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Item 1. Financial Statements

2026-08-04 compared with 2026-05-14 · 129 added, 64 removed, 394 unchanged (33% of the section changed)

Financial Statements (Unaudited)

ACQUISITION CORP

BALANCE SHEETS

COLUMBUS ACQUISITION CORP

CONDENSED BALANCE SHEETS

Current Assets

7 unchanged sentences

Accounts payable and accrued expenses $ 136,270 $ 230,209

Due to a related party 50,000 —

Due to a related party – administrative expenses 140,000 80,000

Due to target 75,000 —

Due to a third party 100,000 —

Due to Target (WISeSat.Space Corp.) 25,000 —

Promissory note – Target (WISeSat.Space Corp.) 125,000 —

Total Current Liabilities 576,270 310,209

1 unchanged sentence

Commitments and Contingencies (Note 6)

Ordinary shares subject to possible redemption, $ 0.0001 par value, 490,000,000 shares authorized, 2,550,149 and 6,000,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 26,836,906 62,231,602

Ordinary shares subject to possible redemption, $ 0.0001 par value, 490,000,000 shares authorized, 2,550,149 and 6,000,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 27,213,256 62,231,602

Shareholders’ (Deficit) Equity

Preference shares, $ 0.0001 par value, 10,000,000 shares authorized, none issued and outstanding — —

Ordinary shares, $ 0.0001 par value, 490,000,000 shares authorized, 1,944,290 shares issued and outstanding (excluding 2,550,149 and 6,000,000 shares subject to possible redemption as of March 31, 2026 and December 31, 2025, respectively) 194 194

Ordinary shares, $ 0.0001 par value, 490,000,000 shares authorized, 1,944,290 shares issued and outstanding (excluding 2,550,149 and 6,000,000 shares subject to possible redemption as of June 30, 2026 and December 31, 2025, respectively) 194 194

(Accumulated deficit) Retained earnings ( 483,448 ) 179,044

1 unchanged sentence

Total Liabilities, Shares Subject to Possible Redemption, and Shareholders’ (Deficit) Equity $ 27,306,272 $ 62,721,049

accompanying notes are an integral part of these unaudited condensed financial statements.

ACQUISITION CORP

The accompanying notes are an integral part of

these unaudited condensed financial statements.

COLUMBUS ACQUISITION CORP

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

Three months ended

Three Months Ended

Six months ended

General and administrative expenses $ 136,564 $ 151,899 $ 362,492 $ 405,833

1 unchanged sentence

Other income:

Interest earned on demand deposit in Trust Account 287,400 403,733

Interest earned on investments held in Trust Account 226,350 614,514 513,750 1,018,247

Income before income taxes 89,786 462,615 151,258 612,414

4 unchanged sentences

Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares 1,944,290 1,944,290 1,944,290 1,885,379

Basic and diluted net loss per share, non-redeemable ordinary shares $ 0.01 $ 0.02

(1) Ordinary shares have been retroactively restated to reflect the Sponsor’s forfeiture of 225,000 Founder Shares on March 10, 2025 for no consideration as the underwriters of the IPO did not exercise the over-allotment option.

accompanying notes are an integral part of these unaudited condensed financial statements.

ACQUISITION CORP

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

THE THREE MONTHS ENDED MARCH 31, 2026

Basic and diluted net income per share, non-redeemable ordinary shares $ 0.02 $ 0.06 $ 0.03 $ 0.09

The accompanying notes are an integral part of

these unaudited condensed financial statements.

COLUMBUS ACQUISITION CORP

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT) EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026

Ordinary Shares

5 unchanged sentences

Balance – March 31, 2026 1,944,290 $ 194 $ — $ ( 196,884 ) $ ( 196,690 )

THE THREE MONTHS ENDED MARCH 31, 2025

Accretion of carrying value to redemption value — — — ( 226,350 ) ( 226,350 )

Extension fees deposited into trust account — — — ( 150,000 ) ( 150,000 )

Net income — — — 89,786 89,786

Balance – June 30, 2026 1,944,290 $ 194 $ — $ ( 483,448 ) $ ( 483,254 )

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

Ordinary Shares

8 unchanged sentences

Balance – March 31, 2025 1,944,290 $ 194 $ 798,917 $ 72,705 $ 871,816

accompanying notes are an integral part of these unaudited condensed financial statements.

ACQUISITION CORP

Accretion of carrying value to redemption value — — ( 614,514 ) — ( 614,514 )

Net income — — — 462,615 462,615

Balance – June 30, 2025 1,944,290 $ 194 $ 184,403 $ 535,320 $ 719,917

The accompanying notes are an integral part of

these unaudited condensed financial statements.

COLUMBUS ACQUISITION CORP

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended

Cash Flows from Operating Activities:

9 unchanged sentences

Cash Flows from Investing Activities:

Cash withdrawn from Trust Account to pay public shareholder redemptions 35,832,096 —

Cash withdrawn from Trust Account to pay redeeming public shareholders 35,832,096 —

Cash deposit into Trust Account ( 300,000 ) ( 60,000,000 )

Net Cash Used in Investing Activities 35,682,096 ( 60,000,000 )

Net Cash Provided by (Used in) Investing Activities 35,532,096 ( 60,000,000 )

Cash Flows from Financing Activities:

Proceeds from sale of public units — 60,000,000

Payment of public shareholder redemptions ( 35,832,096 ) —

Proceeds from sale of private placement units — 2,342,900

1 unchanged sentence

Repayment of promissory note - related party — ( 249,712 )

Payment to redeeming public shareholders ( 35,832,096 ) —

Proceeds from due to Target 150,000 —

Proceeds from due to a third party 100,000 —

Proceeds from due to a related party 50,000 —

Payment of offering costs — ( 126,500 )

1 unchanged sentence

Net Change in Cash ( 475,363 ) 761,463

Cash, Beginning of Year 483,756 —

Cash, End of Year 129,350 $ 894,161

Cash, Beginning of Period 483,756 —

Cash, End of Period $ 8,393 $ 761,463

Supplemental Disclosure of Cash Flow Information:

Accretion of carrying value to redemption value $ 813,750 $ 3,876,768

accompanying notes are an integral part of these unaudited condensed financial statements.

ACQUISITION CORP

Issuance of Representative Shares $ — $ 361,000

The accompanying notes are an integral part of

these unaudited condensed financial statements.

COLUMBUS ACQUISITION CORP

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

June 30, 2026

Note 1 — Organization, Business Operation and Going Concern Consideration

3 unchanged sentences

The Company has selected December 31 as its fiscal year end.

As of March 31, 2026, the Company had not commenced any operations.

For the period from January 18, 2024 (inception) through March 31, 2026, the Company’s efforts had been limited to organizational activities as well as activities related to completing the initial public offering (“IPO”) described below, and subsequent to the IPO, identifying a target company for a Business Combination.

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

For the period from January 18, 2024 (inception) through June 30, 2026, the Company’s efforts had been limited to organizational activities as well as activities related to completing the initial public offering (“IPO”) described below, and subsequent to the IPO, identifying a target company for a Business Combination.

The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest.

49 unchanged sentences

(c) at the Effective Time, every issued and outstanding CAC Ordinary Share (including each CAC Ordinary Share converted from CAC Rights pursuant to (b) above and each CAC Ordinary Share held as a result of the Unit Separation, other than the Excluded Shares, the Dissenting Shares and the Redeemed Shares (each as defined in the BCA)) shall become and be converted automatically into the right to receive one Pubco Ordinary Share, following which, all CAC Ordinary Shares shall cease to be outstanding and shall automatically be canceled and shall cease to exist.

At the Effective Time, by virtue of the Merger, all Merger Sub Ordinary Shares issued and outstanding immediately prior to the Effective Time shall be converted into an equal number ordinary shares of the Surviving Company, with the same rights, powers and privileges as the shares so converted and shall constitute the only outstanding issued shares of the Surviving Company.

At the Effective Time, by virtue of the Merger, all Merger Sub Ordinary Shares issued and outstanding immediately prior to the Effective Time shall be converted into an equal number of ordinary shares of the Surviving Company, with the same rights, powers and privileges as the shares so converted and shall constitute the only outstanding issued shares of the Surviving Company.

Sponsor Agreement

23 unchanged sentences

In connection with the votes to approve the Charter Amendment Proposal, 3,449,851 Ordinary Shares of the Company were rendered for redemption, and approximately $ 35.83 million was released from the Trust Account to pay such redeeming shareholders.

Following the redemptions, 2,550,149 public ordinary shares remained outstanding.

The Company will have until January 22, 2027 (if fully extended) to complete its initial Business Combination.

2 unchanged sentences

There will be no redemption rights or liquidating distributions with respect to public rights or private placement rights, which will expire worthless if the Company fails to complete its initial Business Combination by January 22, 2027 (if fully extended).

Extensions and Extension Notes

Pursuant to the Amended Charter, the Company currently has until August 22, 2026 to complete its initial business combination (or up to January 22, 2027 if fully extended).

A total of $ 350,000 Monthly Extension Fee was deposited into the Trust Account of the Company, among which $ 100,000 was paid by the Company from its working capital, $ 75,000 was paid by the Sponsor, and $ 175,000 was paid by the Target pursuant to the BCA.

As of August 3, 2026, the Company has issued a total of seven unsecured promissory notes in the aggregate principal amount of $ 250,000 , including (i) four promissory notes in the aggregate principal amount of $ 175,000 to the Target in connection with the Target’s payment of an aggregate of $ 175,000 of the Monthly Extension Fee (the “Target Extension Notes”), and (ii) three promissory notes in the aggregate principal amount of $ 75,000 to the Sponsor in connection with Sponsor’s payment of an aggregate of $ 75,000 of the Monthly Extension Fee (the “Sponsor Extension Notes” and, together with the Target Extension Notes, the “Extension Notes”).

Each of the Target Extension Notes bears no interest and is payable in full upon the earliest to occur of (i) the termination date of the BCA, (ii) the date on which the Company consummates its initial business combination, including the proposed business combination with the Target (a “Business Combination”), and (iii) the date that the winding up of the Company is effective (such earlier date, the “Maturity Date”).

Each of the Sponsor Extension Notes bears no interest and is payable in full upon the earlier of (i) the date on which the Company consummates its Business Combination, and (ii) the date that the winding up of the Company is effective.

The payee of each of the Extension Notes, or its registered assigns or successors in interest, has the right, but not the obligation, to convert all or a portion of the outstanding balance of the Extension Notes into private units of the Company at a conversion price of $ 10.00 per unit.

Each private unit consists of one ordinary share and one right to receive one-seventh (1/7) of one ordinary share upon consummation of a business combination.

Notwithstanding the foregoing, with respect to the Target Extension Notes, in the event of a valid termination of the Business Combination Agreement by the Company pursuant to Section 10.1(e), and upon the completion of a business combination by the Company with another target, the Target may elect either repayment of the outstanding balance under the Target Extension Notes or conversion of the outstanding balance into common or ordinary shares of the post-combination public company at a conversion price of $ 5.00 per share, subject to customary equitable adjustment provisions.

Nasdaq Notifications

Nasdaq Minimum Holders Requirement

On May 22, 2026, the Company received written notice (the “Minimum Holders Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company no longer complies with the Nasdaq Global Market continued listing criteria set forth in Listing Rule 5450 (a)(2) (the “Minimum Holders Rule”), which requires the Company to maintain a minimum of 400 holders for continued listing on Nasdaq.

The Minimum Holders Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq.

The Minimum Holders Notice states that the Company has 45 calendar days, or until July 6, 2026, to submit a plan to regain compliance with the Minimum Holders Rule.

On July 2, 2026, the Company submitted its plan to regain compliance with the Minimum Holders Rule to Nasdaq.

On July 28, 2026, the Company received a notification letter from Nasdaq stating that the Nasdaq staff had determined to grant the Company an extension of time through November 18, 2026 to regain compliance with the Minimum Holders Rule.

Nasdaq Market Value of Listed Securities Requirement

On the same day, the Company received written notice (the “MVLS Notice”) from the Listing Qualifications Department of Nasdaq that, for the previous 30 consecutive business days, the market value of listed securities (“MVLS”) for the Company was below the $ 50 million minimum MVLS requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”).

The MVLS Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities.

In accordance with Nasdaq Listing Rule, the Company will have 180 calendar days, or until November 18, 2026 (the “Compliance Period”), to regain compliance with the MVLS Rule.

To regain compliance with the MVLS Rule, the MVLS for the Company must be at least $ 50 million for a minimum of 10 consecutive business days at any time during this Compliance Period.

On May 28, 2026, the Company received a written notice from Nasdaq notifying the Company that the Staff has determined that for the last 10 consecutive business days, from May 13, 2026 to May 27, 2026, the Company’s MVLS has been $ 50 million or greater.

Accordingly, the Company has regained compliance with the MVLS Rule and the Staff has indicated that the matter is now closed.

Going Concern Consideration

As of March 31, 2026, the Company had $ 129,350 cash and a working capital deficit of $ 196,690 .

As of June 30, 2026, the Company had $ 8,393 in cash and a working capital deficit of $ 483,254 .

The Company has incurred and expects to continue to incur significant costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination.

28 unchanged sentences

In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for a fair presentation of the financial statements, have been included.

Interim results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected through December 31, 2026 or for any future periods.

Interim results for the three and six months ended June 30, 2026 are not necessarily indicative of results that may be expected through December 31, 2026 or for any future periods.

These financial statements should be read in conjunction with the Company’s 2025 Annual Report on Form 10-K as filed with the SEC on March 19, 2026.

5 unchanged sentences

The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make a comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging

growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

This may make a comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

5 unchanged sentences

The 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 $ 129,350 and $ 483,756 in cash, respectively, and none in cash equivalents for both periods.

As of June 30, 2026 and December 31, 2025, the Company had $ 8,393 and $ 483,756 in cash, respectively, and none in cash equivalents for both periods.

Concentration of Credit Risk

1 unchanged sentence

Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

As of March 31, 2026 and December 31, 2025, the Company has not experienced losses on these accounts.

As of June 30, 2026 and December 31, 2025, the Company has not experienced losses on these accounts.

Demand Deposit in Trust Account

Upon closing of the IPO, the Company invested the proceeds into an interest-bearing demand deposit account, which comprised the entire balance of the Trust Account as of March 31, 2026 and December 31, 2025 and earned $ 287,400 and $ 403,733 of interest income for the three months ended March 31, 2026 and March 31,2025, respectively.

Upon closing of the IPO, the Company invested the proceeds into an interest-bearing demand deposit account, which comprised the entire balance of the Trust Account as of June 30, 2026 and December 31, 2025 and earned $ 226,350 and $ 513,750 of interest income for the three and six months ended June 30, 2026, respectively;

interest income earned for the three and six months ended June 30,2025 was $ 614,514 and $ 1,018,247 , respectively.

Offering Costs Associated with the IPO

10 unchanged sentences

The calculation of diluted income per ordinary share does not consider the effect of the rights issued in connection with the IPO and the Private Units since the exercise of the rights is contingent upon the occurrence of future events.

As of March 31, 2026 and 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares that then share in the earnings of the Company.

As of June 30, 2026 and 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares that then share in the earnings of the Company.

As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

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

For the Three Month Ended

March 31, 2026 For the Three Month Ended

March 31, 2025

The net income per share presented in the unaudited condensed statements of operations is based on the following:

For the Three Months Ended

June 30, 2026 For the Three Months Ended

June 30, 2025

Shares Non-redeemable

5 unchanged sentences

Basic and diluted net income per ordinary share $ 0.02 0.02 $ 0.06 $ 0.06

For the Six Months Ended

June 30, 2026 For the Six Months Ended

June 30, 2025

Shares Non-redeemable

Shares Redeemable

Shares Non-redeemable

Basic and diluted net income per ordinary share

Allocation of net income $ 89,982 $ 61,276 $ 449,556 $ 162,858

Basic and diluted weighted average shares outstanding 2,855,108 1,944,290 5,204,420 1,885,379

Basic and diluted net income per ordinary share $ 0.03 0.03 $ 0.09 $ 0.09

Fair Value of Financial Instruments

19 unchanged sentences

The Company has elected to recognize the changes immediately.

The initial accretion and subsequent remeasurements will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

Accordingly, as of March 31, 2026 and December 31, 2025, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of permanent shareholders’ equity on the Company’s balance sheet in the following table:

The initial accretion and subsequent remeasurements are treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

Accordingly, as of June 30, 2026 and December 31, 2025, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of permanent shareholders’ equity on the Company’s balance sheet in the following table:

Shares Amount

6 unchanged sentences

Redemption of public shareholders ( 3,449,851 ) ( 35,832,096 )

Ordinary shares subject to possible redemption – March 31, 2026 2,550,149 $ 26,836,906

Ordinary shares subject to possible redemption – June 30, 2026 2,550,149 $ 27,213,256

The Company accounts for rights as either equity-classified or liability-classified instruments based on an assessment of the right’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815.

13 unchanged sentences

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2026 and December 31, 2025.

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

48 unchanged sentences

On March 10, 2025, the Sponsor forfeited 225,000 Founder Shares for no consideration as the underwriters of the IPO did not exercise the over-allotment option, with such forfeiture being reflected retroactively in the accompanying financial statements.

As of March 31, 2026 and December 31, 2025, the Sponsor holds 1,698,290 Ordinary Shares in total, including 1,464,000 Founder Shares and 234,290 Ordinary Shares included in the Private Units.

As of June 30, 2026 and December 31, 2025, the Sponsor holds 1,698,290 Ordinary Shares in total, including 1,464,000 Founder Shares and 234,290 Ordinary Shares included in the Private Units.

On January 22, 2025, the effective date of the registration statement of the IPO, the Sponsor transferred an aggregate of 36,000 of its Founder Shares, or 12,000 each to its three independent directors for their board service, for nominal cash consideration, of $ 522 .

13 unchanged sentences

(A) 180 days after the completion of the initial Business Combination or (B) subsequent to a Business Combination, the date on which the closing price of the ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading day period commencing at least 90 days after the initial Business Combination.

Due to Related Party

The Sponsor funded part of the Company’s Monthly Extension Fee.

The amount is unsecured, interest-free and due on demand.

As of June 30, 2026, $50,000 was outstanding .

Working Capital Loans

8 unchanged sentences

The terms of such loans by our insiders, officers and directors or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.

As of March 31, 2026 and December 31, 2025, the Company had no borrowings under the Working Capital Loans or the extension convertible notes.

As of June 30, 2026 and December 31, 2025, the Company had no borrowings under the Working Capital Loans or the extension convertible notes.

Administrative Support Services

1 unchanged sentence

Upon completion of its initial Business Combination or its liquidation, the Company will cease paying these monthly fees.

The Company recorded $ 30,000 in administrative fees for the three months ended March 31, 2026, and $ 110,000 for the year ended December 31, 2025, with $ 110,000 and $ 80,000 accrued as of March 31, 2026, and December 31, 2025, respectively.

The Company recorded administrative fees of $ 30,000 for each of the three months ended June 30, 2026 and 2025, and $ 60,000 for each of the six months ended June 30, 2026 and 2025.

As of June 30, 2026, and December 31, 2025, accrued administrative fees were $ 140,000 and $ 80,000 , respectively, as reflected in the accompanying unaudited condensed balance sheets.

Note 6 — Commitments and Contingencies

13 unchanged sentences

Preference Shares — The Company is authorized to issue 10,000,000 shares of preferred share, $ 0.0001 par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors.

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

As of June 30, 2026 and December 31, 2025, there were no preferred shares issued or outstanding.

Ordinary Shares — The Company is authorized to issue 490,000,000 ordinary shares with $ 0.0001 par value.

2 unchanged sentences

including an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters.

As of March 31, 2026 and December 31, 2025, there were 1,944,290 ordinary shares issued and outstanding in each periods (excluding 2,550,149 shares subject to redemption).

As of June 30, 2026 and December 31, 2025, there were 1,944,290 ordinary shares issued and outstanding in each period (excluding 2,550,149 shares subject to redemption).

These outstanding shares consisted of 1,464,000 Founder Shares, 210,000 Representative Shares issued to underwriter, and 234,290 shares included in the Private Units, and have been retroactively adjusted to reflect the forfeiture of 225,000 shares after the underwriters did not fully exercise the over-allotment option.

3 unchanged sentences

If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis, and each holder of a right will be required to affirmatively convert its rights in order to receive one-seventh (1/7) of one share underlying each right (without paying any additional consideration) upon consummation of the Business Combination.

As of March 31, 2026 and December 31, 2025, there were 6,000,000 Public Rights and 234,290 Private Rights outstanding, which can be converted into a total of 890,612 ordinary shares.

As of June 30, 2026 and December 31, 2025, there were 6,000,000 Public Rights and 234,290 Private Rights outstanding, which can be converted into a total of 890,612 ordinary shares.

The shares issuable upon conversion of the Public Rights will be freely tradable (except to the extent held by affiliates of the Company).

13 unchanged sentences

When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews key metrics, which include the following:

Three Month Ended

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

General and administrative expenses $ 136,564 $ 151,899 $ 362,492 $ 405,833

Interest earned on demand deposit Trust Account $ 287,400 $ 403,733

Interest earned on demand deposit in Trust Account $ 226,350 $ 614,514 $ 513,750 $ 1,018,247

The key measure of segment profit or loss reviewed by the CODM is general and administrative expenses, which include accounting expenses, printing expenses, and regulatory filing fees, none of which are deemed to be significant segment expenses;

2 unchanged sentences

Interest earned on demand deposit in Trust Account is reviewed to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

Note 9 —Loan from WISeSat.Space Corp.

(the “Target”)

On May 5, 2026, the Company issued an unsecured promissory note to the Target in the principal amount of $ 100,000 in connection with the Target’s payment of an aggregate of $ 100,000 of the Monthly Extension Fee through four $ 25,000 deposits, each representing 50% of the Monthly Extension Fee pursuant to the BCA (a “Target Extension Note”).

On May 21, 2026, the Company issued a second unsecured promissory note to the Target in the principal amount of $ 25,000 in connection with the Target’s payment of the May 2026 extension fee.

The notes, together, the ‘Target Extension Notes,’ are non-interest bearing and payable upon the earliest of (i) termination of the Business Combination Agreement in accordance with its terms other than by the Company pursuant to Section 10.1(e) thereof, (ii) consummation of the Company’s initial business combination, and (iii) the effective date of the winding up of the Company.

The Target has the right, but not the obligation, to convert all or a portion of the outstanding balance of the Target Extension Notes into private units of the Company at a conversion price of $ 10.00 per unit.

Each private unit consists of one ordinary share and one right to receive one-seventh (1/7) of one ordinary share upon consummation of a business combination.

In the event of a valid termination of the Business Combination Agreement by the Company pursuant to Section 10.1(e), and upon the completion of a business combination by the Company with another target, the Target may elect either repayment of the outstanding balance under the Target Extension Notes or conversion of the outstanding balance into common or ordinary shares of the post-combination public company at a conversion price of $ 5.00 per share, subject to customary equitable adjustment provisions.

As of June 30, 2026, $ 125,000 was outstanding under the Target Extension Notes and $ 25,000 was recorded as Due to the Target for the Target’s payment of the June 2026 Monthly Extension Fee.

As of December 31, 2025, there were no amounts outstanding under the Target Extension Notes or Due to the Target.

In July 2026, the Company subsequently issued an unsecured promissory note to the Target in the principal amount of $ 25,000 for the Monthly Extension Fee paid in June 2026.

Note 10 —Due to Third Party

A third party funded part of the Company’s Monthly Extension Fee and working capital.

The amount is unsecured, interest-free and due on demand.

As of June 30, 2026 and December 31, 2025, $ 100,000 and $ 0 was outstanding, respectively.

Note 11 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date when these unaudited condensed financial statements were issued.

Based on this review, the Company subsequent events that would require adjustment or disclosure in the financial statements.

On April 20, 2026, both the Company and Pubco deposited $ 25,000 each, totaling $ 50,000 in Monthly Extension Fees into the Trust Account for the public shareholders, which enabled the Company to extend the period of time it has to consummate its initial business combination by one month to May 22, 2026.

On May 5, 2026, the Company issued an unsecured promissory note in the principal amount of $ 100,000 to the Target in connection with the Target’s payment of an aggregate of $ 100,000 of the Monthly Extension Fee through four deposits of $ 25,000 , representing 50% of the Monthly Extension Fee per deposit pursuant to the BCA.

The Target Extension Note is non-interest bearing and payable upon the earliest of (i) termination of the Business Combination Agreement in accordance with its terms other than by the Company pursuant to Section 10.1(e) thereof, (ii) consummation of the Company’s initial business combination, and (iii) the effective date of the winding up of the Company.

The Target has the right, but not the obligation, to convert all or a portion of the outstanding balance of the Target Extension Note into private units of the Company at a conversion price of $ 10.00 per unit.

Each private unit consists of one ordinary share and one right to receive one-seventh (1/7) of one ordinary share upon consummation of a business combination.

In the event of a valid termination of the Business Combination Agreement by the Company pursuant to Section 10.1(e), and upon the completion of a business combination by the Company with another target, the Target may elect either repayment of the outstanding balance under the Target Extension Note or conversion of the outstanding balance into common or ordinary shares of the post-combination public company at a conversion price of $ 5.00 per share, subject to customary equitable adjustment provisions.

Based on this review, the Company did not identify any subsequent events that would require adjustment or disclosure in the financial statements.

On July 20, 2026 and July 21, 2026, $ 50,000 of the Monthly Extension Fee was deposited into the Trust Account for the public shareholders, which enabled the Company to extend the period of time it has to consummate its initial business combination by one month to August 22, 2026.

Among the Monthly Extension Fee, $ 25,000 was paid by the Sponsor, and the remaining $ 25,000 was paid by the Target.

The Company issued two Extension Notes, each in the principal amount of $ 25,000 , to each of the Sponsor and the Target, respectively.

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