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Item 2. Management’s Discussion and Analysis

2026-05-15 compared with 2025-11-12 · 242 added, 88 removed, 25 unchanged (93% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

We are a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this Report as our initial business combination.

We are a blank check company incorporated as a

Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share

purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this Report as our

initial business combination.

We may pursue an initial business combination target in any industry and geographic location.

We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us.

While we may pursue an initial business combination target in any industry or geographic location, we intend to focus our search on international businesses that would benefit in valuation arbitrage by going public in the United States on a U.S.

date of the filing of this Report, we have not selected any specific business combination target.

While we may pursue an initial business

combination target in any industry or geographic location, we intend to focus our search on international businesses that would benefit

in valuation arbitrage by going public in the United States on a U.S.

national securities exchange.

We currently intend to focus our search for an initial business combination target in the following key verticals:

(i) Electronic Commerce, (ii) Financial Technology, (iii) Software as a Service, (iv) Renewable Energy, (v) Mining, and (vi) Information Technology, or IT, and IT-Enabled Services.

Our current intended geographic focus is the Asia-Pacific, and the Europe, Middle East and Africa, regions.

On October 1, 2025, we consummated our initial public offering, or IPO, of 5,750,000 units, or Units, including 750,000 Units issued upon the full exercise of the underwriter’s over-allotment option.

Each Unit consists of one Class A ordinary share, $0.0001 par value per share, or Class A Ordinary Share, and one right, or Right, with each one Right entitling the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of our initial business combination.

The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $57,500,000.

Simultaneously with the closing of our IPO, pursuant to a units purchase agreement between the us and StoneBridge Acquisition Sponsor II LLC, or our sponsor, and certain subscription agreements between us and certain third-party investors, we completed the private sale, or the Private Placement, of an aggregate of 153,750 units, or the Private Units, at a price of $10.00 per Private Unit, generating aggregate gross proceeds of $1,537,500.

Each Private Unit consists of one Class A Ordinary Share and one Right, with each one Right entitled the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of our initial business combination.

We intend to effectuate our initial business combination using cash from the proceeds of our IPO and Private Placement, our shares, debt or a combination of cash, shares and debt.

We will have up to 18 months from the closing of our IPO, or until such earlier liquidation date as our board of directors may approve, to consummate an initial business combination.

However, if we anticipate that we may not be able to consummate an initial business combination within 18 months, we may extend the period of time to consummate an initial business combination up to two times, each by an additional three months (for a total of up to 24 months to complete an initial business combination).

We refer to such 18-month period, as may be extended to 24 months, as the Combination Period.

We currently intend to focus our search

for an initial business combination target in the following key verticals:

(i) Electronic Commerce, (ii) Financial Technology, (iii) Software

as a Service, (iv) Renewable Energy, (v) Mining, and (vi) Information Technology, or IT, and IT-Enabled Services.

Our current intended

geographic focus is the Asia-Pacific, and the Europe, Middle East and Africa, regions.

On October 1, 2025, we consummated our, initial

public offering, or our Initial Public Offering, of 5,750,000 units, or the Public Units, including 750,000 Public Units issued upon the

full exercise of the underwriter’s over-allotment option.

Each Public Unit consisted of one Class A ordinary share, $0.0001 par

value per share, or Class A Ordinary Share, and one right, or Public Right, with each one Public Right entitling the holder thereof to

receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of our initial business combination.

The Public Units were

sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.

In connection with the Initial Public Offering,

we also issued 230,000 Class A Ordinary Shares, or the Representative Shares, to a designee of the underwriter in our Initial Public Offering,

as part of the underwriting compensation in our Initial Public Offering.

Simultaneously with the closing of our Initial

Public Offering, pursuant to a units purchase agreement between us and StoneBridge Acquisition Sponsor II LLC, or our sponsor, and

certain subscription agreements between us and certain at-risk capital investors, we completed the private sale, or the Private Placement,

of an aggregate of 153,750 units, or the Private Units, at a price of $10.00 per Private Unit, generating aggregate gross proceeds of

Each Private Unit consisted of one Class A Ordinary Share and one right, or Private Right, with each one Private Right entitling

the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of our initial business combination.

No underwriting discounts or commissions were paid with respect to such sale.

We intend to effectuate our initial business combination

using cash from the proceeds of our Initial Public Offering and the Private Placement, our shares, debt or a combination of cash, shares

We have until the date that is 18 months from

the closing of our Initial Public Offering (or April 1, 2027) or until such earlier liquidation date as our board of directors may

approve, to consummate our initial business combination.

However, if we anticipate that we may not be able to consummate our initial business

combination within such 18 months, we may extend the period of time to consummate an initial business combination up to two times, each

by an additional three months (for a total of up to 24 months, or until October 1, 2027, to complete an initial business combination).

The aforementioned extensions do not require shareholder approval.

In order to extend the time available for us to consummate our initial business combination, our sponsor or its affiliates or designees must deposit into the trust account established in connection with our IPO, or the Trust Account, $575,000 (or $0.10 per share) on or prior to the date of the applicable deadline, for each three month extension (or up to an aggregate of $1,150,000 or $0.20 per share if we extend for the full six months).

Our sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for us to complete our initial business combination.

If we are unable to complete an initial business combination within the Combination Period, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of our shares issued in the IPO, or our public shares, at a per-share price, payable in cash, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

Following the closing of our IPO and Private Placement, an amount of $57,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units and Private Units in our IPO and Private Placement was placed in the Trust Account.

The funds in the Trust Account will be invested or held only in (i) U.S.

government treasury obligations with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 under the U.S.

Investment Company Act of 1940, as amended, which invest only in direct U.S.

government treasury obligations, or (ii) an interest bearing bank demand deposit account or other accounts at a bank.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (which interest shall be net of interest earned on the funds held in the Trust Account that may be released to us to pay our taxes, if any), to complete our initial business combination.

Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the proceeds from the IPO and Private Placement held in the Trust Account will not be released until the earliest of (i) the completion of our initial business combination, (ii) the redemption of our public shares if we are unable to complete our initial business combination within the Combination Period, subject to applicable law, or (iii) the redemption of our public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association to (A) modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination within the Combination Period or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity.

Pursuant to the terms of our amended and restated memorandum and articles

of association and the trust agreement between us and Continental Stock Transfer & Trust Company, or Continental, entered into in

connection with our Initial Public Offering, in order to extend the time available for us to consummate our initial business combination,

our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust

account established in connection with our Initial Public Offering, or the Trust Account, $575,000 ($0.10 per share) on or prior to the

date of the applicable deadline, for each three month extension (or up to an aggregate of $1,150,000, or $0.20 per share, if we extend

for the full six months).

Any such payments would be made in the form of a loan.

Any such loans will be non-interest bearing and payable

upon the consummation of our initial business combination, and then only from the amount remaining in the Trust Account after redemptions

in connection with our initial business combination.

If we complete our initial business combination, we would repay such loaned amounts

out of the proceeds of the Trust Account released to us after redemptions in connection with our initial business combination.

not complete a business combination, we will not repay such loans.

Our sponsor and its affiliates or designees are not obligated to fund

the Trust Account to extend the time for us to complete our initial business combination.

If we anticipate that we may be unable to consummate our initial business combination within the deadlines described in the immediately preceding paragraph, we may seek shareholder approval to amend our amended and restated memorandum and articles of association to extend the date by which we must consummate our initial business combination.

There are no limitations on the number of times we may seek shareholder approval for an extension or the length of time of any such extension.

If we seek shareholder approval for an extension, holders of our public shares will be offered an opportunity to redeem their shares, regardless of whether they abstain, vote for, or vote against, such amendment, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned thereon (net of income taxes payable), divided by the number of then issued and outstanding public shares, subject to applicable law.

If we are unable to complete our initial business combination within the completion window, or by such earlier liquidation date as our board of directors may approve, we will redeem 100% of our public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned thereon (net of income taxes payable and less up to $100,000 of interest income to pay dissolution expenses), divided by the number of then issued and outstanding public shares, which redemption will constitute full and complete payment for the public shares and completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation or other distributions, if any), subject to our obligations under Cayman Islands law to provide for claims of creditors and subject to other requirements of applicable law.

Following the closing of our Initial Public Offering

and the Private Placement, an amount of $57,500,000 ($10.00 per unit) from the net proceeds of the sale of the Public Units in our Initial

Public Offering and the Private Units in the Private Placement was placed in the Trust Account.

The funds in the Trust Account have been,

and will be, invested or held only in (i) U.S.

government treasury obligations with a maturity of 185 days or less, or in money market

funds meeting certain conditions under Rule 2a-7 under the U.S.

Investment Company Act of 1940, as amended, or the Investment Company

Act, which invest only in direct U.S.

government treasury obligations, or (ii) an interest bearing bank demand deposit account or other

accounts at a bank.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest

earned on the Trust Account (which interest shall be net of interest earned on the funds held in the Trust Account that may be released

to us to pay our taxes, if any), to complete our initial business combination.

Except with respect to interest earned on the

funds held in the Trust Account that may be released to us to pay our taxes, if any, the proceeds from our Initial Public Offering and

Private Placement held in the Trust Account will not be released until the earliest of (i) the completion of our initial business combination,

(ii) the redemption of our public shares if we are unable to complete our initial business combination within the completion window, subject

to applicable law, or (iii) the redemption of our public shares properly submitted in connection with a shareholder vote to amend our

amended and restated memorandum and articles of association to (A) modify the substance or timing of our obligation to allow redemption

in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business

combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or

pre-initial business combination activity.

We have incurred and expect to continue to incur significant costs in the pursuit of our acquisition plans.

We cannot assure you that our plans to complete a business combination will be successful.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date.

Our only activities since June 19, 2024, the date of our inception, have been organizational activities and those necessary to prepare for our IPO.

We will not generate any operating revenues until after completion of our initial business combination.

We expect to generate non-operating income in the form of interest income on cash and cash equivalents.

We expect to incur increased expenses as a result of becoming a public company (for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective business combination candidates.

For the three and nine months ended September 30, 2025, we had net losses of $46,415 and $58,376, respectively, which are comprised of formation and operating costs.

Results of Operations

We have neither engaged in any operations nor

generated any revenues to date.

Our only activities since June 19, 2024 (the date of our inception) through March 31, 2026 were organizational

activities, those necessary to prepare for our Initial Public Offering, and subsequent to our Initial Public Offering, identifying a target

company for a business combination.

We will not generate any operating revenues until after the completion of our initial business combination.

We generate non-operating income in the form of interest income from the proceeds derived from our Initial Public Offering and the Private

Placement held in the Trust Account.

We incur, and expect to continue to incur, expenses as a result of being a public company (for legal,

financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective business combination

the three months ended March 31, 2026, we had net income of $387,601, which consisted of interest income and dividend income on investments

on funds held in the Trust Account, partially offset by general and administrative expenses of $126,942.

For the three months ended March 31, 2025, we

had net income of $20, which consisted solely of bank interest income.

As we had not yet commenced our Initial Public Offering during

that period, no operating expenses were recognized.

Liquidity and Capital Resources

As of September 30, 2025, our cash balance was $1,791 and we had a working capital deficit of $486,175.

Our sponsor agreed to loan us up to $800,000 in loans to cover organizational, IPO-related and post-IPO expenses.

These loans were evidenced by a promissory note dated as of August 1, 2024, as amended on April 1, 2025, or as amended, the Promissory Note.

As of September 30, 2025, we had borrowed $172,272 under the Promissory Note and $172,250 was adjusted against the proceeds from the Private Placement not held in the Trust Account on October 1, 2025, subsequent to period end.

Borrowings under the Promissory Note are no longer available.

Until the consummation of our IPO, our only source of liquidity was an initial purchase of Class B ordinary shares by our sponsor and loans from our sponsor.

On October 1, 2025, we consummated our IPO and the Private Placement, generating gross proceeds of $57,500,000 and $1,537,500, respectively.

costs amounted to $3,063,880, consisting of $287,500 of cash underwriting commissions, $2,300,000 of fair value of Class A Ordinary Shares

issued to the underwriter, and $476,380 of other offering costs.

Until the consummation of our Initial Public Offering,

our only source of liquidity was an initial purchase of founder shares by our sponsor and advances from our sponsor.

On October 1, 2025, we consummated our Initial

Public Offering of 5,750,000 Public Units, including 750,000 Public Units issued upon the full exercise of the underwriter’s over-allotment

option, at a price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.

Simultaneously with the closing of our Initial

Public Offering, we completed the Private Placement of an aggregate of 153,750 Private Units, at a price of $10.00 per Private Unit, generating

aggregate gross proceeds of $1,537,500.

Following the closing of our Initial Public Offering

and the Private Placement, an amount of $57,500,000 ($10.00 per unit) from the net proceeds of the sale of the Public Units in our Initial

Public Offering and the Private Units in the Private Placement was placed in the Trust Account.

Transaction costs relating to our Initial Public

Offering amounted to $3,063,880, consisting of $287,500 of cash underwriting commissions, $2,300,000 of fair value of the Representative

Shares issued to the underwriter’s designee, and $476,380 of other offering costs.

the three months ended March 31, 2026, net cash used in operating activities was $174,132.

The operating cash outflows consisted primarily

of payments for professional services including legal, accounting, audit, and administrative support fees, partially offset by trust

interest and dividend income received in the operating account.

For the three months ended March 31, 2025, net cash used in operating

activities was $6,360, consisting of payments for operating expenses and administrative support fees.

For the three months ended March 31, 2026, there

were no financing activities.

For the three months ended March 31, 2025, net cash provided by financing activities was $6,380, consisting

of proceeds from a promissory note from our sponsor, partially offset by payment

of deferred offering costs.

the three months ended March 31, 2026 and 2025, there were no investing activities.

As of March 31, 2026, we had assets held in the Trust account of $58,558,815, consisting of money market funds.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, which interest shall be net of interest earned on the Trust Account that may be released to us to pay our taxes, if any, to complete our initial business combination.

To the extent that our equity or debt is used, in whole or in part, as consideration to complete an initial business combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business, make other acquisitions and pursue our growth strategies.

We will use the funds held outside of 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.

We expect our primary liquidity requirements during that period to include approximately $75,000 for accounting, due diligence, travel and other expenses associated with structuring, negotiating and documenting successful business combinations;

$50,000 for legal and accounting fees related to regulatory reporting requirements;

$45,000 for Nasdaq and other regulatory fees;

$180,000 for office space and administrative services;

and approximately $150,000 for directors’ and officers’ liability insurance.

These amounts are estimates and may differ materially from our actual expenses.

In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have any current intention to do so.

As of March 31, 2026, we had cash of $329,698.

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, structure, negotiate and complete a business combination, and to pay for directors and officers liability insurance premiums.

We could use a portion of the funds held outside the Trust Account to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have any current intention to do so.

If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific business combination and the amount of our available funds at the time.

In order to finance transaction costs in connection with a business combination, our sponsor or an affiliate of our sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required, or Working Capital Loans.

If we complete an initial business combination, we would repay such loaned amounts at that time.

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The units would be identical to the Private Units.

As of September 30, 2025, we had no borrowings under the Working Capital Loans.

We may need to obtain additional financing to complete our initial business combination, either because the transaction requires more cash than is available from the proceeds held in the Trust Account or because we become obligated to redeem a significant number of our public shares upon completion of the business combination, in which case we may issue additional securities or incur debt in connection with such business combination.

In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of our IPO and Private Placement, and, as a result, if the cash portion of the purchase price exceeds the amount available from the Trust Account, net of amounts needed to satisfy any redemptions by public shareholders, we may be required to seek additional financing to complete such proposed initial business combination.

We may also obtain financing prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business combination.

There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements we may enter into.

If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to liquidate the Trust Account.

As of March 31, 2026, we had no borrowings under the working capital loans.

We may need to obtain additional financing to

complete our initial business combination, either because the transaction requires more cash than is available from the proceeds held

in the Trust Account or because we become obligated to redeem a significant number of our public shares upon completion of the business

combination, in which case we may issue additional securities or incur debt in connection with such business combination.

we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of our Initial Public

Offering and Private Placement, and, as a result, if the cash portion of the purchase price exceeds the amount available from the Trust

Account, net of amounts needed to satisfy any redemptions by public shareholders, we may be required to seek additional financing to complete

such proposed initial business combination.

We may also obtain financing prior to the closing of our initial business combination to fund

our working capital needs and transaction costs in connection with our search for and completion of our initial business combination.

There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances

or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements or backstop

agreements we may enter into.

If we are unable to complete our initial business combination because we do not have sufficient funds available

to us, we will be forced to liquidate the Trust Account.

Going Concern Consideration

As of September 30, 2025, our cash balance was $1,791 and we had a working capital deficit of $486,175.

Subsequent to the consummation of our IPO, our liquidity has been satisfied through the net proceeds from our IPO and the Private Placement held outside of the Trust Account.

In addition, in order to finance transaction costs in connection with a business combination, our sponsor or an affiliate of our sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required.

Based on the foregoing, among other considerations, we do not believe we will need to raise additional funds to meet the expenditures required for operating our business, and that we will have sufficient working capital and borrowing capacity to meet our needs through the earlier of the consummation of our initial business combination or the next twelve months.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025.

As of March 31, 2026, our cash balance was $329,698 and we had working capital of $422,164.

We have not commenced any operating activities and do not generate operating revenues.

We have incurred and expect to continue to incur significant costs in pursuit of our acquisition strategy and in connection with identifying and consummating an initial business combination.

These conditions raise substantial doubt about our ability to continue as a going concern within one year after the date that the unaudited condensed financial statements included in this Report are issued.

There is no assurance that our plans to consummate an initial business combination will be successful or successful within the completion window.

The unaudited condensed financial statements included in this Report do not include any adjustments that might result from our inability to consummate an initial business combination to continue as a going concern.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 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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Related Party Transactions

Refer to “ Note 5 - Related Party Transactions ” in the unaudited condensed consolidated financial statements contained elsewhere in this Report.

Refer to “ Note 5—Related Party Transactions ” in the unaudited condensed financial statements contained elsewhere in this Report.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of our sponsor a fee of approximately $10,000 per month for administrative and support services.

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of our sponsor a fee of $10,000 per month for administrative and support services.

Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

Our sponsor had agreed to loan us an aggregate of up to $800,000 to be used for a portion of the expenses of our IPO.

No amounts were incurred or accrued under this arrangement as of March 31, 2026.

Our sponsor had agreed to loan us an aggregate

of up to $800,000 to be used for a portion of the expenses of our Initial Public Offering.

The loan was non-interest bearing and unsecured.

The loan was evidenced by the Promissory Note, and was payable on the earlier of December 31, 2025 or the date on which we consummated an initial public offering of our securities.

The loan was evidenced by a promissory note, and was payable on the earlier of December 31, 2025 or the date on which we consummated an

initial public offering of our securities.

In connection with the completion of our Initial Public Offering, we repaid substantially all

amounts outstanding under the promissory note.

As of March 31, 2026, an amount of $22 remained outstanding under the promissory note.

Borrowings under the promissory note are no longer available.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements.

The preparation of financial statements and related

disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets

and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of

expenses during the reporting periods.

Making estimates requires management to exercise significant judgment.

It is at least reasonably

possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial

statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming

Actual results could materially differ from those estimates.

Ordinary Shares Subject to Possible Redemption

We account for our ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity.

At all other times, ordinary shares are classified as shareholders’ equity.

Our ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events.

If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period.

We have elected to recognize the changes in redemption value as a charge against retained earnings or, in the absence of retained earnings, as a charge against additional paid-in-capital over an expected 18-month period, which is the initial period that we have to complete an initial business combination.

Net loss Per Ordinary Share

Net loss per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period.

As of September 30, 2025, we did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.

As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the period presented.

See Note 2 to our unaudited condensed financial statements included

elsewhere in this Report.

Class A Ordinary shares subject to possible redemption

Our public shares contain a redemption feature

which allows for the redemption of such public shares in connection with our liquidation, or if there is a shareholder vote or tender

offer in connection with our initial business combination.

In accordance with ASC 480-10-S99, we classify our public shares subject to

redemption outside of permanent equity as the redemption provisions are not solely within our control.

We recognize changes in redemption

value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each

reporting period.

Immediately upon the closing of our Initial Public Offering, we recognized the accretion from initial book value to

redemption value.

The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to

the extent available) and accumulated surplus (deficit).

Accordingly, as of March 31, 2026, Class A Ordinary Shares subject to possible

redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of our balance sheet.

of March 31, 2026, the Class A Ordinary Shares subject to possible redemption reflected in the balance sheet are reconciled in the

following table:

Gross proceeds

Proceeds allocated to Public Rights

Class A Ordinary Shares issuance cost

Remeasurement of carrying value to redemption value

Class A Ordinary Shares subject to possible redemption, October 1, 2025

Remeasurement of carrying value to redemption value

Class A Ordinary Shares subject to possible redemption, December 31, 2025

Remeasurement of carrying value to redemption value

Class A Ordinary Shares subject to possible redemption, March 31, 2026

Net Income Per Ordinary Share

We have two classes of shares, being Class A Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, or Class B Ordinary Shares.

Income and losses are shared pro rata between the two classes of shares.

We comply with the accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share”.

Net income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period.

We did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in our earnings.

As a result, diluted income per ordinary share is the same as basic income per ordinary share for the year presented.

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per ordinary share for each class of ordinary shares:

Three Months Ended

March 31, 2026

Three Months Ended

Non-redeemable

Basic and diluted net income per ordinary shares:

Allocation of net income, basic and diluted

Basic and diluted weighted average ordinary shares outstanding

Basic and diluted net income per ordinary share

Derivative Financial Instruments

We evaluate our financial instruments to determine

if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives

and Hedging”.

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially

recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in

the statement of operations.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities

or as equity, is evaluated at the end of each reporting period.

Derivative liabilities are classified in the balance sheet as current

or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance

The underwriter’s over-allotment option in our Initial Public Offering was fully exercised at the time of our Initial

Public Offering and therefore we did not have any derivative financial instruments outstanding as of March 31, 2026 and December 31, 2025.

We account for our Public Rights and Private Rights in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”.

Accordingly, we evaluated and classified our rights under equity treatment at its assigned value.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures’.

The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, or CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.

The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280.

This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

We adopted ASU 2023-07 on June 19, 2024, our date of incorporation.

Management does not believe that any recently issued, but not effective, accounting pronouncements, if currently adopted, would have a material effect on our financial statements.

We adopted ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, effective for interim periods beginning after December 15, 2024.

As we operate as a single reportable segment, adoption had no material impact.

adopted ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures, effective January 1, 2026.

are incorporated in the Cayman Islands and are not subject to income taxes, this standard had no impact on the unaudited condensed

financial statements.

ASU 2024-03, Income Statement — Expense Disaggregation Disclosures, is effective for annual periods beginning after December 15, 2026 and is not expected to have a material effect on our financial statements.

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our unaudited condensed financial statements.

Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 under the Exchange Act and are not required to provide the information otherwise required under this Item.

We are a smaller reporting company as defined in Rule 12b-2 under the Exchange Act and are not required to provide the information otherwise required under this Item.

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