What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-06 compared with 2025-08-13 · 23 added, 23 removed, 176 unchanged (21% of the section changed)

82 unchanged sentences

(for legal, financial reporting, accounting and auditing compliance), as well as for expenses associated with the search for target opportunities.

For the three months ended June 30, 2025,

For the three months ended September 30,

2025, we had a net income of $497,832, which consisted of interest income from the trust account (the “Trust Account”) of

$629,947, partially offset by general and administrative expenses of $132,115.

For the three months ended June 30, 2024, we had a net loss of $41,200,

all of which consisted of general and administrative expenses.

For the six months ended June 30, 2025, we had

a net income of $612,414, which consisted of interest income from the Trust Account of $1,018,247, partially offset by general and administrative

expenses of $405,833.

For the period from January 18, 2024 to June 30, 2024, we had a net loss of $48,039, all of which consisted of general

and administrative expenses.

For the three months ended September 30, 2024, we had a

net loss of $12,364, all of which consisted of general and administrative expenses.

For the nine months ended September 30, 2025,

we had a net income of $1,110,246, which consisted of interest income from the Trust Account of $1,648,194, partially offset by general

and administrative expenses of $537,948.

For the period from January 18, 2024 to September 30, 2024, we had a net loss of $60,403, all

of which consisted of general and administrative expenses.

Liquidity and Capital Resources

As of June 30, 2025, we had cash of $761,463

As of September 30, 2025, we had cash of

$638,311 and a working capital of $587,802.

The cash balance was increased by $761,463 for the six months ended June 30, 2025, which consisted

of cash provided by financing activities of $61,066,688, partially offset by cash used in investing activities of $60,000,000 and operating

activities of $305,225.

The cash balance was increased by $638,311 for the nine months ended September 30, 2025, which

consisted of cash provided by financing activities of $61,066,688, partially offset by cash used in investing activities of $60,000,000

and operating activities of $428,377.

Changes in operating assets and liabilities provided $48,093 of cash for operating activities.

40 unchanged sentences

Company initially has until January 22, 2026 to consummate the initial business combination (assume no extensions).

If the Company does

not complete a business combination within the prescribed period, the Company will trigger an automatic winding up, dissolution and liquidation

pursuant to the terms of the amended and restated memorandum and articles of association.

Notwithstanding management’s belief that

the Company would have sufficient funds to execute its business strategy, there is a possibility that a business combination might not

be completed within the 12-month period from the issuance date of these financial statements.

If the Company

does not complete a business combination within the prescribed period, the Company will trigger an automatic winding up, dissolution and

liquidation pursuant to the terms of the amended and restated memorandum and articles of association.

Notwithstanding management’s

belief that the Company would have sufficient funds to execute its business strategy, there is a possibility that a business combination

might not be completed within the 12-month period from the issuance date of these financial statements.

In connection with the Company’s

10 unchanged sentences

We have no obligations, assets or liabilities

that would be considered off-balance sheet arrangements as of June 30, 2025.

We do not participate in transactions that create

relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have

been established for the purpose of facilitating off-balance sheet arrangements.

that would be considered off-balance sheet arrangements as of September 30, 2025.

We do not participate in transactions that

create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would

have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet

2 unchanged sentences

Contractual Obligations

As of June 30, 2025, we do not have any long-term debt,

As of September 30, 2025, we do not have any long-term debt,

capital lease obligations, operating lease obligations or long-term liabilities.

30 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