What changed in this filing

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Item 9A. Controls and Procedures

2026-03-23 compared with 2025-03-28 · 1500 added, 1510 removed, 369 unchanged (89% of the section changed)

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed

with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Form

10-K, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.

controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including

the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management

evaluated, with the participation of our current chief executive officer and vice president of finance (our “Certifying Officers”),

the effectiveness of our disclosure controls and procedures as of December 31, 2024, pursuant to Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our Certifying Officers concluded that, as of December 31, 2024, our disclosure controls and procedures were

We do not expect that our disclosure controls

and procedures will prevent all errors and all instances of fraud.

Disclosure controls and procedures, no matter how well conceived and

operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits

must be considered relative to their costs.

Because of the inherent limitations in all disclosure controls and procedures, no evaluation

of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances

of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of

future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Controls

Over Financial Reporting

This Annual Report on Form 10-K does not include

a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent

registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

Changes in Internal Control over Financial

There were no changes in our internal control

over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal

quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

of Disclosure Controls and Procedures

controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed

under the Exchange Act, such as this Form 10-K, is recorded, processed, summarized, and reported within the time period specified in

the SEC’s rules and forms.

Disclosure controls are also designed with the objective of ensuring that such information is accumulated

and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely

decisions regarding required disclosure.

Our management evaluated, with the participation of our current chief executive officer and

vice president of finance (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of

December 31, 2025, pursuant to Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our Certifying Officers concluded that,

as of December 31, 2025, our disclosure controls and procedures were effective.

do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud.

Disclosure controls and

procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the

disclosure controls and procedures are met.

Further, the design of disclosure controls and procedures must reflect the fact that there

are resource constraints, and the benefits must be considered relative to their costs.

Because of the inherent limitations in all disclosure

controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all

our control deficiencies and instances of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain

assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated

goals under all potential future conditions.

Report on Internal Controls Over Financial Reporting

Management is responsible for establishing and

maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f).

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that,

in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the Company;

(ii) provide reasonable

assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted

accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management

and directors of the Company;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,

use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Internal control over financial reporting is designed

to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements prepared

for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control

over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods

are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the

policies or procedures may deteriorate.

Our management, with the participation of our

Certifying Officers, assessed the effectiveness of our internal control over financial reporting as of December 31, 2025, using the

criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO).

Based on this assessment and those criteria, management concluded that our internal control over financial reporting

was effective as of December 31, 2025.

This Annual Report does not include an attestation

report of our independent registered public accounting firm due to our status as an emerging growth company under the JOBS Act.

in Internal Control over Financial Reporting

were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange

Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal

control over financial reporting.

Other Information

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Directors, Executive Officers and Corporate Governance.

Directors and Executive Officers

Our officers and directors are as follows:

and Executive Officers

officers and directors are as follows:

Chief Executive Officer and Director

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Anna Marie Wagner

Sloan has been our Co-Chairman

since June 2024.

Sloan was previously our Chairman and Chief Executive Officer from March 2021 through June 2024.

as Screaming Eagle’s Chairman from November 2021 through May 2024, until Screaming Eagle consummated its business combination with

Lionsgate Studios Corp.

Sloan remains a director of Lionsgate Studios Corp.

Since December 2021, Mr.

Sloan has served as a member

of the board of directors of Lions Gate Entertainment Corp.

LGF.A, LGF.B) (“Lions Gate Parent”), an independent motion

picture and television production company.

Sloan has served as Chief Executive Officer and Chairman of Soaring Eagle, which in September

2021 completed its initial business combination with Ginkgo Bioworks, Inc.

Sloan has been our Co-Chairman since June 2024.

Sloan was previously our Chairman and Chief Executive Officer from March

2021 through June 2024.

Sloan also serves as Co-Chairman of Infinite Eagle Acquisition Corp.’s (Nasdaq:

IEAG), or Infinite

Eagle, a position he has held since August 2025.

Sloan served as Screaming Eagle’s Chairman from November 2021 through May

2024, until Screaming Eagle consummated its business combination with Lionsgate Studios Corp.

Sloan remains a director of Lionsgate

Studios Corp.

From December 2021 until May 2025, Mr.

Sloan served as a member of the board of directors of Lions Gate Entertainment Corp.

LGF.A, LGF.B) (“Lions Gate Parent”), an independent motion picture and television production company.

Following Lions

Gate Parent’s full separation of its Studio and STARZ business in May 2025, Mr.

Sloan serves as a Director of Starz Entertainment

Sloan has served as Chief Executive Officer and Chairman of Soaring Eagle, which in September 2021 completed its initial business

combination with Ginkgo Bioworks, Inc.

DNA) (“Ginkgo”).

Sloan remains a director

Prior to Soaring Eagle, Mr.

Sloan was Chief Executive Officer and Chairman of Flying Eagle, which raised $690,000,000 in its

initial public offering in March 2020 and in December 2020 completed its initial business combination with Skillz Inc.

SKLZ) (“Skillz”),

a technology company that enables game developers to monetize their content through fun and fair multi-player competition.

Prior to Flying

Sloan was a founding investor of Diamond Eagle, which raised $400,000,000 in its initial public offering in May 2019 and in

April 2020 completed its initial business combination with DraftKings, Inc.

DKNG) (“DraftKings”), a digital sports

entertainment and gaming company known for its industry-leading daily fantasy sports and mobile sports betting platforms, and SBTech (Global)

Limited, an international turnkey provider of cutting-edge sports betting and gaming technologies.

Sloan now serves as the Vice Chairman

of DraftKings, Inc.

Sloan remains a director of Ginkgo.

Prior to Soaring Eagle,

Sloan was Chief Executive Officer and Chairman of Flying Eagle, which raised $690,000,000 in its initial public offering in March

2020 and in December 2020 completed its initial business combination with Skillz Inc.

SKLZ) (“Skillz”), a technology

company that enables game developers to monetize their content through fun and fair multi-player competition.

Prior to Flying Eagle,

Sloan was a founding investor of Diamond Eagle, which raised $400,000,000 in its initial public offering in May 2019 and in April

2020 completed its initial business combination with DraftKings, Inc.

DKNG) (“DraftKings”), a digital sports entertainment

and gaming company known for its industry-leading daily fantasy sports and mobile sports betting platforms, and SBTech (Global) Limited,

an international turnkey provider of cutting-edge sports betting and gaming technologies.

Sloan now serves as the Vice Chairman of

DraftKings, Inc.

Prior to Diamond Eagle, Mr.

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Central and Eastern Europe, which he founded in 1990 and continued as executive chairman until 2005.

In 1999, SBS became the largest shareholder

of Lions Gate Parent.

In 1999, SBS became the largest

shareholder of Lions Gate Parent.

Sloan served as chairman of the board of Lions Gate Parent from April 2004 to March 2005.

From 1983 to 1989,

1983 to 1989, Mr.

Sloan was co-chairman of New World Entertainment Ltd., an independent motion picture and television production company.

He previously

served on the boards of Promotora de Informaciones, S.A.

PRISY), Spain’s largest media conglomerate, and ZeniMax Media

Inc., an independent producer of interactive gaming and web content.

He currently serves on the UCLA Anderson School of Management Board

of Visitors and the Executive Board of UCLA Theatre, Film and Television.

He previously served on the boards of Promotora de Informaciones, S.A.

PRISY), Spain’s largest media conglomerate, and

ZeniMax Media Inc., an independent producer of interactive gaming and web content.

He currently serves on the UCLA Anderson School of

Management Board of Visitors and the Executive Board of UCLA Theatre, Film and Television.

Sloan received his B.A.

degree from UCLA and J.D.

from Loyola Law School.

degree from UCLA

Degree from Loyola Law School.

We believe Mr.

Sloan is qualified to serve on our board of directors due, among other things, to his extensive

experience as a founder of special purpose acquisition companies and as an international media investor, entrepreneur and studio executive.

Eli Baker has been our Chief Executive

Officer since June 2024 and has been our Director since March 2021.

Baker was previously our Chief Financial Officer and President

from March 2021 through June 2024.

Baker served as Screaming Eagle’s Chief Executive Officer and Director from November 2021

through May 2024.

Sloan is qualified to serve on our board of directors due, among other things,

to his extensive experience as a founder of special purpose acquisition companies and as an international media investor, entrepreneur

and studio executive.

Baker has been our Chief Executive Officer since June 2024 and has been our Director since March 2021.

Baker was previously

our Chief Financial Officer and President from March 2021 through June 2024.

Baker serves as Infinite Eagle’s Chief Executive

Officer and Director a position he has held since August 2025.

Baker served as Screaming Eagle’s Chief Executive Officer and

Director from November 2021 through May 2024.

Baker is a Partner in Eagle Equity Partners (and its related companies).

Most recently, Mr.

Baker has served as

President and Chief Financial Officer of Soaring Eagle through the business combination with Ginkgo.

Prior to Soaring Eagle, Mr.

served as President and Chief Financial Officer of Flying Eagle through the business combination with Skillz.

Baker also served as

president, chief financial officer and secretary of Diamond Eagle from March 2019 until the consummation of its business combination with

DraftKings, in April 2020.

Baker served as the president, chief financial officer and secretary of Platinum Eagle from July 2017 until

the consummation of its business combination with Target Hospitality in March 2019, and served as a member of Target Hospitality’s

served as President and Chief Financial Officer of Soaring Eagle through the business combination with Ginkgo.

Prior to Soaring Eagle,

Baker served as President and Chief Financial Officer of Flying Eagle through the business combination with Skillz.

served as President, Chief Financial Officer and Secretary of Diamond Eagle from March 2019 until the consummation of its business combination

with DraftKings, in April 2020.

Baker served as the President, Chief Financial Officer and Secretary of Platinum Eagle from July

2017 until the consummation of its business combination with Target Hospitality in March 2019, and served as a member of Target Hospitality’s

board of directors from March 2019 through December 2021.

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special opportunity equity and credit investments in the media and entertainment industry.

Baker is a former lawyer and earned a Bachelor

of Arts degree from the University of California, Berkeley and a Juris Doctor from the University of California at Hastings Law School.

We believe Mr.

Baker is qualified to serve on our board of directors due, among other things, to his extensive experience as a founder

of special purpose acquisition companies and as an investor in the technology, media and entertainment sectors.

Ryan O’Connor has been our

Chief Financial Officer since June 2024.

O’Connor served as Screaming Eagle’s Vice President of Finance from November

2021 through May 2024.

Baker is a former lawyer and earned a

Bachelor of Arts degree from the University of California, Berkeley and a Juris Doctor from the University of California (SF).

Baker is qualified to serve on our board of directors due, among other things, to his extensive experience as a founder of special

purpose acquisition companies.

O’Connor has been our Chief Financial Officer since June 2024.

O’Connor serves as Infinite Eagle’s Chief

Financial Officer, a position he has held since August 2025.

O’Connor served as Screaming Eagle’s Vice President of Finance

from November 2021 through May 2024.

O’Connor has been an employee of Eagle Equity Partners since February 2021.

Prior to joining Eagle Equity

Partners, Mr.

O’Connor worked as an associate in the Investment Banking Division at Goldman Sachs from July 2018 to December 2020.

Prior to joining

Eagle Equity Partners, Mr.

O’Connor worked as an associate in the Investment Banking Division at Goldman Sachs from July 2018 to

December 2020.

O’Connor graduated with a B.S.

in Economics from the Wharton School at the University of Pennsylvania in May

Jeff Sagansky has been our Co-Chairman

since June 2024.

Sagansky has been our Co-Chairman since June 2024.

Sagansky serves as Co-Chairman of Infinite Eagle, a position he has held

since August 2025.

Sagansky served as a Director of Screaming Eagle from December 2021 through May 2024.

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Sloan and Eli Baker Soaring Eagle which completed

a merger with Gingko Bioworks in September of 2021, Diamond Eagle which merged with Draft Kings in April of 2020, and Flying Eagle which

a merger with Gingko Bioworks in September of 2021, Diamond Eagle which merged with DraftKings in April of 2020, and Flying Eagle which

merged with Skillz in December of 2020.

7 unchanged sentences

Entertainment (“SPE”), from 1996 to 1998 where he was responsible for SPE’s strategic planning and worldwide television

While at SPE, he spearheaded SPE’s acquisition, in partnership with Liberty Media Corporation and other investors, of

Telemundo Network Group, LLC, (“Telemundo”).

While at SPE, he spearheaded SPE’s acquisition, in partnership with Liberty Media Corporation and other investors,

of Telemundo Network Group, LLC, (“Telemundo”).

Previously, as executive vice president of Sony Corporation of America (“SCA”),

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and an MBA from Harvard Business School.

He also serves on the boards of Omio, the leading European travel ticketing company, Sharecare,

the Nasdaq listed health and wellness company and the National Parks Conservancy Association.

He also serves on the boards of Omio, the leading European travel ticketing company, and the

National Parks Conservancy Association.

We believe Mr.

Sagansky is qualified to

serve on our board of directors due to his extensive background and experience as a founder of special purpose acquisition companies and

as an executive in the media and entertainment industries and his substantial mergers and acquisitions experience.

Diarmuid Cummins has served on our

board of directors since October 2024.

Cummins currently serves as an advisor to Target Hospitality and Guardian Fall.

served as the Chief Executive Officer of Algeco Scotsman, Inc.

(now Modulaire Group) from September 2016 to September 2018, and as a senior

advisor from September 2018 to December 2021.

Sagansky is qualified to serve on our board of directors due to his extensive

background and experience as a founder of special purpose acquisition companies and as an executive in the media and entertainment industries

and his substantial mergers and acquisitions experience.

Cummins has served on our board of directors since October 2024.

Cummins currently serves as an advisor to Target Hospitality

and Guardian Fall.

Cummins served as the Chief Executive Officer of Algeco Scotsman, Inc.

(now Modulaire Group) from September 2016

to September 2018, and as a senior advisor from September 2018 to December 2021.

Previously, Mr.

Cummins was a Partner at TDR Capital LLP from January 2011 to August 2016.

Prior to TDR, he served as Chief Operating Officer at Phoenix Group Holdings Plc from September 2008 to December 2010, a Partner at MidOcean

Partners from April 2003 to August 2008, and European Chief Operating Officer of Deutsche Bank AG from August 2000 to February 2003.

Cummins was a Partner at TDR Capital

LLP from January 2011 to August 2016.

Prior to TDR, he served as Chief Operating Officer at Phoenix Group Holdings Plc from September

2008 to December 2010, a Partner at MidOcean Partners from April 2003 to August 2008, and European Chief Operating Officer of Deutsche

Bank AG from August 2000 to February 2003.

Cummins currently serves on the non-profit board of RIVET.

He is a qualified Chartered Secretary of the U.K.

Institute of Chartered Secretaries

& Administrators and studied Political Science at Arizona State University.

He is a qualified Chartered

Secretary of the U.K.

Institute of Chartered Secretaries & Administrators and studied Political Science at Arizona State University.

We believe Mr.

Cummins is qualified to serve on our board

of directors due, among other things, to his extensive experience in both public and private companies.

Amy Gershkoff Bolles has served

on our board of directors since October 2024.

Bolles currently serves as an independent consultant to public and private companies.

Previously, she served as Global Head of Digital & Emerging Technology Strategy at Levi Strauss & Co.

LEVI) from March

2022 until September 2023.

Prior to joining Levi Strauss & Co., she served as Chief Operating Officer at Tradesy, Inc., an ecommerce

company, from May 2021 until March 2022.

Cummins is qualified to serve on our board of directors due, among other things, to his extensive experience in both public

and private companies.

Gershkoff Bolles has served on our board of directors since October 2024.

Bolles currently serves as an independent consultant

to public and private companies.

Previously, she served as Global Head of Digital & Emerging Technology Strategy at Levi Strauss

LEVI) from March 2022 until September 2023.

Prior to joining Levi Strauss & Co., she served as Chief Operating

Officer at Tradesy, Inc., an ecommerce company, from May 2021 until March 2022.

Prior to joining Tradesy, Inc.

in May 2021, she served as Chief Data Officer and General Manager

at Bitly, Inc., an enterprise SaaS company, from September 2018 until April 2021.

Prior to Bitly, Inc., she worked as an independent consultant

from October 2017 until September 2018.

Previously, she served as Chief Data Officer at Ancestry.com LLC, a genealogy and consumer genomics

company, from November 2016 until September 2017.

From March 2015 until November 2016, Dr.

Bolles served as General Manager of Advertising

and Chief Data Officer for Zynga Inc.

ZNGA), a social online and mobile gaming company.

in May 2021, she served

as Chief Data Officer and General Manager at Bitly, Inc., an enterprise SaaS company, from September 2018 until April 2021.

Bitly, Inc., she worked as an independent consultant from October 2017 until September 2018.

Previously, she served as Chief Data Officer

at Ancestry.com LLC, a genealogy and consumer genomics company, from November 2016 until September 2017.

From March 2015 until November

Bolles served as General Manager of Advertising and Chief Data Officer for Zynga Inc.

ZNGA), a social online and mobile

gaming company.

From July 2013 until March 2015, Dr.

Bolles served as Head of Customer Analytics & Insights and Head of Global Data Science for eBay Inc.

EBAY), a multinational

ecommerce corporation.

Bolles also served on the board of Screaming Eagle from January 2022 until May 2024.

Bolles served as Head of Customer Analytics & Insights and Head of Global Data

Science for eBay Inc.

EBAY), a multinational ecommerce corporation.

Bolles also served on the board of Screaming Eagle from

January 2022 until May 2024.

She received her B.A.

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from Princeton University.

We believe Dr.

Bolles is qualified to serve on our board of

directors due, among other things, to her leadership experience in both public and private companies.

Jason Park has served on our board

of directors since October 2024.

Bolles is qualified to serve on our board of directors due, among other things, to her leadership experience in both public and private

Park has served on our board of directors since October 2024.

Park also serves as a member of the board of directors of Infinite

Eagle, a position he has held since January 2026.

Park is the Chief Transformation Officer at DraftKings.

Park joined DraftKings as Chief Financial

Officer and served in that capacity from June 2019 to May 2024, and was responsible for the accounting, tax, treasury, financial planning

and analysis and investor relations departments.

Park also serves as a member of the board of directors of Pine Street Inn, a non-profit

organization that partners with homeless individuals to help them find and retain housing, and Corner Growth Acquisition Corp.

Park joined DraftKings

as Chief Financial Officer and served in that capacity from June 2019 to May 2024, and was responsible for the accounting, tax, treasury,

financial planning and analysis and investor relations departments.

Park also serves as a member of the board of directors of Pine

Street Inn, a non-profit organization that partners with homeless individuals to help them find and retain housing, and Corner Growth

Acquisition Corp.

TRON) and Corner Growth Acquisition Corp.

COOL) (since December 2020), which are special purpose acquisition companies formed

for the purpose of effecting a merger or similar business combination with one or more businesses primarily within technology industries.

COOL) (since December 2020), which are special purpose

acquisition companies formed for the purpose of effecting a merger or similar business combination with one or more businesses primarily

within technology industries.

Previously, Mr.

Park served as a member of the board of directors of Belong Acquisition Corp., which was a special purpose acquisition

company formed for the purpose of effecting a merger or similar business combination with one or more businesses primarily within technology

industries from July 2021 to July 2023.

Park served as a member of the board of directors of Belong Acquisition Corp., which was

a special purpose acquisition company formed for the purpose of effecting a merger or similar business combination with one or more businesses

primarily within technology industries from July 2021 to July 2023.

Prior to joining DraftKings, from January 2009 to June 2019, Mr.

Park worked at Bain Capital Private

Equity where he was an Operating Partner and focused on technology investments.

For more than 10 years, Mr.

Park worked collaboratively

with chief executive officers, chief financial officers and management teams to develop and achieve value creation plans.

Capital Private Equity, Mr.

Park worked at Bain Capital Private Equity where he was an Operating Partner and focused on technology investments.

For more than 10

Park worked collaboratively with chief executive officers, chief financial officers and management teams to develop and achieve

value creation plans.

Before Bain Capital Private Equity, Mr.

Park was an Associate Partner at McKinsey & Company.

Park has previously served as a director of Central

Square Technologies.

Park has previously

served as a director of Central Square Technologies.

Park received his M.B.A.

from the Wharton School at the University of Pennsylvania and a MAcc (Master of Accountancy)

from the Wharton School at the University of Pennsylvania

and a MAcc (Master of Accountancy) and a B.B.A.

from the University of Michigan.

We believe Mr.

Park is qualified to serve on our board of directors due, among other things,

to his extensive leadership experience in public companies and special purpose acquisition companies.

Anna Marie Wagner has served on

our board of directors since October 2024.

Wagner is the owner and managing partner of AutoSci Advisory, LLC, which provides consulting

services on commercial development and AI/ML strategies.

Prior to starting her own advisory practice, Ms.

Wagner was a Senior Vice President

and the Head of AI and Head of Corporate Development at Ginkgo.

She also served as Ginkgo’s interim Chief Financial Officer in 2020

and was instrumental in taking Ginkgo public via its merger with Soaring Eagle Acquisition Corp.

Park is qualified to serve on our board

of directors due, among other things, to his extensive leadership experience in public companies and special purpose acquisition companies.

Marie Wagner has served on our board of directors since October 2024.

Wagner is the owner and managing partner of AutoSci

Advisory, LLC, which provides consulting services on commercial development and AI/ML strategies.

Prior to starting her own advisory

practice, Ms.

Wagner was a Senior Vice President and the Head of AI and Head of Corporate Development at Ginkgo.

She also served as Ginkgo’s

interim Chief Financial Officer in 2020 and was instrumental in taking Ginkgo public via its merger with Soaring Eagle Acquisition Corp.

Prior to Ginkgo, Ms.

Wagner was an investor

at Bain Capital Private Equity, focusing on technology, media, and telecommunications.

Wagner also serves as an Independent Director

of Turbine Simulated Cell Technologies Ltd., a UK company applying machine learning to target identification and therapeutic development,

sits on the Board of Advisors for the Boston Museum of Science, and serves on the AI Governance Alliance for the World Economic Forum.

Wagner was an investor at Bain Capital Private Equity, focusing on technology, media, and telecommunications.

Wagner also serves as an Independent Director of Turbine Simulated Cell Technologies Ltd., a UK company applying machine learning to

target identification and therapeutic development, sits on the Board of Advisors for the Boston Museum of Science, and serves on the

AI Governance Alliance for the World Economic Forum.

We believe Ms.

Wagner is qualified to serve on our board of directors due, among other things, to her extensive experience in consummating

business combinations with special purpose acquisition companies and her experience as both an investor and operator of public and private

Simon Watson has served on our board

of directors since October 2024.

Wagner is qualified to serve on our board of directors due, among

other things, to her extensive experience in consummating business combinations with special purpose acquisition companies and her experience

as both an investor and operator of public and private companies.

Watson has served on our board of directors since October 2024.

Watson also serves as a member of the board of directors

of Infinite Eagle, a position he has held since January 2026.

He is a retired Partner of Goldman Sachs.

He worked for Goldman Sachs for 23 years in London and New

York within Equity Capital Markets.

Watson’s final role was running Equity Capital Markets in New York.

He was educated at the

London School of Economics and currently resides in the UK with his wife and two sons.

He worked for Goldman Sachs for

23 years in London and New York within Equity Capital Markets.

Watson’s final role was running Equity Capital Markets in New

He was educated at the London School of Economics and currently resides in the UK with his wife and two sons.

We believe Mr.

Watson is qualified to serve on

our board of directors due, among other things, to his extensive experience in equity capital markets in both the U.S.

Number and Terms of Office of Officers and

Our board of directors consists of seven members

and is divided into three classes with only one class of directors being appointed in each year, and with each class (except for those

directors appointed prior to our first annual general meeting) serving a three-year term.

In accordance with Nasdaq corporate governance

requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing

The term of office of the first class of directors, consisting of Diarmuid Cummins and Amy Gershkoff Bolles, will expire at

our first annual general meeting.

The term of office of the second class of directors, consisting of Jason Park, Anna Marie Wagner and

Simon Watson, will expire at the second annual general meeting.

The term of office of the third class of directors, consisting of Harry

is qualified to serve on our board of directors due, among other things, to his extensive experience in equity capital markets in both

and Terms of Office of Officers and Directors

board of directors consists of seven members and is divided into three classes with only one class of directors being appointed in each

year, and with each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term.

In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after

our first fiscal year end following our listing on Nasdaq.

The term of office of the first class of directors, consisting of Diarmuid

Cummins and Amy Gershkoff Bolles, will expire at our first annual general meeting.

The term of office of the second class of directors,

consisting of Jason Park, Anna Marie Wagner and Simon Watson, will expire at the second annual general meeting.

The term of office of

the third class of directors, consisting of Harry E.

Sloan, Eli Baker and Jeff Sagansky, will expire at the third annual general meeting.

Our officers are appointed by the board of directors

and serve at the discretion of the board of directors, rather than for specific terms of office.

Our board of directors is authorized

to appoint officers as it deems appropriate pursuant to our amended and restated memorandum and articles of association.

Director Independence

The rules of Nasdaq require that a majority of

our board of directors be independent within one year of our Initial Public Offering.

An “independent director” is defined

generally as a person who, in the opinion of the company’s board of directors, has no material relationship with the listed company

(either directly or as a partner, shareholder or officer of an organization that has a relationship with the company).

Our board of directors

has determined that Diarmuid Cummins, Amy Gershkoff Bolles, Jason Park, Anna Marie Wagner and Simon Watson are “independent directors”

as defined in the Nasdaq listing standards and applicable SEC rules.

Our independent directors will have regularly scheduled meetings

at which only independent directors are present.

Committees of the Board of Directors

Our board of directors has two standing committees:

officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms

Our board of directors is authorized to appoint officers as it deems appropriate pursuant to our amended and restated memorandum

and articles of association.

rules of Nasdaq require that a majority of our board of directors be independent within one year of our Initial Public Offering.

An “independent

director” is defined generally as a person who, in the opinion of the company’s board of directors, has no material relationship

with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the

Our board of directors has determined that Diarmuid Cummins, Amy Gershkoff Bolles, Jason Park, Anna Marie Wagner and Simon

Watson are “independent directors” as defined in the Nasdaq listing standards and applicable SEC rules.

Our independent directors

will have regularly scheduled meetings at which only independent directors are present.

of the Board of Directors

board of directors has two standing committees:

an audit committee and a compensation committee.

Subject to phase-in rules, the rules of Nasdaq and Rule 10A-3 of the Exchange Act require

that the audit committee of a listed company be comprised solely of independent directors.

Each committee operates under a charter that

has been approved by our board and has the composition and responsibilities described below.

Subject to phase-in rules, the rules

of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent

Each committee operates under a charter that has been approved by our board and has the composition and responsibilities described

established an audit committee of the board of directors.

Jason Park, Simon Watson and Amy Gershkoff Bolles serve as the members of our

audit committee.

We established an audit committee of the board

of directors.

Jason Park, Simon Watson and Amy Gershkoff Bolles serve as the members of our audit committee.

Jason Park serves as the chairman of the audit

Each member of the audit committee is financially literate and our board of directors has determined that Jason Park qualifies

as an “audit committee financial expert” as defined in applicable SEC rules.

We adopted an audit committee charter, which will

detail the principal functions of the audit committee, including:

● assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal

and regulatory requirements, (3) our independent registered public accounting firm’s qualifications and independence, and (4) the

performance of our internal audit function and independent registered public accounting firm;

the appointment, compensation, retention,

replacement, and oversight of the work of the independent registered public accounting firm and any other independent registered public

accounting firm engaged by us;

● pre-approving all audit and non-audit services to be provided by the independent registered public accounting

firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;

reviewing and

discussing with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence;

● setting clear policies for audit partner rotation in compliance with applicable laws and regulations;

obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent

registered public accounting firm’s internal quality-control procedures and (2) any material issues raised by the most recent internal

quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities,

within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such

● meeting to review and discuss our annual audited financial statements and quarterly financial statements

with management and the independent registered public accounting firm, including reviewing our specific disclosures under “Management’s

Discussion and Analysis of Financial Condition and Results of Operations”;

reviewing and approving any related party transaction

required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction;

● reviewing with management, the independent registered public accounting firm, and our legal advisors,

as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any

employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any

significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory

Compensation Committee

We established a compensation committee of our

board of directors.

The members of our compensation committee are Diarmuid Cummins and Anna Marie Wagner, and Diarmuid Cummins serves

as chairman of the compensation committee.

We adopted a compensation committee charter, which details the principal functions of the compensation

committee, including:

● reviewing and approving on an annual basis the corporate goals and objectives relevant to our chief executive

officer’s compensation, evaluating our chief executive officer’s performance in light of such goals and objectives and determining

and approving the remuneration (if any) of our chief executive officer’s based on such evaluation;

● reviewing and making recommendations to our board of directors with respect to the compensation, and any

incentive compensation and equity based plans that are subject to board approval of all of our other officers;

● reviewing our executive compensation policies and plans;

● implementing and administering our incentive compensation equity-based remuneration plans;

● assisting management in complying with our proxy statement and annual report disclosure requirements;

● approving all special perquisites, special cash payments and other special compensation and benefit arrangements

for our executive officers and employees;

● producing a report on executive compensation to be included in our annual proxy statement;

● reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The charter also provides that the compensation

committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will

be directly responsible for the appointment, compensation and oversight of the work of any such adviser.

However, before engaging or receiving

advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence

of each such adviser, including the factors required by Nasdaq and the SEC.

Director Nominations

We do not have a standing nominating committee

though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules.

In accordance

with Rule 5605(e)(2) of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by our

board of directors.

Our board of directors believes that the independent directors can satisfactorily carry out the responsibility of

properly selecting or approving director nominees without the formation of a standing nominating committee.

The directors who will participate

in the consideration and recommendation of director nominees are Diarmuid Cummins, Amy Gershkoff Bolles, Jason Park, Anna Marie Wagner

and Simon Watson.

In accordance with Rule 5605(e)(1)(A) of the Nasdaq rules, all such directors are independent.

As there is no standing

nominating committee, we do not have a nominating committee charter in place.

The board of directors will also consider director

candidates recommended for nomination by our shareholders during such times as they are seeking proposed nominees to stand for appointment

at the next annual general meeting (or, if applicable, an extraordinary general meeting).

Our shareholders that wish to nominate a director

for appointment to our board of directors should follow the procedures set forth in our amended and restated memorandum and articles of

We have not formally established any specific,

minimum qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating

nominees for director, our board of directors considers educational background, diversity of professional experience, knowledge of our

business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders.

Prior to our initial business combination, holders of our public shares will not have the right to recommend director candidates for nomination

to our board of directors.

Compensation Committee Interlocks and Insider

Participation

None of our executive officers currently serves,

and in the past year has not served, as a member of the compensation committee of any entity that has one or more executive officers serving

on our board of directors.

Clawback Policy

We have adopted a compensation recovery policy

that is compliant with Nasdaq listing rules as required by the Dodd-Frank Act.

Code of Ethics

We have adopted a Code of Ethics applicable to

our directors, officers and employees.

We filed a copy of our Code of Ethics as an exhibit to the registration statement relating to the

Initial Public Offering.

You are able to review this document by accessing our public filings at the SEC’s website at www.sec.gov.

In addition, a copy of the Code of Ethics and the charters of the committees of our board of directors will be provided without charge

upon request from us.

If we make any amendments to our Code of Ethics other than technical, administrative or other non-substantive amendments,

or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics applicable to our principal executive officer,

principal financial officer principal accounting officer or controller or persons performing similar functions requiring disclosure under

applicable SEC or Nasdaq rules, we will disclose the nature of such amendment or waiver on our website.

The information included on our

website is not incorporated by reference into this Form 10-K or in any other report or document we file with the SEC, and any references

to our website are intended to be inactive textual references only.

Section 16(a) Beneficial Ownership Reporting

Section 16(a) of the Exchange Act requires our

officers, directors and persons who own more than ten percent of a registered class of our equity securities to file reports of ownership

and changes in ownership with the SEC.

Officers, directors and ten percent shareholders are required by regulation to furnish us with

copies of all Section 16(a) forms they file.

Based solely on review of the copies of such forms furnished to us, or written representations

that no Forms 5 were required, we believe that, during the fiscal year ended December 31, 2024, all Section 16(a) filing requirements

applicable to our officers and directors were complied with.

Conflicts of Interest

Under Cayman Islands law, directors and officers

owe the following fiduciary duties:

(i) duty to act in good faith in what the director or officer

believes to be in the best interests of the company as a whole;

(ii) duty to exercise powers for the purposes for which those

powers were conferred and not for a collateral purpose;

(iii) directors should not improperly fetter the exercise of future

(iv) duty to exercise powers fairly as between different sections

of shareholders;

(v) duty not to put themselves in a position in which there is

a conflict between their duty to the company and their personal interests;

(vi) duty to exercise independent judgment.

In addition to the above, directors also owe a

duty of care which is not fiduciary in nature.

This duty has been defined as a requirement to act as a reasonably diligent person having

both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried

out by that director in relation to the company and the general knowledge skill and experience of that director.

As set out above, directors have a duty not to

put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of

their position.

However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance

by the shareholders provided that there is full disclosure by the directors.

This can be done by way of permission granted in the memorandum

and articles of association or alternatively by shareholder approval at general meetings.

Each of our officers and directors presently has,

and any of them in the future may have additional, fiduciary or contractual obligations to at least one other entity pursuant to which

such officer or director is or will be required to present a business combination opportunity to such entity.

Accordingly, if any of our

officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current

fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination

opportunity to such entity, subject to their fiduciary duties under Cayman Islands law.

Our amended and restated memorandum and articles

of association provide that, to the fullest extent permitted by applicable law:

(i) no individual serving as a director or an officer

shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same

or similar business activities or lines of business as us;

and (ii) we renounce any interest or expectancy in, or in being offered an

opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on

the one hand, and us, on the other.

We do not believe, however, that the fiduciary duties or contractual obligations of our officers or

directors will materially affect our ability to complete our initial business combination because the other entities to which our officers

and directors currently owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations.

Below is a table summarizing the entities to which

our officers and directors currently have fiduciary duties or contractual obligations:

Entity’s Business

Park serves as the chairman of the audit committee.

Each member of the audit committee is financially literate and our board of directors

has determined that Jason Park qualifies as an “audit committee financial expert” as defined in applicable SEC rules.

adopted an audit committee charter, which will detail the principal functions of the audit committee, including:

board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our

independent registered public accounting firm’s qualifications and independence, and (4) the performance of our internal audit

function and independent registered public accounting firm;

the appointment, compensation, retention, replacement, and oversight of the

work of the independent registered public accounting firm and any other independent registered public accounting firm engaged by us;

● pre-approving

all audit and non-audit services to be provided by the independent registered public accounting firm or any other registered public accounting

firm engaged by us, and establishing pre-approval policies and procedures;

reviewing and discussing with the independent auditors all

relationships the auditors have with us in order to evaluate their continued independence;

clear policies for audit partner rotation in compliance with applicable laws and regulations;

obtaining and reviewing a report, at least

annually, from the independent registered public accounting firm describing (1) the independent registered public accounting firm’s

internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review,

of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting

one or more independent audits carried out by the firm and any steps taken to deal with such issues;

to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent

registered public accounting firm, including reviewing our specific disclosures under “Management’s Discussion and Analysis

of Financial Condition and Results of Operations”;

reviewing and approving any related party transaction required to be disclosed

pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction;

with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or

compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports

that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards

or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

established a compensation committee of our board of directors.

The members of our compensation committee are Diarmuid Cummins and Anna

Marie Wagner, and Diarmuid Cummins serves as chairman of the compensation committee.

We adopted a compensation committee charter, which

details the principal functions of the compensation committee, including:

and approving on an annual basis the corporate goals and objectives relevant to our chief executive officer’s compensation, evaluating

our chief executive officer’s performance in light of such goals and objectives and determining and approving the remuneration

(if any) of our chief executive officer’s based on such evaluation;

and making recommendations to our board of directors with respect to the compensation, and any incentive compensation and equity based

plans that are subject to board approval of all of our other officers;

our executive compensation policies and plans;

● implementing

and administering our incentive compensation equity-based remuneration plans;

management in complying with our proxy statement and annual report disclosure requirements;

all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and

a report on executive compensation to be included in our annual proxy statement;

evaluating and recommending changes, if appropriate, to the remuneration for directors.

charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,

legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such

However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the

compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

do not have a standing nominating committee though we intend to form a corporate governance and nominating committee as and when required

to do so by law or Nasdaq rules.

In accordance with Rule 5605(e)(2) of the Nasdaq rules, a majority of the independent directors may

recommend a director nominee for selection by our board of directors.

Our board of directors believes that the independent directors

can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing

nominating committee.

The directors who will participate in the consideration and recommendation of director nominees are Diarmuid Cummins,

Amy Gershkoff Bolles, Jason Park, Anna Marie Wagner and Simon Watson.

In accordance with Rule 5605(e)(1)(A) of the Nasdaq rules, all

such directors are independent.

As there is no standing nominating committee, we do not have a nominating committee charter in place.

board of directors will also consider director candidates recommended for nomination by our shareholders during such times as they are

seeking proposed nominees to stand for appointment at the next annual general meeting (or, if applicable, an extraordinary general meeting).

Our shareholders that wish to nominate a director for appointment to our board of directors should follow the procedures set forth in

our amended and restated memorandum and articles of association.

have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating nominees for director, our board of directors considers educational background, diversity of

professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent

the best interests of our shareholders.

Prior to our initial business combination, holders of our public shares will not have the right

to recommend director candidates for nomination to our board of directors.

Committee Interlocks and Insider Participation

of our executive officers currently serves, and in the past year has not served, as a member of the compensation committee of any entity

that has one or more executive officers serving on our board of directors.

have adopted a compensation recovery policy that is compliant with Nasdaq listing rules as required by the Dodd-Frank Act.

have adopted a Code of Ethics applicable to our directors, officers and employees.

We filed a copy of our Code of Ethics as an exhibit

to the registration statement relating to the Initial Public Offering.

You are able to review this document by accessing our public filings

at the SEC’s website at www.sec.gov.

In addition, a copy of the Code of Ethics and the charters of the committees of our board

of directors will be provided without charge upon request from us.

If we make any amendments to our Code of Ethics other than technical,

administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the Code

of Ethics applicable to our principal executive officer, principal financial officer principal accounting officer or controller or persons

performing similar functions requiring disclosure under applicable SEC or Nasdaq rules, we will disclose the nature of such amendment

or waiver on our website.

The information included on our website is not incorporated by reference into this Form 10-K or in any other

report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

16(a) Beneficial Ownership Reporting Compliance

16(a) of the Exchange Act requires our officers, directors and persons who own more than ten percent of a registered class of our equity

securities to file reports of ownership and changes in ownership with the SEC.

Officers, directors and ten percent shareholders are required

by regulation to furnish us with copies of all Section 16(a) forms they file.

Based solely on review of the copies of such forms furnished

to us, or written representations that no Forms 5 were required, we believe that, during the fiscal year ended December 31, 2025, all

Section 16(a) filing requirements applicable to our officers and directors were complied with.

Cayman Islands law, directors and officers owe the following fiduciary duties:

duty to act in good faith

in what the director or officer believes to be in the best interests of the company as a whole;

duty to exercise powers

for the purposes for which those powers were conferred and not for a collateral purpose;

directors should not improperly

fetter the exercise of future discretion;

duty to exercise powers

fairly as between different sections of shareholders;

duty not to put themselves

in a position in which there is a conflict between their duty to the company and their personal interests;

duty to exercise independent

addition to the above, directors also owe a duty of care which is not fiduciary in nature.

This duty has been defined as a requirement

to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person

carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience

of that director.

set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing,

or to otherwise benefit as a result of their position.

However, in some instances what would otherwise be a breach of this duty can be

forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors.

This can be done by

way of permission granted in the memorandum and articles of association or alternatively by shareholder approval at general meetings.

of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations

to at least one other entity pursuant to which such officer or director is or will be required to present a business combination opportunity

to such entity.

Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable

for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or

contractual obligations to present such business combination opportunity to such entity, subject to their fiduciary duties under Cayman

Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable

(i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract,

to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us;

and (ii) we renounce

any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be

a corporate opportunity for any director or officer, on the one hand, and us, on the other.

We do not believe, however, that the fiduciary

duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination

because the other entities to which our officers and directors currently owe fiduciary duties or contractual obligations are not themselves

in the business of engaging in business combinations.

is a table summarizing the entities to which our officers and directors currently have fiduciary duties or contractual obligations:

Hemisphere Capital Management

2 unchanged sentences

Venture/growth equity

Infinite Eagle Acquisition Corp.

Special purpose acquisition company

Chief Executive Officer and Director

Ryan O’Connor

Infinite Eagle Acquisition Corp.

Special purpose acquisition company

Chief Financial Officer

Lions Gate Entertainment Corp.

7 unchanged sentences

Vice Chairman

Infinite Eagle Acquisition Corp.

Special purpose acquisition company

Jeff Sagansky

8 unchanged sentences

Entertainment production

Infinite Eagle Acquisition Corp.

Special purpose acquisition company

Diarmuid Cummins

8 unchanged sentences

Special purpose acquisition company

Infinite Eagle Acquisition Corp.

Special purpose acquisition company

Anna Marie Wagner

2 unchanged sentences

Owner and Managing Partner

In addition, our Sponsor and our officers and

directors may Sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or investment ventures

during the period in which we are seeking an initial business combination.

Any such companies, businesses or investments may present additional

conflicts of interest in pursuing an initial business combination.

However, because the other entities to which our officers and directors

currently owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations, and

because we expect that our company will generally have priority over any other special purpose acquisition companies subsequently formed

by our Sponsor, officers or directors with respect to acquisition opportunities until we complete our initial business combination or

enter into a contractual agreement that would restrict our ability to engage in material discussions regarding a potential initial business

combination, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business

There may be actual or potential material conflicts

of interest between our Sponsor, its affiliates or promoters on the one hand, and our public investors on the other hand.

to the above, potential investors should be aware of the following potential conflicts of interest:

● Our officers and directors are not required to, and will not, commit their full time to our affairs, which

may result in a conflict of interest in allocating their time between our operations and our search for a business combination and their

other businesses.

We do not intend to have any full-time employees prior to the completion of our initial business combination.

our officers is engaged in several other business endeavors for which he may be entitled to substantial compensation, and our officers

are not obligated to contribute any specific number of hours per week to our affairs.

● Our initial shareholders purchased Founder Shares prior to the Initial Public Offering and our Sponsor

purchased Private Placement Shares in transactions that closed simultaneously with the closing of the Initial Public Offering and the

closing of the Over-Allotment Option.

Our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which

they have agreed to waive their redemption rights with respect to their Founder Shares, Private Placement Shares and any public shares

they may acquire in connection with the completion of our initial business combination.

Additionally, our Sponsor, officers and directors

have agreed to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares and Private

Placement Shares if we fail to complete our initial business combination within the prescribed time frame, although they will be entitled

to liquidating distributions from assets outside the Trust Account.

Furthermore, our Sponsor, officers and directors have agreed not to

transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier

(i) one year after the completion of our initial business combination or (ii) the date following the completion of our initial

business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our

shareholders having the right to exchange their ordinary shares for cash, securities or other property and our Sponsor has agreed not

to transfer, assign or sell any of its Private Placement Shares until 30 days after the completion of our initial business combination.

Notwithstanding the foregoing, if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for

share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading

day period, provided such release shall not occur earlier than 180 days after our initial business combination, the Founder Shares and

Private Placement Shares will be released from the lockup.

Infinite Eagle Acquisition Corp.

Special purpose acquisition company

addition, our Sponsor and our officers and directors may Sponsor or form other special purpose acquisition companies similar to ours

or may pursue other business or investment ventures during the period in which we are seeking an initial business combination.

companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination.

because the other entities to which our officers and directors currently owe fiduciary duties or contractual obligations are not themselves

in the business of engaging in business combinations, and because we expect that our company will generally have priority over any other

special purpose acquisition companies subsequently formed by our Sponsor, officers or directors with respect to acquisition opportunities

until we complete our initial business combination or enter into a contractual agreement that would restrict our ability to engage in

material discussions regarding a potential initial business combination, we do not believe that any such potential conflicts would materially

affect our ability to complete our initial business combination.

may be actual or potential material conflicts of interest between our Sponsor, its affiliates or promoters on the one hand, and our public

investors on the other hand.

In addition to the above, potential investors should be aware of the following potential conflicts of interest:

Our officers and directors

are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating

their time between our operations and our search for a business combination and their other businesses.

We do not intend to have

any full-time employees prior to the completion of our initial business combination.

Each of our officers is engaged in several other

business endeavors for which he may be entitled to substantial compensation, and our officers are not obligated to contribute any

specific number of hours per week to our affairs.

Our initial shareholders

purchased Founder Shares prior to the Initial Public Offering and our Sponsor purchased Private Placement Shares in transactions

that closed simultaneously with the closing of the Initial Public Offering and the closing of the Over-Allotment Option.

officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption

rights with respect to their Founder Shares, Private Placement Shares and any public shares they may acquire in connection with the

completion of our initial business combination.

Additionally, our Sponsor, officers and directors have agreed to waive their rights

to liquidating distributions from the Trust Account with respect to their Founder Shares and Private Placement Shares if we fail

to complete our initial business combination within the prescribed time frame, although they will be entitled to liquidating distributions

from assets outside the Trust Account.

Furthermore, our Sponsor, officers and directors have agreed not to transfer, assign or sell

any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of:

year after the completion of our initial business combination or (ii) the date following the completion of our initial business combination

on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our shareholders having

the right to exchange their ordinary shares for cash, securities or other property and our Sponsor has agreed not to transfer, assign

or sell any of its Private Placement Shares until 30 days after the completion of our initial business combination.

Notwithstanding

the foregoing, if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions,

share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period,

provided such release shall not occur earlier than 180 days after our initial business combination, the Founder Shares and Private

Placement Shares will be released from the lockup.

Because our Sponsor and members of our management team will directly or indirectly

own our securities following the Initial Public Offering, and accordingly, they may have a conflict of interest in determining whether

a particular target business is an appropriate business with which to effectuate our initial business combination and in negotiating or

accepting the terms of the transaction because of their financial interest in completing an initial business combination within the completion

Our Sponsor paid a nominal aggregate purchase price of $25,000 for the Founder Shares, or approximately $0.0004 per share.

our management team, which owns interest in our Sponsor, may be more willing to pursue a business combination with a riskier or less-established

target business than would be the case if our Sponsor had paid the same per share price for the Founder Shares as our public shareholders

paid for their public shares.

The low price that our Sponsor, executive officers and directors (directly or indirectly) paid for the Founder

Shares creates an incentive whereby our officers and directors could potentially make a substantial profit even if we select an acquisition

target that subsequently declines in value and is unprofitable for public shareholders.

If we are unable to complete our initial business

combination within the completion window, the Founder Shares may expire worthless, except to the extent they receive liquidating distributions

from assets outside the Trust Account, which could create an incentive for our Sponsor, executive officers and directors to complete a

transaction even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders.

● In the event our Sponsor or members of our management team provide loans to us to finance transaction

costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest

in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination

as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.

● Our officers and directors may have a conflict of interest with respect to evaluating a particular business

combination if the retention or resignation of any such officers and directors were to be included by a target business as a condition

to any agreement with respect to our initial business combination.

We are not prohibited from pursuing an initial

business combination with a business combination target that is affiliated with our Sponsor, officers or directors or completing the business

combination through a joint venture or other form of shared ownership with our Sponsor, officers or directors;

accordingly, such affiliated

person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to

effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders and

would likely not receive any financial benefit unless we consummated such business combination.

In the event we seek to complete our initial

business combination with a business combination target that is affiliated (as defined in our amended and restated memorandum and articles

of association) with our Sponsor, officers or directors, we, or a committee of independent directors, would obtain an opinion from an

independent investment banking which is a member of FINRA or another independent entity that commonly renders valuation opinions stating

that the consideration to be paid by us in such initial business combination is fair to our company from a financial point of view.

are not required to obtain such an opinion in any other context.

Further, commencing on the date our securities are first listed on Nasdaq,

we will also pay an affiliate of our Sponsor, for office space and administrative services provided to members of our management team

in an amount equal to $15,000 per month.

In addition, we have agreed, pursuant to the administrative services and indemnification agreement

with our Sponsor relating to the monthly payment for office space and administrative services described above, that we will indemnify

our Sponsor from any claims arising out of or relating to the Initial Public Offering or the company’s operations or conduct of

the company’s business or any claim against our Sponsor alleging any expressed or implied management or endorsement by our Sponsor

of any of the company’s activities or any express or implied association between our Sponsor and the company or any of its affiliates,

which agreement will provide that the indemnified parties cannot access the funds held in our Trust Account.

We cannot assure you that any of the above mentioned

conflicts will be resolved in our favor.

In the event that we submit our initial business

combination to our public shareholders for a vote, our Sponsor, officers and directors have agreed to vote their Founder Shares, Private

Placement Shares and any shares purchased during or after the offering in favor of our initial business combination (except with respect

to any such public shares which may not be voted in favor of approving the business combination transaction in accordance with the requirements

of Rule 14e-5 under the Exchange Act and any SEC interpretations or guidance relating thereto).

Limitation on Liability and Indemnification

of Officers and Directors

Cayman Islands law does not limit the extent to

which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the

extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification

against willful default, fraud or the consequences of committing a crime.

Our amended and restated memorandum and articles of association

provide for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred

in their capacities as such, except through their own actual fraud, willful default or willful neglect.

We expect to purchase a policy

of directors’ and officers’ liability insurance that insures our officers and directors against the cost of defense, settlement

or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Our officers and directors have agreed to waive

any right, title, interest or claim of any kind in or to any monies in the Trust Account, and have agreed to waive any right, title, interest

or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse

against the Trust Account for any reason whatsoever.

Accordingly, any indemnification provided will only be able to be satisfied by us

if (i) we have sufficient funds outside of the Trust Account or (ii) we consummate an initial business combination.

Our indemnification obligations may discourage

shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty.

These provisions also may have

the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful,

might otherwise benefit us and our shareholders.

Furthermore, a shareholder’s investment may be adversely affected to the extent

we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance

and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

a particular target business is an appropriate business with which to effectuate our initial business combination and in negotiating

or accepting the terms of the transaction because of their financial interest in completing an initial business combination within

the completion window.

Our Sponsor paid a nominal aggregate purchase price of $25,000 for the Founder Shares, or approximately $0.0004

Accordingly, our management team, which owns interest in our Sponsor, may be more willing to pursue a business combination

with a riskier or less-established target business than would be the case if our Sponsor had paid the same per share price for the

Founder Shares as our public shareholders paid for their public shares.

The low price that our Sponsor, executive officers and directors

(directly or indirectly) paid for the Founder Shares creates an incentive whereby our officers and directors could potentially make

a substantial profit even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders.

If we are unable to complete our initial business combination within the completion window, the Founder Shares may expire worthless,

except to the extent they receive liquidating distributions from assets outside the Trust Account, which could create an incentive

for our Sponsor, executive officers and directors to complete a transaction even if we select an acquisition target that subsequently

declines in value and is unprofitable for public shareholders.

In the event our Sponsor

or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection

with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business

is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such

expenses may not be reimbursed unless we consummate such business combination.

Our officers and directors

may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any

such officers and directors were to be included by a target business as a condition to any agreement with respect to our initial

business combination.

are not prohibited from pursuing an initial business combination with a business combination target that is affiliated with our Sponsor,

officers or directors or completing the business combination through a joint venture or other form of shared ownership with our Sponsor,

officers or directors;

accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target

business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have

interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business

In the event we seek to complete our initial business combination with a business combination target that is affiliated

(as defined in our amended and restated memorandum and articles of association) with our Sponsor, officers or directors, we, or a committee

of independent directors, would obtain an opinion from an independent investment banking which is a member of FINRA or another independent

entity that commonly renders valuation opinions stating that the consideration to be paid by us in such initial business combination

is fair to our company from a financial point of view.

We are not required to obtain such an opinion in any other context.

Further, commencing

on the date our securities are first listed on Nasdaq, we will also pay an affiliate of our Sponsor, for office space and administrative

services provided to members of our management team in an amount equal to $15,000 per month.

In addition, we have agreed, pursuant to

the administrative services and indemnification agreement with our Sponsor relating to the monthly payment for office space and administrative

services described above, that we will indemnify our Sponsor from any claims arising out of or relating to the Initial Public Offering

or the company’s operations or conduct of the company’s business or any claim against our Sponsor alleging any expressed

or implied management or endorsement by our Sponsor of any of the company’s activities or any express or implied association between

our Sponsor and the company or any of its affiliates, which agreement will provide that the indemnified parties cannot access the funds

held in our Trust Account.

cannot assure you that any of the above mentioned conflicts will be resolved in our favor.

the event that we submit our initial business combination to our public shareholders for a vote, our Sponsor, officers and directors

have agreed to vote their Founder Shares, Private Placement Shares and any shares purchased during or after the offering in favor of

our initial business combination (except with respect to any such public shares which may not be voted in favor of approving the business

combination transaction in accordance with the requirements of Rule 14e-5 under the Exchange Act and any SEC interpretations or guidance

relating thereto).

on Liability and Indemnification of Officers and Directors

Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification

of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public

policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime.

Our amended and

restated memorandum and articles of association provide for indemnification of our officers and directors to the maximum extent permitted

by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful

We expect to purchase a policy of directors’ and officers’ liability insurance that insures our officers and directors

against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify

our officers and directors.

officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the Trust Account,

and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising out of,

any services provided to us and will not seek recourse against the Trust Account for any reason whatsoever.

Accordingly, any indemnification

provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the Trust Account or (ii) we consummate an

initial business combination.

indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their

fiduciary duty.

These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and

directors, even though such an action, if successful, might otherwise benefit us and our shareholders.

Furthermore, a shareholder’s

investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors

pursuant to these indemnification provisions.

believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced

officers and directors.

Executive Compensation.

None of our executive officers or directors have

received any cash compensation for services rendered to us.

Commencing on the date that our securities are first listed on Nasdaq through

the earlier of consummation of our initial business combination and our liquidation, we will reimburse an affiliate of our Sponsor for

office space and administrative services provided to members of our management team in an amount equal to $15,000 per month.

our Sponsor, executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses

incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable

business combinations.

In addition, we have agreed, pursuant to the administrative services and indemnification agreement with our Sponsor

relating to the monthly payment for office space and administrative services described above, that we will indemnify our Sponsor from

any claims arising out of or relating to the Initial Public Offering or the company’s operations or conduct of the company’s

business or any claim against our Sponsor alleging any expressed or implied management or endorsement by our Sponsor of any of the Company’s

activities or any express or implied association between our Sponsor and the Company or any of its affiliates, which agreement will provide

that the indemnified parties cannot access the funds held in our Trust Account.

Our audit committee will review on a quarterly basis all

payments that were made to our Sponsor, executive officers or directors, or our or their affiliates.

Any such payments prior to an initial

business combination will be made from (i) funds held outside the Trust Account or (ii) interest earned on the Trust Account and released

to us to fund our working capital requirements (subject to an annual limit of $1,000,000).

Other than quarterly audit committee review

of such reimbursements, we do not expect to have any additional controls in place governing our reimbursement payments to our directors

and executive officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection with identifying

and consummating an initial business combination.

Furthermore, our independent directors has received membership interests in our Sponsor

as compensation for their service as directors to the company.

Each of Diarmuid Cummins, Amy Gershkoff Bolles, Jason Park, Anna Marie

Wagner and Simon Watson has received membership interests in our Sponsor representing 25,000 Founder Shares for their service as a director.

After the completion of our initial business combination,

directors or members of our management team who remain with us may be paid consulting or management fees from the combined company.

of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation materials or tender offer materials

furnished to our shareholders in connection with a proposed business combination.

We have not established any limit on the amount of such

fees that may be paid by the combined company to our directors or members of management.

It is unlikely the amount of such compensation

will be known at the time of the proposed business combination, because the directors of the post-combination business will be responsible

for determining executive officer and director compensation.

Any compensation to be paid to our executive officers

will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely

by independent directors or by a majority of the independent directors on our board of directors.

We do not intend to take any action to ensure

that members of our management team maintain their positions with us after the consummation of our initial business combination, although

it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements to remain

with us after our initial business combination.

The existence or terms of any such employment or consulting arrangements to retain their

positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe

that the ability of our management to remain with us after the consummation of our initial business combination will be a determining

factor in our decision to proceed with any potential business combination.

We are not party to any agreements with our executive officers

and directors that provide for benefits upon termination of employment.

of our executive officers or directors have received any cash compensation for services rendered to us.

Commencing on the date that our

securities are first listed on Nasdaq through the earlier of consummation of our initial business combination and our liquidation, we

will reimburse an affiliate of our Sponsor for office space and administrative services provided to members of our management team in

an amount equal to $15,000 per month.

In addition, our Sponsor, executive officers and directors, or any of their respective affiliates

will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential

target businesses and performing due diligence on suitable business combinations.

In addition, we have agreed, pursuant to the administrative

services and indemnification agreement with our Sponsor relating to the monthly payment for office space and administrative services

described above, that we will indemnify our Sponsor from any claims arising out of or relating to the Initial Public Offering or the

company’s operations or conduct of the company’s business or any claim against our Sponsor alleging any expressed or implied

management or endorsement by our Sponsor of any of the Company’s activities or any express or implied association between our Sponsor

and the Company or any of its affiliates, which agreement will provide that the indemnified parties cannot access the funds held in our

Trust Account.

Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, executive officers or

directors, or our or their affiliates.

Any such payments prior to an initial business combination will be made from (i) funds held outside

the Trust Account or (ii) interest earned on the Trust Account and released to us to fund our working capital requirements (subject to

an annual limit of $1,000,000).

Other than quarterly audit committee review of such reimbursements, we do not expect to have any additional

controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred

in connection with our activities on our behalf in connection with identifying and consummating an initial business combination.

our independent directors has received membership interests in our Sponsor as compensation for their service as directors to the company.

Each of Diarmuid Cummins, Amy Gershkoff Bolles, Jason Park, Anna Marie Wagner and Simon Watson has received membership interests in our

Sponsor representing 25,000 Founder Shares for their service as a director.

the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting

or management fees from the combined company.

All of these fees will be fully disclosed to shareholders, to the extent then known, in

the proxy solicitation materials or tender offer materials furnished to our shareholders in connection with a proposed business combination.

We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of

It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because the

directors of the post-combination business will be responsible for determining executive officer and director compensation.

compensation to be paid to our executive officers will be determined, or recommended to the board of directors for determination, either

by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of

do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation

of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment

or consulting arrangements to remain with us after our initial business combination.

The existence or terms of any such employment or

consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting

a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business

combination will be a determining factor in our decision to proceed with any potential business combination.

We are not party to any

agreements with our executive officers and directors that provide for benefits upon termination of employment.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.

The following table sets forth information regarding

the beneficial ownership of our ordinary shares as of March 28, 2025 by:

● each person known by us to be the beneficial owner of more than 5% of our issued and outstanding Class

A ordinary shares;

● each of our officers and directors;

● all our officers and directors as a group.

Unless otherwise indicated, we believe that all

persons named in the table have sole voting and investment power with respect to all of our ordinary shares beneficially owned by them.

The beneficial ownership of our ordinary shares

is based on 26,158,000 Class A ordinary shares and 5,160,000 Founder Shares issued and outstanding as of March 28, 2025.

Name and Address of Beneficial Owner (1)

Number of Class A

following table sets forth information regarding the beneficial ownership of our ordinary shares as of March 23, 2026 by:

each person known by us

to be the beneficial owner of more than 5% of our issued and outstanding Class A ordinary shares;

each of our officers and

all our officers and directors

otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all of our

ordinary shares beneficially owned by them.

beneficial ownership of our ordinary shares is based on 26,158,000 Class A ordinary shares and 5,160,000 Founder Shares issued and

outstanding as of March 23, 2026.

Address of Beneficial Owner (1)

Ordinary Shares

Beneficially Owned

Number of Founder

Shares Beneficially

Percentage of Total

Eagle Equity Partners IV, LLC (our Sponsor) (3)

Partners IV, LLC (our Sponsor) (3)

Ryan O’Connor

3 unchanged sentences

Anna Marie Wagner

All officers and directors as a group (9 individuals)

and Address of Beneficial Owner Five Percent Holders

All officers and directors

as a group (9 individuals)

Name and Address of Beneficial Owner Five Percent Holders

Number of Class A

3 unchanged sentences

Outstanding Class A Ordinary

Harraden Circle Investments, LLC (4)

AQR Capital Management, LLC (5)

Healthcare of Ontario Pension Plan Trust Fund (5)

Barclays PLC (6)

Millennium Management LLC (7)

(1) Unless otherwise noted, the business address of each of the following is 955 Fifth Avenue, New York, NY,

(2) Such shares will automatically convert into Class A ordinary shares concurrently with or immediately following

the consummation of our initial business combination on a one-for-one basis, subject to adjustment.

(3) Eagle Equity Partners IV, LLC is the record holder of the shares reported herein.

There are three managing

members of Eagle Equity Partners IV, LLC, Harry E.

Meteora Capital, LLC (7)

Unless otherwise noted,

the business address of each of the following is 955 Fifth Avenue, New York, NY, 10075.

Such shares will automatically

convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination

on a one-for-one basis, subject to adjustment.

Eagle Equity Partners IV,

LLC is the record holder of the shares reported herein.

There are three managing members of Eagle Equity Partners IV, LLC, Harry

Eli Baker and Jeff Sagansky.

Each managing member has one vote, and the approval

of a majority is required to approve an action.

Under the so-called “rule of three,” if voting and dispositive decisions regarding

an entity’s securities are made by three or more individuals, and voting or dispositive decisions require the approval of a majority

of those individuals, then none of the individuals is deemed a beneficial owner of the entity’s securities.

Based on the foregoing,

no individual managing member of Eagle Equity Partners IV, LLC exercises voting or dispositive control over any of the securities held

by the entity, even those in which he holds a pecuniary interest.

Accordingly, none of them will be deemed to have or share beneficial

ownership of such shares.

(4) According to a Schedule 13G filed on November 7, 2024, interest shown

are held by (i) AQR Capital Management, LLC, a Delaware limited liability company, (ii) AQR Capital Management Holdings, LLC, a Delaware

limited liability company and (iii) AQR Arbitrage, LLC, a Delaware limited liability company.

AQR Capital Management, LLC is a wholly

owned subsidiary of AQR Capital Management Holdings, LLC.

AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC.

The address of this shareholder is One Greenwich Plaza, Greenwich, Connecticut 06830.

(5) According to a Schedule 13G filed on February 14, 2025, interest shown

are held by Healthcare of Ontario Pension Plan Trust Fund (“HOOPP”).

HOOPP is a pension plan formed as a trust under the laws

of Ontario, Canada and registered with the Financial Services Regulatory Authority of Ontario.

The address of this shareholder is 1 York

Street, Suite 1900, Toronto, Ontario, Canada, M5J 0B6.

(6) According to a Schedule 13G/A filed on March 21, 2025, interest shown are held by Barclays PLC, a

public limited company incorporated under the laws of the United Kingdom.

The address of this shareholder is 1 Churchill Place, London, E14

5HP, United Kingdom.

(7) According to a Schedule 13G filed on October 30, 2024, interests shown

are held by (i) Millennium Management LLC, a Delaware limited liability company, Millennium Group Management LLC, a Delaware limited liability

company and Israel A.

Englander, a United States citizen.

Millennium Group Management LLC is the managing member of Millennium Management

The managing member of Millennium Group Management LLC is a trust of which Mr.

Englander, currently serves as the sole voting trustee.

The address of this shareholder is 399 Park Avenue, New York, New York 10022.

Each managing member has one vote, and the approval of a majority is required to approve an

Under the so-called “rule of three,” if voting and dispositive decisions regarding an entity’s securities

are made by three or more individuals, and voting or dispositive decisions require the approval of a majority of those individuals,

then none of the individuals is deemed a beneficial owner of the entity’s securities.

Based on the foregoing, no individual

managing member of Eagle Equity Partners IV, LLC exercises voting or dispositive control over any of the securities held by the entity,

even those in which he holds a pecuniary interest.

Accordingly, none of them will be deemed to have or share beneficial ownership

of such shares.

to a schedule 13G filed on February 13, 2026, interests shown are held by (i) Harraden Circle

Investors, LP (“Harraden Fund”), (ii) Harraden Circle Special Opportunities,

LP (“Harraden Special Op Fund”), (iii) Harraden Circle Strategic Investments,

LP (“Harraden Strategic Fund”), and (iv) Harraden Circle Concentrated, LP (“Harraden

Concentrated Fund”).

Harraden Circle Investors GP, LP (“Harraden GP”) is

the general partner to Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund,

and Harraden Concentrated Fund, and Harraden Circle Investors GP, LLC (“Harraden LLC”)

is the general partner of Harraden GP.

Harraden Circle Investments, LLC (“Harraden

Adviser”) serves as investment manager to Harraden Fund, Harraden Special Op Fund,

Harraden Strategic Fund, Harraden Concentrated Fund, and other high net worth individuals.

Fortmiller, Jr.

is the managing member of each of Harraden LLC and Harraden

In such capacities, each of Harraden GP, Harraden LLC, Harraden Adviser and Mr.

Fortmiller may be deemed to indirectly beneficially own the Shares reported herein directly

beneficially owned by Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund, and

Harraden Concentrated Fund.

The address of this shareholder is 885 Third Avenue, Suite 2600B,

New York, NY 10022.

to a Schedule 13G filed on May 14, 2025, interests shown are held by (i) AQR Capital Management, LLC, a Delaware limited liability

company, (ii) AQR Capital Management Holdings, LLC, a Delaware limited liability company and (iii) AQR Arbitrage, LLC, a Delaware

limited liability company.

AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC.

Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC.

The address of this shareholder is One Greenwich Plaza,

Greenwich, Connecticut 06830.

to a Schedule 13G/A filed on March 21, 2025, interest shown are held by Barclays PLC, a public limited company incorporated under

the laws of the United Kingdom.

The address of this shareholder is 1 Churchill Place, London, E14 5HP, United Kingdom.

to a Schedule 13G filed on November 14, 2025, interests shown are held by certain funds and

managed accounts to which Meteora Capital, LLC, a Delaware limited liability company (“Meteora

Capital”) serves as investment manager.

The managing member of Meteora Capital is a

The address of this shareholder is 1200 N Federal Hwy, #200, Boca Raton FL 33432

Certain Relationships and Related Transactions, and Director Independence

Founder Shares

On March 23, 2021, our Sponsor purchased an aggregate

of 57,500,000 Founder Shares in exchange for a capital contribution of $25,000, or approximately $0.0004 per share.

On June 25, 2024,

our Sponsor surrendered for no consideration 50,312,500 Founder Shares, resulting in our Sponsor holding an aggregate of 7,187,500 Founder

The number of Founder Shares outstanding following the surrender was determined based on the expectation that the total size of

the Initial Public Offering would be a maximum of 28,750,000 shares if the Over-Allotment Option was exercised in full, and therefore

that such Founder Shares would represent 16.67% of the outstanding shares after the Initial Public Offering (excluding the Private Placement

Shares and after taking into account the Sponsor’s forfeiture of Founder Shares in respect of the Eagle Share Rights).

9, 2024, in connection with the partial exercise of the Over-Allotment Option, the Sponsor forfeited 2,027,500 Founder Shares, resulting

in the Sponsor holding an aggregate of 5,160,000 Founder Shares.

Private Placement Shares

Our Sponsor purchased an aggregate of 350,000

Private Placement Shares, at a price of $10.00 per share, or $3,500,000 in the aggregate, in a private placement that closed simultaneously

with the closing of the Initial Public Offering.

On December 9, 2024, in connection with the partial exercise of the Over-Allotment Option,

the Company completed the private sale of an additional 8,000 Private Placement Shares to the Sponsor at a price of $10.00 per share,

generating gross proceeds to the Company of $80,000.

Related Party Loans

On March 12, 2021, the Company issued a promissory

note to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000.

On June 26, 2024, the

Company and the Sponsor amended and restated such promissory note (the “Amended and Restated Formation and Regulatory Expenses Promissory

Note”), increasing the amount that the Company may borrow thereunder to $600,000.

The Amended and Restated Formation and Regulatory

Expenses Promissory Note is non-interest bearing and payable on the earlier of the completion of the business combination or the Company’s

As of December 31, 2024, there was $542,975 outstanding under the Amended and Restated Formation and Regulatory Expenses

Promissory Note.

On June 26, 2024, the Company issued the Initial

Public Offering Promissory Note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $400,000.

The Initial Public Offering Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2024 or (ii) the completion

of the Initial Public Offering.

On October 25, 2024, the Initial Public Offering Promissory Note then outstanding of $80,500 was repaid

Administrative Services and Indemnification

On October 23, 2024, the Company entered into an Administrative Services

and Indemnification Agreement.

We agreed to pay an affiliate of the Sponsor $15,000 per month for office space and administrative services

and to provide indemnification to the Sponsor from any claims arising out of or relating to the Initial Public Offering or the Company’s

operations or conduct of the Company’s business or any claim against the Sponsor alleging any expressed or implied management or

endorsement by the Sponsor of any of the Company’s activities or any express or implied association between the Sponsor and the

Company or any of its affiliates, which agreement provides that the indemnified parties cannot access the funds held in the Trust Account.

For the period from inception through December 31, 2024, the Company incurred $30,000 in administrative services expenses under the arrangement.

March 23, 2021, our Sponsor purchased an aggregate of 57,500,000 Founder Shares in exchange for a capital contribution of $25,000, or

approximately $0.0004 per share.

On June 25, 2024, our Sponsor surrendered for no consideration 50,312,500 Founder Shares, resulting

in our Sponsor holding an aggregate of 7,187,500 Founder Shares.

The number of Founder Shares outstanding following the surrender was

determined based on the expectation that the total size of the Initial Public Offering would be a maximum of 28,750,000 shares if the

Over-Allotment Option was exercised in full, and therefore that such Founder Shares would represent 16.67% of the outstanding shares

after the Initial Public Offering (excluding the Private Placement Shares and after taking into account the Sponsor’s forfeiture

of Founder Shares in respect of the Eagle Share Rights).

On December 9, 2024, in connection with the partial exercise of the Over-Allotment

Option, the Sponsor forfeited 2,027,500 Founder Shares, resulting in the Sponsor holding an aggregate of 5,160,000 Founder Shares.

Placement Shares

Sponsor purchased an aggregate of 350,000 Private Placement Shares, at a price of $10.00 per share, or $3,500,000 in the aggregate, in

a private placement that closed simultaneously with the closing of the Initial Public Offering.

On December 9, 2024, in connection with

the partial exercise of the Over-Allotment Option, the Company completed the private sale of an additional 8,000 Private Placement Shares

to the Sponsor at a price of $10.00 per share, generating gross proceeds to the Company of $80,000.

March 12, 2021, the Company issued a promissory note to the Sponsor, pursuant to which the Company could borrow up to an aggregate

principal amount of $300,000.

On June 26, 2024, the Company and the Sponsor amended and restated such promissory note (the

“Amended and Restated Formation and Regulatory Expenses Promissory Note”), increasing the amount that the Company may

borrow thereunder to $600,000.

The Amended and Restated Formation and Regulatory Expenses Promissory Note is non-interest bearing

and payable on the earlier of the completion of the business combination or the Company’s liquidation.

As of December 31,

2025 and 2024, there was $542,795 outstanding under the Amended and Restated Formation and Regulatory Expenses Promissory

June 26, 2024, the Company issued the Initial Public Offering Promissory Note to the Sponsor, pursuant to which the Company may borrow

up to an aggregate principal amount of $400,000.

The Initial Public Offering Promissory Note was non-interest bearing and payable on

the earlier of (i) December 31, 2024 or (ii) the completion of the Initial Public Offering.

On October 25, 2024, the Initial Public Offering

Promissory Note then outstanding of $80,500 was repaid in full.

Administrative

Services and Indemnification Agreement

October 23, 2024, the Company entered into an Administrative Services and Indemnification Agreement.

We agreed to pay an affiliate of

the Sponsor $15,000 per month for office space and administrative services and to provide indemnification to the Sponsor from any claims

arising out of or relating to the Initial Public Offering or the Company’s operations or conduct of the Company’s business

or any claim against the Sponsor alleging any expressed or implied management or endorsement by the Sponsor of any of the Company’s

activities or any express or implied association between the Sponsor and the Company or any of its affiliates, which agreement provides

that the indemnified parties cannot access the funds held in the Trust Account.

For the year ended December 31, 2025, the Company incurred

$180,000 in administrative services expenses under the arrangement.

Principal Accounting Fees and Services.

The firm of WithumSmith+Brown, PC acts as our

independent registered public accounting firm.

The following is a summary of fees paid to WithumSmith+Brown, PC for services rendered.

Audit fees consist of fees billed for professional services rendered

for the audit of our year-end financial statements and services that are normally provided by WithumSmith+Brown, PC in connection with

regulatory filings.

The aggregate fees billed by WithumSmith+Brown, PC for audit fees, inclusive of required filings with the SEC for

the years ended December 31, 2024 and 2023 and of services rendered in connection with our Initial Public Offering, amounted to $82,680

and $29,640, respectively.

Audit-Related Fees .

Audit-related fees

consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our year-end

financial statements and are not reported under “Audit Fees.” These services include attest services that are not required

by statute or regulation and consultation concerning financial accounting and reporting standards.

During the years ended December 31,

2024 and 2023, we did not pay WithumSmith+Brown, PC any audit-related fees.

Tax fees consist of fees billed

for professional services relating to tax compliance, tax planning and tax advice.

During the years ended December 31, 2024 and 2023,

we did not pay WithumSmith+Brown, PC any tax fees.

All Other Fees .

firm of WithumSmith+Brown, PC acts as our independent registered public accounting firm.

The following is a summary of fees paid to WithumSmith+Brown,

PC for services rendered.

Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and

services that are normally provided by WithumSmith+Brown, PC in connection with regulatory filings.

The aggregate fees billed by WithumSmith+Brown,

PC for audit fees, inclusive of required filings with the SEC for the years ended December 31, 2025 and 2024 and of services rendered

in connection with our Initial Public Offering, amounted to $94,640 and $82,680, respectively.

Audit-Related

Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of

the audit or review of our year-end financial statements and are not reported under “Audit Fees.” These services include

attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

During the years ended December 31, 2025 and 2024, we did not pay WithumSmith+Brown, PC any audit-related fees.

Tax fees consist of fees billed for professional services relating to tax compliance, tax planning and tax advice.

years ended December 31, 2025 and 2024, we did not pay WithumSmith+Brown, PC any tax fees.

All other fees consist of fees billed for all other services.

the years ended December 31, 2024 and 2023, we did not pay WithumSmith+Brown, PC any other fees.

Pre-Approval Policy

Our audit committee was formed upon the consummation

of our Initial Public Offering.

As a result, the audit committee did not pre-approve all of the foregoing services, although any services

rendered prior to the formation of our audit committee were approved by our board of directors.

Since the formation of our audit committee,

and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted non-audit services to be

performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described

in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

During the years ended December 31, 2025 and 2024, we did

not pay WithumSmith+Brown, PC any other fees.

audit committee was formed upon the consummation of our Initial Public Offering.

As a result, the audit committee did not pre-approve

all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our board

of directors.

Since the formation of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve

all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject

to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to

the completion of the audit).

Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this Annual Report

on Form 10-K:

The following documents

are filed as part of this Annual Report on Form 10-K:

Financial Statements:

See “Index to Financial Statements”

“Index to Financial Statements” at “Item 8.

Financial Statements and Supplementary Data” herein.

(b) Financial Statement Schedules.

All schedules are omitted for the reason that the information is included

in the financial statements or the notes thereto or that they are not required or are not applicable.

The exhibits listed in the Exhibit Index below are filed or incorporated by reference as part of

this Annual Report on Form 10-K.

Exhibit Index

Underwriting Agreement, dated October 23, 2024, by and among the Company and UBS Securities LLC and Jefferies LLC as representatives of the underwriters (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

Financial Statement Schedules.

All schedules are omitted for the reason that the information is included in the financial statements or the notes thereto or that

they are not required or are not applicable.

listed in the Exhibit Index below are filed or incorporated by reference as part of this Annual Report on Form 10-K.

Agreement, dated October 23, 2024, by and among the Company and UBS Securities LLC and Jefferies LLC as representatives of the underwriters

(incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities

and Exchange Commission on October 25, 2024).

and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Company’s Current Report

on Form 8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Specimen Ordinary Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (File No.

Ordinary Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (File

333-282268), filed with the Securities and Exchange Commission on September 20, 2024).

Specimen Eagle Share Right Certificate (incorporated by reference to Exhibit 8,

4.2 to Amendment No.

1 to the Company’s Registration Statement on Form S-1 (File No.

333-282268), filed with the Securities and

Exchange Commission on October 9, 2024).

Specimen Unit Certificate (incorporated by reference to Exhibit 4.3 to Amendment No.

1 to the Company’s Registration Statement on Form S-1 (File No.

Eagle Share Right Certificate (incorporated by reference to Exhibit 4.2 to Amendment No.

1 to the Company’s Registration

Statement on Form S-1 (File No.

333-282268), filed with the Securities and Exchange Commission on October 9, 2024).

Rights Agreement, dated October 23, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as rights agent (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No.

Unit Certificate (incorporated by reference to Exhibit 4.3 to Amendment No.

1 to the Company’s Registration Statement on Form

S-1 (File No.

333-282268), filed with the Securities and Exchange Commission on October 9, 2024).

Agreement, dated October 23, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as rights agent

(incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities

and Exchange Commission on October 25, 2024).

Description of Registrant’s Securities.

Letter Agreement, dated October 23, 2024 , by and among the Company, its executive officers, its directors and Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Investment Management Trust Agreement, dated October 23, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Registration Rights Agreement, dated October 23, 2024, by and among the Company, Eagle Equity Partners IV, LLC and the Holders signatory thereto (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Private Placement Shares Purchase Agreement, dated October 23, 2024, by and between the Company and Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Administrative Services and Indemnification Agreement, dated October 23, 2024, by and between the Company, Eagle Equity Partners IV, LLC and an affiliate of Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (File No.

Agreement, dated October 23, 2024 , by and among the Company, its executive officers, its directors and Eagle Equity Partners IV,

LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with

the Securities and Exchange Commission on October 25, 2024).

Management Trust Agreement, dated October 23, 2024, by and between the Company and Continental Stock Transfer & Trust Company,

as trustee (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed

with the Securities and Exchange Commission on October 25, 2024).

Rights Agreement, dated October 23, 2024, by and among the Company, Eagle Equity Partners IV, LLC and the Holders signatory thereto

(incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the

Securities and Exchange Commission on October 25, 2024).

Placement Shares Purchase Agreement, dated October 23, 2024, by and between the Company and Eagle Equity Partners IV, LLC (incorporated

by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

001-42385, filed with the Securities and

Exchange Commission on October 25, 2024).

Administrative

Services and Indemnification Agreement, dated October 23, 2024, by and between the Company, Eagle Equity Partners IV, LLC and an

affiliate of Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form

8-K (File No.

001-42385, filed with the Securities and Exchange Commission on October 25, 2024).

Form of Indemnity Agreement (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1 (File No.

001-282268, filed with the Securities and Exchange Commission on September 20, 2024).

Amended and Restated Formation and Regulatory Expenses Promissory Note issued to Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-1 (File No.

of Indemnity Agreement (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1 (File

333-282268, filed with the Securities and Exchange Commission on September 20, 2024).

Initial Public Offering Promissory Note issued to Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-1 (File No.

and Restated Formation and Regulatory Expenses Promissory Note issued to Eagle Equity Partners IV, LLC (incorporated by reference

to Exhibit 10.6 to the Company’s Registration Statement on Form S-1 (File No.

333-282268, filed with the Securities and Exchange

Commission on September 20, 2024).

Public Offering Promissory Note issued to Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.7 to the Company’s

Registration Statement on Form S-1 (File No.

333-282268, filed with the Securities and Exchange Commission on September 20, 2024).

Securities Subscription Agreement between the Company and Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.8 to the Company’s Registration Statement on Form S-1 (File No.

Subscription Agreement between the Company and Eagle Equity Partners IV, LLC (incorporated by reference to Exhibit 10.8 to the Company’s

Registration Statement on Form S-1 (File No.

333-282268, filed with the Securities and Exchange Commission on September 20, 2024).

Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Registration Statement on Form S-1 (File No.

of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Registration Statement on Form S-1 (File No.

filed with the Securities and Exchange Commission on September 20, 2024).

2 unchanged sentences

Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).

Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C.

Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C.

Certification

of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C.

Certification

of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C.

Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1.

(incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K (File No.

001-42385, filed with the Securities and Exchange Commission on March 28, 2025)

Inline XBRL Instance Document.

Inline XBRL Taxonomy Extension Schema Document.

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

Inline XBRL Taxonomy Extension Definition Linkbase Document.

Inline XBRL Taxonomy Extension Calculation Linkbase

Inline XBRL Taxonomy Extension Definition Linkbase

Inline XBRL Taxonomy Extension Label Linkbase Document.

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Inline XBRL Taxonomy Extension Presentation Linkbase

Cover Page Interactive Data File.

(formatted as Inline XBRL and contained in Exhibit 101).

(formatted as Inline

XBRL and contained in Exhibit 101).

Filed herewith

Furnished herewith

Pursuant to the requirements of Section 13 or

15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,

thereunto duly authorized.

March 28, 2025

Bold Eagle Acquisition Corp.

/s/ Eli Baker

Chief Executive Officer and Director

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each

person whose signature appears below constitutes and appoints Eli Baker, Harry E.

Sloan, and Ryan O’Connor, and each or any one

of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name,

place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with

all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, granting

unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite

and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby

ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his or her substitutes or substitute, may lawfully

do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities

Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and

on the dates indicated.

/s/ Eli Baker

Chief Executive Officer and Director

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.

March 23, 2026

Acquisition Corp.

Chief Executive Officer

ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Eli Baker, Harry E.

Ryan O’Connor, and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and

resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report

on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the United States Securities

and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform

each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or

she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his or

her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the

registrant and in the capacities and on the dates indicated.

Chief Executive

Officer and Director

(Principal Executive Officer)

1 unchanged sentence

Chief Financial Officer

March 28, 2025

Ryan O’Connor

(Principal Financial and Accounting Officer)

(Principal Financial and

Accounting Officer)

March 23, 2026

2 unchanged sentences

Jeff Sagansky

/s/ Diarmuid Cummins

March 23, 2026

Diarmuid Cummins

/s/ Amy Gershkoff Bolles

/s/ Amy Gershkoff

March 23, 2026

Amy Gershkoff Bolles

/s/ Jason Park

March 23, 2026

/s/ Anna Marie Wagner

/s/ Anna Marie

March 23, 2026

Anna Marie Wagner

/s/ Simon Watson

March 23, 2026

INDEX TO FINANCIAL

TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

1 unchanged sentence

Statements of Operations For the Years Ended December 31, 2025 and 2024

Statements of Changes in Shareholder’s Deficit for the Years Ended December 31, 2024 and 2023

Statements of Cash Flows for the Years Ended December 31, 2024 and 2023

Statements of Changes in Shareholders’ Deficit for the Years Ended December 31, 2025 and 2024

Statements of Cash Flows for the Years Ended December

31, 2025 and 202 4

Notes to Financial Statements

of Independent Registered Public Accounting Firm

To the Shareholder and the Board of Directors

Bold Eagle Acquisition Corp.

Opinion on the Financial Statements

We have audited the accompanying balance sheets

of Bold Eagle Acquisition Corp.

(the “Company”) as of December 31, 2024 and 2023, and the related statements of operations,

changes in shareholders’ deficit and cash flows for the years then ended, and the related notes (collectively referred to as the

“financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial

position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended,

in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility

of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are

required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged

to perform, audits of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding

of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s

internal control over financial reporting.

the Shareholders and the Board of Directors of

Eagle Acquisition Corp.

on the Financial Statements

have audited the accompanying balance sheets of Bold Eagle Acquisition Corp.

(the “Company”) as of December 31, 2025 and

2024, the related statements of operations, changes in shareholders’ deficit, and cash flows for the years then ended, and the

related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present

fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations

and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As discussed in Note

1 to the financial statements, if the Company is unable to complete a business combination by October 25, 2026, then the Company will

cease all operations except for the purpose of liquidating.

These conditions raise substantial doubt about our ability to continue as

a going concern.

Management plans to consummate an initial Business Combination prior to the end of the Combination Period.

for mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going

Management's plans in regard to these matters are also described in Note 1.

The financial statements do not include any adjustments

that might result from the outcome of this uncertainty.

financial statements are the responsibility of the entity’s management.

Our responsibility is to express an opinion on these financial

statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United

States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.

federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits,

we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion

on the effectiveness of the entity’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess

the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond

to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements.

Our audits provide a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company’s auditor since

New York, New York

March 27, 2025

PCAOB ID Number 100

BOLD EAGLE ACQUISITION

audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error

or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding

the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits

provide a reasonable basis for our opinion.

WithumSmith+Brown, PC

have served as the Company's auditor since 2021.

York, New York

ID Number 100

EAGLE ACQUISITION CORP.

Current assets:

1 unchanged sentence

Total current assets

Non-current assets:

Prepaid expenses - non-current

Investments held in Trust

Investments held in Trust Account

$ 270,595,239

LIABILITIES AND SHAREHOLDERS’ DEFICIT:

$ 260,956,689

LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT:

Current liabilities:

8 unchanged sentences

Class A ordinary shares subject to possible redemption, $ 0.0001 par value;

25,800,000 and no share at $ 10.04 per share redemption value as of December 31, 2024

25,800,000 shares at $ 10.35 and $ 10.04 per share redemption value as of December 31, 2025 and December 31, 2024, respectively

Shareholders’ Deficit:

1 unchanged sentence

1,000,000 shares authorized;

none issued and outstanding as of December 31, 2024 and 2023

none issued and outstanding as of December 31, 2025 and December 31, 2024

Class A ordinary shares, $ 0.0001 par value;

400,000,000 shares authorized;

358,000 and 0 shares issued and outstanding (excluding 25,800,000 and no shares subject to possible redemption) as of December 31, 2024 and 2023, respectively

B ordinary shares, $ 0.0001 par value;

358,000 shares issued and outstanding (excluding 25,800,000 shares subject to possible redemption) as of December 31, 2025 and December 31, 2024

Class B ordinary shares, $ 0.0001 par value;

80,000,000 shares authorized;

5,160,000 and 7,187,500 (1) shares issued and outstanding

as of December 31, 2024 and 2023, respectively

5,160,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024

Additional paid-in capital

1 unchanged sentence

( 7,902,820 )

( 7,865,425 )

Total shareholders’ deficit

( 7,902,268 )

Total liabilities and shareholders’ deficit

( 7,864,873 )

(1) Shares and associated amount have been retroactively adjusted

to reflect the surrender of 50,312,500 Class B ordinary shares in a share recapitalization on June 25, 2024 (see Note 5).

The accompanying notes are an integral part

of these financial statements.

BOLD EAGLE ACQUISITION

Total liabilities, Class A Ordinary shares subject to possible redemption and shareholders’ deficit

$ 270,595,239

$ 260,956,689

accompanying notes are an integral part of these financial statements.

EAGLE ACQUISITION CORP.

of Operations

2 unchanged sentences

Loss from operations

( 1,037,395 )

Other income:

3 unchanged sentences

Total other income

Weighted average outstanding share, Class A ordinary redeemable shares, basic and diluted

Weighted average outstanding share, Class A redeemable ordinary shares, basic and diluted

Basic and fully diluted net income per Class A redeemable ordinary shares

Weighted average outstanding share, Class A and Class B non-redeemable ordinary shares, basic and diluted (1)

Basic and fully diluted net income per Class A and Class B non-redeemable ordinary shares

(1) Shares and the associated amounts have been retroactively adjusted

to reflect the surrender of 50,312,500 Class B ordinary shares in a recapitalization on June 25, 2024 and exclude an aggregate of

up to 2,187,500 Class B ordinary shares that were subject to forfeiture if the Over-Allotment Option was not exercised in full or in part

by the underwriters.

On December 9, 2024, in connection with the partial exercise of the Over-Allotment Option, the Sponsor forfeited

2,027,500 Class B ordinary shares, resulting in the Sponsor holding an aggregate of 5,160,000 Class B ordinary shares (see Note 5).

The accompanying notes are an integral part

of these financial statements.

BOLD EAGLE ACQUISITION

Weighted average outstanding share, Class A and B non-redeemable ordinary shares, basic and diluted (1)

Basic and fully

diluted net income per Class A and Class B non-redeemable ordinary shares

(1) Shares and associated amounts for 2024 have been retroactively adjusted to reflect the surrender of 50,312,500 shares in a recapitalization on June 25, 2024 and exclude an aggregate of up to 937,500 shares that were subject to forfeiture if the over-allotment was not exercised in full or in part by the underwriters.

On December 9, 2024, in connection with the partial exercise of the Over-Allotment Option, the Sponsor forfeited 2,027,500 Class B ordinary shares, resulting in the Sponsor holding an aggregate of 5,160,000 Class B ordinary shares (see Note 5).

accompanying notes are an integral part of these financial statements.

EAGLE ACQUISITION CORP.

of Changes in SHAREHOLDERS’ DEFICIT

FOR THE YEAR ENDED DECEMBER 31, 2024

THE YEAR ENDED DECEMBER 31, 2025

Ordinary Shares

Shareholder’s

Shareholders’

Balance, December 31, 2024

Forfeiture of Class B shares upon partial exercise of Over-Allotment

$ ( 7,865,425 )

Sale of 358,000 Private Placement Shares

Fair value of Eagle Share Rights at issuance

Allocated value of transaction costs to Private Placement Shares

Allocated value of transaction costs to Eagle Share

Partial exercise of Over-Allotment Option

Accretion for Class A ordinary shares to redemption amount

$ ( 7,864,873 )

Accretion for Class A ordinary shares to redemption amount

( 9,801,962 )

3 unchanged sentences

$ ( 7,902,268 )

FOR THE YEAR ENDED DECEMBER 31, 2023

THE YEAR ENDED DECEMBER 31, 2024

Ordinary Shares

Shareholder’s

Shareholders’

Balance, December 31, 2023 (1)

Forfeiture of Class B shares upon partial exercise of over-allotment

( 2,027,500 )

Sale of 358,000 Private Placement Class A Shares

Fair value of Rights at issuance

Allocated value of transaction costs to Private Placement Shares

Allocated value of transaction costs to Rights

Partial exercise of Over-Allotment Option

Accretion for Class A ordinary shares to redemption amount

( 10,075,226 )

( 9,911,238 )

( 19,986,464 )

Balance, December 31, 2024

and the associated amount have been retroactively adjusted to reflect the surrender of 50,312,500 Class B ordinary shares

in a share recapitalization on June 25, 2024 (see Note 5).

The accompanying notes are an integral part of these financial statements.

BOLD EAGLE ACQUISITION

$ ( 7,865,425 )

$ ( 7,864,873 )

(1) Shares and the associated amount have been retroactively adjusted to reflect the surrender of 50,312,500 Class B ordinary shares in a

share recapitalization on June 24, 2024 (see Note 5).

accompanying notes are an integral part of these financial statements.

EAGLE ACQUISITION CORP.

of Cash Flows

4 unchanged sentences

( 10,801,962 )

( 2,033,862 )

Cancellation of indebtedness

1 unchanged sentence

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

Prepaid expenses

Accounts payable

Accrued expenses

Net cash used in operating activities

2 unchanged sentences

( 258,000,000 )

Net cash used in investing activities

Cash withdrawn from Trust Account for working capital

Net cash provided by (used in) investing activities

( 258,000,000 )

4 unchanged sentences

Repayment of promissory note - related party IPO

Net cash provided by financing activities

Payment of insurance loan payable

Net cash provided by (used in) financing activities

Net change in cash

Cash at beginning of the year

Cash at end of the year

Cash at beginning of the period

Cash at end of the period

Supplemental disclosure of noncash investing and financing activities:

Prepaid expenses paid by Sponsor under promissory note

Prepaid expenses paid by insurance financing payable

3 unchanged sentences

Deferred underwriting fee payable

The accompanying notes are an integral part

of these financial statements.

BOLD EAGLE ACQUISITION CORP.

accompanying notes are an integral part of these financial statements.

EAGLE ACQUISITION CORP.

to Financial Statements

1 unchanged sentence

1—Organization and Plan of Business Operations

Bold Eagle Acquisition Corp.

(formerly Spinning

Eagle Acquisition Corp.) (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on February

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization

or similar business combination with one or more businesses (“business combination”).

Although the Company is not limited to a particular

industry or geographic region for purposes of completing a business combination, the Company intends to capitalize on the ability of its

management team to identify and combine with a business or businesses that can benefit from its management team’s established global

relationships and operating experience.

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.

As of December 31, 2024, the Company had not commenced any operations.

All activity for the period from February 22, 2021 (inception) through December 31, 2024 relates to the Company’s formation,

the initial public offering (“Initial Public Offering”) and the Company’s search for a business combination, which is

described below.

The Company will not generate any operating revenues until after the completion of a business combination, at the earliest.

The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

Eagle Acquisition Corp.

(formerly Spinning Eagle Acquisition Corp.) (the “Company”) is a blank check company incorporated

as a Cayman Islands exempted company on February 22, 2021 .

The Company was formed for the purpose of effecting a merger, share exchange,

asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“business combination”).

the Company is not limited to a particular industry or geographic region for purposes of completing a business combination, the Company

intends to capitalize on the ability of its management team to identify and combine with a business or businesses that can benefit from

its management team’s established global relationships and operating experience.

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.

of December 31, 2025, the Company had not commenced any operations.

All activity for the period from February 22, 2021 (inception) through

December 31, 2025 relates to the Company’s formation, the initial public offering (“Initial Public Offering”) and the

Company’s search for a business combination, which is described below.

The Company will not generate any operating revenues until

after the completion of a business combination, at the earliest.

The Company will generate non-operating income in the form of interest

income from the proceeds derived from the Initial Public Offering.

The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s

Initial Public Offering was declared effective on October 23, 2024.

On October 25, 2024, the Company consummated its Initial Public Offering

of 25,000,000 units (the “Units”).

Each Unit consists of one Class A ordinary share (the “Class A ordinary shares”

or “public shares”) and one right (“Eagle Share Right”), with each Eagle Share Right entitling the holder to receive

one twentieth (1/20) of one Class A ordinary share upon the consummation of a business combination.

The Units were sold at a price of

$ 10.00 per Unit, generating gross proceeds to the Company of $ 250,000,000 .

The Company granted the underwriters a 45 -day option to purchase

up to 3,750,000 additional Units to cover over-allotments at the Initial Public Offering price (the “Over-Allotment Option”).

On December 9, 2024, the Company closed the issuance and sale of 800,000 additional Units (the “Over-Allotment Option Units”)

in connection with the underwriters partially exercising their Over-Allotment Option.

The Over-Allotment Option Units were sold at a price

of $ 10.00 per Unit, generating gross proceeds to the Company of $ 8,000,000 .

Simultaneously with the closing of the Initial

Public Offering, the Company consummated the sale of 350,000 shares (the “Private Placement Shares”) at a price of $ 10.00

per Private Placement Share in a private placement to Eagle Equity Partners IV, LLC (the “Sponsor”), generating gross proceeds

of $ 3,500,000 , which is described in Note 4.

Simultaneously with the closing of the Over-Allotment Option, the Company completed the private

placement of an additional 8,000 Private Placement Shares to the Sponsor at a price of $ 10.00 per share, generating gross proceeds to

the Company of $ 80,000 (together with the private placement which occurred simultaneously to the Initial Public Offering, the “private

Transaction costs amounted to $ 12,283,324 consisting of $ 2,580,000

of net upfront underwriting discounts ($ 3,870,000 of upfront underwriting discounts less $ 1,290,000 reimbursement from the underwriters),

$ 9,030,000 of deferred underwriting fees and $ 673,324 of other offering costs.

Upon the closing of the Initial Public Offering,

including the Over-Allotment Option exercise and the private placement, $ 258,000,000 ($ 10.00 per Unit) from the net proceeds of the sale

of the Units in the Initial Public Offering and certain proceeds from the sale of the Private Placement Shares was placed in a trust account

(the “Trust Account”).

Following their deposit into the Trust Account, such proceeds have been initially invested only in

money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act (as defined below) which invest only in

registration statement for the Company’s Initial Public Offering was declared effective on October 23, 2024.

On October 25, 2024,

the Company consummated its Initial Public Offering of 25,000,000 units (the “Units”).

Each Unit consists of one Class A

ordinary share (the “Class A ordinary shares” or “public shares”) and one right (“Eagle Share Right”),

with each Eagle Share Right entitling the holder to receive one twentieth (1/20) of one Class A ordinary share upon the consummation

of a business combination.

The Units were sold at a price of $ 10.00 per Unit, generating gross proceeds to the Company of $ 250,000,000 .

The Company granted the underwriters a 45 -day option to purchase up to 3,750,000 additional Units to cover over-allotments at the Initial

Public Offering price (the “Over-Allotment Option”).

On December 9, 2024, the Company closed the issuance and sale of 800,000

additional Units (the “Over-Allotment Option Units”) in connection with the underwriters partially exercising their Over-Allotment

The Over-Allotment Option Units were sold at a price of $ 10.00 per Unit, generating gross proceeds to the Company of $ 8,000,000 .

Simultaneously

with the closing of the Initial Public Offering, the Company consummated the sale of 350,000 shares (the “Private Placement Shares”)

at a price of $ 10.00 per Private Placement Share in a private placement to Eagle Equity Partners IV, LLC (the “Sponsor”),

generating gross proceeds of $ 3,500,000 , which is described in Note 4.

Simultaneously with the closing of the Over-Allotment Option,

the Company completed the private placement of an additional 8,000 Private Placement Shares to the Sponsor at a price of $ 10.00 per share,

generating gross proceeds to the Company of $ 80,000 (together with the private placement which occurred simultaneously to the Initial

Public Offering, the “private placement”).

costs amounted to $ 12,283,324 consisting of $ 2,580,000 of net upfront underwriting discounts ($ 3,870,000 of upfront underwriting discounts

less $ 1,290,000 reimbursement from the underwriters), $ 9,030,000 of deferred underwriting fees and $ 673,324 of other offering costs.

the closing of the Initial Public Offering, including the Over-Allotment Option exercise and the private placement, $ 258,000,000 ($ 10.00

per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and certain proceeds from the sale of the Private

Placement Shares was placed in a trust account (the “Trust Account”).

Following their deposit into the Trust Account, such

proceeds have been initially invested only in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company

Act (as defined below) which invest only in direct U.S.

government treasury obligations;

the holding of these assets in this form is intended to be temporary and for the sole purpose

of facilitating the intended business combination and, may at any time be held as cash or cash items, including in demand deposit accounts

at a bank, as determined by the Company, until the earlier of (i) the completion of a business combination and (ii) the distribution of

the funds in the Trust Account to the Company’s shareholders, as described below.

The Company’s management has broad discretion

with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Shares,

although substantially all of the net proceeds are intended to be applied generally toward completing a business combination.

must complete one or more business combinations with having an aggregate fair market value equal to at least 80 % of the net assets held

in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at

the time of the agreement to enter into a business combination.

The Company will only complete a business combination if the post-business

combination company owns or acquires 50 % or more of the issued and outstanding voting securities of the target or otherwise acquires a

controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment

Company Act of 1940, as amended (the “Investment Company Act”).

There is no assurance that the Company will be able to successfully

effect a business combination.

The Company will provide its shareholders with

the opportunity to redeem all or a portion of their public shares in connection with the completion of a business combination either (i)

in connection with a general meeting called to approve the business combination or (ii) without a shareholder vote by means of a tender

The decision as to whether the Company will seek shareholder approval of a business combination or conduct a tender offer will

be made by the Company.

The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust

Account (initially $ 10.00 per share), calculated as of two business days prior to the completion of a business combination, including

interest earned on the funds held in the Trust Account (net of amounts released to the Company to fund its working capital requirements

(subject to an annual limit of $ 1,000,000 ) and taxes paid or payable).

The Class A ordinary shares will be recorded at redemption value

and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification

(“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

If the Company seeks shareholder approval, the

Company will complete a business combination only if it receives an ordinary resolution under Cayman Islands law approving a business

combination, which requires the affirmative vote of a majority of the Company’s ordinary shares which are represented in person

or by proxy and are voted at a general meeting of the Company.

If a shareholder vote is not required under applicable law or stock exchange

listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant

to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions 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.

If the Company seeks shareholder approval

in connection with a business combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any public shares

purchased in or after the Initial Public Offering in favor of approving a business combination and to waive its redemption rights with

respect to any such shares in connection with a shareholder vote to approve a business combination.

Additionally, each public shareholder

may elect to redeem its public shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed

business combination.

Notwithstanding the foregoing, if the Company

seeks shareholder approval of a business combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s

Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder

or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more

than an aggregate of 15 % of the public shares without the Company’s prior written consent.

The Sponsor and the Company’s executive

officers and directors have agreed (a) to waive their redemption rights with respect to any Founder Shares, Private Placement Shares and

public shares held by them in connection with the completion of a business combination and (b) not to propose an amendment to the Amended

and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem

100 % of the public shares if the Company does not complete a business combination within the completion window (as defined below) or (ii)

with respect to any other material provision relating to shareholders’ rights or pre-initial business combination activity, unless

the Company provides the public shareholders with the opportunity to redeem their public shares in conjunction with any such amendment

and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares and Private Placement

Shares if the Company fails to complete a business combination.

The Company will have within 24 months from the

closing of the Initial Public Offering (or such longer period of time as may be provided in an amendment to the Amended and Restated Memorandum

and Articles of Association approved by a vote of the public shareholders) (the “completion window”) to complete a business

If the Company is unable to complete a business combination within the completion window, the Company will as promptly as

reasonably possible but no more than 10 business days thereafter, redeem 100 % of the outstanding 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 (less taxes paid or payable

and up to $ 100,000 of interest 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 its obligations under

Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the Company’s executive

officers and directors have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares if

the Company fails to complete a business combination within the completion window.

However, if the Sponsor or the Company’s executive

officers or directors acquire public shares in or after the Initial Public Offering, such public shares will be entitled to liquidating

distributions from the Trust Account if the Company fails to complete a business combination within the completion window.

The underwriters

have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company

does not complete a business combination within the completion window and, in such event, such amounts will be included with the funds

held in the Trust Account that will be available to fund the redemption of the public shares.

In the event of such distribution, it is

possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price

per share ($ 10.00 ).

The Sponsor has agreed that it will be liable

to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective

target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business

combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $ 10.00 per public share and (2) the

actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $ 10.00 per

public share due to reductions in the value of trust assets, less taxes paid or payable and up to $ 100,000 of interest to pay dissolution

expenses, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver

of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims

under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities

under the Securities Act of 1933, as amended (the “Securities Act”).

The Company will seek to reduce the possibility that

the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers

(other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which

the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies

held in the Trust Account.

Liquidity and Capital Resources

As of December 31, 2024, the Company had $ 183,491

in cash, and a working capital of $ 45,253 .

The Company’s liquidity needs prior to the consummation of the Initial Public Offering

were satisfied through the payment of $ 25,000 from the Sponsor to purchase Founder Shares (as defined in Note 5), loan proceeds from the

Sponsor of up to $ 600,000 under the Amended and Restated Formation and Regulatory Expenses Promissory Note (as defined in Note 5) and

up to $ 400,000 under the Initial Public Offering Promissory Note (as defined in Note 5).

As of December 31, 2024, there was $ 542,975 outstanding

under the Amended and Restated Formation and Regulatory Expenses Promissory Note.

On October 25, 2024, the Initial Public Offering Promissory

Note was repaid in full.

Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied

through the net proceeds from the consummation of the Initial Public Offering and the private placement held outside of the Trust Account,

including $ 1,290,000 of reimbursements from the underwriters for certain expenses and fees.

Based on the foregoing, management believes

that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation

of a business combination or one year from this filing.

Over this time period, the Company will be using the funds held outside of the

Trust Account for paying existing accounts payable, paying stock exchange listing fees, paying amounts due under the Administrative Services

and Indemnification Agreement (as defined in Note 5), paying director and officer liability insurance premiums, paying legal and other

service providers, identifying and evaluating prospective business combination candidates, performing due diligence on prospective target

businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating

the business combination.

Further, the Company is permitted to withdraw interest earned on the funds held in the Trust Account to fund

working capital requirements, subject to an annual limitation of $ 1,000,000 , and to fund taxes payable.

the holding of these assets in this form is

intended to be temporary and for the sole purpose of facilitating the intended business combination and, may at any time be held as cash

or cash items, including in demand deposit accounts at a bank, as determined by the Company, until the earlier of (i) the completion

of a business combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described

Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering

and the sale of the Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward

completing a business combination.

The Company must complete one or more business combinations with having an aggregate fair market value

equal to at least 80 % of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable

on the income earned on the Trust Account) at the time of the agreement to enter into a business combination.

The Company will only complete

a business combination if the post-business combination company owns or acquires 50 % or more of the issued and outstanding voting securities

of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as

an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

There is no assurance

that the Company will be able to successfully effect a business combination.

Company will provide its shareholders with the opportunity to redeem all or a portion of their public shares in connection with the completion

of a business combination either (i) in connection with a general meeting called to approve the business combination or (ii) without

a shareholder vote by means of a tender offer.

The decision as to whether the Company will seek shareholder approval of a business combination

or conduct a tender offer will be made by the Company.

The shareholders will be entitled to redeem their shares for a pro rata portion

of the amount held in the Trust Account (initially $ 10.00 per share), calculated as of two business days prior to the completion of a

business combination, including interest earned on the funds held in the Trust Account (net of amounts released to the Company to fund

its working capital requirements (subject to an annual limit of $ 1,000,000 ) and taxes paid or payable).

The Class A ordinary shares will

be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance

with Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

the Company seeks shareholder approval, the Company will complete a business combination only if it receives an ordinary resolution under

Cayman Islands law approving a business combination, which requires the affirmative vote of a majority of the Company’s ordinary

shares which are represented in person or by proxy and are voted at a general meeting of the Company.

If a shareholder vote is not required

under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or

other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions

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.

If the Company seeks shareholder approval in connection with a business combination, the Sponsor has agreed to vote its Founder Shares

(as defined in Note 5) and any public shares purchased in or after the Initial Public Offering in favor of approving a business combination

and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a business combination.

Additionally, each public shareholder may elect to redeem its public shares, without voting, and if they do vote, irrespective of whether

they vote for or against a proposed business combination.

Notwithstanding

the foregoing, if the Company seeks shareholder approval of a business combination and it does not conduct redemptions pursuant to the

tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder,

together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group”

(as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted

from redeeming its shares with respect to more than an aggregate of 15 % of the public shares without the Company’s prior written

Sponsor and the Company’s executive officers and directors have agreed (a) to waive their redemption rights with respect to any

Founder Shares, Private Placement Shares and public shares held by them in connection with the completion of a business combination and

(b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing

of the Company’s obligation to redeem 100 % of the public shares if the Company does not complete a business combination within

the completion window (as defined below) or (ii) with respect to any other material provision relating to shareholders’ rights

or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their

public shares in conjunction with any such amendment and (iii) to waive their rights to liquidating distributions from the Trust Account

with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a business combination.

Company will have within 24 months from the closing of the Initial Public Offering (or such longer period of time as may be provided

in an amendment to the Amended and Restated Memorandum and Articles of Association approved by a vote of the public shareholders) (the

“completion window”) to complete a business combination.

If the Company is unable to complete a business combination within

the completion window, the Company will as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100 %

of the outstanding 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 (less taxes paid or payable and up to $ 100,000 of interest 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 its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable

Sponsor and the Company’s executive officers and directors have agreed to waive their liquidation rights with respect to the Founder

Shares and Private Placement Shares if the Company fails to complete a business combination within the completion window.

the Sponsor or the Company’s executive officers or directors acquire public shares in or after the Initial Public Offering, such

public shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a business combination

within the completion window.

The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note

6) held in the Trust Account in the event the Company does not complete a business combination within the completion window and, in such

event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the public

In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution

will be less than the Initial Public Offering price per share ($ 10.00 ).

Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products

sold to the Company, or by a prospective target business with which the Company has entered into a written letter of intent, confidentiality

or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of

(1) $ 10.00 per public share and (2) the actual amount per public share held in the Trust Account as of the date of the liquidation of

the Trust Account, if less than $ 10.00 per public share due to reductions in the value of trust assets, less taxes paid or payable and

up to $ 100,000 of interest to pay dissolution expenses, provided that such liability will not apply to any claims by a third party or

prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such

waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public

Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors

by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm),

prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any

right, title, interest or claim of any kind in or to monies held in the Trust Account.

and Capital Resources

of December 31, 2025, the Company had $ 192,592 in cash, and a working capital of $ 123,594 .

The Company’s liquidity needs prior

to the consummation of the Initial Public Offering were satisfied through the payment of $ 25,000 from the Sponsor to purchase Founder

Shares (as defined in Note 5), loan proceeds from the Sponsor of up to $ 600,000 under the Amended and Restated Formation and Regulatory

Expenses Promissory Note (as defined in Note 5) and up to $ 400,000 under the Initial Public Offering Promissory Note (as defined in Note

As of December 31, 2025, there was $ 542,975 outstanding under the Amended and Restated Formation and Regulatory Expenses Promissory

On October 25, 2024, the Initial Public Offering Promissory Note was repaid in full.

Subsequent to the consummation of the Initial

Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public

Offering and the private placement held outside of the Trust Account, including $ 1,290,000 of reimbursements from the underwriters for

certain expenses and fees.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing

capacity to meet its needs through the earlier of the consummation of a business combination or one year from this filing.

time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, paying stock

exchange listing fees, paying amounts due under the Administrative Services and Indemnification Agreement (as defined in Note 5), paying

director and officer liability insurance premiums, paying legal and other service providers, identifying and evaluating prospective business

combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target

business to merge with or acquire, and structuring, negotiating and consummating the business combination.

On April 8, 2025 and August

21, 2025, the Company withdrew $ 500,000 and $ 500,000 , respectively, of interest earned on funds held in the Trust Account for working

capital requirements.

As of December 31, 2025, the Company had $ 1,000,000 in remaining interest earned on funds held in the Trust

Account available to be withdrawn for working capital requirements in its second year following the Initial Public Offering.

Company is a special purpose acquisition company and must complete its initial Business Combination by October 25, 2026.

Company plans to complete its initial Business Combination before such date, there can be no assurance that the Company will be able

to do so by such date.

In connection with the Company’s assessment of going concern considerations in accordance with Financial

Accounting Standards Board (“FASB”) Accounting Standards Update (“ASC”) 2014-15, “Disclosures of Uncertainties

about an Entity’s Ability to Continue as a Going Concern,” management has determined that because such mandatory liquidation

date is less than 12 months away, there is substantial doubt that the Company will operate as a going concern.

adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after October

Management plans to consummate a Business Combination prior to October 25, 2026;

however, there can be no assurance that one

will be completed.

2—Summary of Significant Accounting Policies

of Presentation

The accompanying financial statements are

presented in U.S.

dollars and have been prepared in accordance with accounting principles generally accepted in the United States of

America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC.

Emerging Growth Company

The Company is an “emerging growth company,”

as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),

and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that

are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements

of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports

and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder

approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts

emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that

is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered

under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company

can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but

any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period which means that

when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging

growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison

of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth

company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting

standards used.

Use of Estimates

The preparation of financial statements in conformity

with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure

of contingent assets and liabilities at the date of the financial statements.

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 events.

Accordingly, the actual results could differ significantly from those estimates.

The Company considers all short-term investments with an original maturity

of three months or less when purchased to be cash equivalents.

The Company had $ 183,491 in cash and $ 0 in cash as of December 31, 2024

and 2023, respectively.

The Company did not have any cash equivalents as of December 31, 2024 and 2023.

Investments Held in Trust Account

The Company’s portfolio of investments

is comprised of cash and U.S.

government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act,

with a maturity of 185 days or less, or investments in money market funds that invest in U.S.

government securities and generally have

a readily determinable fair value, or a combination thereof.

When the Company’s investments held in the Trust Account are comprised

government securities, the investments are classified as trading securities which are presented at fair value.

Gains and losses

resulting from the change in fair value of these securities are included in income from investments held in the Trust Account in the

accompanying statements of operations.

The estimated fair values of investments held in the Trust Account are determined using available

market information.

As of December 31, 2024, the Company held $ 260,033,862

in the Trust Account, all of which was held in a money market fund.

There was no Trust Account as of December 31, 2023.

Concentration of Credit Risk

Financial instruments that potentially subject

the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times may exceed the Federal

Deposit Insurance Corporation coverage limit of $ 250,000 .

Any loss incurred or a lack of access to such funds could have a significant

adverse impact on the Company’s financial condition, results of operations, and cash flows.

Fair Value of Financial Instruments

The fair value of the Company’s assets and

liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates

the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.

Derivative Financial Instruments

The Company evaluates its equity-linked 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 classified as liabilities, the derivative

instrument is initially recognized at fair value with subsequent changes in fair value recognized in the statement of operations each

reporting period.

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

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

The Company accounted for the Eagle Share Rights

issued in connection with the Initial Public Offering in accordance with the guidance contained in ASC 815-40.

Such guidance provides

that the Rights are not precluded from equity classification.

Equity-classified contracts are initially measured at fair value (or allocated

Subsequent changes in fair value are not recognized as long as the instruments continue to be classified in equity.

The Over-Allotment Option was deemed to be a freestanding

financial instrument indexed on the contingently redeemable shares and was accounted for as a liability (the “Over-Allotment Option

Liability”) pursuant to ASC 480, with the changes in fair value of the Over-Allotment Option Liability recorded in the statements

of operations.

Derivative assets and liabilities are classified

in the balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instruments could be

required within 12 months of the balance sheet date.

Offering Costs

Offering costs consisted of underwriting, legal, accounting and other

expenses incurred directly related to the Initial Public Offering.

Upon completion of the Initial Public Offering, offering costs were

allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared

to total proceeds received.

Offering costs allocated to Class A ordinary shares were initially charged to temporary equity and then accreted

to Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.

Offering costs amounted

to $ 12,283,324 , of which $ 11,788,102 was charged to temporary equity upon the completion of the Initial Public Offering and $ 495,222 was

charged to shareholder’s deficit as, per management’s evaluation, the Eagle Share Rights and Private Placement Shares were

accounted for under equity treatment.

Redeemable Class A Ordinary Shares

As discussed in Note 1, all of the 25,800,000

Class A ordinary shares sold as parts of the Units in the Initial Public Offering (including the Units sold in connection with the Over-Allotment

Option) contain a redemption feature.

In accordance with the ASC 480-10-S99-3A, “Classification and Measurement of Redeemable Securities”,

redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity.

Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded

from the provisions of ASC 480.

The Company classified all of the Class A ordinary shares as redeemable.

Immediately upon the closing

of the Initial Public Offering, the Company recognized a one-time charge against additional paid-in capital (to the extent available)

and accumulated deficit for the difference between the initial carrying value of the Class A ordinary shares and the redemption value.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares

to equal the redemption value at the end of each reporting period.

Such changes are reflected in retained earnings, or in the absence

of retained earnings, in additional paid-in capital.

As of December 31, 2024, the amounts of Redeemable Class A ordinary

shares reflected on the balance sheets are reconciled in the following table:

accompanying financial statements are presented in U.S.

dollars and have been prepared in accordance with accounting principles generally

accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of

Growth Company

Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our

Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements

that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required

to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations

regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding

advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting

standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do

not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements

that apply to non-emerging growth companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of

such extended transition period which means that when a standard is issued or revised and it has different application dates for public

or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies

adopt the new or revised standard.

This may make comparison of the Company’s financial statements with another public company which

is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult

or impossible because of the potential differences in accounting standards used.

preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported

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

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 events.

Accordingly, the actual results could differ

significantly from those estimates.

Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 192,592 and $ 183,491 in cash as of December 31, 2025 and 2024, respectively.

The Company did not have any cash equivalents

as of December 31, 2025 and 2024.

Held in Trust Account

Company’s portfolio of investments is comprised of cash and U.S.

government securities, within the meaning set forth in Section

2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S.

government securities and generally have a readily determinable fair value, or a combination thereof.

When the Company’s investments

held in the Trust Account are comprised of U.S.

government securities, the investments are classified as trading securities which are

presented at fair value.

Gains and losses resulting from the change in fair value of these securities are included in income from investments

held in the Trust Account in the accompanying statements of operations.

The estimated fair values of investments held in the Trust Account

are determined using available market information.

of December 31, 2025 and 2024, the Company held $ 269,835,824 and $ 260,033,862 in the Trust Account, respectively, all of which was held

in a money market fund.

Concentration

of Credit Risk

instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,

which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $ 250,000 .

Any loss incurred or a lack of access

to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Value of Financial Instruments

fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value

Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due

to their short-term nature.

Financial Instruments

Company evaluates its equity-linked 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 classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value

recognized in the statement of operations each reporting period.

The classification of derivative instruments, including whether such

instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period.

Company accounted for the Eagle Share Rights issued in connection with the Initial Public Offering in accordance with the guidance contained

in ASC 815-40.

Such guidance provides that the Rights are not precluded from equity classification.

Equity-classified contracts are initially

measured at fair value (or allocated value).

Subsequent changes in fair value are not recognized as long as the instruments continue

to be classified in equity.

Over-Allotment Option was deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and was accounted

for as a liability (the “Over-Allotment Option Liability”) pursuant to ASC 480, with the changes in fair value of the Over-Allotment

Option Liability recorded in the statements of operations.

assets and liabilities are classified in the balance sheets as current or non-current based on whether or not net-cash settlement or

conversion of the instruments could be required within 12 months of the balance sheet date.

costs consisted of underwriting, legal, accounting and other expenses incurred directly related to the Initial Public Offering.

completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued in the Initial

Public Offering based on a relative fair value basis, compared to total proceeds received.

Offering costs allocated to Class A ordinary

shares were initially charged to temporary equity and then accreted to Class A ordinary shares subject to possible redemption upon the

completion of the Initial Public Offering.

Offering costs amounted to $ 12,283,324 , of which $ 11,788,102 was charged to temporary equity

upon the completion of the Initial Public Offering and $ 495,222 was charged to shareholder’s deficit as, per management’s

evaluation, the Eagle Share Rights and Private Placement Shares were accounted for under equity treatment.

A Ordinary Shares Subject To Possible Redemption

discussed in Note 1, all of the 25,800,000 Class A ordinary shares sold as parts of the Units in the Initial Public Offering (including

the Units sold in connection with the Over-Allotment Option) contain a redemption feature.

In accordance with the ASC 480-10-S99-3A,

“Classification and Measurement of Redeemable Securities”, redemption provisions not solely within the control of the Company

require the security to be classified outside of permanent equity.

Ordinary liquidation events, which involve the redemption and liquidation

of all of the entity’s equity instruments, are excluded from the provisions of ASC 480.

The Company classified all of the Class

A ordinary shares as redeemable.

Immediately upon the closing of the Initial Public Offering, the Company recognized a one-time charge

against additional paid-in capital (to the extent available) and accumulated deficit for the difference between the initial carrying

value of the Class A ordinary shares and the redemption value.

The Company recognizes changes in redemption value immediately as they

occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period.

Such changes are reflected in retained earnings, or in the absence of retained earnings, in additional paid-in capital.

of December 31, 2025 and 2024, the amounts of redeemable Class A ordinary shares reflected on the balance sheets are reconciled in the

following table:

Gross proceeds

6 unchanged sentences

Adjust carrying value to redemption value

Class A ordinary shares subject to possible redemption

Class A ordinary shares subject to possible redemption, December 31, 2024

Adjust carrying value to redemption value

Class A ordinary shares subject to possible redemption, December 31, 2025

$ 268,735,824

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.

Deferred income tax assets and liabilities are computed for differences between the financial statement and

tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable

to the periods in which the differences are expected to affect taxable income.

Valuation allowances are established, when necessary, to

reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute

for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return.

For those benefits

to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

The Company’s

management determined that the Cayman Islands is the Company’s only major tax jurisdiction.

The Company recognizes accrued interest

and penalties related to unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits and no amounts accrued

for interest and penalties as of December 31, 2024.

The Company is currently not aware of any issues under review that could result in

significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income

by the government of the Cayman Islands.

In accordance with Cayman Islands federal income tax regulations, income taxes are not levied

on the Company.

Consequently, income taxes are not reflected in the Company’s financial statements.

The Company’s management

does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

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.

Deferred income tax assets and liabilities are

computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable

or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect

taxable income.

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and

measurement of tax positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must

be more likely than not to be sustained upon examination by taxing authorities.

The Company’s management determined that the

Cayman Islands is the Company’s only major tax jurisdiction.

The Company recognizes accrued interest and penalties related to

unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits and no amounts accrued for interest and

penalties as of December 31, 2025 and 2024.

The Company is currently not aware of any issues under review that could result in significant

payments, accruals or material deviation from its position.

is currently no taxation imposed on income by the government of the Cayman Islands.

In accordance with Cayman Islands federal income

tax regulations, income taxes are not levied on the Company.

Consequently, income taxes are not reflected in the Company’s financial

The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change

over the next twelve months.

Income per Ordinary Share

The Company has two classes

of shares, Class A ordinary shares and Class B ordinary shares.

Income and losses are shared pro rata between the two classes

The Company complies with the accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share”.

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

associated with redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair

The calculation of diluted income per share does not consider the effect

of the Eagle Share Rights issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the

exercise of the Eagle Share Right is contingent upon the occurrence of future events.

Each holder of an Eagle Share Right will receive

one twentieth (1/20) of one Class A ordinary share upon consummation of a business combination.

The Company will not issue fractional

shares in connection with an exchange of Eagle Share Rights.

As of December 31,

2024 and 2023, the Company did not have any dilutive securities or 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 net income per share is the same as basic

net income per share for the periods presented.

Company has two classes of shares, Class A ordinary shares and Class B ordinary shares.

Income and losses are shared pro rata

between the two classes of shares.

The Company complies with the accounting and disclosure requirements of ASC Topic 260, “Earnings

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

for the period.

Accretion associated with redeemable Class A ordinary shares is excluded from earnings per share as the redemption

value approximates fair value.

calculation of diluted income per share does not consider the effect of the Eagle Share Rights issued in connection with the (i) Initial

Public Offering, and (ii) the private placement since the exercise of the Eagle Share Right is contingent upon the occurrence of

future events.

Each holder of an Eagle Share Right will receive one twentieth (1/20) of one Class A ordinary share upon consummation

of a business combination.

The Company will not issue fractional shares in connection with an exchange of Eagle Share Rights.

For The Year Ended

December 31, 2024

For The Year Ended

December 31, 2025

Class A, redeemable

December 31, 2024

Class A and B,

non - redeemable

Class A and B,

non - redeemable

Basic and diluted net income per ordinary share

2 unchanged sentences

Basic and diluted net income per ordinary share

Recently Issued Accounting Standards

In November 2023, the

FASB issued 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 officer decision maker (“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.

The Company adopted ASU 2023-07 as required for the year ended December 31, 2024.

The adoption requires the Company to provide additional disclosures, but otherwise it does not materially impact the financial statements

(see Note 10).

Issued Accounting Standards

November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

“Improvements to Reportable Segment Disclosures.”

The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses.

The enhancements under this update require disclosure of significant segment expenses that are regularly provided to the Chief Operating

Decision Maker (“CODM”) and included within each reported measure of segment profit or loss, require disclosure of other

segment items by reportable segment and a description of the composition of other segment items, require annual disclosures under ASC

280 to be provided in interim periods, clarify use of more than one measure of segment profit or loss by the CODM, require that the title

of the CODM be disclosed with an explanation of how the CODM uses the reported measures of segment profit or loss to make decisions,

and require that entities with a single reportable segment provide all disclosures required by this update and required under ASC 280.

The Company adopted ASU 2023-07 for the annual period ending December 31, 2024 (see Note 10).

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

effect on our financial statements.

3—Initial Public Offering

Pursuant to the Initial Public Offering, the Company

sold 25,800,000 Units (comprised of 25,000,0000 Units sold in connection with the Initial Public Offering and 800,000 Units sold in connection

with the partial exercise by the underwriters of the Over-Allotment Option), at a purchase price of $ 10.00 per Unit.

Each Unit consists

of one Class A ordinary share and one Eagle Share Right.

to the Initial Public Offering, the Company sold 25,800,000 Units (comprised of 25,000,0000 Units sold in connection with the Initial

Public Offering and 800,000 Units sold in connection with the partial exercise by the underwriters of the Over-Allotment Option), at

a purchase price of $ 10.00 per Unit.

Each Unit consists of one Class A ordinary share and one Eagle Share Right.

4—Private Placement

Simultaneously with the closing of the Initial

Public Offering on October 25, 2024, the Sponsor purchased 350,000 Private Placement Shares at a price of $ 10.00 per Private Placement

Simultaneously

with the closing of the Initial Public Offering on October 25, 2024, the Sponsor purchased 350,000 Private Placement Shares at a price

of $ 10.00 per Private Placement Share, for an aggregate purchase price of $ 3,500,000 , from the Company.

In connection with the closing

of the Over-Allotment Option, the Sponsor purchased an additional 8,000 Private Placement Shares at a price of $ 10.00 per Private Placement

Share, for an aggregate purchase price of $ 80,000 , from the Company.

In connection with the closing of the Over-Allotment Option, the

Sponsor purchased an additional 8,000 Private Placement Shares at a price of $ 10.00 per Private Placement Share, for an aggregate purchase

price of $ 80,000 , from the Company.

The proceeds from the sale of the Private Placement Shares were added to the net proceeds from the

Initial Public Offering held in the Trust Account.

If the Company does not complete a business combination within the completion window,

the proceeds from the sale of the Private Placement Shares held in the Trust Account will be used to fund the redemption of the public

shares (subject to the requirements of applicable law).

The proceeds from the sale of the Private Placement Shares were

added to the net proceeds from the Initial Public Offering held in the Trust Account.

If the Company does not complete a business combination

within the completion window, the proceeds from the sale of the Private Placement Shares held in the Trust Account will be used to fund

the redemption of the public shares (subject to the requirements of applicable law).

5—Related Party Transactions

Founder Shares

On March 23, 2021, the Sponsor paid an aggregate of $ 25,000 to cover

certain offering and formation costs of the Company in consideration for 57,500,000 of the Company’s Class B ordinary shares (the

“Class B ordinary shares” or “Founder Shares”).

On June 25, 2024, the Sponsor surrendered for no consideration

50,312,500 Founder Shares, resulting in the Sponsor holding an aggregate of 7,187,500 Founder Shares.

The Founder Shares include an aggregate

of up to 937,500 shares subject to forfeiture by the Sponsor to the extent that the Over-Allotment Option was not exercised in full or

in part, so that the number of Founder Shares will collectively represent 16.67 % of the Company’s issued and outstanding shares

upon the completion of the Initial Public Offering (excluding the Private Placement Shares and after taking into account the Sponsor’s

forfeiture of Founder Shares in respect of the Eagle Share Rights).

On December 9, 2024, in connection with the partial exercise of the

Over-Allotment Option, the Sponsor forfeited 2,027,500 Founder Shares, resulting in the Sponsor holding an aggregate of 5,160,000 Founder

The Sponsor and the Company’s executive

officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the

earlier to occur of (A) one year after the completion of a business combination;

and (B) subsequent to a business combination, (x) if

the closing price of the Class A ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share subdivisions, share capitalizations,

reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading day period, provided such release shall

not occur earlier than 180 days after a business combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation,

share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to

exchange their Class A ordinary shares for cash, securities or other property.

Promissory Note - Related Party

On March 12, 2021, the Company issued a

promissory note to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $ 300,000 .

26, 2024, the Company and the Sponsor amended and restated such promissory note (the “Amended and Restated Formation and

Regulatory Expenses Promissory Note”), increasing the amount that the Company may borrow thereunder to $ 600,000 .

and Restated Formation and Regulatory Expenses Promissory Note is non-interest bearing and payable on the earlier of the completion

of the business combination or the Company’s liquidation.

As of December 31, 2024 and 2023, there was $ 542,975 outstanding under the

Amended and Restated Formation and Regulatory Expenses Promissory Note.

On June 26, 2024, the Company issued a second promissory note (the

“Initial Public Offering Promissory Note”) to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal

March 23, 2021, the Sponsor paid an aggregate of $ 25,000 to cover certain offering and formation costs of the Company in consideration

for 57,500,000 of the Company’s Class B ordinary shares (the “Class B ordinary shares” or “Founder Shares”).

On June 25, 2024, the Sponsor surrendered for no consideration 50,312,500 Founder Shares, resulting in the Sponsor holding an aggregate

of 7,187,500 Founder Shares.

The Founder Shares include an aggregate of up to 937,500 shares subject to forfeiture by the Sponsor to

the extent that the Over-Allotment Option was not exercised in full or in part, so that the number of Founder Shares will collectively

represent 16.67 % of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering (excluding the

Private Placement Shares and after taking into account the Sponsor’s forfeiture of Founder Shares in respect of the Eagle Share

On December 9, 2024, in connection with the partial exercise of the Over-Allotment Option, the Sponsor forfeited 2,027,500 Founder

Shares, resulting in the Sponsor holding an aggregate of 5,160,000 Founder Shares.

Sponsor and the Company’s executive officers and directors have agreed, subject to limited exceptions, not to transfer, assign

or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of a business combination;

subsequent to a business combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $ 12.00 per share (as

adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within

any 30 -trading day period, provided such release shall not occur earlier than 180 days after a business combination, or (y) the date

on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that

results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or

other property.

Note - Related Party

March 12, 2021, the Company issued a promissory note to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal

amount of $ 300,000 .

The Initial Public Offering Promissory Note was non-interest bearing and payable on the earlier of (i) December 31,

2024 or (ii) the completion of the Initial Public Offering.

As of December 31, 2024 and 2023, there was no amount outstanding under the

Initial Public Offering Promissory Note as it was repaid in full on October 25, 2024.

Administrative Services and Indemnification

The Company entered into an agreement (the “Administrative Services

and Indemnification Agreement”) commencing October 23, 2024 through the earlier of the Company’s consummation of a business

combination and its liquidation to pay an affiliate of the Sponsor $ 15,000 per month for office space and administrative services and

provide indemnification to the Sponsor from any claims arising out of or relating to the Initial Public Offering or the Company’s

operations or conduct of the Company’s business or any claim against the Sponsor alleging any expressed or implied management or

endorsement by the Sponsor of any of the Company’s activities or any express or implied association between the Sponsor and the

Company or any of its affiliates, which agreement provides that the indemnified parties cannot access the funds held in the Trust Account.

For the year ended December 31, 2024, the Company incurred expenses of $ 30,000 for services under this agreement, which were included

in the general and administrative expenses on the accompanying statements of operations.

As of December 31, 2024, $ 30,000 is included

On June 26, 2024, the Company and the Sponsor amended and restated such promissory note (the “Amended and Restated

Formation and Regulatory Expenses Promissory Note”), increasing the amount that the Company may borrow thereunder to $ 600,000 .

The Amended and Restated Formation and Regulatory Expenses Promissory Note is non-interest bearing and payable on the earlier of the

completion of the business combination or the Company’s liquidation.

As of December 31, 2025 and 2024, respectively, there was

$ 542,975 and $ 542,975 outstanding under the Amended and Restated Formation and Regulatory Expenses Promissory Note.

June 26, 2024, the Company issued a second promissory note (the “Initial Public Offering Promissory Note”) to the Sponsor,

pursuant to which the Company may borrow up to an aggregate principal amount of $ 400,000 .

The Initial Public Offering Promissory Note

was non-interest bearing and payable on the earlier of (i) December 31, 2024 or (ii) the completion of the Initial Public Offering.

of December 31, 2025 and 2024, there was no amount outstanding under the Initial Public Offering Promissory Note as it was repaid in

full on October 25, 2024.

Administrative

Services and Indemnification Agreement

Company entered into an agreement (the “Administrative Services and Indemnification Agreement”) commencing October 23, 2024

through the earlier of the Company’s consummation of a business combination and its liquidation to pay an affiliate of the Sponsor

$ 15,000 per month for office space and administrative services and provide indemnification to the Sponsor from any claims arising out

of or relating to the Initial Public Offering or the Company’s operations or conduct of the Company’s business or any claim

against the Sponsor alleging any expressed or implied management or endorsement by the Sponsor of any of the Company’s activities

or any express or implied association between the Sponsor and the Company or any of its affiliates, which agreement provides that the

indemnified parties cannot access the funds held in the Trust Account.

For the years ended December 31, 2025 and 2024, respectively,

the Company incurred expenses of $ 180,000 and $ 30,000 for services under this agreement, which were included in the general and administrative

expenses on the accompanying statements of operations.

As of December 31, 2025 and 2024, $ 13,413 and $ 30,000 , respectively is included

in accounts payable and accrued expenses in the accompanying balance sheets.

Working Capital Loans

In order to finance transaction costs in connection with a business

combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated

to, loan the Company funds as may be required (“Working Capital Loans”).

Such Working Capital Loans would be evidenced by

promissory notes.

If the Company completes a business combination, the Company would repay the Working Capital Loans out of the proceeds

of the Trust Account released to the Company.

Otherwise, the Working Capital Loans would be repaid only out of funds held outside the

Trust Account.

In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust

Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

Capital Loans

order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain

of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working

Capital Loans”).

Such Working Capital Loans would be evidenced by promissory notes.

If the Company completes a business combination,

the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.

Otherwise, the Working

Capital Loans would be repaid only out of funds held outside the Trust Account.

In the event that a business combination does not close,

the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the

Trust Account would be used to repay the Working Capital Loans.

There have been no borrowings under this arrangement to date.

Such Working Capital Loans may be convertible into Private Placement Shares

of the post-business combination entity at a price of $ 10.00 per share at the option of the lender.

Except for the foregoing, the terms

of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such Working Capital Loans.

There were no Working Capital Loans outstanding at December 31, 2024 and 2023.

Capital Loans may be convertible into Private Placement Shares of the post-business combination entity at a price of $ 10.00 per share

at the option of the lender.

Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and

no written agreements exist with respect to such Working Capital Loans.

There were no Working Capital Loans outstanding at December 31,

2025 and 2024.

6—Commitments and Contingencies

Registration Rights

Pursuant to a registration rights agreement entered

into on October 23, 2024, the holders of the Founder Shares, Private Placement Shares and shares that may be issued upon conversion of

the Working Capital Loans will be entitled to registration rights and the Company is required to register a sale of any of the securities

held by them, including any other securities of the Company acquired by them prior to the consummation of a business combination.

holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities.

In addition, the holders have certain “piggyback” registration rights with respect to registration statements filed subsequent

to the completion of a business combination.

The Company will bear the expenses incurred in connection with the filing of any such registration

Risks and Uncertainties

United States and global markets are experiencing

volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation

of the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”)

deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries

have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal

of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system.

countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and

to Israel, increasing geopolitical tensions among a number of nations.

The invasion of Ukraine by Russia and the escalation of the Israel-Hamas

conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom,

the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting

impact on regional and global economies.

Although the length and impact of the ongoing conflicts are highly unpredictable, they could

lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain

interruptions and increased cyberattacks against U.S.

Additionally, any resulting sanctions could adversely affect the global

economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above mentioned factors, or any other

negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine,

the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search

for a business combination and any target business with which the Company may ultimately consummate a business combination.

Underwriting Agreement

As described above, the Company granted the underwriters a 45-day option

to purchase up to 3,750,000 Over-Allotment Option Units at the Initial Public Offering price, less underwriting discounts and commissions.

On December 9, 2024, the underwriters partially exercised their Over-Allotment Option to purchase an additional 800,000 Over-Allotment

Option Units at a purchase price of $ 10.00 per Unit, generating additional gross proceeds of $ 8,000,000 .

The underwriters forfeited their

option to purchase an additional 2,950,000 Over-Allotment Option Units.

The underwriters are entitled to a deferred fee

of $ 0.35 per Unit, or $ 9,030,000 in the aggregate.

The deferred fee will become payable to the underwriters from the amounts held in the

Trust Account solely in the event that the Company completes a business combination, subject to the terms of the underwriting agreement.

The underwriters were entitled to a cash underwriting

discount of $ 0.15 per Unit, or $ 3,870,000 in the aggregate, paid upon the closing of the Initial Public Offering and the Over-Allotment

The underwriters agreed to reimburse the Company at the closing of the Initial Public Offering for all reasonable out-of-pocket

expenses and fees (including for the avoidance of doubt, a portion of the upfront underwriting commissions payable in connection with

the closing of the Initial Public Offering) incurred by the Company in connection with the Initial Public Offering in an amount not to

exceed 0.5 % of the gross proceeds of the Initial Public Offering.

On October 25, 2024, as part of the closing of the Initial Public Offering,

the Company received reimbursement from the underwriters of $ 1,290,000 .

On December 9, 2024, in connection with the closing of the Over-Allotment

Option, the Company received reimbursement from the underwriters of $ 40,000 .

Note 7—Trust Account

A total of $ 258,000,000 , which includes $ 250,000,000 of the net

proceeds from the Public Offering and $ 8,000,000 from the sale of the Over-Allotment Option Units and the additional Private Placement

Shares has been placed in the Trust Account.

As of December 31, 2024, investment securities in the Company’s Trust Account

consisted of $ 260,033,862 in a money market fund that invests in U.S.

to a registration rights agreement entered into on October 23, 2024, the holders of the Founder Shares, Private Placement Shares and

shares that may be issued upon conversion of the Working Capital Loans will be entitled to registration rights and the Company is required

to register a sale of any of the securities held by them, including any other securities of the Company acquired by them prior to the

consummation of a business combination.

The holders of these securities are entitled to make up to three demands, excluding short form

demands, that the Company register such securities.

In addition, the holders have certain “piggyback” registration rights

with respect to registration statements filed subsequent to the completion of a business combination.

The Company will bear the expenses

incurred in connection with the filing of any such registration statements.

and Uncertainties

States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing

Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the

North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States,

the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus

and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank

Financial Telecommunication (SWIFT) payment system.

Certain countries, including the United States, have also provided and may continue

to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations.

invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could

be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other

countries have created global security concerns that could have a lasting impact on regional and global economies.

Although the length

and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility

in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S.

Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack

of liquidity in capital markets.

of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions

resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions,

could adversely affect the Company’s search for a business combination and any target business with which the Company may ultimately

consummate a business combination.

described above, the Company granted the underwriters a 45-day option to purchase up to 3,750,000 Over-Allotment Option Units at the

Initial Public Offering price, less underwriting discounts and commissions.

On December 9, 2024, the underwriters partially exercised

their Over-Allotment Option to purchase an additional 800,000 Over-Allotment Option Units at a purchase price of $ 10.00 per Unit, generating

additional gross proceeds of $ 8,000,000 .

The underwriters forfeited their option to purchase an additional 2,950,000 Over-Allotment Option

underwriters are entitled to a deferred fee of $ 0.35 per Unit, or $ 9,030,000 in the aggregate.

The deferred fee will become payable to

the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a business combination, subject

to the terms of the underwriting agreement.

underwriters were entitled to a cash underwriting discount of $ 0.15 per Unit, or $ 3,870,000 in the aggregate, paid upon the closing of

the Initial Public Offering and the Over-Allotment Option.

The underwriters agreed to reimburse the Company at the closing of the Initial

Public Offering for all reasonable out-of-pocket expenses and fees (including for the avoidance of doubt, a portion of the upfront underwriting

commissions payable in connection with the closing of the Initial Public Offering) incurred by the Company in connection with the Initial

Public Offering in an amount not to exceed 0.5 % of the gross proceeds of the Initial Public Offering.

On October 25, 2024, as part of

the closing of the Initial Public Offering, the Company received reimbursement from the underwriters of $ 1,290,000 .

On December 9, 2024,

in connection with the closing of the Over-Allotment Option, the Company received reimbursement from the underwriters of $ 40,000 .

total of $ 258,000,000 , which includes $ 250,000,000 of the net proceeds from the Public Offering and $ 8,000,000 from the sale

of the Over-Allotment Option Units and the additional Private Placement Shares has been placed in the Trust Account.

As of December 31,

2025 and 2024, investment securities in the Company’s Trust Account consisted of $ 269,835,824 and $ 260,033,862 , respectively, in

a money market fund that invests in U.S.

government securities.

As of December 31, 2023, there was no

Trust Account.

The following tables presents fair value information as of December 31,

2024 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

all of the Company’s permitted investments consist of money market funds, fair values of its investments are determined by Level 1

inputs utilizing quoted prices (unadjusted) in active markets for identical assets as follows:

Quoted Prices

Money market fund as of December 31, 2024

$ 260,033,862

Since all of the Company’s permitted investments consist

of money market funds, fair values of its investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active

8—Shareholder’s Deficit

Preference Shares - The Company is authorized to issue 1,000,000 preference shares with

a par value of $ 0.0001 .

The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers,

preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof,

applicable to the shares of each series.

The board of directors will be able to, without shareholder approval, issue preference shares

with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could

have anti-takeover effects.

At December 31, 2024 and 2023, there were no preference shares issued or outstanding.

Class A Ordinary Shares - The Company

is authorized to issue 400,000,000 Class A ordinary shares, with a par value of $ 0.0001 per share.

Holders of Class A ordinary shares

are entitled to one vote for each share.

At December 31, 2023, there were no Class A ordinary shares issued and outstanding.

31, 2024, there were 358,000 Class A ordinary shares issued and outstanding, which are comprised of the Private Placement Shares, excluding

25,800,000 Class A ordinary shares subject to possible redemption, which are comprised of the public shares and include the public shares

included in the Over-Allotment Option Units.

Class B Ordinary Shares - The Company

is authorized to issue 80,000,000 Class B ordinary shares, with a par value of $ 0.0001 per share.

Holders of the Class B ordinary shares

are entitled to one vote for each share.

At December 31, 2023, there were 7,187,500 shares issued and outstanding.

Shares - The Company is authorized to issue 1,000,000 preference shares with a par value of $ 0.0001 .

The Company’s board

of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional

or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.

of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely

affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects.

At December 31,

there were 5,160,000 Class B ordinary shares issued and outstanding, net of 2,027,500 Class B ordinary shares that were forfeited by

the Sponsor in connection with the closing of the Over-Allotment Option.

Prior to the closing of the initial business combination,

holders of the Class B ordinary shares will be entitled to vote on the appointment and removal of directors or continuing the Company

in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents of the Company

or to adopt new constitutional documents of the Company, in each case, as a result of the Company approving a transfer by way of continuation

in a jurisdiction outside the Cayman Islands).

On any other matters submitted to a vote of the Company’s shareholders prior to or

in connection with the completion of a business combination, holders of the Class B ordinary shares and holders of the Class A ordinary

shares will vote together as a single class, except as required by law.

The Class B ordinary shares will automatically

convert into Class A ordinary shares immediately prior to, concurrently with or immediately following the completion of a business combination

or earlier at the option of the holder on a one-for-one basis, subject to adjustment.

In the case that additional Class A ordinary shares

or equity-linked securities are issued or deemed issued in connection with a business combination, the number of Class A ordinary shares

issuable upon conversion of all Founder Shares will equal, in the aggregate, 16.67 % of the total number of Class A ordinary shares outstanding

after such conversion (excluding the Private Placement Shares and the ordinary shares underlying the Eagle Share Rights and after giving

effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued,

or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company

in connection with or in relation to the consummation of a business combination, excluding any Class A ordinary shares or equity-linked

securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in a business combination

and any Private Placement Shares issued to the Sponsor, officers or directors upon conversion of Working Capital Loans;

provided that

such conversion of Founder Shares will never occur on a less than one-for-one basis.

Eagle Share Rights - Except in cases

where the Company is not the surviving company in a business combination, each holder of an Eagle Share Right will automatically receive

one twentieth (1/20) of one Class A ordinary share upon consummation of a business combination.

The Company will not issue fractional

shares in connection with an exchange of rights.

Fractional shares will either be rounded down to the nearest whole share or otherwise

addressed in accordance with the applicable provisions of Cayman law.

In the event the Company is not the surviving company upon completion

of the business combination, each holder of an Eagle Share Right will be required to affirmatively convert his, her or its rights in order

to receive the one twentieth (1/20) of one Class A ordinary share underlying each Eagle Share Right upon consummation of the business

If the Company is unable to complete a business combination within the required time period and the Company will redeem the

public shares for the funds held in the Trust Account, holders of Eagle Share Rights will not receive any of such funds for their Eagle

Share Rights and the Eagle Share Rights will expire worthless.

As of the date of this Annual Report, there were 26,158,000 Eagle Share

Rights issued and outstanding.

Note 9—Fair Value Measurements

The fair value of the Company’s

financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with

the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants

at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the

use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions

about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities

based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Quoted prices in active

markets for identical assets or liabilities.

An active market for an asset or liability is a market in which transactions for the asset

or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Observable inputs

other than Level 1 inputs.

Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted

prices for identical assets or liabilities in markets that are not active.

Unobservable inputs based on assessment of the assumptions that market

participants would use in pricing the asset or liability.

The Company did not have any assets or liabilities that were measured at

fair value on December 31, 2024.

The following table presents information about the Company's assets and liabilities that are measured at fair value on October 25, 2024

and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

October 25, 2024

2025 and 2024, there were no preference shares issued or outstanding.

A Ordinary Shares - The Company is authorized to issue 400,000,000 Class A ordinary shares, with a par value of $ 0.0001 per share.

Holders of Class A ordinary shares are entitled to one vote for each share.

At December 31, 2025 and 2024, there were 358,000 Class A

ordinary shares issued and outstanding, which are comprised of the Private Placement Shares, excluding 25,800,000 Class A ordinary shares

subject to possible redemption, which are comprised of the public shares and include the public shares included in the Over-Allotment

Option Units.

B Ordinary Shares - The Company is authorized to issue 80,000,000 Class B ordinary shares, with a par value of $ 0.0001 per share.

Holders of the Class B ordinary shares are entitled to one vote for each share.

At December 31, 2025 and 2024, there were 5,160,000 Class

B ordinary shares issued and outstanding, net of 2,027,500 Class B ordinary shares that were forfeited by the Sponsor in connection with

the closing of the Over-Allotment Option.

to the closing of the initial business combination, holders of the Class B ordinary shares will be entitled to vote on the appointment

and removal of directors or continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required

to amend the constitutional documents of the Company or to adopt new constitutional documents of the Company, in each case, as a result

of the Company approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

On any other matters submitted

to a vote of the Company’s shareholders prior to or in connection with the completion of a business combination, holders of the

Class B ordinary shares and holders of the Class A ordinary shares will vote together as a single class, except as required by law.

Class B ordinary shares will automatically convert into Class A ordinary shares immediately prior to, concurrently with or immediately

following the completion of a business combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment.

In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with a business

combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 16.67 %

of the total number of Class A ordinary shares outstanding after such conversion (excluding the Private Placement Shares and the ordinary

shares underlying the Eagle Share Rights and after giving effect to any redemptions of Class A ordinary shares by public shareholders),

including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked

securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a business combination,

excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued,

or to be issued, to any seller in a business combination and any Private Placement Shares issued to the Sponsor, officers or directors

upon conversion of Working Capital Loans;

provided that such conversion of Founder Shares will never occur on a less than one-for-one

Share Rights - Except in cases where the Company is not the surviving company in a business combination, each holder of an Eagle

Share Right will automatically receive one twentieth (1/20) of one Class A ordinary share upon consummation of a business combination.

The Company will not issue fractional shares in connection with an exchange of rights.

Fractional shares will either be rounded down

to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law.

In the event the Company

is not the surviving company upon completion of the business combination, each holder of an Eagle Share Right will be required to affirmatively

convert his, her or its rights in order to receive the one twentieth (1/20) of one Class A ordinary share underlying each Eagle Share

Right upon consummation of the business combination.

If the Company is unable to complete a business combination within the required

time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of Eagle Share Rights will

not receive any of such funds for their Eagle Share Rights and the Eagle Share Rights will expire worthless.

As of December 31, 2025

and 2024, respectively , there were 25,800,000 Eagle Share Rights issued and outstanding.

9—Fair Value Measurements

fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would

have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction

between market participants at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company

seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable

inputs (internal assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is

used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and

Quoted prices in active markets for identical assets or liabilities.

An active market for an asset or liability is a market in which

transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Observable inputs other than Level 1 inputs.

Examples of Level 2 inputs include quoted prices in active markets for similar assets

or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

Company did not have any liabilities that were measured at fair value on December 31, 2025 and 2024.

following table presents information about the Company’s assets and liabilities that are measured at fair value on October 25, 2024, December 31, 2024, and December 31, 2025.

It also outlines

indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Money market fund as of December 31, 2025

$ 269,835,824

Money market fund as of December 31, 2024

$ 260,033,862

Over-allotment option liability

At the Initial Public

Offering, the Over-Allotment Option was accounted for as a liability in accordance with ASC 815-40 and was presented within current

liabilities on the balance sheet prior to its partial exercise on December 9, 2024.

The Over-Allotment Option Liability was measured

at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of

the Initial Public Offering, the Over-Allotment Option was accounted for as a liability in accordance with ASC 815-40 and was presented

within current liabilities on the balance sheet prior to its partial exercise on December 9, 2024.

The Over-Allotment Option Liability

was measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of

Over-Allotment Option Liability in the statements of operations.

Upon the partial exercise of the Over-Allotment Option by the underwriters on December 9, 2024, the Company recorded an unrealized gain

on change in fair value of Over-Allotment Option Liability of $ 236,900 .

The Company used a Black-Scholes model to value the Over-Allotment

The Over-Allotment Option Liability was classified within Level 3 of the fair value hierarchy at the measurement dates due to

the use of unobservable inputs inherent in pricing models are assumptions related to expected share-price volatility, expected life and

risk-free interest rate.

The Company estimated the volatility of its ordinary shares based on historical volatility.

The risk-free interest

rate was based on the 1-month U.S.

Upon the partial exercise of the Over-Allotment Option by the underwriters

on December 9, 2024, the Company recorded an unrealized gain on change in fair value of Over-Allotment Option Liability of $ 236,900 .

Company used a Black-Scholes model to value the Over-Allotment Option.

The Over-Allotment Option Liability was classified within Level

3 of the fair value hierarchy at the measurement dates due to the use of unobservable inputs inherent in pricing models are assumptions

related to expected share-price volatility, expected life and risk-free interest rate.

The Company estimated the volatility of its ordinary

shares based on historical volatility.

The risk-free interest rate was based on the 1-month U.S.

Treasury yield.

The expected life of the option was assumed to be equivalent to their remaining contractual

The key inputs into the Black-Scholes model were as follows at initial

measurement of the Over-Allotment Option:

The expected life of

the option was assumed to be equivalent to their remaining contractual term.

key inputs into the Black-Scholes model were as follows at initial measurement of the Over-Allotment Option:

Risk-free interest rate

3 unchanged sentences

Fair value of Over-Allotment Option Unit

The following table provides a summary of the changes in the fair value

of the Over-Allotment Option Liability:

following table provides a summary of the changes in the fair value of the Over-Allotment Option Liability:

Initial measurement of Over-Allotment Option Liability at October 25, 2024

3 unchanged sentences

Fair value of Over-Allotment Option Liability at December 31, 2024

At the Initial Public Offering, the fair value of Eagle Share

Rights was determined using a discounted cash flow analysis that incorporates the probability-weighted payoff of the share right, discounted

over the expected term to business combination.

The Eagle Share Rights have been classified within shareholders’ deficit and will

not require remeasurement after issuance.

The following table presents the quantitative information regarding market assumptions used

in the valuation of the Eagle Share Rights:

the Initial Public Offering, the fair value of Eagle Share Rights was determined using a discounted cash flow analysis that incorporates

the probability-weighted payoff of the share right, discounted over the expected term to business combination.

The Eagle Share Rights

have been classified within shareholders’ deficit and will not require remeasurement after issuance.

The following table presents

the quantitative information regarding market assumptions used in the valuation of the Eagle Share Rights:

Traded price of unit

2 unchanged sentences

Risk-free rate (2)

(1) Based on rounded average of market data per SPACInsider.com

and Eagle Equity Partners’ track record of 100 % initial business combination completion.

(1) Based on rounded average of market data per SPACInsider.com and Eagle Equity Partners’ track record of 100 % initial business combination completion.

(2) Interpolated rate based on the U.S.

Constant Maturity

Treasury Yield curve.

Note 10—Operating Segments

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.

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 chief operating decision maker, or group, in deciding how to allocate resources and assess

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.

Accordingly, management has determined that

there is only one reportable segment.

The CODM assesses performance

for the single segment and decides how to allocate resources based on net income that also is reported on the statements of operations

as net income.

Constant Maturity Treasury Yield curve.

10—Segment Reporting

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.

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 chief operating decision maker, or group, in deciding how

to allocate resources and assess performance.

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.

Accordingly, management

has determined that there is only one reportable segment.

CODM assesses performance for the single segment and decides how to allocate resources based on net income that also is reported on the

statements of operations as net income.

The measure of segment assets is reported on the balance sheets as total assets.

When evaluating the Company’s performance

and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income and total assets,

which include the following:

2024 December 31,

When evaluating

the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included

in net income and total assets, which include the following:

Trust Account

Cash $ 183,491 $ -

$ 269,835,824

$ 260,033,862

General and administrative expenses

Interest earned on the Trust Account

The CODM reviews interest

earned on the Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the

Trust Account funds while maintaining compliance with the Trust Agreement.

General and administrative

expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business

combination or similar transaction within the business combination period.

The CODM also reviews general and administrative costs to manage,

maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

General and administrative

costs, as reported on the statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items

included in net income are reported on the statements of operations and described within their respective disclosures.

CODM reviews interest earned on the Trust Account to measure and monitor shareholder value and determine the most effective strategy

of investment with the Trust Account funds while maintaining compliance with the Trust Agreement.

and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available

to complete a business combination or similar transaction within the business combination period.

The CODM also reviews general and administrative

costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

and administrative costs, as reported on the statements of operations, are the significant segment expenses provided to the CODM on a

regular basis.

other segment items included in net income are reported on the statements of operations and described within their respective disclosures.

11—Subsequent Events

The Company evaluated subsequent events and transactions that occurred

after the balance sheet date up to the date that the financial statements were issued.

Based upon this review, the Company did not identify

any subsequent events, that have occurred that would require adjustments to the disclosures in the financial statements.

Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial

statements were issued.

Based upon this review, the Company did not identify any subsequent events, other than the following, that

have occurred that would require adjustments to the disclosures in the financial statements.

On March 17, 2026, the Company withdrew $ 500,000 of interest earned on funds held in the Trust Account for working capital requirements.

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-K

Item 9A. Controls and Procedures