What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-08-14 compared with 2025-05-07 · 33 added, 29 removed, 181 unchanged (26% of the section changed)

20 unchanged sentences

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

Our only activities since inception through March 31,

2025 were organizational activities, those necessary to prepare for the IPO described below and identifying a target company for our

initial Business Combination.

We do not expect to generate any operating revenues until after the completion of our initial Business

We expect to generate non-operating income in the form of interest income on cash and investments held in trust

We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting,

accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a

Our only activities since inception through June 30, 2025

were organizational activities, those necessary to prepare for the IPO described below and identifying a target company for our initial

Business Combination.

the three months ended March 31, 2025, we had a net income of $404,677, which consists of loss of $235,799 derived from formation

and operating costs offset by interest earned on cash and investments held in Trust Account of $636,174 and bank interest income of

We do not expect to generate any operating revenues until after the completion of our initial Business Combination.

We expect to generate non-operating income in the form of interest income on cash and investments held in trust account.

We expect that

we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),

as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

the three months ended June 30, 2025, we had a net income of $383,558, which consists of a loss of $259,113 derived from formation and

operating costs, offset by interest earned on cash and investments held in the Trust Account of $640,013, and bank-interest income of

the six months ended June 30, 2025, we had a net income of $788,235, which consists of a loss of $494,912 derived from formation and

operating costs, offset by interest earned on cash and investments held in the Trust Account of $1,276,187, and bank-interest income

the period from May 27, 2024 (inception) through June 30, 2024, we had a net loss of $59,919, which resulted entirely from formation

and operating costs.

Capital Resources and Going Concern

4 unchanged sentences

the Initial Public Offering and the private placement, an aggregate of $60,000,000 ($10.00 per Unit) was placed in the Trust Account.

We incurred transaction costs amounted to $3,722,528 (net of $300,000 underwriters cash reimbursement of deferred

offering cost), consisting of $1,200,000 of cash underwriting fees, $2,100,000 of deferred underwriting fees, and $566,978 of other offering

the three months ended March 31, 2025, cash and investments used in operating activities was $150,069.

Net income of $404,677 was

adjusted by interest earned on cash and investments held in the Trust Account of $636,174.

Changes in operating assets and

liabilities used $81,428 of cash for operating activities.

of March 31, 2025, we had cash and investments held in the Trust Account of $61,388,253.

We intend to use substantially all of the

funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes

payable), to complete our Business Combination.

To the extent that our share capital or debt is used, in whole or in part, as

consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital

to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

of March 31, 2025, we had a cash balance of $315,185 and a working capital of $282,923.

We incurred transaction costs amounted to $3,722,528 (net of $300,000 underwriters cash reimbursement of deferred offering cost), consisting

of $1,200,000 of cash underwriting fees, $2,100,000 of deferred underwriting fees, and $566,978 of other offering costs.

the six months ended June 30, 2025, cash used in operating activities was $281,836.

Net income of $788,235 was reduced by $1,276,187

of interest earned on the Trust Account and $6,959 of bank-interest income.

Changes in operating assets and liabilities used $206,116

of cash for operating activities.

of June 30, 2025, we had cash and investments held in the Trust Account of $62,028,266.

We intend to use substantially all of the funds

held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete

our Business Combination.

To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our

Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the

target business or businesses, make other acquisitions and pursue our growth strategies.

of June 30, 2025, we had a cash balance of $183,418 and a working capital of $203,540.

We intend to use the funds held outside the Trust

99 unchanged sentences

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

As of March 31, 2025 and December 31, 2024, there is no outstanding balance due to the related party.

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

from Related Party

1 unchanged sentence

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

As of March 31, 2025 and December 31, 2024,

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

there is no outstanding balance due from the related party.

4 unchanged sentences

deferred offering costs for these services.

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

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

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

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

has not incurred any such loans.

34 unchanged sentences

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis