What changed in this filing

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Item 1. Business

2026-04-15 compared with 2025-03-31 · 539 added, 492 removed, 38 unchanged (96% of the section changed)

We are a blank check company

incorporated in the Cayman Islands as an exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share

purchase, recapitalization, reorganization or other similar business combination with one or more businesses.

We have neither engaged

in any operations nor generated any revenue to date.

Based on our business activities, the Company is a “shell company” as

defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because we have no operations and nominal

assets consisting almost entirely of cash.

On June 17, 2024, we issued

to the sponsor an aggregate of 22,361,111 ordinary shares (the “founder shares”) for an aggregate purchase price of $35,000,

or approximately $0.0016 per share.

On November 6, 2024, the sponsor surrendered and forfeited 12,503,968 ordinary shares to us for no

consideration, resulting in 9,857,143 founder shares remaining.

Prior to our sponsor’s initial investment of $35,000, the Company

had no assets, tangible or intangible.

On January 29, 2025, we consummated

our initial public offering (the “IPO” or “Initial Public Offering”) of 20,000,000 units (the “Units”).

Each Unit consists of one ordinary share and one right to receive one-eighth (1/8) of one Ordinary Share upon the consummation of an initial

business combination.

The Units were sold at an offering price of $10.00 per unit, generating gross proceeds, before expenses, of $200,000,000.

We granted the underwriters a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments, if any.

Simultaneously with the closing

of the IPO, we consummated the private placement with Drugs Made In America Acquisition LLC, our sponsor, of 400,000 units (the “Private

Placement Units”) at a price of $10.00 per unit, for $4,000,000.

The Private Placement Units are identical to the Units sold in

the IPO, except that the Private Placement Units, including the underlying securities, may not, subject to certain limited exceptions,

be transferable, assignable or salable by the sponsor until the earlier of:

(i) with respect to 50% of the Private Placement Units, the

earlier of six months after the date of the consummation of our initial business combination and the date on which the closing price of

our ordinary shares equals or exceeds $12.50 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 after our initial business combination and (ii) with

respect to the remaining 50% of the Private Placement Units, six months after the date of the consummation of our initial business combination,

or earlier, in either case, if, subsequent to our initial business combination, we consummate a liquidation, merger, share exchange or

other similar transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities

or other property.

The sponsor was granted certain demand and piggyback registration rights in connection with the purchase of the Private

Placement Units.

are a blank check company incorporated in the Cayman Islands as an exempted company for the purpose of effecting a merger, share exchange,

asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses.

We have neither engaged in any operations nor generated any revenue to date.

Based on our business activities, the Company is a “shell

company” as defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because we have no operations

and nominal assets consisting almost entirely of cash.

June 17, 2024, we issued to Drugs Made In America Acquisition LLC, our sponsor, an aggregate of 22,361,111 ordinary shares (the “founder

shares”) for an aggregate purchase price of $35,000, or approximately $0.0016 per share.

On November 6, 2024, the sponsor surrendered

and forfeited 12,503,968 ordinary shares to us for no consideration, resulting in 9,857,143 founder shares remaining.

Prior to our sponsor’s

initial investment of $35,000, the Company had no assets, tangible or intangible.

January 29, 2025, we consummated our initial public offering (the “IPO” or “Initial Public Offering”) of 20,000,000

units (the “Units”).

Each Unit consists of one ordinary share and one right to receive one-eighth (1/8) of one Ordinary Share

upon the consummation of an initial business combination.

The Units were sold at an offering price of $10.00 per unit, generating gross

proceeds, before expenses, of $200,000,000.

We granted the underwriters a 45-day option to purchase up to 3,000,000 additional Units

to cover over-allotments, if any.

Simultaneously

with the closing of the IPO, we consummated the private placement with our sponsor of 400,000 units (the “Private Placement Units”)

at a price of $10.00 per unit, for $4,000,000.

The Private Placement Units are identical to the Units sold in the IPO, except that the

Private Placement Units, including the underlying securities, may not, subject to certain limited exceptions, be transferable, assignable

or salable by the sponsor until the earlier of:

(i) with respect to 50% of the Private Placement Units, the earlier of six months after

the date of the consummation of our initial business combination and the date on which the closing price of our ordinary shares equals

or exceeds $12.50 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 after our initial business combination and (ii) with respect to the

remaining 50% of the Private Placement Units, six months after the date of the consummation of our initial business combination, or earlier,

in either case, if, subsequent to our initial business combination, we consummate a liquidation, merger, share exchange or other similar

transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other

The sponsor was granted certain demand and piggyback registration rights in connection with the purchase of the Private Placement

No underwriting discounts or commissions were paid with respect to such sale.

The Private Placement Units were issued

pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities

On February 13, 2025, the

underwriters exercised the over-allotment option in full, and the closing of the issuance and sale of the additional Units (the “Over-Allotment

Option Units”) occurred on February 18, 2025.

The total aggregate issuance by us of 3,000,000 Over-Allotment Option Units at a price

of $10.00 per unit resulted in total gross proceeds of $30,000,000.

On February 18, 2025, simultaneously with the sale of the Over-Allotment

Option Units, we consummated the private sale of an additional 30,000 Private Placement Units, generating gross proceeds of $300,000.

In connection with the consummation

of IPO and exercise of the over-allotment option, we issued to Clear Street LLC, the representative of the underwriters in the IPO, an

aggregate of 230,000 ordinary shares.

The Private Placement Units were issued pursuant

to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

February 13, 2025, the underwriters exercised the over-allotment option in full, and the closing of the issuance and sale of the additional

Units (the “Over-Allotment Option Units”) occurred on February 18, 2025.

The total aggregate issuance by us of 3,000,000

Over-Allotment Option Units at a price of $10.00 per unit resulted in total gross proceeds of $30,000,000.

On February 18, 2025, simultaneously

with the sale of the Over-Allotment Option Units, we consummated the private sale of an additional 30,000 Private Placement Units to

the sponsor, generating gross proceeds of $300,000.

connection with the consummation of IPO and exercise of the over-allotment option, we issued to Clear Street LLC, the representative

of the underwriters in the IPO, an aggregate of 230,000 ordinary shares.

We will have up to 15 months

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of the IPO), subject to the sponsor depositing into the trust account $0.10 per public share outstanding in connection with each such

If we are unable to consummate an initial business combination within such time period, we will redeem 100% of the issued

and outstanding public shares for a pro rata portion of the funds held in the trust account, 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, divided by the

number of then issued and outstanding public shares, subject to applicable law, and then seek to liquidate

and subsequently dissolve.

As of February 18, 2025,

a total of $ 231,150,000 of the net proceeds from the sale of Units in the IPO (including the Over-Allotment Option Units) and the private

placement of the Private Placement Units, were placed in a trust account established for the benefit of the Company’s public shareholders

(the “trust account”) established by VStock Transfer, LLC, our transfer agent and maintained by Wilmington Trust, National

Association acting as trustee.

Except with respect to interest earned on the funds held in the trust account that may be released to

us to pay our taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur

On April 14, 2026, we filed a proxy statement on form DEF14A for an extraordinary general meeting on April 27, 2026, with

a proposal to amend our Second Amended and Restated Memorandum and Articles of Association (the “Existing Charter”) by adopting

an amendment to the Existing Charter which reflects the extension of the date by which we must consummate a business combination (the

“Combination Period”) up to twelve (12) times from April 29, 2026 (the “Termination Date”) to April 29, 2027,

each by an additional one (1) month (each an “Extension”) for a total of 12 months after the Termination Date, assuming a

Business Combination has not occurred, so long as the our sponsor deposits the lessor of $300,000 or $0.04 per non redeemed public share

for each one-month extension period into the Trust Account.

There is no guarantee that our shareholders at the extraordinary general

meeting will approve this proposal.

If we are unable to consummate an initial business combination within the Combination Period then

effective, we will redeem 100% of the issued and outstanding public shares for a pro rata portion of the funds held in the trust account,

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, divided by the number of then issued and outstanding public shares, subject to applicable law, and then

seek to liquidate and subsequently dissolve.

of February 18, 2025, a total of $231,150,000 of the net proceeds from the sale of Units in the IPO (including the Over-Allotment Option

Units) and the private placement of the Private Placement Units, were placed in a trust account established for the benefit of the Company’s

public shareholders (the “trust account”) established by VStock Transfer, LLC, our transfer agent and maintained by Wilmington

Trust, National Association acting as trustee.

Except with respect to interest earned on the funds held in the trust account that may

be released to us to pay our taxes, if any, the funds held in the trust account will not be released from the trust account until the

earliest to occur of:

(1) our completion of an initial business combination;

(2) the redemption of any public shares properly submitted in connection with

a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our

obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not

complete our initial business combination within the completion window or (B) with respect to any other material provisions relating to

shareholders’ rights or pre-initial business combination activity;

and (3) the redemption of our public shares if we have not completed

an initial business combination within the completion window, subject to applicable law.

The funds in the trust account will be invested

government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under

Rule 2a-7 under the Investment Company Act which invest only in direct U.S.

government treasury obligations and/or held as cash or cash

items (including in demand deposit accounts).

Effecting Our Initial Business Combination

We are not presently engaged

in, and we will not engage in, any operations for an indefinite period of time following the IPO.

We intend to effectuate our initial

business combination using cash from the proceeds of the IPO and the private placement of the Private Placement Units, the proceeds of

the sale of our shares in connection with our initial business combination, shares issued to the owners of the target, debt issued to

bank or other lenders or the owners of the target, or a combination of the foregoing.

While we may pursue an acquisition

opportunity in any industry or sector and in any region, we intend to focus on industries that complement our management team’s

background so we can capitalize on their ability to identify, acquire and support the operations of a successful business.

business combination and value creation strategy will be to identify, acquire and, after our initial business combination, assist in the

growth of a pharmaceutical business in the United States.

Our focus will be on the pharmaceutical sector.

Business Strategy

Our acquisition and value

creation strategy is to identify, acquire and, after our initial business combination, further accelerate the growth of a company in the

pharmaceutical industry.

We believe our management team’s knowledge, decades of experience and relationships across this industry

can effect a positive transformation or augmentation of an existing business model through implementing proven business strategies within

the pharmaceutical industry.

Our team is well positioned to originate attractive investment opportunities and has a history of executing

various business transactions in multiple geographies and under varying economic and financial market conditions.

Our team will identify potential

acquisition targets by leveraging existing relationships in combination with the market research data that aligns with the company’s

strategic goals and priorities.

Market size, growth potential, competition, and barriers to entry are all essential factors to consider

as we identify the acquisition target.

Our team intends to utilize an in-depth evaluation process of potential acquisition targets based

on financial performance, strategic fit, and potential synergies as well as the company’s products, and services to ensure our target

Although the pharmaceutical industry is highly regulated, and there are many legal and regulatory considerations that companies

must consider, such as licensing requirements, export controls, and liability issues, we believe our sponsor’s expertise and track

record in the pharmaceutical space will help mitigate these factors by proactively advising potential target companies on navigating these

We believe that it is possible

to mitigate risks in the U.S.

medical supply chain by investing in companies that will reduce America’s overreliance on production

of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing

technologies for critical drugs.

To achieve these goals, we will aim to complete our initial business combination with one or more target

companies that can deliver a solution to (1) the lack of supply chain visibility into where and by whom critical drug products are

manufactured and (2) the inability to accurately predict and proactively relieve ongoing and future drug shortages.

We believe that we have an

important role in the future of the pharmaceutical business.

With a successful series of target acquisitions the result will be a fully

integrated competitive cost business with vast expertise.

The aim will be for this business to have end-to-end capability from plant-based

raw material production for a spectrum of controlled substances (the Active Pharmaceutical Ingredients (“API”)) to drug manufacturing

and prescriptions filled by pharmacies or directly to the patients.

The post-business combination

company would aim to grow revenues building on an addressable market for the $44 billion plant-based production segment, API market,

and generic medications.

As a full spectrum producer, the finished product would allow the post-business combination company to disrupt

the current situation in the pharmaceutical market at a competitive cost while all operation from beginning of a product life-cycle

to its end-user application are made in America.

The complete solution will aim to provide supply chain resilience while mitigating identified

national health and security risks.

We believe that the deliverable

of the post-business combination company over a lifecycle from seed to the finished generic drug, delivered to the pharmacy or patient

directly, could mitigate an identified national security risk.

The business model will seek to guarantee production serviced by clean

advanced technology leveraging artificial intelligence in controlled environments that are premised on advanced production technology

in an energy efficient manner, while developing new continuous manufacturing processes for critical drugs and active pharmaceutical ingredients.

Shortages of critical medications

continue to rise — including drugs used in hospital emergency rooms and to treat cancer, prescription medications, and

even common over-the-counter treatments like children’s cold and flu medicine.

Drug shortages are not a new problem.

They are caused

by a number of factors, including economic drivers, insufficient supply chain visibility, and a continued U.S.

overreliance on both

foreign and geographically concentrated sources for medications and their raw materials.

These shortages have cascading effects on patient

care, causing delays in treatment, increasing the risk of medication errors, and requiring the use of less effective alternative treatments.

Hospitals have also experienced increased costs, medication waste, and limited staffing capacity to address and remedy shortages.

We believe that the post-business

combination company will be able to become a new competitive cost producer of drugs made in America.

Onboarding the production back to

the USA creates jobs, mitigates national security risks and will ensure the American people will have clean, pure, cost-efficient medications

through a resilient supply chain made in America.

Investment Criteria

Consistent with our business

strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating prospective targets

for our initial business combination with one or more target companies.

We will leverage these criteria and guidelines in evaluating acquisition

opportunities, but we may decide to enter into our initial business combination with a target or targets that do not meet these criteria

and guidelines.

(2) the redemption of any public shares properly submitted

in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance

or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares

if we do not complete our initial business combination within the completion window or (B) with respect to any other material provisions

relating to shareholders’ rights or pre-initial business combination activity;

and (3) the redemption of our public shares if we

have not completed an initial business combination within the completion window, subject to applicable law.

The funds in the trust account

will be invested only in U.S.

government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain

conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S.

government treasury obligations and/or held

as cash or cash items (including in demand deposit accounts).

ordinary shares and rights comprising the units began separate trading on February 25, 2025.

October 8, 2025, Glenn Worman, the former Chief Financial Officer and principal financial and accounting officer of the Company delivered

to the Company a notice of resignation from his position as Chief Financial Officer and principal financial and accounting officer of

Worman’s resignation was effective October 8, 2025.

Worman indicated that his resignation was not the result

of any disagreement with the Company regarding its operations, policies, practices or otherwise.

On November 17, 2025, the Company appointed Saleem Elmasri as Chief

Financial Officer and principal financial and accounting officer of the Company and entered into a Master Services Agreement (the “Consulting

Agreement”) with Titan Advisory Services LLC for the provision of such principal financial and accounting officer services by Mr.

Elmasri’s appointment to principal financial and accounting officer of the Company was effective November 17, 2025.

Under the terms of the Consulting Agreement, the Company will pay Titan Advisory Services LLC $42,000 per year, or $3,500 per month, for

services rendered by Mr.

Elmasri as Chief Financial Officer.

In addition, the Company shall grant, or the Company’s former Chief

Executive Officer, Lynn Stockwell, shall transfer 100,000 shares of the Company’s ordinary shares to Saleem Elmasri upon engagement.

connection with his appointment, Mr.

Elmasri is expected to enter into an Indemnity Agreement, a Letter Agreement and a Registration

Rights Agreement with the Company on the same terms as the other directors and officers of the Company that executed similar agreements

at the time of the consummation of the Company’s IPO.

The Indemnity Agreement, Letter Agreement and Registration Rights Agreement

are in the forms of the agreement that are filed as exhibits to this Annual Report on Form 10-K.

Other than the foregoing, Mr.

is not party to any arrangement or understanding with any person pursuant to which he was appointed as an executive officer of the Company,

nor is he party to any transactions required to be disclosed under Item 404(a) of Regulation S-K involving the Company.

family relationships between Mr.

Elmasri and any of the Company’s directors and executive officers.

Between the completion of

Drugs Made In America Acquisition II Corp.

(the “Affiliate”)’s initial public offering on September 26, 2025 and December

31, 2025, the sponsor to the Affiliate (the “Affiliate’s Sponsor”) withdrew an aggregate amount of $1,345,844 (the

“Withdrawal”) from the Affiliate’s working capital account (the “Account”).

Of the aggregate Withdrawal

amount, $325,000 was used to repay an outstanding working capital note (the “Note”) to the Affiliate’s Sponsor and

$208,731 was used to repay other offering costs and expenses to the Affiliate’s Sponsor.

On February 12, 2026, after the board

of directors of the Affiliate (the “Affiliate Board”) directed the Affiliate’s Sponsor to return the full balance due

to the Affiliate, the Affiliate Board and the Affiliate’s Chief Financial Officer (the “Affiliate CFO”) learned that

Affiliate’s Sponsor would not be able to repay the balance due back to the Affiliate.

on the foregoing, on February 18, 2026, at the request of the Affiliate Board and the board of directors of the Company (the “Board”),

Lynn Stockwell agreed to tender her resignation as Chief Executive Officer, Executive Chair of the Board and as a Board member of the

Affiliate and as Chief Executive Officer, Executive Chair of the Board and as a Board member of the Company.

The Board received notification

Stockwell’s resignation on February 28, 2026 and such resignation was effective upon receipt.

The Board accepted Ms.

resignation and Ms.

Stockwell was removed as Chief Executive Officer, Executive Chair of the Board and as a member of the Board.

a result of the above conduct by the Affiliate’s Sponsor and Ms.

Stockwell, the Board adopted resolutions taking the following

February 28, 2026, Ms.

Stockwell was removed as the Company’s Chief Executive Officer, Executive Chair of the Board and as a member

of the Board;

February 28, 2026, Roger Bendelac was appointed to the position of Chief Executive Officer of the Company to be effective as of the date

Stockwell’s resignation as the Company’s Chief Executive Officer.

In connection with the change

in management, Ms.

Stockwell, as the Managing Member of the sponsor group, along with her spouse, entered into a sponsor standstill, non-voting

and cooperation acknowledgement, in which they agreed to refrain from taking any actions with respect to the Company and to cooperate

with the current management team on the transfer of founder shares and other securities held by the sponsor when permissible.

are no arrangements or understandings between Mr.

Bendelac and any other person pursuant to which he was appointed as an officer of the

There are no family relationships between Mr.

Bendelac and any director or executive officer of the Company.

not been involved in any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

connection with his appointment, Mr.

Bendelac’s compensation has not yet been determined.

The Board of Directors intends to consider

and approve a compensation arrangement at a future date.

The Company will disclose the material terms of any such arrangement in a subsequent

filing, as required.

a result of the events reported above, the Board immediately took action to confirm that the Withdrawal did not extend to the Company’s

trust account, and as of March 6, 2026, approximately $241,292,436 was in the trust account.

March 23, 2026, the Company issued an interim convertible note (the “Interim Note”) to BV Advisory Partners, LLC (the “Investor”)

in the principal amount of $100,000 (the “Interim Loan”).

The Interim Loan represents an initial loan towards a contemplated

$500,000 financing (the “Financing”) pursuant to the Definitive Interim Investment and Sponsor Transition Agreement dated

March 23, 2026 (the “Investment Agreement”) described below.

Interim Note has a maturity date six months from the date of issuance, unless earlier converted or credited toward the definitive financing

under the Investment Agreement and does not bear interest.

Upon the consummation of initial business combination by the Company (a “Business

Combination”), the outstanding principal amount of the Interim Loan may, at the option of the Investor, be converted into shares

of the combined entity at a conversion price equal to a 35% discount to the market price of such shares at the time of conversion.

Company intends to use the proceeds of the Interim Loan for accounting expenses, audit expenses and other expenses related to a Business

Combination although it has not yet entered into an agreement for a Business Combination.

The Interim Loan represents a direct financial

obligation of the Company.

March 23, 2026, the Company entered into the Investment Agreement with the Investor relating to a proposed financing transaction pursuant

to which the Investor indicated its intent to provide financing to the Company through a convertible note investment, of which the Interim

Loan represented the first tranche.

Pursuant to the Investment Agreement, the aggregate amount to be loaned is $500,000.

The second tranche

of $200,000 will be made within 21 days with the remainder of the commitment on an as-needed basis.

The Company also agreed to use commercially

reasonable efforts to provide the Investor with not less than 40% of the economic benefit equivalent to sponsor-level economics.

Investor has the right but not the obligation to provide additional funding beyond the $500,000 commitment.

connection with the Investment Agreement, the Investor has introduced to the Company a potential business combination opportunity involving

an enterprise technology platform focused on artificial intelligence, machine learning, quantum analytics, and cybersecurity solutions,

consistent with the business of Power Analytics Global Corporation.

Company has commenced preliminary due diligence with respect to this potential opportunity.

On April 7, 2026, the Company entered into

a letter of intent (the “LOI”) with Power Analytics Global Corp., a Delaware corporation (the “Target”) for a

de-SPAC transaction resulting in Target becoming a public company.

The terms of the transaction are subject to further negotiation and

execution of a business combination agreement although it is anticipated that the valuation for Target will be approximately $1.0 billion,

subject to adjustment based on due diligence, capital structure, net debt, working capital and market conditions.

As of the date of this

report, no definitive agreement has been executed, and there can be no assurance that any business combination will result from this

Our Initial Business Combination

are not presently engaged in, and we will not engage in, any operations for an indefinite period of time following the IPO.

to effectuate our initial business combination using cash from the proceeds of the IPO and the private placement of the Private Placement

Units, the proceeds of the sale of our shares in connection with our initial business combination, shares issued to the owners of the

target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

While we may pursue an acquisition opportunity in any industry or sector

and in any region, we intend to focus on industries that complement our management team’s background so we can capitalize on their

ability to identify, acquire and support the operations of a successful business.

Our initial business combination and value creation

strategy will be to identify, acquire and, after our initial business combination, assist in the growth of an AI, pharmaceutical, or any

other businesses in the United States that need for rapid innovation.

Our acquisition and value creation strategy is to identify, acquire

and, after our initial business combination, further accelerate the growth of a company in the AI, pharmaceutical, or any other industries

that need for rapid innovation.

We believe our management team’s knowledge, decades of experience and relationships can effect a

positive transformation or augmentation of an existing business model through implementing proven business strategies within these industries.

Our team is well positioned to originate attractive investment opportunities and has a history of executing various business transactions

in multiple geographies and under varying economic and financial market conditions.

Our team identifies potential acquisition targets by leveraging existing

relationships in combination with the market research data that aligns with the company’s strategic goals and priorities.

size, growth potential, competition, and barriers to entry are all essential factors to consider as we identify the acquisition target.

Our team intends to utilize an in-depth evaluation process of potential acquisition targets based on financial performance, strategic

fit, and potential synergies as well as the company’s products, and services to ensure our target is aligned.

Although there are

many legal and regulatory considerations that companies must consider, we believe our sponsor’s expertise and track record will

help mitigate these factors by proactively advising potential target companies on navigating these issues.

with our business strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating

prospective targets for our initial business combination with one or more target companies.

We will leverage these criteria and guidelines

in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a target or targets that

do not meet these criteria and guidelines.

We intend to acquire one or more target businesses with the following characteristics:

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growth and/or is benefiting from secular tailwinds.

● Defensible and established business models :

will seek to acquire a target with sustainable competitive advantages.

Though many companies in our industries of interest likely experienced

substantial challenges related to health pandemics, we seek companies with fundamentally sound business models that will recover well.

● Multiple avenues for long-term growth :

intend to acquire a company that exhibits long-term growth prospects, with the potential to grow both organically and inorganically through

acquisitions, and demonstrates the ability to drive growth through the enablement or scaling of technology.

● Sustainable financial profile :

intend to target companies that generate stable free cash-flow and are not reliant on financial leverage to generate returns.

● Compelling value proposition :

intend to acquire a fundamentally sound business that is underperforming its potential but presents a compelling value proposition relative

to its peers that may result in an attractive risk-adjusted return for our shareholders.

● Potential for add-on acquisitions :

will actively consider target companies that would serve as a strong platform for post-closing add-on acquisitions.

Given our extensive

industry networks and collective experience, we believe we will have unique access to a large number of private assets operating in the

pharmaceutical sector.

and established business models :

We will seek to acquire a target with sustainable competitive advantages.

many companies in our industries of interest likely experienced substantial challenges related to health pandemics, we seek companies

with fundamentally sound business models that will recover well.

avenues for long-term growth :

We intend to acquire a company that exhibits long-term growth prospects, with the potential

to grow both organically and inorganically through acquisitions, and demonstrates the ability to drive growth through the enablement

or scaling of technology.

financial profile :

We intend to target companies that generate stable free cash-flow and are not reliant on financial

leverage to generate returns.

value proposition :

We intend to acquire a fundamentally sound business that is underperforming its potential but presents

a compelling value proposition relative to its peers that may result in an attractive risk-adjusted return for our shareholders.

for add-on acquisitions :

We actively consider target companies that would serve as a strong

platform for post-closing add-on acquisitions.

Given our extensive industry networks and collective experience, we believe we will have

unique access to a large number of private assets operating in the AI, pharmaceutical, or any other sectors that need for rapid innovation.

Such add-on acquisitions can expedite growth for the target and help to amplify returns for our shareholders.

● Benefit from our unique capabilities :

seek to acquire a business that will benefit from and capitalize on our team’s unique operating expertise, extensive industry network

and financing experience.

● Qualified management team :

seek to acquire a business that allows our team to partner with proven and established management teams or business owners to achieve

long-term strategic and operational excellence.

● Benefit from being a public company :

intend to acquire a company at the point in its lifecycle at which going public, with the support of our highly experienced management

team and access to our robust industry networks, is a natural next step and that will benefit from access to a public currency to accelerate

● Products and Services provided :

on our team’s unique experience and skillset, we intend to source and evaluate companies focused on the pharmaceutical sector.

This non-exclusive list of

criteria is not intended to be exhaustive.

Any evaluation relating to the merits of a particular initial business combination may be based,

to the extent relevant, on some or all of these general guidelines as well as other considerations, factors and criteria that our management

may deem relevant.

In the event that we decide to enter into our initial business combination with a target business that does not meet

the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder communications

related to our initial business combination, which would be in the form of proxy solicitation or tender offer materials that we would

file with the SEC.

Our Acquisition Process

We intend to leverage our

resources and network for efficient outreach.

from our unique capabilities :

We seek to acquire a business that will benefit from and capitalize on our team’s

unique operating expertise, extensive industry network and financing experience.

management team :

We seek to acquire a business that allows our team to partner with proven and established management

teams or business owners to achieve long-term strategic and operational excellence.

from being a public company :

We intend to acquire a company at the point in its lifecycle at which going public, with

the support of our highly experienced management team and access to our robust industry networks, is a natural next step and that

will benefit from access to a public currency to accelerate growth.

and Services provided :

Based on our team’s unique experience and skillset, we intend

to source and evaluate companies focused on the AI, pharmaceutical, or any other sectors that need for rapid innovation.

non-exclusive list of criteria is not intended to be exhaustive.

Any evaluation relating to the merits of a particular initial business

combination may be based, to the extent relevant, on some or all of these general guidelines as well as other considerations, factors

and criteria that our management may deem relevant.

In the event that we decide to enter into our initial business combination with a

target business that does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above

criteria in our shareholder communications related to our initial business combination, which would be in the form of proxy solicitation

or tender offer materials that we would file with the SEC.

Acquisition Process

intend to leverage our resources and network for efficient outreach.

Our effort will be focused on creating proprietary transaction opportunities.

personal relationships built over time are critical not just in generating transaction opportunities, but also in consummating a business

In evaluating a prospective

target business, we expect to conduct a due diligence review which may encompass, among other things, meetings with incumbent management

and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as applicable, as well as a review of

financial, operational, legal and other information which will be made available to us.

We are not prohibited from

pursuing an initial business combination with a company that is affiliated with any of our initial shareholders or members of our management

In the event we seek to complete our initial business combination with a business that is affiliated with any of our initial shareholders

or members of our management team, we, or a committee of independent and disinterested directors, may engage independent advisors to assist

with the evaluation and will obtain an opinion from an independent investment banking firm that is a member of the Financial Industry

Regulatory Authority, or FINRA, or from an independent accounting firm, that such an initial business combination is fair to our company

from a financial point of view.

Our initial shareholders

and members of our management team directly or indirectly own our securities, and accordingly, they may have a conflict of interest in

determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

Further, each of our initial shareholders, officers and directors may have a conflict of interest with respect to evaluating a particular

business combination if the retention or resignation of any such initial shareholders, officers and directors was included by a target

business as a condition to any agreement with respect to our initial business combination.

Our initial shareholders

and members of our management team may from time to time become aware of potential business opportunities, one or more of which we may

desire to pursue as an initial business combination, but we have not (nor has anyone on our behalf) engaged in any substantive discussions,

directly or indirectly, with any business combination target with respect to a business combination transaction with us.

Each of our officers and

directors presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one

or more other entities pursuant to which such officer or director may be required to present a business combination opportunity to such

Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable

(i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract,

to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us;

renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which

may be a corporate opportunity for any director or officer, on the one hand, and us, on the other.

Accordingly, if any of our officers

or directors becomes aware of a business combination opportunity which is suitable for one or more entities to which he or she has fiduciary,

contractual or other obligations or duties, he or she may be required to honor these obligations and duties to present such business combination

opportunity to such entities first, and only present it to us if such entities reject the opportunity and he or she determines to present

the opportunity to us, subject to their fiduciary duties under Cayman Islands law.

Our initial shareholders

and members of our management team may participate in the formation of, invest in (on behalf of themselves, their affiliates or its and

their clients), or become an officer or director of, any other blank check company prior to completion of our initial business combination.

As a result, our initial shareholders and members of our management team could have conflicts of interest in determining whether to present

business combination opportunities to us or to any other blank check company with which they may become involved.

Initial Business Combination

We believe personal relationships built over time are critical not just in generating transaction opportunities, but also in consummating

a business combination.

evaluating a prospective target business, we expect to conduct a due diligence review which may encompass, among other things, meetings

with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as applicable,

as well as a review of financial, operational, legal and other information which will be made available to us.

are not prohibited from pursuing an initial business combination with a company that is affiliated with any of our initial shareholders

or members of our management team.

In the event we seek to complete our initial business combination with a business that is affiliated

with any of our initial shareholders or members of our management team, we, or a committee of independent and disinterested directors,

may engage independent advisors to assist with the evaluation and will obtain an opinion from an independent investment banking firm

that is a member of the Financial Industry Regulatory Authority, or FINRA, or from an independent accounting firm, that such an initial

business combination is fair to our company from a financial point of view.

initial shareholders and members of our management team directly or indirectly own our securities, and accordingly, they may have a conflict

of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business

Further, each of our initial shareholders, officers and directors may have a conflict of interest with respect to evaluating

a particular business combination if the retention or resignation of any such initial shareholders, officers and directors was included

by a target business as a condition to any agreement with respect to our initial business combination.

initial shareholders and members of our management team may from time to time become aware of potential business opportunities, one or

more of which we may desire to pursue as an initial business combination, but we have not (nor has anyone on our behalf) engaged in any

substantive discussions, directly or indirectly, with any business combination target with respect to a business combination transaction

of our officers and directors presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations

or duties to one or more other entities pursuant to which such officer or director may be required to present a business combination

opportunity to such entities.

Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted

by applicable law:

(i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly

assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business

and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction

or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other.

Accordingly, if any

of our officers or directors becomes aware of a business combination opportunity which is suitable for one or more entities to which

he or she has fiduciary, contractual or other obligations or duties, he or she may be required to honor these obligations and duties

to present such business combination opportunity to such entities first, and only present it to us if such entities reject the opportunity

and he or she determines to present the opportunity to us, subject to their fiduciary duties under Cayman Islands law.

initial shareholders and members of our management team may participate in the formation of, invest in (on behalf of themselves, their

affiliates or its and their clients), or become an officer or director of, any other blank check company prior to completion of our initial

business combination.

As a result, our initial shareholders and members of our management team could have conflicts of interest in determining

whether to present business combination opportunities to us or to any other blank check company with which they may become involved.

Business Combination

We will have up to 15 months

11 unchanged sentences

outstanding in connection with each such extension into the trust account on or prior to the date of the deadline.

Our sponsor is not

obligated to extend the time for us to complete our initial business combination.

In the event that we receive notice from our sponsor

five days prior to the deadline of its wish for us to effect an extension, we intend to issue a press release announcing such intention

at least three days prior to the deadline.

In addition, we intend to issue a press release the day after the deadline announcing

whether or not the funds have been timely deposited.

This structure is unlike the structure of similar blank check companies, which generally

are only permitted to extend the time period to complete an initial business combination in connection with an amendment to their amended

and restated memorandum and articles of association.

In addition to our

sponsor’s ability to extend our deadline to consummate an initial business combination by up to three months as described

above, we may also hold a shareholder vote at any time to amend our amended and restated memorandum and articles of association to

modify the amount of time we will have to consummate an initial business combination (as well as to modify the substance or timing

of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within the

prescribed time periods or with respect to any other material provisions relating to shareholders’ rights or

pre-initial business combination activity).

Our sponsor, executive officers, and directors have agreed that

they will not propose any such amendment unless we provide our public shareholders with the opportunity to redeem their public

shares upon approval of any such amendment 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 (net of funds withdrawn to pay our taxes, if

any), divided by the number of then issued and outstanding public shares, subject to certain limitations.

shareholders will be permitted to redeem their shares regardless of whether they abstain, vote for, vote against, or vote at all

with respect to the proposed business combination.

If we do not complete our

initial business combination within the completion window, we 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 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 (net of funds withdrawn to pay our taxes, if any, and up to $100,000 of interest to pay dissolution expenses),

divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’

rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably

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

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

There is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination.

Nasdaq listing rules require

that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets

held in the trust account (excluding any deferred underwriting commissions and taxes payable on the income earned on the trust account)

at the time of the agreement to enter into the initial business combination.

We refer to this as the 80% of net assets test.

of directors is not able to independently determine the fair market value of the target business or businesses, we will obtain an opinion

from an independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the

satisfaction of such criteria.

We do not currently intend to purchase multiple businesses in unrelated industries in conjunction with

our initial business combination, although there is no assurance that will be the case.

We anticipate structuring

our initial business combination so that the post-transaction company in which our public shareholders own shares will own or acquire

100% of the issued and outstanding equity interests or assets of the target business or businesses.

We may, however, structure our initial

business combination such that the post-transaction company owns or acquires less than 100% of such interests or assets of the target

business in order to meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete

such business combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities

of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as

an investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act.

Even if the post-transaction

company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to our initial business combination

may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in our

initial business combination transaction.

For example, we could pursue a transaction in which we issue a substantial number of new shares

in exchange for all of the issued and outstanding capital stock, shares or other equity interests of a target business or issue a substantial

number of new shares to third-parties in connection with financing our initial business combination.

In this case, we would acquire a

100% controlling interest in the target.

However, as a result of the issuance of a substantial number of new shares, our shareholders

immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares subsequent to

On April 14, 2026,

we filed a proxy statement on form DEF14A for an extraordinary general meeting on April 27, 2026, with a proposal to amend our Second

Amended and Restated Memorandum and Articles of Association (the “Existing Charter”) by adopting an amendment to the Existing

Charter which reflects the extension of the date by which we must consummate a business combination (the “Combination Period”)

up to twelve (12) times from April 29, 2026 (the “Termination Date”) to April 29, 2027, each by an additional one (1) month

(each an “Extension”) for a total of 12 months after the Termination Date, assuming a Business Combination has not occurred,

so long as our sponsor deposits the lessor of $300,000 or $0.04 per non redeemed public share for each one-month extension period into

the Trust Account.

There is no guarantee that our shareholders at the extraordinary general meeting will approve this proposal.

is not obligated to extend the time for us to complete our initial business combination.

In the event that we receive notice from our

sponsor five days prior to the deadline of its wish for us to effect an extension, we intend to issue a press release announcing

such intention at least three days prior to the deadline.

In addition, we intend to issue a press release the day after the

deadline announcing whether or not the funds have been timely deposited.

This structure is unlike the structure of similar blank check

companies, which generally are only permitted to extend the time period to complete an initial business combination in connection with

an amendment to their amended and restated memorandum and articles of association.

addition to our sponsor’s ability to extend our deadline to consummate an initial business combination by up to three months

as described above, we may also hold a shareholder vote at any time to amend our amended and restated memorandum and articles of association

to modify the amount of time we will have to consummate an initial business combination (as well as to modify the substance or timing

of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within the prescribed

time periods or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination

Our sponsor, executive officers, and directors have agreed that they will not propose any such amendment unless we provide

our public shareholders with the opportunity to redeem their public shares upon approval of any such amendment 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 (net of funds withdrawn to pay our taxes, if any), divided by the number of then issued and outstanding public shares,

subject to certain limitations.

Our public shareholders will be permitted to redeem their shares regardless of whether they abstain,

vote for, vote against, or vote at all with respect to the proposed business combination.

we do not complete our initial business combination within the completion window, we 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

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 (net of funds withdrawn to pay our taxes, if any, and up to $100,000 of interest

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

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

promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors,

liquidate and dissolve, subject, in each case, to our obligations under Cayman Islands law to provide for claims of creditors and the

requirements of other applicable law.

There is no limitation on our ability to raise funds privately or through loans in connection with

our initial business combination.

If less than 100% of the equity interests or assets of a target business or businesses are owned or

acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued

for purposes of the 80% of net assets test.

If our initial business combination involves more than one target business, the 80% of net

assets test will be based on the aggregate value of all of the target businesses.

Notwithstanding the foregoing, if we are not then listed

on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of net assets test.

We are not prohibited from

pursuing an initial business combination with a company that is affiliated with our sponsor, directors or officers.

In the event we seek

to complete an initial business combination with a target that is affiliated with our sponsor, directors or officers, we, or a committee

of independent and disinterested directors, may engage independent advisors to assist with the evaluation and would obtain an opinion

from an independent investment banking firm or from an independent accounting firm that such an initial business combination is fair to

our company from a financial point of view.

listing rules require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of

the value of the assets held in the trust account (excluding any deferred underwriting commissions and taxes payable on the income earned

on the trust account) at the time of the agreement to enter into the initial business combination.

We refer to this as the 80% of net

If our board of directors is not able to independently determine the fair market value of the target business or businesses,

we will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions

with respect to the satisfaction of such criteria.

We do not currently intend to purchase multiple businesses in unrelated industries

in conjunction with our initial business combination, although there is no assurance that will be the case.

anticipate structuring our initial business combination so that the post-transaction company in which our public shareholders own shares

will own or acquire 100% of the issued and outstanding equity interests or assets of the target business or businesses.

We may, however,

structure our initial business combination such that the post-transaction company owns or acquires less than 100% of such interests or

assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons,

but we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding

voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required

to register as an investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act.

if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to our initial

business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the

target and us in our initial business combination transaction.

For example, we could pursue a transaction in which we issue a substantial

number of new shares in exchange for all of the issued and outstanding capital stock, shares or other equity interests of a target business

or issue a substantial number of new shares to third-parties in connection with financing our initial business combination.

In this case,

we would acquire a 100% controlling interest in the target.

However, as a result of the issuance of a substantial number of new shares,

our shareholders immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares

subsequent to our initial business combination.

If less than 100% of the equity interests or assets of a target business or businesses

are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will

be valued for purposes of the 80% of net assets test.

If our initial business combination involves more than one target business, the

80% of net assets test will be based on the aggregate value of all of the target businesses.

Notwithstanding the foregoing, if we are

not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of net assets test.

are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, directors or officers.

In the event we seek to complete an initial business combination with a target that is affiliated with our sponsor, directors or officers,

we, or a committee of independent and disinterested directors, may engage independent advisors to assist with the evaluation and would

obtain an opinion from an independent investment banking firm or from an independent accounting firm that such an initial business combination

is fair to our company from a financial point of view.

We are not required to obtain such an opinion in any other context.

Redemption Rights for Public Shareholders Upon

Consummation of Our Initial Business Combination

We will provide our public

shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination

at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days

prior to the consummation of the initial business combination, including interest (net of funds withdrawn to pay our taxes, if any), divided

by the number of then issued and outstanding public shares, subject to certain limitations.

Our public shareholders will

be permitted to redeem their shares regardless of whether they abstain, vote for, vote against, or vote at all with respect to the proposed

business combination.

At the completion of our initial business combination, we will be required to purchase any public shares properly

delivered for redemption and not withdrawn.

The per-share amount we will distribute to investors who properly redeem their shares will

not be reduced by the deferred underwriting commissions we will pay to the underwriters.

The redemption rights will include the requirement

that a beneficial holder must identify itself in order to validly redeem its shares.

There will be no redemption rights upon the completion

of our initial business combination with respect to our rights.

Our sponsor, directors and officers have entered into a letter agreement

with us, pursuant to which they have agreed to waive their redemption rights with respect to any shares held by them in connection with

the completion of our initial business combination.

If a shareholder vote on

our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons,

we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E under the Exchange Act, and will file tender offer

documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information

about our initial business combination and the redemption rights as is required under Regulation 14A under the Exchange Act.

Redemption of Public Shares and Liquidation

if No Initial Business Combination

Our amended and restated

memorandum and articles of association provide that we will initially have until the end of the completion window to complete our initial

business combination.

If we have not completed our initial business combination within the completion window, we will:

all operations except for the purpose of winding up;

(2) as promptly as reasonably possible but not more than ten business days

thereafter, redeem 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 (net of funds withdrawn to pay our taxes, if any, and up to $100,000 of interest to pay dissolution expenses),

divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’

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

and (3) as promptly as reasonably

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

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

There will be no redemption rights or liquidating distributions with respect to our rights, which will expire worthless if we fail

to complete our initial business combination within the prescribed time period.

Our public shareholders will be permitted to redeem their

shares regardless of whether they abstain, vote for, vote against, or vote at all with respect to the proposed business combination.

Our sponsor has entered into

written agreements with us, pursuant to which it has waived its rights to liquidating distributions from the trust account with respect

to any founder shares it holds if we fail to complete our initial business combination within the completion window.

However, if our sponsor

acquires public shares, it will be entitled to liquidating distributions from the trust account with respect to such public shares if

we fail to complete our initial business combination within the completion window.

Our sponsor, directors, and

officers have agreed, pursuant to written agreements with us, that they will not propose any amendment to our amended and restated memorandum

and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial

business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion

window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination

activity, unless we provide our public shareholders with the opportunity to redeem their ordinary shares upon approval of any such amendment

at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of

funds withdrawn to pay our taxes, if any, and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued

and outstanding public shares.

If we were to expend all of the net proceeds of the IPO and the sale of

the Private Placement Units, other than the proceeds deposited in the trust account, and without taking into account interest, if any,

earned on the trust account, the per-share redemption amount received by shareholders upon our dissolution would be approximately $10.05.

The proceeds deposited in the trust account could, however, become subject to the claims of our creditors which would have higher priority

than the claims of our public shareholders.

Under Cayman laws, our plan of dissolution must provide for all claims against us to be paid

in full or make provision for payments to be made in full, as applicable, if there are sufficient assets.

These claims must be paid or

provided for before we make any distribution of our remaining assets to our shareholders.

Although we will seek to

have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and

other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any

monies held in the trust account for the benefit of our public shareholders, there is no guarantee that they will execute such agreements

or even if they execute such agreements that they would be prevented from bringing claims against the trust account including but not

limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability

of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the

trust account.

If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, our management

will perform an analysis of the alternatives available to it and will enter into an agreement with a third party that has not executed

a waiver only if management believes that such third party’s engagement would be significantly more beneficial to us than any alternative.

Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party

consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants

that would agree to execute a waiver or in cases where we are unable to find a service provider willing to execute a waiver.

there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of,

any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any reason.

Our sponsor has agreed that

it will be liable to us if and to the extent any claims by a third party (other than our independent registered public accounting firm)

for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction

agreement, reduce the amount of funds in the trust account to below (1) $10.05 per public share or (2) such lesser amount per

Rights for Public Shareholders Upon Consummation of Our Initial Business Combination

will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our

initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account

calculated as of two business days prior to the consummation of the initial business combination, including interest (net of

funds withdrawn to pay our taxes, if any), divided by the number of then issued and outstanding public shares, subject to certain limitations.

Our public shareholders will be permitted to redeem their shares regardless of whether they abstain, vote for, vote against, or vote

at all with respect to the proposed business combination.

At the completion of our initial business combination, we will be required

to purchase any public shares properly delivered for redemption and not withdrawn.

The per-share amount we will distribute to investors

who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.

The redemption

rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares.

There will be

no redemption rights upon the completion of our initial business combination with respect to our rights.

Our sponsor, directors and officers

have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any

shares held by them in connection with the completion of our initial business combination.

a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business

or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E under the Exchange Act, and

will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same

financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A

under the Exchange Act.

of Public Shares and Liquidation if No Initial Business Combination

amended and restated memorandum and articles of association provide that we will initially have until the end of the completion window

to complete our initial business combination.

If we have not completed our initial business combination within the completion window,

(1) cease all operations except for the purpose of winding up;

(2) as promptly as reasonably possible but not more

than ten business days thereafter, redeem 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 (net of funds withdrawn to pay our taxes, if any, and up to $100,000

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

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

and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and

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

of creditors and the requirements of other applicable law.

There will be no redemption rights or liquidating distributions with respect

to our rights, which will expire worthless if we fail to complete our initial business combination within the prescribed time period.

Our public shareholders will be permitted to redeem their shares regardless of whether they abstain, vote for, vote against, or vote

at all with respect to the proposed business combination.

sponsor has entered into written agreements with us, pursuant to which it has waived its rights to liquidating distributions from the

trust account with respect to any founder shares it holds if we fail to complete our initial business combination within the completion

However, if our sponsor acquires public shares, it will be entitled to liquidating distributions from the trust account with

respect to such public shares if we fail to complete our initial business combination within the completion window.

sponsor, directors, and officers have agreed, pursuant to written agreements with us, that they will not propose any amendment to our

amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption

in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business

combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights

or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem their ordinary

shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the

trust account, including interest (net of funds withdrawn to pay our taxes, if any, and up to $100,000 of interest to pay dissolution

expenses), divided by the number of then issued and outstanding public shares.

we were to expend all of the net proceeds of the IPO and the sale of the Private Placement Units, other than the proceeds deposited in

the trust account, and without taking into account interest, if any, earned on the trust account, the per-share redemption amount received

by shareholders upon our dissolution would be approximately $10.05.

The proceeds deposited in the trust account could, however, become

subject to the claims of our creditors which would have higher priority than the claims of our public shareholders.

Under Cayman laws,

our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be made in full,

as applicable, if there are sufficient assets.

These claims must be paid or provided for before we make any distribution of our remaining

assets to our shareholders.

we will seek to have all vendors, service providers (other than our independent registered public accounting firm), prospective target

businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any

kind in or to any monies held in the trust account for the benefit of our public shareholders, there is no guarantee that they will execute

such agreements or even if they execute such agreements that they would be prevented from bringing claims against the trust account including

but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the

enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds

held in the trust account.

If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account,

our management will perform an analysis of the alternatives available to it and will enter into an agreement with a third party that

has not executed a waiver only if management believes that such third party’s engagement would be significantly more beneficial

to us than any alternative.

Examples of possible instances where we may engage a third party that refuses to execute a waiver include

the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior

to those of other consultants that would agree to execute a waiver or in cases where we are unable to find a service provider willing

to execute a waiver.

In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future

as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account

for any reason.

sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered

public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have discussed entering

into a transaction agreement, reduce the amount of funds in the trust account to below (1) $10.05 per public share or (2) such

lesser amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in

value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay our taxes, if any, except as to any

claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under

our indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act.

that an executed waiver is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of

any liability for such third-party claims.

We have not independently verified whether our sponsor has sufficient funds to satisfy its

indemnity obligations and believe that our sponsor’s only assets are securities of our company and, therefore, our sponsor may

not be able to satisfy those obligations.

None of our other officers will indemnify us for claims by third parties including, without

limitation, claims by vendors and prospective target businesses.

the event that the proceeds in the trust account are reduced below (1) $10.05 per public share or (2) such lesser amount per

public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust

assets, in each case net of the amount of interest which may be withdrawn to pay our taxes, if any, except as to any claims by a third

party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity

of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act.

In the event that an executed

waiver is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for

such third-party claims.

We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations

and believe that our sponsor’s only assets are securities of our company and, therefore, our sponsor may not be able to satisfy

those obligations.

None of our other officers will indemnify us for claims by third parties including, without limitation, claims by vendors

and prospective target businesses.

In the event that the proceeds

in the trust account are reduced below (1) $10.05 per public share or (2) such lesser amount per public share held in the trust

account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the

amount of interest which may be withdrawn to pay our taxes, if any, and our sponsor asserts that it is unable to satisfy its indemnification

obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether

to take legal action against our sponsor to enforce its indemnification obligations.

While we currently expect that our independent directors

would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent

directors in exercising their business judgment may choose not to do so in any particular instance.

We will seek to reduce the

possibility that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service

providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which

we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to monies held in the trust account.

Our sponsor will also not be liable as to any claims under our indemnity of the underwriters of the IPO against certain liabilities, including

liabilities under the Securities Act.

In the event that we liquidate and it is subsequently determined that the reserve for claims and

liabilities is insufficient, shareholders who received funds from our trust account could be liable for claims made by creditors.

Our public shareholders shall

be entitled to receive funds from the trust account only in the event of our failure to complete a business combination within the required

time period, if the shareholders seek to have us convert or purchase their respective shares upon a business combination which is actually

completed by us or upon certain amendments to our amended and restated memorandum and articles of association prior to consummating an

initial business combination.

In no other circumstances shall a shareholder have any right or interest of any kind to or in the trust

If we are forced to file

a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us which is not dismissed, the

proceeds held in the trust account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy

assets, in each case net of the amount of interest which may be withdrawn to pay our taxes, if any, and our sponsor asserts that it is

unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent

directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations.

While we currently

expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations

to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in any particular

will seek to reduce the possibility that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring

to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses

and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or

to monies held in the trust account.

Our sponsor will also not be liable as to any claims under our indemnity of the underwriters of

the IPO against certain liabilities, including liabilities under the Securities Act.

In the event that we liquidate and it is subsequently

determined that the reserve for claims and liabilities is insufficient, shareholders who received funds from our trust account could

be liable for claims made by creditors.

public shareholders shall be entitled to receive funds from the trust account only in the event of our failure to complete a business

combination within the required time period, if the shareholders seek to have us convert or purchase their respective shares upon a business

combination which is actually completed by us or upon certain amendments to our amended and restated memorandum and articles of association

prior to consummating an initial business combination.

In no other circumstances shall a shareholder have any right or interest of any

kind to or in the trust account.

we are forced to file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us which

is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy or insolvency law, and may be included

in our bankruptcy or insolvency estate and subject to the claims of third parties with priority over the claims of our shareholders.

we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,

the proceeds held in the trust account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy

or insolvency estate and subject to the claims of third parties with priority over the claims of our shareholders.

If we file a bankruptcy or

winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds held in

the trust account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy or insolvency estate

and subject to the claims of third parties with priority over the claims of our shareholders.

Additionally,

if we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,

Additionally, if we

file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,

any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or insolvency laws as either

4 unchanged sentences

by paying public shareholders from the trust account prior to addressing the claims of creditors.

We expect to encounter intense

competition from other entities having a business objective similar to ours, including private investors (which may be individuals or

investment partnerships), other blank check companies and other entities, domestic and international, competing for the types of businesses

we intend to acquire.

Many of these individuals and entities are well established and have extensive experience in identifying and effecting,

directly or indirectly, acquisitions of companies operating in or providing services to various industries.

Many of these competitors

possess greater technical, human and other resources or more local industry knowledge than we do, and our financial resources will be

relatively limited when contrasted with those of many of these competitors.

While we believe there are numerous target businesses we could

potentially acquire with the net proceeds of the IPO and the sale of the Private Placement Units, our ability to compete with respect to the acquisition

of certain target businesses that are sizable will be limited by our available financial resources.

This inherent competitive limitation

gives others an advantage in pursuing the acquisition of certain target businesses.

Furthermore, in the event we seek shareholder approval

of our initial business combination and we are obligated to pay cash for our ordinary shares, these payments will reduce the resources

available to us for our initial business combination.

Any of these obligations may place us at a competitive disadvantage in successfully

negotiating a business combination.

Financial Position

With funds available for

a business combination, initially in the amount of $224,250,000 assuming no redemptions and after payment of up to $6,900,000 of deferred

underwriting fees, we offer a target business a variety of options such as creating a liquidity event for its owners, providing capital

for the potential growth and expansion of its operations or strengthening its balance sheet by reducing its debt ratio.

Because we are

able to complete our initial business combination using our cash, debt or equity securities, or a combination of the foregoing, we have

the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target business

to fit its needs and desires.

However, we have not taken any steps to secure third-party financing and there can be no assurance it will

be available to us.

We currently maintain our

executive offices at 1 East Broward Boulevard, Suite 700, Fort Lauderdale, FL 33301.

expect to encounter intense competition from other entities having a business objective similar to ours, including private investors

(which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international, competing

for the types of businesses we intend to acquire.

Many of these individuals and entities are well established and have extensive experience

in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to various industries.

Many of these competitors possess greater technical, human and other resources or more local industry knowledge than we do, and our financial

resources will be relatively limited when contrasted with those of many of these competitors.

While we believe there are numerous target

businesses we could potentially acquire with the net proceeds of the IPO and the sale of the Private Placement Units, our ability to

compete with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources.

This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses.

in the event we seek shareholder approval of our initial business combination and we are obligated to pay cash for our ordinary shares,

these payments will reduce the resources available to us for our initial business combination.

Any of these obligations may place us

at a competitive disadvantage in successfully negotiating a business combination.

funds available for a business combination, initially in the amount of $224,250,000 assuming no redemptions and after payment of up to

$6,900,000 of deferred underwriting fees, we offer a target business a variety of options such as creating a liquidity event for

its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by reducing

its debt ratio.

Because we are able to complete our initial business combination using our cash, debt or equity securities, or a combination

of the foregoing, we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be

paid to the target business to fit its needs and desires.

However, we have not taken any steps to secure third-party financing and there

can be no assurance it will be available to us.

We previously maintained

our executive offices at 1 East Broward Boulevard, Suite 700, Fort Lauderdale, FL 33301.

The cost for this space is included in the $10,000

per month fee that we will pay to our sponsor or an affiliate for office space, administrative and support services.

We consider our current

office space adequate for our current operations.

We currently have two officers

and do not intend to have any full-time employees prior to the completion of our initial business combination.

Members of our management

team are not obligated to devote any specific number of hours to our matters, but they intend to devote as much of their time as they

deem necessary to our affairs until we have completed our initial business combination.

The amount of time that any such person will devote

in any time period will vary based on whether a target business has been selected for our initial business combination and the current

stage of the business combination process.

We have ceased making

the $10,000 per month fee as the agreement has been cancelled in March 2026.

We currently maintain our executive offices at 420 Lexington

Avenue, Suite 1402, New York, NY 10170.

We consider our current office space adequate for our current operations.

currently have two officers and do not intend to have any full-time employees prior to the completion of our initial business combination.

Members of our management team are not obligated to devote any specific number of hours to our matters, but they intend to devote as

much of their time as they deem necessary to our affairs until we have completed our initial business combination.

The amount of time

that any such person will devote in any time period will vary based on whether a target business has been selected for our initial business

combination and the current stage of the business combination process.

RISK FACTORS.

As a smaller reporting company, we are not required

to make disclosures under this Item.

a smaller reporting company, we are not required to make disclosures under this Item.

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-K

Item 1. Business