What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-15 · 248 added, 204 removed, 453 unchanged (50% of the section changed)

2 unchanged sentences

SHEETS (UNAUDITED)

June 30, 2026

December 31, 2025

Current Assets

and investments held in trust account

Non-current assets

AND SHAREHOLDERS’ DEFICIT

note - third party

note - related party

Prepaid expenses

Total Current Assets

Cash and investments held in trust account

Total Non-current assets

LIABILITIES AND SHAREHOLDERS’ DEFICIT

Current Liabilities

underwriting commission payable

and contingencies

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’

shares, $ 0.0001 par value;

Accrued expenses

Promissory note - third party

Promissory note - related party

Promissory note

Total Current Liabilities

Deferred underwriting commission payable

Total Liabilities

Commitments and contingencies

Ordinary shares subject to possible redemption 3,458,092 and 6,000,000 shares at a redemption value of $ 11.08 and $ 10.75 per share as of June 30, 2026 and December 31, 2025, respectively

Shareholders’ Deficit:

Preference shares, $ 0.0001 par value;

2,000,000 shares authorized;

none issued and outstanding

shares, $ 0.0001

Ordinary shares, $ 0.0001 par value;

200,000,000 shares authorized;

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

1,830,000 shares issued and outstanding (excluding 3,458,092 and 6,000,000 shares subject to redemption as of June 30, 2026 and December 31, 2025, respectively)

Additional paid-in capital

Accumulated deficit

( 3,819,215 )

( 3,257,526 )

Shareholders’ Deficit

Total Shareholders’ Deficit

( 3,819,032 )

( 3,257,343 )

Liabilities and Shareholders’ Deficit

Total Liabilities and Shareholders’ Deficit

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

1 unchanged sentence

OF OPERATIONS

FOR THE THREE

and operating costs

from operations

interest income

earned on cash and investments held in Trust Account

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

THE THREE MONTHS ENDED

THE SIX MONTHS ENDED

Formation and operating costs

Loss from operations

Bank interest income

Interest earned on cash and investments held in Trust Account

Total other income

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 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 MONTHS ENDED MARCH 31, 2026

THREE AND SIX MONTHS ENDED JUNE 30, 2026

Ordinary Shares

Shareholders’

as of December 31, 2025

Balance as of December 31, 2025

$ ( 3,257,526 )

$ ( 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

Transaction costs paid on behalf of the Company

Subsequent measurement of ordinary shares subject to possible redemption

Extension funds attributable to ordinary shares subject to redemption

Balance as of March 31, 2026

$ ( 3,452,090 )

$ ( 3,451,907 )

THREE MONTHS ENDED MARCH 31, 2025

Transaction costs paid on behalf of the Company

Subsequent measurement of ordinary shares subject to possible redemption

Extension funds attributable to ordinary shares subject to redemption

Balance as of June 30, 2026

$ ( 3,819,215 )

$ ( 3,819,032 )

THREE AND SIX MONTHS ENDED JUNE 30, 2025

Ordinary Shares

Shareholders’

as of December 31, 2024

Balance 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

$ ( 1,773,797 )

$ ( 1,773,614 )

measurement of ordinary shares subject to possible redemption

as of March 31, 2025

$ ( 1,773,797 )

$ ( 1,773,614 )

Transaction costs paid on behalf of the Company

Subsequent measurement of ordinary shares subject to possible redemption

Balance as of June 30, 2025

$ ( 2,030,252 )

$ ( 1,875,692 )

$ ( 2,030,252 )

$ ( 1,875,692 )

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

1 unchanged sentence

OF CASH FLOWS

FLOWS FROM OPERATING ACTIVITIES

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

earned on cash and investments held in Trust Account

in operating assets and liabilities:

PROVIDED BY (USED IN) OPERATING ACTIVITIES

FLOWS FROM INVESTING ACTIVITIES

withdrawn from trust account in connection with redemption

deposited into Trust account

PROVIDED BY INVESTING ACTIVITIES

FLOWS FROM FINANCING ACTIVITIES

made in relation to redemptions of ordinary shares

THE SIX MONTHS ENDED

JUNE 30, 2026

THE SIX MONTHS ENDED

JUNE 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

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

Interest earned on cash and investments held in Trust Account

( 1,276,187 )

note – third party

USED IN FINANCING ACTIVITIES

Changes in operating assets and liabilities:

Accrued expenses

Accrued offering costs

Prepaid expense

CASH USED IN OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

Cash withdrawn from trust account in connection with redemption

Cash deposited into Trust account

CASH PROVIDED BY INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Payments made in relation to redemptions of ordinary shares

( 27,536,646 )

INCREASE (DECREASE) IN CASH

AT BEGINNING OF THE PERIOD

AT PERIOD END

disclosure of cash flow information:

of transaction cost

measurement of ordinary shares subject to possible redemption

funds attributable to ordinary shares subject to redemption

Promissory note – third party

CASH USED IN FINANCING ACTIVITIES

( 27,036,646 )

NET INCREASE (DECREASE) IN CASH

CASH AT BEGINNING OF THE PERIOD

CASH AT PERIOD END

Supplemental disclosure of cash flow information:

Contribution of transaction cost

Subsequent 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.

11 unchanged sentences

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

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

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

below, and identifying a target company for our initial Business Combination.

The Company will not generate any operating revenues until

after the completion of an initial 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

June 30, 2026, the Company had not commenced any operations.

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

30, 2026 relates to the Company’s formation and the initial public offering (“Initial Public Offering” or “IPO”), which is

described below, and identifying a target company for our initial Business Combination.

The Company will not generate any operating

revenues until after the completion of an initial 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.

registration statement for the Company’s IPO (the “Registration Statement”) was declared effective on September 19,

34 unchanged sentences

Business Combination

July 11, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company,

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”).

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”).

Company has entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated as of July 11, 2025 and amended

on September 11, 2025, April 14, 2026 and June 24, 2026, by and among the Company, 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 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”.

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 .

as of September 17, 2025, Cayson Holding LP, one of the Company’s Sponsors, and Mango Financial loaned the Company an aggregate of $ 600,000 .

Such funds were deposited into escrow account managed by the Company’s trustee, Continental.

3 unchanged sentences

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 .

as of December 17, 2025, Mango Financial loaned the Company an aggregate of $ 600,000 .

23, 2025, such funds were deposited into the Trust Account.

12 unchanged sentences

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 .

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 .

7 unchanged sentences

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.

On each of March 19,

2026, April 22, 2026, May 21, 2026, June 23, 2026 and July 22, 2026 , $ 125,000 was deposited into the trust Account, extending in

monthly increments the deadline from March 23, 2026 to August 23, 2026.

Concern Consideration

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

of June 30, 2026, the Company had $ 54,485 in its operating bank account and a working capital deficit of $ 1,719,032 .

Further, the Company

25 unchanged sentences

for the periods presented.

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

The interim results for the period ended June 30, 2026 are not necessarily indicative of the results that

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

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

As of June 30, 2026 and December 31, 2025, the Company had cash of $ 54,485 and $ 63,670 , respectively.

and investments held in Trust Account

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.

of June 30, 2026 and December 31, 2025, the Company had $ 38,331,573 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.

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 March 31, 2026, the Company has not experienced

As of June 30, 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 March 31, 2026 and December 31, 2025, $ 0 was uninsured.

As of June 30, 2026 and December 31, 2025, $ 0 was uninsured.

Costs associated with the IPO

20 unchanged sentences

as income tax expense.

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

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2026

and December 31, 2025.

23 unchanged sentences

share is computed by dividing net income (loss) by the weighted average number of shares of ordinary share outstanding for the period.

Remeasurement of carrying value to redemption value of redeemable shares of ordinary share is excluded from income (losses) per share

Remeasurement of carrying value to redemption value of redeemable shares of ordinary share is excluded from income (loss) per share

as the redemption value approximates fair value.

the three months ended March 31, 2026 and 2025, the Company did not have any dilutive securities and other contracts that could,

the three and six months ended June 30, 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 per share is the same as basic income 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

and diluted net income per share:

of net Income including accretion of temporary equity

of net income

Non- Redeemable

Three months ended

June 30, 2026

Three months ended

June 30, 2025

Non- Redeemable

Basic and diluted net income per share:

Allocation of net Income including accretion of temporary equity

Allocation of net income

Denominators:

Weighted-average

shares outstanding

and diluted net income per share

Weighted-average shares outstanding

Basic and diluted net income per share

Non- Redeemable

Six months ended

June 30, 2026

Six months ended

June 30, 2025

Non- Redeemable

Basic and diluted net income per share:

Allocation of net Income including accretion of temporary equity

Allocation of net income

Denominators:

Weighted-average shares outstanding

Basic 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 March

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

30, 2026 and December 31, 2025 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

Cash and investments

held in trust account

Cash and investments held in trust account

shares subject to possible redemption

Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification

(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is

classified as a liability instrument and is measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares

that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain

events not solely within the Company’s control) is classified as temporary equity.

At all other times, ordinary shares are classified

as shareholders’ equity.

The Company’s ordinary shares feature certain redemption rights that are considered to be outside

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

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

Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards

Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to

mandatory redemption is classified as a liability instrument and is measured at fair value.

Conditionally redeemable ordinary shares

(including ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption

upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity.

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

The Company’s ordinary shares feature certain

redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future

Accordingly, as of June 30, 2026 and December 31, 2025, ordinary shares subject to possible redemption in an amount of

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 end.

of June 30, 2026 and December 31, 2025, 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

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

measurement of ordinary shares subject to possible redemption

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.

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

Subsequent measurement of ordinary shares subject to possible redemption

Extension 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)

( 27,536,646 )

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

Subsequent measurement of ordinary shares subject to possible redemption

Extension funds attributable to ordinary shares subject to redemption

Ordinary shares subject to possible redemption, as of June 30, 2026

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

17 unchanged sentences

Accounting Standards

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.

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.

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 within fiscal years 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

91 unchanged sentences

Combination from September 23, 2025 to December 23, 2025.

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

As of June 30, 2026 and December 31, 2025, $ 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 March 31, 2026 and December 31, 2025, there was no outstanding balance due to the related party.

As of June 30, 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 March 31, 2026

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

As of June 30, 2026 and

December 31, 2025, 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 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.

Company engaged TenX Global Capital LP (“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, 2025, $ 150,000 has been paid through sponsor as

deferred offering costs for these services.

As of June 30, 2026 and December 31, 2025, no amounts remain outstanding.

Administration

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.

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 personnel.

As of June 30, 2026 and December 31, 2025, an administration fee

of $ 74,000 and $ 14,000 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 March 31, 2026 and December 31, 2025, the Company

As of June 30, 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 that entered into the Merger Agreement with the Company (see Note 1- Organization and Business

Operations - 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 December 23, 2025.

As of March 31, 2026, $ 300,000

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 the Trust 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 June 30, 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

December 17, 2025, Mango Financial issued a second 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 June 30, 2026 and December 31, 2025, $ 600,000 was outstanding under the Mango Extension Note

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

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

4 unchanged sentences

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.

The second $ 125,000 was deposited into Trust Account on April 22, 2026, and was used to extend

such period from April 23, 2026 to May 23, 2026.

The third $ 125,000 was deposited into Trust Account on May 21, 2026, and was used to

extend such period from May 23, 2026 to June 23, 2026.

The fourth $ 125,000 was deposited into Trust Account on June 23, 2026, and was

used to extend such period from June 23, 2026 to July 23, 2026.

The fifth $ 125,000 was deposited into Trust Account on July 22,

2026, and was used to extend such period from July 23, 2026 to August 23, 2026.

As of June 30, 2026, $ 500,000 was outstanding under the

Mango Extension Note 3.

of June 30, 2026 and December 31, 2025, the total amount due was $ 1,400,000 and $ 900,000 respectively.

7 — COMMITMENTS AND CONTINGENCIES

23 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 March 31, 2026 and December 31, 2025, there were no shares of preferred shares issued or outstanding.

As of June 30, 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 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

As of June 30, 2026 and December 31, 2025, there were 1,830,000 ordinary

shares issued and outstanding (excluding 3,458,092 and 6,000,000 shares subject to possible redemption as of June 30, 2026 and December 31, 2025, respectively), consisting of 1,500,000 Founder Shares, 100,000

EBC Founder Shares, and 230,000 Private Placement Units.

15 unchanged sentences

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.

the six months ended June 30, 2026, MFG paid $ 428,595 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

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.

July 22, 2026, $ 125,000 was deposited into the Trust Account to extend the deadline from July 23, 2026 to August 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