What changed in this filing

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Item 1. Financial Statements

2025-11-12 compared with 2025-08-14 · 260 added, 191 removed, 394 unchanged (53% of the section changed)

2 unchanged sentences

SHEETS (UNAUDITED)

June 30, 2025

December 31, 2024

Current Assets

Prepaid expenses

Total Current Assets

Prepaid expenses - non-current

Cash and investments held in trust account

Total Non-current assets

LIABILITIES AND SHAREHOLDERS’ DEFICIT

held in escrow account

and investments held in trust account

Non-current assets

AND SHAREHOLDERS’ DEFICIT

offering costs

note - related party

Current Liabilities

Accrued offering costs

Accrued expenses

Total Current Liabilities

Deferred underwriting commission payable

Total Liabilities

Commitments and contingencies

Ordinary shares subject to possible redemption 6,000,000 shares at a redemption value of $ 10.23 and $ 10.13 per share as of June 30, 2025 and December 31, 2024, respectively

Shareholders’ Deficit:

Preference shares, $ 0.0001 par value;

underwriting commission payable

and contingencies

Ordinary shares subject

to possible redemption 6,000,000 shares at a redemption value of $ 10.55 and $ 10.13 per share as of September 30, 2025 and December

31, 2024, respectively

Shareholders’

shares, $ 0.0001 par value;

2,000,000 shares authorized;

none issued and outstanding

Ordinary shares, $ 0.0001 par value;

shares, $ 0.0001 par value;

200,000,000 shares authorized;

1,830,000 shares issued and outstanding (excluding 6,000,000 shares subject to redemption)

Additional paid-in capital

Accumulated deficit

1,830,000 shares issued and outstanding (excluding 6,000,000 shares subject

to redemption)

paid-in capital

( 2,581,960 )

( 1,542,300 )

Total Shareholders’ Deficit

Shareholders’ Deficit

( 2,581,777 )

( 1,542,117 )

Total Liabilities and Shareholders’ Deficit

Liabilities and Shareholders’ Deficit

accompanying notes are an integral part of the unaudited financial statements.

1 unchanged sentence

OF OPERATIONS

FOR THREE MONTHS ENDED JUNE 30, 2025

FOR THE SIX MONTHS ENDED JUNE 30, 2025

FOR THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH JUNE 30, 2024

Formation and operating costs

Loss from operations

Bank interest income

Interest earned on cash and investments held in Trust Account

Total other income

Net income (loss)

Basic and diluted weighted average shares outstanding, ordinary shares subject to possible redemption

Basic and diluted net income per share, ordinary shares subject to redemption

Basic and diluted weighted average shares outstanding, ordinary shares, non-redeemable

Basic and diluted net income (loss) per share, ordinary shares, non-redeemable

ENDED SEPTEMBER 30, 2025

THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH

SEPTEMBER 30, 2024

and operating costs

from operations

interest income

earned on cash and investments held in Trust Account

income (loss)

and diluted weighted average shares outstanding, ordinary shares subject to possible redemption

and diluted net income (loss) per share, ordinary shares subject to possible redemption

and diluted weighted average shares outstanding, ordinary shares, non-redeemable

and diluted net income (loss) per share, ordinary shares, non-redeemable

accompanying notes are an integral part of the unaudited financial statements.

1 unchanged sentence

OF CHANGES IN SHAREHOLDERS’ DEFICIT

THREE AND SIX MONTHS ENDED JUNE 30, 2025

Ordinary Shares

Additional Paid-in

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

Shareholders’

Balance as of December 31, 2024

as of December 31, 2024

$ ( 1,542,300 )

$ ( 1,542,117 )

Subsequent measurement of ordinary shares subject to possible redemption

Balance as of March 31, 2025

measurement of ordinary shares subject to possible redemption

as of March 31, 2025

$ ( 1,773,797 )

$ ( 1,773,614 )

Contribution of transaction cost

Subsequent measurement of ordinary shares subject to possible redemption

Balance as of June 30, 2025

of transaction cost

measurement of ordinary shares subject to possible redemption

as of June 30, 2025

$ ( 2,030,252 )

$ ( 1,875,692 )

of transaction cost

measurement of ordinary shares subject to possible redemption

Extension funds attributable to ordinary shares subject to redemption

as of September 30, 2025

$ ( 2,581,960 )

$ ( 2,581,777 )

accompanying notes are an integral part of the unaudited financial statements.

THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH JUNE 30, 2024

Ordinary Shares

Additional Paid-in

Shareholders’ Equity

Balance as of May 27, 2024 (inception)

Ordinary shares issued to Sponsor

Shares Issued to EBC

THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH SEPTEMBER 30, 2024

Shareholders’

as of May 27, 2024 (inception)

shares issued to Sponsor

Issued to EBC

as of June 30, 2024

Proceeds from sale of public units

Proceeds from sale of 230,000 private units

Allocation of offering costs to ordinary shares subject to possible redemption

( 3,722,527 )

Initial classification of ordinary shares subject to redemption to temporary equity

( 6,000,000 )

( 59,279,400 )

( 59,280,000 )

Allocation of offering costs to ordinary shares subject to redemption

Accretion of additional paid in capital to accumulated deficit

( 3,428,524 )

( 1,265,733 )

( 4,694,257 )

Subsequent measurement of common stock subject to possible redemption

Net Income (loss)

Balance as of June 30, 2024

Balance as of September 30, 2024

$ ( 1,413,164 )

$ ( 1,412,958 )

$ ( 1,413,164 )

$ ( 1,412,958 )

accompanying notes are an integral part of the unaudited financial statements.

1 unchanged sentence

OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

FOR THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH JUNE 30, 2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Interest earned on cash and investments held in Trust Account

THE NINE MONTHS ENDED

THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH SEPTEMBER 30, 2024

FLOWS FROM OPERATING ACTIVITIES

income (loss)

to reconcile net income (loss) to net cash used in operating activities:

earned on cash and investments held in Trust Account

( 1,924,226 )

Changes in operating assets and liabilities:

Accrued offering costs

Accrued expenses

Prepaid expense

CASH USED IN OPERATING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of EBC Founders Share

Payment of offering costs

Borrowings from related party

CASH PROVIDED BY FINANCING ACTIVITIES

NET CHANGE IN CASH

CASH AT BEGINNING OF THE PERIOD

CASH AT END OF PERIOD

Supplemental disclosure of cash flow information:

Issuance of founder shares in exchange for deferred offering costs

Fair value of EBC Founder Shares charged to deferred offering costs and other assets

Deferred offering costs included in accrued offerings costs

Subsequent measurement of ordinary shares subject to possible redemption

Contribution of transaction costs

in operating assets and liabilities:

offering costs

USED IN OPERATING ACTIVITIES

FLOWS FROM INVESTING ACTIVITIES

Extension payments held in escrow account

of cash in Trust Account

( 60,000,000 )

USED IN INVESTING ACTIVITIES

( 60,000,000 )

FLOWS FROM FINANCING ACTIVITIES

P roceeds from promissory note

P roceeds from promissory note - related

from issuance of EBC Founders Share

from initial public offering

from private placement

of underwriter’s discount

( 1,200,000 )

from related party

of borrowings from related party

of offering costs

PROVIDED BY FINANCING ACTIVITIES

CHANGE IN CASH

AT BEGINNING OF THE PERIOD

AT END OF PERIOD

disclosure of cash flow information:

of founder shares in exchange for deferred offering costs

value of EBC Founder Shares charged to deferred offering costs

of offering costs to ordinary shares subject to redemption

of offering costs to ordinary shares subject to possible redemption

classification of ordinary shares subject to redemption to temporary equity

of additional paid in capital to accumulated deficit

of transaction cost

measurement of ordinary shares subject to possible redemption

Extension funds attributable to ordinary shares subject to redemption

accompanying notes are an integral part of the unaudited financial statements.

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Company’s sponsors are Yawei Cao and Cayson Holding LP, a Delaware limited partnership (the “Sponsors”).

As of September

30, 2025, the Company had not commenced any operations.

All activity for the period from May 27, 2024 (inception) through June 30, 2025

All activity for the period from May 27, 2024 (inception) through September 30,

2025 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described

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the extent additional paid-in capital is fully depleted upon completion of the IPO.

Company will have until 12 months from the closing of the IPO (or up to 21 months, if we extend the time to complete a business combination,

Company will have until up to 21 months, if the Company extends the time to complete a Business Combination (the “Combination Period”).

If the Company does not complete an initial Business Combination within the

Combination Period and such time period is not further extended by the Company’s shareholders,

the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more

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Mango Financial Group Limited, a Cayman Islands exempted company ( “Mango Group” or “MFG”), North Water Investment

Group Holdings Limited (“North Water”), the parent company of Mango Financial Limited (“Mango Financial”), and

Group Holdings Limited (“North Water”), the parent company of Mango Financial, and

Mango Temp Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of Mango Group (“Merger Sub”).

the foregoing parties is referred to herein as a “Party” and collectively as the “Parties”.

September 11, 2025, the parties entered into an amendment to the Merger Agreement (the “Amendment”).

to the Agreement, upon the closing of the transactions contemplated by the Merger Agreement, the Company will become a wholly owned subsidiary

of Mango Group, which will become the parent company of Mango Financial.

At the effective time of the transaction, each outstanding ordinary share of the Company (each a “SPAC Ordinary

Share”), other than shares owned by the Company and dissenting shares, will be automatically converted into one Class A ordinary

share of Mango Group (each a “Mango Class A Ordinary Share”).

Immediately prior to the closing, each of the Company’s

units will automatically separate into SPAC Ordinary Shares and rights and each of the rights will automatically convert into 1/10 of

a SPAC Ordinary Share .

All of the SPAC Ordinary Shares included in the Company’s units and issued in respect of the Company’s

rights will be automatically converted into Mango Class A Ordinary Shares as described above.

Of the Mango Class A Ordinary Shares to be held by the Mango Group shareholders immediately prior to the closing,

4,000,000 shares will be deposited into escrow, to be held for two years as security for certain indemnification obligations of Mango

Additionally, the Mango Group shareholders will have the right to receive additional contingent consideration of up to 4,000,000

Mango Class A Ordinary Shares upon the achievement of certain net income targets for fiscal years 2025 and 2026.

The Company and Mango Group have agreed to use their reasonable best efforts to enter into definitive agreements

for the sale of at least $ 5,000,000 of equity securities of the Company to be consummated immediately prior to the closing of the transactions.

of Time to Consummate Business Combination

as of September 17, 2025, Cayson Holding LP, one of the Company’s Sponsors, and Mango Financial Limited (“Mango

Financial”) loaned the Company an aggregate of $ 600,000 .

Such funds were deposited into escrow account managed by the

Company’s trustee, Continental.

On October 10, 2025, the Company’s trustee, deposited $ 600,000 into the Trust Account.

Such funds are subject to possible redemption by the Company’s public shareholders in accordance with the terms of the Trust

Account, and were used to extend the period of time the Company has to consummate a Business Combination from September 23, 2025 to

January 23, 2026.

Concern Consideration

of June 30, 2025, the Company had $ 183,418 in its operating bank account, and working capital of $ 203,540 .

Further, the Company has incurred

and expects to continue to incur significant costs in pursuit of its financing and acquisition plans in pursuit of a Business Combination.

of September 30, 2025, the Company had $ 87,898 in its operating bank account and a working capital deficit of $ 481,777 .

Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans in pursuit

of a Business Combination.

connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s

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of the balances and results for the periods presented.

The interim results for the period ended June 30, 2025 are not necessarily indicative

of the results that may be expected through December 31, 2025 or for any future periods.

The interim results for the period ended September 30, 2025 are not necessarily

indicative of the results that may be expected for the year ending December 31, 2025 or for any future periods.

Growth Company

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Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

As of June 30, 2025, and December 31, 2024, the Company had cash of $ 183,418 and $ 465,254 , respectively.

As of September 30, 2025 and December 31, 2024, the Company had cash of $ 87,898 and $ 465,254 , respectively.

and investments held in Trust Account

of June 30, 2025 and December 31, 2024, the Company had $ 62,028,266 and $ 60,752,079 , respectively, in cash and investments held in the

Trust Account comprised of money market funds that invest in U.S.

of September 30, 2025 and December 31, 2024, the Company had $ 62,676,305 and $ 60,752,079 , respectively, in cash and investments held

in the Trust Account comprised of money market funds that invest in U.S.

government securities.

Investments in money market funds are presented

on the balance sheets at fair value at the end of each reporting period.

Earnings on cash and investments held in the Trust Account are

included in interest earned on cash and investments held in the Trust Account in the accompanying statement of operations.

The estimated

fair value of cash and investments held in the Trust Account is determined using available market information.

Investments in money market funds are

presented on the balance sheets at fair value at the end of each reporting period.

Earnings on cash and investments held in the Trust

Account are included in interest earned on cash and investments held in the Trust Account in the accompanying statement of operations.

The estimated fair value of cash and investments held in the Trust Account is determined using available market information.

Cash held in escrow account

As of September 30, 2025, the Company

had $ 600,000 in cash held in escrow account by the Company’s

trustee, Continental Stock Transfer & Trust Company (“Continental”), which was not deposited to Trust Account as of September

On October 10, 2025, the full amount was deposited in the Trust Account.

Concentration

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which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 .

As of June 30, 2025, the Company has not experienced

As of September 30, 2025, the Company has not experienced

losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

2 unchanged sentences

and cash flows.

As of June 30, 2025 and December 31, 2024, $ 0 and $ 215,254 , respectively, was uninsured.

As of September 30, 2025 and December 31, 2024, $ 0 and $ 215,254 , respectively, was uninsured.

Costs associated with the IPO

Company complies with the requirements of Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting

Bulletin (“SAB”) Topic 5A — “Expenses of Offering” to allocate offering costs between public shares and

public rights based on the estimated fair value of public shares and public rights at the date of issuance.

Company complies with the requirements of Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff

Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering” to allocate offering costs between

public shares and public rights based on the estimated fair value of public shares and public rights at the date of issuance.

Offering costs of $ 3,722,527

(net of $ 300,000 underwriters cash reimbursement of deferred offering cost) were charged to additional paid-in capital upon completion

of the IPO and $ 3,974,257 was allocated to public shares which are subject to redemption based on the estimated fair value of the public

on the IPO date.

(net of $ 300,000

underwriters cash reimbursement of deferred offering cost) were charged to additional paid-in capital upon completion of the IPO and

was allocated to public shares which are subject to redemption based on the estimated fair value of the public on the IPO

Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax

12 unchanged sentences

as income tax expense.

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2025

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30,

2025 and 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.

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.

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as the redemption value approximates fair value.

the three and six months ended June 30, 2025, the Company did not have any dilutive securities and other contracts that could, potentially,

be exercised or converted into ordinary shares and then share in the earnings of the Company.

As a result, diluted income (loss) per

share is the same as basic income (loss) per share for the period presented.

the three and nine months ended September 30, 2025, the Company did not have any dilutive securities and other contracts that could,

potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.

As a result, diluted income

(loss) per share is the same as basic income (loss) per share for the period presented.

net income per share presented in the statement of operations is based on the following:

OF NET INCOME LOSS REDEEMABLE AND NON REDEEMABLE SHARES

SCHEDULE OF NET INCOME LOSS REDEEMABLE AND NON REDEEMABLE SHARES

Non-Redeemable

1 unchanged sentence

Non-Redeemable

For Three Months Ended

June 30, 2025

For Six Months Ended

June 30, 2025

For The Period From May 27, 2024 (Inception) Through June 30, 2024

Non-Redeemable

THE THREE MONTHS ENDED SEPTEMBER 30, 2025

THE THREE MONTHS ENDED SEPTEMBER 30, 2024

THE NINE MONTHS ENDED SEPTEMBER 30, 2025

THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH SEPTEMBER 30, 2024

Non-Redeemable

Basic and diluted net income (loss) per share

Allocation of net income (loss)

Non-Redeemable

and diluted net income (loss) per share

of net income (loss)

Denominators:

Weighted-average shares outstanding

Basic and diluted net income (loss) per share

Weighted-average

shares outstanding

and diluted net income (loss) per share

Value of Financial Instruments

9 unchanged sentences

These tiers consist of:

Level 1, defined as observable

inputs such as quoted prices (unadjusted) for identical instruments in active markets;

Level 2, defined as inputs

other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments

in active markets or quoted prices for identical or similar instruments in markets that are not active;

Level 3, defined as unobservable

inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations

derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted

prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;

3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,

such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy.

1 unchanged sentence

that is significant to the fair value measurement.

following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June

following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September

30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such

OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS

Cash and investments held in trust account

SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS

and investments held in trust account

shares subject to possible redemption

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of the Company’s control and subject to occurrence of uncertain future events.

Accordingly, as of June 30, 2025 and December 31,

2024, ordinary shares subject to possible redemption in an amount of $ 62,028,266 and $ 60,752,079 , respectively, are presented at redemption

value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

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.

Increases or decreases in the carrying amount of redeemable ordinary shares are affected by

charges against additional paid in capital or accumulated deficit if additional paid-in capital has no outstanding balance at the period

of June 30, 2025 and December 31, 2024, the ordinary shares subject to possible redemption reflected in the balance sheet are reconciled

Accordingly, as of September 30, 2025 and December

31, 2024, ordinary shares subject to possible redemption in an amount of $ 63,276,305 and $ 60,752,079 , respectively, are presented at

redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

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.

Increases or decreases in the carrying amount of redeemable ordinary shares

are affected by charges against additional paid in capital or accumulated deficit if additional paid-in capital has no outstanding balance

at the period end.

of September 30, 2025 and December 31, 2024, the ordinary shares subject to possible redemption reflected in the balance sheet are reconciled

in the following table:

OF ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

Total public offering gross proceeds

Proceeds allocated to public rights

Offering costs allocated to public shares subject to possible redemption

SCHEDULE OF ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

public offering gross proceeds

allocated to public rights

costs allocated to public shares subject to possible redemption

( 3,974,257 )

Accretion of carrying value to redemption value

Ordinary shares subject to possible redemption

Subsequent measurement of ordinary shares subject to possible redemption

Ordinary shares subject to possible redemption, as of December 31, 2024

Subsequent measurement of ordinary shares subject to possible redemption

Ordinary shares subject to possible redemption, as of June 30, 2025

of carrying value to redemption value

shares subject to possible redemption

measurement of ordinary shares subject to possible redemption

shares subject to possible redemption, as of December 31, 2024

measurement of ordinary shares subject to possible redemption

Extension funds attributable to ordinary shares subject to redemption

shares subject to possible redemption, as of September 30, 2025

Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about

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Formation and operating costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital

is available to complete a business combination within the business combination period.

is available to complete a Business Combination within the Combination Period.

The CODM also reviews formation and operating

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Simultaneously

with the closing of the IPO, the Company consummated the private sale of 230,000 Private Placement Units to Yawei Cao, the Chairman and

Chief Executive Officer of the Company, and TenX Global Capital LP, an affiliate of Dahe (Taylor) Zhang, the Company’s Chief Financial

Each Unit consists of one share of ordinary shares and one right to receive one-tenths (1/10) of one Ordinary Share upon the

consummation of the Company’s initial Business Combination.

The proceeds from the sale of the Private Placement Units were added

to the net proceeds from the IPO held in the Trust Account.

with the closing of the IPO, the Company consummated the private sale of 230,000

Private Placement Units to Yawei Cao, the Chairman and Chief Executive Officer of the Company, and TenX Global Capital LP

(“TenX”), an affiliate of Dahe (Taylor) Zhang, the Company’s Chief Financial Officer.

Each Unit consists of one

share of ordinary shares and one right to receive one-tenths (1/10) of one Ordinary Share upon the consummation of the

Company’s initial Business Combination.

The proceeds from the sale of the Private Placement Units were added to the net

proceeds from the IPO held in the Trust Account.

If the Company does not complete a Business Combination within the Combination

Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the

Public Shares (subject to the requirements of applicable law).

The Private Placement Units (including the underlying securities) will

not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain exceptions.

5 — RELATED PARTIES

Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of

the Public Shares (subject to the requirements of applicable law).

The Private Placement Units (including the underlying securities)

will not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain

5 — RELATED PARTY TRANSACTIONS

Shares and EBC Founder Shares

46 unchanged sentences

for cash, securities or other property.

founder shares will not, subject to certain exceptions, be transferred, assignable, or salable (except to permitted transferees as described

founder shares will not, subject to certain exceptions, be transferred, assignable, or saleable (except to permitted transferees as described

in the Registration Statement (defined below)) until 30 days after the date of the consummation of our initial business combination.

6 unchanged sentences

23, 2024, no amounts were outstanding under the Promissory Note and the Promissory Note then expired upon the consummation of the IPO.

September 9, 2025, Cayson Holding LP, one of the Sponsors, issued an unsecured promissory note to the Company, pursuant to which the

Company borrowed an aggregate amount of $ 300,000

(the “Extension Note”).

The Extension Note is non-interest

bearing and is repayable in full upon consummation of a Business Combination.

The proceeds from the Extension Note were deposited into

escrow account managed by the Company’s

trustee, Continental.

Such funds are subject to possible redemption by the Company’s public shareholders in accordance with the

terms of the Trust Account, and were used to extend the period of time the Company has to consummate a Business Combination from September 23, 2025

to January 23, 2026.

As of September 30, 2025, $ 300,000

was outstanding under the Extension Note.

to Related Party

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On September 26, 2024, the Sponsor initiated the wire to return the $ 25,000 to

As of June 30 2025, and December 31 2024, there was no outstanding balance due to the related party.

As of September 30, 2025 and December 31, 2024, there was no outstanding balance due to the related party.

from Related Party

2 unchanged sentences

On September 26, 2024, the Sponsor initiated the wire to return the $ 25,000 to the Company.

As of June 30, 2025,

As of September 30, 2025

and December 31, 2024, there was no outstanding balance due from the related party.

Services Agreement

Company engaged TenX Global Capital LP (“TenX”) as a related party consultant in connection with the formation and initial

Company engaged TenX as a related party consultant in connection with the formation and initial

public offering.

1 unchanged sentence

deferred offering costs for these services.

As of June 39, 2025 and December 31, 2024, no amounts remain outstanding.

As of September 30, 2025 and December 31, 2024, no amounts remain outstanding.

Administration

1 unchanged sentence

month to the close of the Business Combination, to compensate it for the Company’s use of its office, utilities and personnel.

As of June 30, 2025 and December 31, 2024, an administration fee of $ 4,194 has been accrued to accrued expenses, respectively.

As of September 30, 2025 and December 31, 2024, an administration fee of $ 4,194 has been accrued to accrued expenses, respectively.

Capital Loans

3 unchanged sentences

Capital Units”) at a price of $ 10.00 per unit at the option of the lender.

As of June 30, 2025 and December 31, 2024, the Company

has not incurred any such loans.

As of September 30, 2025 and December 31, 2024, the

Company has not incurred any such loans.

6 - PROMISSORY NOTE FROM A THIRD PARTY

September 9, 2025, Mango Financial, the party to entered the Merger Agreement with the Company (see Note 1- Proposed Business Combination ),

issued an unsecured promissory note to the Company, pursuant to which the Company borrowed an aggregate principal amount of $ 300,000

(the “Mango Extension Note”).

The Mango Extension Note is non-interest bearing and is payable in full upon consummation of

a Business Combination.

The proceeds from the Mango Extension Note were deposited into escrow account managed by the Company’s

trustee, Continental.

Such funds are subject to possible redemption by the Company’s public shareholders in accordance with the

terms of the Trust Account, and were used to extend the period of time the Company has to consummate a Business Combination from September

23, 2025 to January 23, 2026.

As of September 30, 2025, $ 300,000 was outstanding under the Mango Extension Note.

7 — COMMITMENTS AND CONTINGENCIES

11 unchanged sentences

to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.

On October 15,

The underwriter did not exercise their over-allotment option and hence a total of 225,000 ordinary shares were forfeited by the Sponsors.

9 unchanged sentences

with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of

As of June 30, 2025 and December 31, 2024, there were no shares of preferred shares issued or outstanding.

As of September 30, 2025 and December 31, 2024, there were no shares of preferred shares issued or outstanding.

Shares — The Company is authorized to issue 200,000,000 ordinary shares with a par value of $ 0.0001 per share.

of ordinary shares were entitled to one vote for each share.

As of June 30, 2025 and December 31, 2024, there were 1,830,000 ordinary

As of September 30, 2025 and December 31, 2024, there were 1,830,000 ordinary

shares issued and outstanding (excluding 6,000,000 shares subject to possible redemption), consisting of 1,500,000 Founder Shares, 100,000

14 unchanged sentences

- Contribution for transaction costs

to the Merger Agreement, as describe in Note 1 and 8, the agreement provides under section 5.20, “Fees and Expenses,” that

to the Merger Agreement, as describe in Note 1, the agreement provides under section 5.20, “Fees and Expenses,” that

all fees and expenses incurred by the Parties in connection with this Agreement and the Transactions shall be paid by MFG and North Water.

the six months ended June 30, 2025, MFG, paid $ 154,377 of the Company’s transaction expenses directly on our behalf for which there

is no obligation of repayment, and are recognized as capital contributions to the Company.

the nine months ended September 30, 2025, MFG paid $ 280,725 of the Company’s transaction expenses directly on our behalf for which

there is no obligation of repayment, and are recognized as capital contributions to the Company.

9 — SUBSEQUENT EVENTS

1 unchanged sentence

Based upon this review, the Company identified the following subsequent event that is required disclosure in the financial

July 11, 2025, the Company entered into the Merger Agreement by and among the Company, Mango Group, North Water and Merger Sub (see

October 10, 2025, the Company’s trustee, Continental Stock Transfer & Trust Company (“Continental”), deposited

$ 600,000 into the Trust Account.

The deposit represents the Company’s required extension payment, which Continental received on

September 18, 2025 pursuant to the Company’s extension letter dated September 17, 2025.

Continental agreed to credit the Trust Account $ 1,429 of use-of-funds interest, representing the earnings that would have accrued from September

18, 2025 through October 10, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements