What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-15 compared with 2025-11-12 · 243 added, 240 removed, 414 unchanged (54% of the section changed)

3 unchanged sentences

Current Assets

Prepaid expenses - non-current

held in escrow account

and investments held in trust account

1 unchanged sentence

AND SHAREHOLDERS’ DEFICIT

offering costs

note - third party

note - related party

2 unchanged sentences

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

Ordinary shares

subject to possible redemption 3,458,092 and 6,000,000

shares at a redemption value of $ 10.88

per share as of March 31, 2026 and December 31, 2025, respectively

Shareholders’

2 unchanged sentences

none issued and outstanding

shares, $ 0.0001 par value;

shares, $ 0.0001

shares authorized;

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

to redemption)

shares issued and outstanding (excluding 3,458,092

and 6,000,000 shares subject to redemption as of March 31, 2026 and December 31, 2025, respectively)

paid-in capital

8 unchanged sentences

OF OPERATIONS

ENDED SEPTEMBER 30, 2025

THE PERIOD FROM MAY 27, 2024 (INCEPTION) THROUGH

SEPTEMBER 30, 2024

FOR THE THREE

and operating costs

2 unchanged sentences

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 net income per share, ordinary shares subject to redemption

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

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

and diluted net income 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 NINE MONTHS ENDED SEPTEMBER 30, 2025

THREE MONTHS ENDED MARCH 31, 2026

Shareholders’

2 unchanged sentences

$ ( 3,257,343 )

costs paid on behalf of the Company

measurement of ordinary shares subject to possible redemption

funds attributable to ordinary shares subject to redemption

as of March 31, 2026

1 unchanged sentence

$ ( 3,451,907 )

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 SEPTEMBER 30, 2024

THREE MONTHS ENDED MARCH 31, 2025

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 )

as of December 31, 2024

$ ( 1,542,300 )

Allocation of offering costs to ordinary shares subject to redemption

Accretion of additional paid in capital to accumulated deficit

$ ( 1,542,117 )

1 unchanged sentence

$ ( 1,542,117 )

Subsequent measurement of common stock subject to possible redemption

Net Income (loss)

Balance as of September 30, 2024

measurement of ordinary shares subject to possible redemption

as of March 31, 2025

$ ( 1,773,797 )

5 unchanged sentences

OF CASH FLOWS

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:

to reconcile net income to net cash used in operating activities:

earned on cash and investments held in Trust Account

( 1,924,226 )

in operating assets and liabilities:

offering costs

USED IN OPERATING ACTIVITIES

PROVIDED BY (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 )

withdrawn from trust account in connection with redemption

deposited into Trust account

PROVIDED BY INVESTING ACTIVITIES

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

made in relation to redemptions of ordinary shares

( 27,536,647 )

from related party

of borrowings from related party

of offering costs

PROVIDED BY FINANCING ACTIVITIES

CHANGE IN CASH

note – third party

USED IN FINANCING ACTIVITIES

( 27,411,647 )

INCREASE (DECREASE) IN CASH

AT BEGINNING OF THE PERIOD

AT END OF PERIOD

AT PERIOD END

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

funds attributable to ordinary shares subject to redemption

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

11 unchanged sentences

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

As of September

31, 2026, the Company had not commenced any operations.

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

All activity for the period from May 27, 2024 (inception) through March 31, 2026

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

17 unchanged sentences

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

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

than ten business days thereafter, redeem 100 % of the 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 on the funds held in the trust account and not previously released to

us to pay our taxes (less up to $ 100,000 of interest to pay liquidation and dissolution expenses), divided by the number of then outstanding

public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to

receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following

such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in

each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

Company originally had up to 21 months to consummate an initial Business Combination, if the Company extended the time to complete a

Business Combination as provided in the Registration Statement (the “Combination Period”).

The Combination Period was extended

in December 2025 as indicated below.

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 than ten business days thereafter, redeem 100 % of the 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 on the funds held in the trust account and not previously released to us to pay our taxes (less up to $ 100,000 of interest to

pay liquidation and dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely

extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any),

subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining

shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to

provide for claims of creditors and the requirements of other applicable law.

Trust Account

10 unchanged sentences

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, 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”.

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”).

Each of 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”).

April 14, 2026, the parties entered into an amendment to the Merger Agreement (the “Amendment 2”).

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

1 unchanged sentence

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.

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.

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 December 23, 2025.

as of December 17, 2025, Mango Financial Limited (“Mango Financial”) loaned the Company an aggregate of $ 600,000 .

23, 2025, such funds were deposited 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 December 23, 2025 to March 23, 2026.

March 18, 2026, the Company held an extraordinary general meeting virtually, solely with respect to voting on (i) the proposal to extend

the date by which the Company must complete its initial business combination on a monthly basis, up to twelve (12) months (or until March

23, 2027) (the “Extended Date”) (the “2026 Extension Amendment Proposal”), (ii) the proposal to remove the limitation

that the Company shall not redeem public shares to the extent that such redemptions would cause the Company’s net tangible assets

to be less than $ 5,000,001 (the “Redemption Limitation Proposal”), and (iii) the proposal to amend the Company’s investment

management trust agreement, dated September 19, 2024, by and between the Company and the Trustee to allow the Company to extend the Termination

Date up to twelve times from the Termination Date to March 23, 2027 with all twelve extensions comprised of one month each by providing

five days’ advance notice to the Trustee and depositing into the Trust Account a payment of $ 125,000 per extension (the “Extension

Payment”) until March 23, 2027.

connection with the vote to approve the 2026 Extension Amendment Proposal and the Redemption Limitation Proposal at the Extraordinary

General Meeting on March 18, 2026, the holders of 2,541,908

Ordinary Shares properly exercised their rights to redeem their

shares for cash at a redemption price of approximately $ 10.83

per share, for an aggregate redemption amount of approximately

$ 27,536,647 .

as of March 18, 2026, Mango Financial agreed to lend the Company an aggregate of $ 750,000 .

$ 250,000 of such amount has been loaned to

the Company and the Company deposited such amounts into the trust account established by the Company in connection with its initial public

offering pursuant to the Company’s Amended and Restated Memorandum and Articles of Association and trust agreement, as amended,

governing the trust account in order to extend the time that the Company has to consummate an initial business combination (a “Business

Combination”) as described below.

The loans are evidenced by a promissory note (the “Note”) issued by the Company to

Mango Financial.

The Note bears no interest and is repayable in full upon consummation of a Business Combination.

On March 19, 2026,

$ 125,000 was deposited into the trust Account to extend the deadline from March 23, 2026 to April 23, 2026.

On April 22, 2026, an additional

$ 125,000 was deposited into the trust Account to extend the deadline from April 23, 2026 to May 23, 2026.

Concern Consideration

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.

of March 31, 2026, the Company had $ 64,433 in its operating bank account and a working capital deficit of $ 1,351,907 .

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

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

8 unchanged sentences

As a result, management has determined that such additional

condition also raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date

condition also raises substantial doubt about the Company’s ability to continue as a going concern within one year after the date

that the financial statements are issued.

7 unchanged sentences

The unaudited interim financial statements should be

read in conjunction with the audited financial statements and notes thereto for the period from May 27, 2024 (inception) through December

31, 2024 included the Company’s Annual Report on Form 10-K, as filed with the SEC on March 26, 2025.

In the opinion of management,

the unaudited financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement

of the balances and results for the periods presented.

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.

read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included the Company’s

Annual Report on Form 10-K, as filed with the SEC on March 24, 2026.

In the opinion of management, the unaudited financial statements

reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results

for the periods presented.

The interim results for the period ended March 31, 2026 are not necessarily indicative of the results that

may be expected for the year ending December 31, 2026 or for any future periods.

Growth Company

28 unchanged sentences

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

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

As of March 31, 2026 and December 31, 2025, the Company had cash of $ 64,433 and $ 63,670 , respectively.

and investments held in Trust Account

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.

of March 31, 2026 and December 31, 2025, the Company had $ 37,622,133 and $ 64,487,925 , 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.

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.

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.

Concentration

2 unchanged sentences

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

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

As of March 31, 2026, 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 September 30, 2025 and December 31, 2024, $ 0 and $ 215,254 , respectively, was uninsured.

As of March 31, 2026 and December 31, 2025, $ 0 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

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

(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.

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 September 30,

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2026

and December 31, 2025.

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.

22 unchanged sentences

as the redemption value approximates fair value.

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

the three months ended March 31, 2026 and 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.

As a result, diluted

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

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

SCHEDULE OF NET INCOME LOSS REDEEMABLE AND NON REDEEMABLE SHARES

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

and diluted net income (loss) per share

of net income (loss)

and diluted net income per share:

of net Income including accretion of temporary equity

of net income

Denominators:

1 unchanged sentence

shares outstanding

and diluted net income (loss) per share

and diluted net income per share

Value of Financial Instruments

17 unchanged sentences

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 September

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

31, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such

SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS

and investments held in trust account

OF ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS

Cash and investments

held in trust account

Cash and investments

held in trust account

shares subject to possible redemption

9 unchanged sentences

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

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

Accordingly, as of March 31, 2026 and December 31,

2025, ordinary shares subject to possible redemption in an amount of $ 37,622,133 and $ 64,487,925 , 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 March 31, 2026 and December 31, 2025, the ordinary shares subject to possible redemption reflected in the balance sheet are reconciled

in the following table:

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 )

of carrying value to redemption value

shares subject to possible redemption

measurement of ordinary shares subject to possible redemption

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

funds attributable to ordinary shares subject to redemption

Ordinary shares

subject to possible redemption, as of December 31, 2025

Redemption of ordinary shares ( 2,541,908

shares redeemed at approx.

$ 10.83 per share on 3/23/2026)

( 27,536,647 )

measurement of ordinary shares subject to possible redemption

funds attributable to ordinary shares subject to redemption

Ordinary shares

subject to possible redemption, as of March 31, 2026

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

14 unchanged sentences

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

The CODM also reviews formation and operating

costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

The CODM also reviews formation and operating costs to

manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

Accounting Standards

does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect

on the Company’s financial statements.

Management does not believe that any recently issued,

but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

In November 2024, the FASB issued Accounting Standards Update (“ASU”)

2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of

Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the

notes to the financial statements on an interim and annual basis.

ASU 2024-03 is effective for fiscal years beginning after December 15,

2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the

impact of adopting ASU 2024-03.

3 — INITIAL PUBLIC OFFERING

12 unchanged sentences

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

(“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

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 PARTY TRANSACTIONS

57 unchanged sentences

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.

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 December 23, 2025.

As of March 31, 2026, $ 300,000 was outstanding under the Extension Note.

to Related Party

7 unchanged sentences

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

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

As of March 31, 2026 and December 31, 2025, 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 September 30, 2025

As of March 31, 2026

and December 31, 2025, there was no outstanding balance due from the related party.

Services Agreement

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

public offering.

During the period from May 27, 2024 (inception) through December 31, 2024, $ 150,000 has been paid through sponsor as

deferred offering costs for these services.

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

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

During the period from May 27, 2024 (inception) through December 31, 2025, $ 150,000

has been paid through sponsor as deferred offering costs for these services.

As of March 31, 2026 and December 31, 2025, no

amounts remain outstanding.

Administration

on September 19, 2024, one of the Sponsors will be allowed to charge the Company an allocable share of its overhead, up to $ 10,000 per

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

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

on September 19, 2024, the date the Company’s ordinary shares are first listed on the Nasdaq, one of the Sponsors will be

allowed to charge the Company an allocable share of its overhead, up to $ 10,000

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

As of March 31, 2026 and December 31, 2025, an administration fee of $ 44,000

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 September 30, 2025 and December 31, 2024, the

Company has not incurred any such loans.

As of March 31, 2026 and December 31, 2025, 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

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 1”).

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.

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 December 23, 2025.

As of March 31, 2026, $ 300,000

was outstanding under the Mango Extension Note.

December 17, 2025, Mango Financial issued an unsecured promissory note to the Company, pursuant to which the Company borrowed an aggregate

principal amount of $ 600,000 (the “Mango Extension Note 2”).

The Mango Extension Note 2 is non-interest bearing and is payable

in full upon consummation of a Business Combination.

The proceeds from the Mango Extension Note 2 were deposited into Trust Account on

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

2025 to March 23, 2026.

As of March 31, 2026 and December 31, 2025, $ 600,000 was outstanding under the Mango Extension Note 2.

March 18, 2026, Mango Financial issued an unsecured promissory note to the Company, pursuant to which the Company borrowed an aggregate

principal amount of $ 750,000 (the “Mango Extension Note 3”).

The Mango Extension Note 3 is non-interest bearing and is payable

in full upon consummation of a Business Combination.

The first $ 125,000 of such amount from the Mango Extension Note 3 were deposited

into Trust Account on March 19, 2026, and were used to extend the period of time the Company has to consummate a Business Combination

from March 23, 2026 to April 23, 2026.

As of March 31, 2026, $ 125,000 was outstanding under the Mango Extension Note 3.

As of March 31, 2026 and December 31, 2025, the total amount due was $ 1,025,000

and $ 900,000 respectively.

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.

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

The underwriter

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

the closing of the IPO, the underwriters were paid a cash underwriting discount of $ 0.20 per Unit, or $ 1,200,000 in the aggregate, while

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

As of March 31, 2026 and December 31, 2025, 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 September 30, 2025 and December 31, 2024, there were 1,830,000 ordinary

As of March 31, 2026 and December 31, 2025, there were 1,830,000 ordinary

shares issued and outstanding (excluding 3,458,092 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, 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 nine months ended September 30, 2025, MFG paid $ 280,725 of the Company’s transaction expenses directly on our behalf for which

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 three months ended March 31, 2026, MFG paid $ 223,891 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.

2 unchanged sentences

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

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.

April 14, 2026, Cayson and Mango entered into an amendment to the Business Combination Agreement (the “Amendment 2”).

April 22, 2026, Mango Financial loaned the second $ 125,000 of $ 750,000 (the “Mango Extension Note 3”) to the Company and

the Company deposited such amount into the trust account in order to extend the time that the Company has to consummate an initial business

combination from April 23, 2026, to May 23, 2026.

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