rate risk and foreign currency exchange rate changes is not material to our financial condition or results of operations.
Financial Statements and Supplementary Data
−Removed: Reference is made to the financial information beginning on Page F-1 comprising a portion of this Annual Report on Form 10-K.
+Added: This information appears following Item 15 of this Annual Report and is included herein by reference.
Changes In And Disagreements With Accountants On Accounting And Financial Disclosure
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.