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Item 9A. Controls and Procedures

2026-03-06 compared with 2025-03-20 · 820 added, 1228 removed, 722 unchanged (74% of the section changed)

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Disclosure controls are procedures that are designed

with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report,

is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.

Disclosure controls

are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the

chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management

evaluated, with the participation of our chief executive officer and chief financial officer (our “certifying officers”),

the effectiveness of our disclosure controls and procedures as of December 31, 2024, pursuant to Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our certifying officers concluded that, as of December 31, 2024, our disclosure controls and procedures were

We do not expect that our disclosure controls

and procedures will prevent all errors and all instances of fraud.

Disclosure controls and procedures, no matter how well conceived and

operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits

must be considered relative to their costs.

Because of the inherent limitations in all disclosure controls and procedures, no evaluation

of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances

of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of

future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed,

summarized, and reported within the time period specified in the SEC’s rules and forms.

Disclosure controls are also designed with

the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer

and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the

Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and

operation of our disclosure controls and procedures as of December 31, 2025.

Based upon their evaluation, our Chief Executive Officer

and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the

Exchange Act) were effective.

Management’s Report on Internal Controls

Over Financial Reporting

As required by SEC rules and regulations implementing

Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing and maintaining adequate internal control over financial

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of our consolidated financial statements for external reporting purposes in accordance with GAAP.

control over financial reporting includes those policies and procedures that:

(1) pertain to the maintenance of

records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company,

(2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with GAAP, and that

our receipts and expenditures are being made only in accordance with authorizations of our management and directors, and

(3) provide reasonable assurance

regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect

on the consolidated financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect errors or misstatements in our financial statements.

Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,

or that the degree or compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of our internal

control over financial reporting at December 31, 2025.

In making these assessments, management used the criteria set forth by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013).

Based on our assessments

and those criteria, management determined that we maintained effective internal control over financial reporting as of December 31, 2025.

This Annual Report on Form 10-K does not include

a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent

registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

an attestation report of our independent registered public accounting firm due to our status as an emerging growth company under the JOBS

Changes in Internal Control over Financial

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quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Other Information

Disclosure Regarding Foreign

Jurisdictions that Prevent Inspections.

Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

Directors, Executive Officers

and Corporate Governance

Executive Officers and Corporate Governance

Directors and Executive Officers

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Vice President, M&A and Strategy

“Andrejka” Bernatova serves as our Chief Executive Officer and as a member of the board of directors.

currently serves as a director at Salt Creek Midstream LLC, a midstream services provider, and at Regenerate Technology Global, Inc.

Bernatova was the Chief Executive Officer of ESGEN Acquisition Corporation (“ESGEN”), a SPAC formed in 2021.

with Sunergy Renewables, LLC, a provider of residential solar energy systems, other energy efficient equipment and related services, in

March 2024 and was renamed Zeo Energy Corp.

Bernatova served as the CFO and Senior Advisor of Enchanted Rock Energy, a resiliency

microgrid company from 2019 to 2021.

From 2018 to 2019, she was the CFO of Goodnight Midstream, one of the largest midstream water infrastructure

companies in the U.S.

Andrea “Andrejka” Bernatova serves as

our Chief Executive Officer and as a member of the board of directors.

She currently serves as a director at Salt Creek Midstream LLC,

a midstream services provider.

Additionally, she currently serves as Chief Executive Officer of Dynamix Corporation III, a special purpose

acquisition company, which completed its $201.25 million initial public offering in October 2025.

Bernatova was the Chief Executive

Officer of ESGEN, a SPAC formed in 2021.

ESGEN merged with Sunergy Renewables, LLC, a provider of residential solar energy systems, other

energy efficient equipment and related services, in March 2024 and was renamed Zeo Energy Corp.

Bernatova served as the CFO and

Senior Advisor of Enchanted Rock Energy, a resiliency microgrid company from 2019 to 2021.

From 2018 to 2019, she was the CFO of Goodnight

Midstream, one of the largest midstream water infrastructure companies in the U.S.

Prior to Goodnight, Ms.

Bernatova was the co-founder, EVP and CFO of Core Midstream, a venture infrastructure

platform, from 2016 to 2018.

Bernatova started her corporate career as the Vice President of Finance and Investor Relations at PennTex

Midstream Partners (NA:

Bernatova was the co-founder,

EVP and CFO of Core Midstream, a venture infrastructure platform, from 2016 to 2018.

Bernatova started her corporate career as the

Vice President of Finance and Investor Relations at PennTex Midstream Partners (NA:

PTXP) from 2014 to 2016.

At PennTex, she was part of the management team which started the company, grew the platform

significantly ultimately leading to an initial public offering in 2015 and successfully exited the company via a sale to Energy Transfer

Partners, L.P.

At PennTex, she was

part of the management team which started the company, grew the platform significantly ultimately leading to an initial public offering

in 2015 and successfully exited the company via a sale to Energy Transfer Partners, L.P.

ET) and Eagle Claw Midstream in 2016.

Prior to her corporate and entrepreneurial experiences, Ms.

Bernatova was

an investment banker at Morgan Stanley and Credit Suisse in New York and Houston and served in investment roles at The Blackstone

Group in New York and at Mubadala Development Company, ~$250B Abu Dhabi investment fund, based in the United Arab Emirates, where

she focused primarily on transactions in the renewable sector under the partnership with Masdar.

Bernatova was an investment banker at Morgan Stanley and Credit Suisse in

New York and Houston and served in investment roles at The Blackstone Group in New York and at Mubadala Development Company,

~$250B Abu Dhabi investment fund, based in the United Arab Emirates, where she focused primarily on transactions in the renewable sector

under the partnership with Masdar.

Bernatova received her A.B.

in Government

from Harvard University with a Citation in Spanish.

We believe Ms.

Bernatova’s extensive knowledge of the energy industry, as well

as her substantial business, leadership and management experience, brings important and valuable skills to our board of directors.

Daylami serves as our Chief Financial Officer.

in Government from Harvard University with a Citation in Spanish.

Bernatova’s extensive knowledge of the energy industry, as well as her substantial business, leadership and management

experience, brings important and valuable skills to our board of directors.

Nader Daylami serves as our Chief

Financial Officer.

He currently serves as a director at CarbonPath, Inc.

(“CarbonPath”),

a company offering industrial credit solutions to mitigate greenhouse gas emissions within the energy and industrial sectors.

was the Chief Financial Officer of ESGEN, a SPAC formed in 2021.

ESGEN merged with Sunergy Renewables, LLC, a provider of residential

solar energy systems, other energy efficient equipment and related services, in March 2024 and was renamed Zeo Energy Corp.

to ESGEN, Mr.

Daylami served as the Executive Vice President, Finance & Business Development, of Bruin E&P Partners,

LLC (“Bruin”), a North American focused upstream oil and gas operator with over 400 operated wells in North Dakota.

was part of the management team that founded Bruin in 2015, joining as Director of Finance.

At Bruin, he and the management team grew

the company significantly via acquisition and organic growth ultimately leading to an exit via a sale to Enerplus Corporation (NYSE:

(“ CarbonPath ”), a company offering industrial

credit solutions to mitigate greenhouse gas emissions within the energy and industrial sectors.

Additionally, he currently serves as Chief

Financial Officer of Dynamix III, a special purpose acquisition company, which completed its $201.25 million initial public offering in

October 2025.

Daylami was the Chief Financial Officer of ESGEN, a SPAC formed in 2021.

ESGEN merged with Sunergy Renewables,

LLC, a provider of residential solar energy systems, other energy efficient equipment and related services, in March 2024 and was

renamed Zeo Energy Corp.

Prior to ESGEN, Mr.

Daylami served as the Executive Vice President, Finance & Business Development,

of Bruin E&P Partners, LLC (“ Bruin ”), a North American focused upstream oil and gas operator with over 400 operated

wells in North Dakota.

Daylami was part of the management team that founded Bruin in 2015, joining as Director of Finance.

Bruin, he and the management team grew the company significantly via acquisition and organic growth ultimately leading to an exit via

a sale to Enerplus Corporation (NYSE:

ERF) in 2021.

Prior to his time at Bruin, Mr.

Daylami served in multiple strategic and commercial roles at Ursa Resources Group II LLC,

an upstream oil and gas company focused on oil exploration in the East Texas Eagle Ford shale and natural gas production in western Colorado.

Daylami began his career as an investment banker at Morgan Stanley focused on mergers and acquisitions and capital markets in

the energy sector.

Daylami holds bachelor degrees in Economics & Mathematics from the University of California, San

Aviki serves as a member of the board of directors.

Aviki is currently the President, the Chief Executive Officer, and a board member of BayoTech, Inc.

(“BayoTech”).

Aviki joined Crestwood Midstream Partners LP (“Crestwood”) in 2017 as Chief Operating Officer, Business Development

and Commercial Operations for the Gathering and Processing Division, located in Houston, Texas.

Daylami served in multiple strategic and

commercial roles at Ursa Resources Group II LLC, an upstream oil and gas company focused on oil exploration in the East Texas Eagle

Ford shale and natural gas production in western Colorado.

Daylami began his career as an investment banker at Morgan Stanley

focused on mergers and acquisitions and capital markets in the energy sector.

Daylami holds bachelor’s degrees in Economics &

Mathematics from the University of California, San Diego.

Diaco Aviki serves as a member

of the board of directors.

Additionally, he currently serves as a member of the board of directors of Dynamix III, a special purpose acquisition

company, which completed its $201.25 million initial public offering in October 2025.

Aviki is currently President and the Chief

Executive Officer of Woodway Energy Infrastructure.

He was previously the President, Chief Executive Officer and a board member of BayoTech,

Aviki joined Crestwood Midstream Partners LP (“ Crestwood ”) in 2017 as Chief Operating Officer, Business

Development and Commercial Operations for the Gathering and Processing Division, located in Houston, Texas.

In this role, Mr.

Aviki led Crestwood’s

gathering and processing business development activities and strategy development.

Crestwood was sold to Energy Transfer LP (“Energy

Transfer”) at a valuation of $7.1 billion in November 2023.

led Crestwood’s gathering and processing business development activities and strategy development.

Crestwood was sold to Energy

Transfer LP at a valuation of $7.1 billion in November 2023.

Aviki began his career with ExxonMobil Corporation (“ ExxonMobil ”)

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BHP Group Limited (“ BHP ”).

Aviki initially served as the Atlantic Basin Marketing Manager, integrating the

shale acquisitions from Petrohawk Energy Corporation and Chesapeake Energy Corporation.

Aviki initially served as the Atlantic Basin Marketing Manager, integrating

the shale acquisitions from Petrohawk Energy Corporation and Chesapeake Energy Corporation.

Prior to joining Crestwood, Mr.

as the President of various midstream assets at BHP and led their commercial efforts.

served as the President of various midstream assets at BHP and led their commercial efforts.

Aviki has a B.S.

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of the energy industry qualify him to bring valuable and needed skills to our board of directors.

Crabtree serves as a member of the board of directors and chairman of the audit committee.

Crabtree has more

than 25 years of experience in finance, investments and operations primarily focused on energy and commodities industries.

is the CEO of CarbonPath, a company offering industrial credit solutions to mitigate greenhouse gas emissions within the energy and industrial

Prior to forming CarbonPath, he launched, grew and sold Bruin, a North American focused upstream oil and gas operator with over

400 operated wells in North Dakota between 2015-2021, where he served on the executive team as Chief Financial Officer.

he was responsible for all aspects of finance and accounting including business strategy and planning, financial modeling and reporting,

capital raising, midstream commercial operations, insurance, and commodity and interest rate risk management.

Prior to Bruin, Mr.

served as CFO of Ursa Resources Group II LLC, an upstream oil and gas company focused on oil exploration in the East Texas Eagle

Ford shale and natural gas production in western Colorado, from 2010 until 2015.

Before his time in leadership at Ursa, Mr.

worked at Denham Capital, an energy and commodity focused private equity firm, where he focused on energy services, commodity processing

and midstream investments.

He began his energy career as an associate at El Paso Corporation in 2001 before joining Jefferies, Randall &

Dewey Ltd as an investment banker in 2004.

During that time, he worked on the San Fernando Pipeline JV between Petroleos Mexicanos and

El Paso Corporation and on numerous power investments in Alberta Canada.

Crabtree holds a bachelor’s degree in History

of Science from Princeton University.

Tyler Crabtree serves as a member

of the board of directors and chairman of the audit committee.

Additionally, he currently serves as a member of the board of directors

of Dynamix III, a special purpose acquisition company, which completed its $201.25 million initial public offering in October 2025.

has more than 25 years of experience in finance, investments and operations primarily focused on energy and commodities industries.

He currently is the CEO of CarbonPath, a company offering industrial credit solutions to mitigate greenhouse gas emissions within the

energy and industrial sectors.

Prior to forming CarbonPath, he launched, grew and sold Bruin, a North American focused upstream oil and

gas operator with over 400 operated wells in North Dakota between 2015-2021, where he served on the executive team as Chief Financial

At Bruin, he was responsible for all aspects of finance and accounting including business strategy and planning, financial modelling

and reporting, capital raising, midstream commercial operations, insurance, and commodity and interest rate risk management.

Crabtree served as CFO of Ursa Resources Group II LLC, an upstream oil and gas company focused on oil exploration

in the East Texas Eagle Ford shale and natural gas production in western Colorado, from 2010 until 2015.

Before his time in leadership

Crabtree worked at Denham Capital, an energy and commodity focused private equity firm, where he focused on energy services,

commodity processing and midstream investments.

He began his energy career as an associate at El Paso Corporation in 2001 before joining

Jefferies, Randall & Dewey Ltd as an investment banker in 2004.

During that time, he worked on the San Fernando Pipeline JV between

Petroleos Mexicanos and El Paso Corporation and on numerous power investments in Alberta Canada.

Crabtree holds a bachelor’s

degree in History of Science from Princeton University.

We believe Mr.

Crabtree’s extensive experience in the energy industry, as well as his

past executive leadership and management roles, brings valuable skills to our board of directors .

Peterson serves as a member of the board of directors.

Peterson is a seasoned industry professional with more

than 40 years of experience in the oil and gas sector.

Peterson held the position of Executive Chairman of the Board at

Chord Energy Corporation (NYSE:

CHRD) from July 2022 through December 2023.

Crabtree’s extensive experience in the energy industry,

as well as his past executive leadership and management roles, brings valuable skills to our board of directors.

Peterson serves as a

member of the board of directors.

Peterson is a seasoned industry professional with more than 40 years of experience in

the oil and gas sector.

Peterson held the position of Executive Chairman of the Board at Chord Energy Corporation (NYSE:

from July 2022 through December 2023.

He served as a director of Denbury Inc.

from 2017 until its acquisition by ExxonMobil in November 2023 and as a director of PDC Energy (Nasdaq:

PDCE), prior to its merger

with Chevron Corporation.

Peterson brought valuable insights to the different company’s operations, strategy, and business

As a former CEO of an oil and gas company, Mr.

Peterson’s brings extensive industry knowledge and leadership skills

to our board of directors.

Peterson previously served as President, Chief Executive Officer and a director of Whiting Petroleum

Corporation (NYSE:

WLL) from September 2020 until its merger with Oasis Petroleum, Inc.

from 2017 until its acquisition by ExxonMobil

in November 2023 and as a director of PDC Energy (Nasdaq:

PDCE), prior to its merger with Chevron Corporation.

brought valuable insights to the different company’s operations, strategy, and business management.

As a former CEO of an oil and

gas company, Mr.

Peterson’s brings extensive industry knowledge and leadership skills to the DYNX Board.

previously served as President, Chief Executive Officer and a director of Whiting Petroleum Corporation (NYSE:

WLL) from September 2020

until its merger with Oasis Petroleum, Inc.

in July 2022, forming Chord Energy Corporation.

Prior to Whiting, Mr.

Peterson was Chairman of the Board, Chief Executive Officer, and President of SRC Energy from 2015 to 2020,

until the closing of its merger with PDC Energy.

Chairman of the Board, Chief Executive Officer, and President of SRC Energy from 2015 to 2020, until the closing of its merger with PDC

Before SRC, Mr.

Peterson was a co-founder of Kodiak Oil & Gas Corporation,

serving as a director from 2001 to 2014;

Peterson was a co-founder of Kodiak Oil & Gas Corporation, serving as a director from 2001 to 2014;

President and Chief Executive Officer from 2002 to 2014;

and Chairman of the Board from 2011

to 2014 until its acquisition by Whiting Petroleum Corporation in December 2014.

Peterson graduated from the University

of Northern Colorado with a Bachelor of Science in Accounting.

We believe his expertise will assist our board in making informed decisions

focused on sustainable growth and success .

Rajan serves as our Vice President of M&A and Strategy upon commencement of the trading of our Units on the Nasdaq.

Rajan was a Senior Vice President at Intrepid Financial Partners, a leading energy merchant bank (“Intrepid”), from October

2021 to May 2023.

and Chairman of the Board from 2011 to 2014 until its acquisition by Whiting

Petroleum Corporation in December 2014.

Peterson graduated from the University of Northern Colorado with a Bachelor of Science

in Accounting.

We believe his expertise will assist our board in making informed decisions focused on sustainable growth and success.

Philip Rajan has served as our

Vice President of M&A and Strategy since the commencement of the trading of our Units on the Nasdaq.

He also currently serves

as Executive Vice President of M&A and Strategy of Dynamix III, a special purpose acquisition company, which completed its $201.25

million initial public offering in October 2025.

Rajan was a Senior Vice President at Intrepid Financial Partners, a leading

energy merchant bank (“ Intrepid ”), from October 2021 to May 2023.

Prior to Intrepid, Mr.

Rajan was a Vice President at Credit Suisse from August 2015 to September 2021, where he focused

on advising Upstream and Oilfield Service clients on a range of strategic advisory, M&A, and capital markets transactions.

Rajan held roles in the energy groups of KeyBanc Capital Markets and Duff & Phelps, where he began his career.

Rajan has over 15 years of experience and has advised and managed over 35 transactions for an aggregate deal value of over $75 billion.

Rajan holds a bachelor degree in Finance from the University of Texas at Austin and is also a CFA charter holder .

Vice President at Credit Suisse from August 2015 to September 2021, where he focused on advising Upstream and Oilfield Service

clients on a range of strategic advisory, M&A, and capital markets transactions.

Before that, Mr.

Rajan held roles in the energy

groups of KeyBanc Capital Markets and Duff & Phelps, where he began his career.

In total, Mr.

Rajan has over 15 years

of experience and has advised and managed over 35 transactions for an aggregate deal value of over $75 billion.

a bachelor’s degree in Finance from the University of Texas at Austin and is also a CFA charter holder.

Number and Terms of Office of Officers and

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details the principal functions of the audit committee, including:

● assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal

and regulatory requirements, (3) our independent registered public accounting firm’s qualifications and independence, and (4) the

performance of our internal audit function and independent registered public accounting firm;

the appointment, compensation, retention,

replacement, and oversight of the work of the independent registered public accounting firm and any other independent registered public

accounting firm engaged by us;

● pre-approving all audit and non-audit services to be provided by the independent registered public accounting

firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;

reviewing and

discussing with the independent registered public accounting firm all relationships the independent registered public accounting firm

have with us in order to evaluate their continued independence;

● setting clear policies for audit partner rotation in compliance with applicable laws and regulations;

obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent

registered public accounting firm’s internal quality-control procedures and (2) any material issues raised by the most recent internal

quality-control review, or peer review, of the independent registered public accounting firm, or by any inquiry or investigation by governmental

or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any

steps taken to deal with such issues;

● meeting to review and discuss our annual audited financial statements and quarterly financial statements

with management and the independent registered public accounting firm, including reviewing our specific disclosures under “Management’s

Discussion and Analysis of Financial Condition and Results of Operations”;

reviewing and approving any related party transaction

required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction;

● reviewing with management, the independent registered public accounting firm, and our legal advisors,

as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any

employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any

significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory

● assisting board oversight of (1) the integrity of our financial

statements, (2) our compliance with legal and regulatory requirements, (3) our independent registered public accounting firm’s

qualifications and independence, and (4) the performance of our internal audit function and independent registered public accounting

the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting

firm and any other independent registered public accounting firm engaged by us;

● pre-approving all audit and non-audit services to be provided

by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval

policies and procedures;

reviewing and discussing with the independent registered public accounting firm all relationships the independent

registered public accounting firm have with us in order to evaluate their continued independence;

● setting clear policies for audit partner rotation in compliance

with applicable laws and regulations;

obtaining and reviewing a report, at least annually, from the independent registered public accounting

firm describing (1) the independent registered public accounting firm’s internal quality-control procedures and (2) any material

issues raised by the most recent internal quality-control review, or peer review, of the independent registered public accounting firm,

or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more

independent audits carried out by the firm and any steps taken to deal with such issues;

● meeting to review and discuss our annual audited financial

statements and quarterly financial statements with management and the independent registered public accounting firm, including reviewing

our specific disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;

reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by

the SEC prior to us entering into such transaction;

● reviewing with management, the independent registered public

accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with

regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial

statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting

Standards Board, the SEC or other regulatory authorities.

Compensation Committee

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compensation committee, including:

● reviewing and approving on an annual basis the corporate goals and objectives relevant to our chief executive

officer’s compensation, evaluating our chief executive officer’s performance in light of such goals and objectives and determining

and approving the remuneration (if any) of our chief executive officer’s based on such evaluation;

● reviewing and making recommendations to our board of directors with respect to the compensation, and any

incentive compensation and equity based plans that are subject to board approval of all of our other officers;

● reviewing and approving on an annual basis the corporate goals

and objectives relevant to our chief executive officer’s compensation, evaluating our chief executive officer’s performance

in light of such goals and objectives and determining and approving the remuneration (if any) of our chief executive officer’s

based on such evaluation;

● reviewing and making recommendations to our board of directors

with respect to the compensation, and any incentive compensation and equity based plans that are subject to board approval of all of

our other officers;

● reviewing our executive compensation policies and plans;

● implementing and administering our incentive compensation equity-based remuneration plans;

● assisting management in complying with our proxy statement and annual report disclosure requirements;

● approving all special perquisites, special cash payments and other special compensation and benefit arrangements

for our executive officers and employees;

● producing a report on executive compensation to be included in our annual proxy statement;

● reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

● implementing and administering our incentive compensation

equity-based remuneration plans;

● assisting management in complying with our proxy statement

and annual report disclosure requirements;

● approving all special perquisites, special cash payments and

other special compensation and benefit arrangements for our executive officers and employees;

● producing a report on executive compensation to be included

in our annual proxy statement;

● reviewing, evaluating and recommending changes, if appropriate,

to the remuneration for directors.

The charter also provides that the compensation

42 unchanged sentences

owe the following fiduciary duties:

● duty to act in good faith in what the director or officer believes to be in the best interests of the

company as a whole;

● duty to exercise powers for the purposes for which those powers were conferred and not for a collateral

● duty to act in good faith in what the director or officer

believes to be in the best interests of the company as a whole;

● duty to exercise powers for the purposes for which those powers

were conferred and not for a collateral purpose;

● duty to not improperly fetter the exercise of future discretion;

● duty to exercise authority for the purpose for which it is conferred and a duty to exercise powers fairly

as between different sections of shareholders;

● duty not to put themselves in a position in which there is a conflict between their duty to the company

and their personal interests;

● duty to exercise authority for the purpose for which it is

conferred and a duty to exercise powers fairly as between different sections of shareholders;

● duty not to put themselves in a position in which there is

a conflict between their duty to the company and their personal interests;

● duty to exercise independent judgment.

In addition to the above, directors also owe a duty

of care which is not fiduciary in nature.

This duty has been defined as a requirement to act as a reasonably diligent person having both

the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried

out by that director in relation to the company and the general knowledge, skill and experience of that director.

As set out above, directors have a duty not to put

themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their

position at the expense of the Company.

However, in some instances what would otherwise be a breach of this duty can be forgiven and/or

authorized in advance by the shareholders provided that there is full disclosure by the directors.

This can be done by way of permission

granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at general meetings.

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 is or will be required to present a business combination

opportunity to such entities.

Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which

is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary

or contractual obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under

Cayman Islands law.

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

(i) no individual serving as a director or an officer, among other persons, 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, and

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

which (a) may be a corporate opportunity for any director or officer, on the one hand, and us, on the other or (b) the presentation of

which would breach an existing legal obligation of a director or officer to any other entity.

We do not believe, however, that the fiduciary

duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination,

because the entities to which our officers and directors owe fiduciary duties or contractual obligations (as described below) are not

themselves in the business of engaging in business combinations.

In addition to the above, directors

also owe a duty of care which is not fiduciary in nature.

This duty has been defined as a requirement to act as a reasonably diligent

person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions

as are carried out by that director in relation to the company and the general knowledge, skill and experience of that director.

As set out above, directors

have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit

as a result of their position at the expense of the Company.

However, in some instances what would otherwise be a breach of this duty

can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors.

done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval

at general meetings.

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 is or will be required to present

a business combination opportunity to such entities.

Accordingly, if any of our officers or directors becomes aware of a business combination

opportunity which is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she will honor

his or her fiduciary or contractual obligations to present such business combination opportunity to such other entity, subject to their

fiduciary duties under Cayman Islands law.

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

extent permitted by law:

(i) no individual serving as a director or an officer, among other persons, 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, and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any

potential transaction or matter which (a) may be a corporate opportunity for any director or officer, on the one hand, and us, on the

other or (b) the presentation of which would breach an existing legal obligation of a director or officer to any other entity.

believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect our ability

to complete our initial business combination, because the entities to which our officers and directors owe fiduciary duties or contractual

obligations (as described below) are not themselves in the business of engaging in business combinations.

Below is a table summarizing

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Oil & Gas (Midstream)

Regenerate Technology Global, Inc.

Battery Technology

Dynamix Corporation III

Special purpose acquisition company

Chief Executive Officer and Chairman

DynamixCore Holdings III, LLC

Holding company

Managing Member

Nader Daylami

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Software (Greenhouse gas emissions)

BayoTech, Inc.

Chief Executive Officer

Dynamix Corporation III

Special purpose acquisition company

Chief Financial Officer

Woodway Energy Infrastructure

President and Chief Executive Officer

Dynamix Corporation III

Special purpose acquisition company

Tyler Crabtree

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Chief Executive Officer

Dynamix Corporation III

Special purpose acquisition company

Chord Energy Corporation

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Managing Member

Dynamix Corporation III

Special purpose acquisition company

Executive Vice President of M&A and Strategy

(1) Each individual listed has a fiduciary duty with respect to each of the listed entities opposite from

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would materially affect our ability to complete our initial business combination.

Potential investors should

also be aware of the following other potential conflicts of interest:

Potential investors should also

be aware of the following other potential conflicts of interest:

● Our officers and directors are not required to, and will not,

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financial officer, respectively.

Pursuant to the advisory services agreement, we will pay Volta an annual fee, payable on a monthly basis, until the consummation of a

business combination.

We will also reimburse the service provider and its affiliates for certain costs and expenses incurred in favor

of third parties.

Pursuant to the advisory services agreement, we will pay Volta an annual fee, payable on a monthly basis,

until the consummation of a business combination.

We will also reimburse the service provider and its affiliates for certain costs and

expenses incurred in favor of third parties.

Such annual fee, together with any reimbursement, shall not exceed the Cap.

Members of our management team directly or indirectly own our founders

shares, Class A ordinary shares and/or private placement warrants, and, accordingly, 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.

In particular,

because the founder shares were purchased at approximately $0.004 per share, the holders of our founder shares (including members of our

management team that directly or indirectly own founder shares) could make a substantial profit after our initial business combination

even if our public shareholders lose money on their investment as a result of a decrease in the post-combination value of their ordinary

shares (after accounting for any adjustments in connection with an exchange or other transaction contemplated by the business combination).

We are not prohibited from pursuing an initial business combination

with a company that is affiliated with our sponsor, officers, directors or advisors (or their respective affiliates or related entities).

In the event that we seek to complete our initial business combination with a company that is affiliated (as defined in our amended and

restated memorandum and articles of association) with our sponsor, officers, directors or advisors (or their respective affiliates or

related entities), we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or

another independent firm that commonly renders valuation opinions for the type of company we are seeking to acquire or from an independent

accounting firm that our 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.

Prior to or in connection with the completion of our initial business

combination, there may be payment by the Company to our officers, independent directors, advisors, or their respective affiliates, of

a finder’s fee, advisory fee, consulting fee or success fee for any services they render in order to effectuate the completion of

our initial business, which, if made prior to the completion of our initial business combination, will be paid from funds held outside

the trust account, including permitted withdrawals from the trust account.

We cannot assure you that any of the above-mentioned conflicts will

be resolved in our favor.

In the event that we submit our initial business combination to our

public shareholders for a vote, our sponsor, officers and directors have agreed to vote their founder shares, and they and the other members

of our management team have agreed to vote their founder shares and any shares purchased during or after the offering in favor of our

initial business combination.

Members of our management team directly or indirectly

own our founders shares, Class A ordinary shares and/or private placement warrants, and, accordingly, 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.

In particular, because the founder shares were purchased at approximately $0.004 per share, the holders of our founder shares (including

members of our management team that directly or indirectly own founder shares) could make a substantial profit after our initial business

combination even if our public shareholders lose money on their investment as a result of a decrease in the post-combination value of

their ordinary shares (after accounting for any adjustments in connection with an exchange or other transaction contemplated by the business

combination).

We are not prohibited from pursuing an initial

business combination with a company that is affiliated with our sponsor, officers, directors or advisors (or their respective affiliates

or related entities).

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

in our amended and restated memorandum and articles of association) with our sponsor, officers, directors or advisors (or their respective

affiliates or related entities), we, or a committee of independent directors, will obtain an opinion from an independent investment banking

firm or another independent firm that commonly renders valuation opinions for the type of company we are seeking to acquire or from an

independent accounting firm that our 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.

Prior to or in connection with the completion

of our initial business combination, there may be payment by the Company to our officers, independent directors, advisors, or their respective

affiliates, of a finder’s fee, advisory fee, consulting fee or success fee for any services they render in order to effectuate the

completion of our initial business, which, if made prior to the completion of our initial business combination, will be paid from funds

held outside the trust account, including permitted withdrawals from the trust account.

We cannot assure you that any of the above-mentioned

conflicts will be resolved in our favor.

In the event that we submit our initial business

combination to our public shareholders for a vote, our sponsor, officers and directors have agreed to vote their founder shares, and they

and the other members of our management team have agreed to vote their founder shares and any shares purchased during or after the offering

in favor of our initial business combination.

Limitation on Liability and Indemnification

of Officers and Directors

Cayman Islands law does not limit the extent to which a company’s

memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision

may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default,

willful neglect, actual fraud or the consequences of committing a crime.

Our amended and restated memorandum and articles of association

will provide that our officers and directors will be indemnified by us to the fullest extent permitted by law, as it now exists or may

in the future be amended, including for any liability incurred in their capacities as such, except through their own actual fraud, willful

default or willful neglect.

We expect to purchase a policy of directors’ and officers’ liability insurance that insures our

officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our

obligations to indemnify our officers and directors.

Our officers and directors have agreed, and any persons who may become

officers or directors prior to the initial business combination will agree, to waive any right, title, interest or claim of any kind in

or to any monies in the trust account, and to waive any right, title, interest or claim of any kind they may have in the future as a result

of, or arising out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever (except

to the extent they are entitled to funds from the trust account due to their ownership of public shares).

Accordingly, any indemnification

provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate

an initial business combination.

Our indemnification obligations may discourage shareholders from bringing

a lawsuit against our officers or directors for breach of their fiduciary duty.

These provisions also may have the effect of reducing

the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise

benefit us and our shareholders.

Furthermore, a shareholder’s investment may be adversely affected to the extent we pay the costs

of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance and the indemnity agreements

are necessary to attract and retain talented and experienced officers and directors.

Executive Compensation

Cayman Islands law does not limit the extent to

which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the

extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification

against willful default, willful neglect, actual fraud or the consequences of committing a crime.

Our amended and restated memorandum

and articles of association will provide that our officers and directors will be indemnified by us to the fullest extent permitted by

law, as it now exists or may in the future be amended, including for any liability incurred in their capacities as such, except through

their own actual fraud, willful default or willful neglect.

We expect to purchase a policy of directors’ and officers’ liability

insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances

and insures us against our obligations to indemnify our officers and directors.

Our officers and directors have agreed, and any

persons who may become officers or directors prior to the initial business combination will agree, to waive any right, title, interest

or claim of any kind in or to any monies in the trust account, and to waive any right, title, interest or claim of any kind they may have

in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the trust account for

any reason whatsoever (except to the extent they are entitled to funds from the trust account due to their ownership of public shares).

Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the

trust account or (ii) we consummate an initial business combination.

Our indemnification obligations may discourage

shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty.

These provisions also may have

the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful,

might otherwise benefit us and our shareholders.

Furthermore, a shareholder’s investment may be adversely affected to the extent

we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance

and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

None of our executive officers or directors have

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to permitted withdrawals:

● Repayment of up to an aggregate of $300,000 in loans made to us by our sponsor to cover offering-related

and organizational expenses;

● Reimbursement for utilities and secretarial and administrative support made available to us by Volta,

an affiliate of our sponsor, which is owned and controlled by Andrea Bernatova and Nader Daylami, our chief executive officer and chief

financial officer, in an amount equal to $30,000 per month;

● Payment of consulting, success or finder fees to our officers, independent directors, officers, advisors,

consultants or their respective affiliates in connection with and prior to the consummation of our initial business combination;

● Payment of an annual fee (payable on a monthly basis) to Volta and reimbursement of Volta for third party

costs and expenses incurred, in each case in connection with the services rendered by Volta under the advisory services agreement, with

the aggregate payable amount subject to the Cap;

● We may engage our sponsor or an affiliate of our sponsor as an advisor or otherwise in connection with

our initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes

a market standard for comparable transactions;

● Reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing

an initial business combination;

● Repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers

and directors to finance transaction costs in connection with an intended initial business combination.

Up to $1,500,000 of such loans

may be convertible into private placement warrants of the post-business combination entity at a price of $1.00 per warrant at the option

of the lender.

● Repayment of up to an aggregate of $300,000 in loans made

to us by our sponsor to cover offering-related and organizational expenses;

● Reimbursement for utilities and secretarial and administrative

support made available to us by Volta, an affiliate of our sponsor, which is owned and controlled by Andrea Bernatova and Nader Daylami,

our chief executive officer and chief financial officer, in an amount equal to $30,000 per month;

● Payment of consulting, success or finder fees to our officers,

independent directors, officers, advisors, consultants or their respective affiliates in connection with and prior to the consummation

of our initial business combination;

● Payment of an annual fee (payable on a monthly basis) to Volta

and reimbursement of Volta for third party costs and expenses incurred, in each case in connection with the services rendered by Volta

under the advisory services agreement, with the aggregate payable amount subject to the Cap;

● We may engage our sponsor or an affiliate of our sponsor as

an advisor or otherwise in connection with our initial business combination and certain other transactions and pay such person or entity

a salary or fee in an amount that constitutes a market standard for comparable transactions;

● Reimbursement for any out-of-pocket expenses related to identifying,

investigating, negotiating and completing an initial business combination;

● Repayment of loans which may be made by our sponsor or an

affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial

business combination.

Up to $1,500,000 of such loans may be convertible into private placement warrants of the post-business combination

entity at a price of $1.00 per warrant at the option of the lender.

Such warrants would be identical to the private placement warrants.

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representing 25,000 founder shares.

Security Ownership of Certain

Beneficial Owners and Management and Related Shareholder Matters

Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

The following table sets forth information regarding

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Name and Address of Beneficial Owner (1)

The K2 Principal Fund, L.P.

Linden Capital L.P.

Meteora Capital, LLC (3)

DynamixCore Holdings, LLC (4)

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* Less than one percent.

(1) Unless otherwise noted, the business address of each of our shareholders is 1815 Central Park Drive, Suite

1000, PMB 380, Steamboat Springs, Colorado 80487-8886.

(2) Interests shown consist solely of founder shares, classified as Class B ordinary shares.

will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial

business combination or at any time prior thereto at the option of the holder on a one-for-one basis, subject to adjustment.

(3) Based on the Schedule 13G filed with the SEC on November 25, 2024 by The K2 Principal Fund, L.P.

to its Schedule 13G, The K2 Principal Fund, L.P.

reported having shared voting power over 1,000,000 Class A ordinary shares, sole voting

power over no shares, shared dispositive power over 1,000,000 Class A ordinary shares and sole dispositive power over no shares.

13G contained information as of November 25, 2024.

The address of The K2 Principal Fund, L.P.

Box 309, Ugland House, Grand Cayman

(4) Based on the Schedule 13G filed with the SEC on November 27, 2024 by Linden Capital L.P.

its Schedule 13G, Linden Capital L.P.

reported having shared voting power over 1,040,176 Class A ordinary shares, sole voting power over

no shares, shared dispositive power over 1,040,176 Class A ordinary shares and sole dispositive power over no shares.

The Schedule 13G

contained information as of November 27, 2024.

The address of Linden Capital L.P.

is 1980 Post Oak Blvd., Suite 100, PMB 6373, Houston,

(5) DynamixCore Holdings, LLC, our sponsor, is the record holder of founder shares.

Andrejka Bernatova, our

Chief Executive Officer, is the sole managing member of DynamixCore Holdings, LLC.

Accordingly, Ms.

Bernatova may be deemed to have

or share beneficial ownership of the Class B ordinary shares held directly by our sponsor.

Bernatova disclaims such beneficial

ownership other than to the extent of her pecuniary interest.

Each of our other officers and directors is a member of our sponsor or has

direct or indirect economic interests in our sponsor, and each of them disclaims any beneficial ownership other than to the extent of

his or her pecuniary interest.

(1) Unless otherwise noted, the business address of each of our

shareholders is 1815 Central Park Drive, Suite 1000, PMB 380, Steamboat Springs, Colorado 80487-8886.

(2) Interests shown consist solely of founder shares, classified

as Class B ordinary shares.

Such shares will automatically convert into Class A ordinary shares concurrently with or immediately

following the consummation of our initial business combination or at any time prior thereto at the option of the holder on a one-for-one

basis, subject to adjustment.

(3) Based on the Schedule 13G filed with the SEC on February 6, 2026 by Meteora Capital, LLC.

According to its Schedule 13G, Meteora Capital, LLC reported having shared voting power over 2,473,400 Class A ordinary shares, sole

voting power over no shares, shared dispositive power over 2,473,400 Class A ordinary shares and sole dispositive power over no shares.

The Schedule 13G contained information as of December 31, 2025.

The address of Meteora Capital, LLC is 1200 N Federal Hwy, #200, Boca

Raton FL 33432.

(4) DynamixCore Holdings, LLC, our sponsor, is the record holder

of founder shares.

Andrejka Bernatova, our Chief Executive Officer, is the sole managing member of DynamixCore Holdings, LLC.

Bernatova may be deemed to have or share beneficial ownership of the Class B ordinary shares held directly by our sponsor.

Bernatova disclaims such beneficial ownership other than to the extent of her pecuniary interest.

Each of our other officers and

directors is a member of our sponsor or has direct or indirect economic interests in our sponsor, and each of them disclaims any beneficial

ownership other than to the extent of his or her pecuniary interest.

Daylami has an indirect interest in our founder shares through membership interests in our sponsor.

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officers and directors are deemed to be our “promoters” as such term is defined under the federal securities laws.

Certain Relationships and

Related Transactions, and Director Independence

Relationships and Related Transactions, and Director Independence

Founder Shares

On June 18, 2024, our

sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 5,750,000 founder shares.

On January 7, 2025, the sponsor surrendered 216,667 founder shares for no value, resulting in 5,533,333 Class B ordinary shares outstanding.

For their services as a director or an officer, as applicable, Messrs.

On June 18, 2024, our sponsor

paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 5,750,000 founder shares.

7, 2025, the sponsor surrendered 216,667 founder shares for no value, resulting in 5,533,333 Class B ordinary shares outstanding.

their services as a director or an officer, as applicable, Messrs.

Aviki, Crabtree, Peterson and Rajan each received membership interests

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Fees and Reimbursements

Prior to or in connection

with the completion of our initial business combination, there may be payment by the Company to our officers, independent directors, advisors,

Prior to or in connection with

the completion of our initial business combination, there may be payment by the Company to our officers, independent directors, advisors,

or their respective affiliates, of a finder’s fee, advisory fee, consulting fee or success fee for any services they render in order

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will also reimburse the service provider and its affiliates for certain costs and expenses incurred in favor of third parties.

Such annual fee,

together with any reimbursement, shall not exceed the Cap.

In 2025, the Company has paid $184,301 in fees under the advisory services agreement.

fee, together with any reimbursement, shall not exceed the Cap.

In 2025, the Company has paid $184,301 in fees under the advisory services

In order to finance transaction

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

After our initial business

combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company

with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the proxy solicitation or tender offer

materials, as applicable, furnished to our shareholders.

After our initial business combination,

members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any

and all amounts being fully disclosed to our shareholders, to the extent then known, in the proxy solicitation or tender offer materials,

as applicable, furnished to our shareholders.

It is unlikely the amount of such compensation will be known at the time of distribution

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Policy for Approval of Related Party Transactions

The audit committee of our

board of directors operates pursuant to a policy, which sets forth the policies and procedures for its review and approval or ratification

of “related party transactions.” A “related party transaction” is any consummated or proposed transaction or series

The audit committee of our board

of directors operates pursuant to a policy, which sets forth the policies and procedures for its review and approval or ratification of

“related party transactions.” A “related party transaction” is any consummated or proposed transaction or series

of transactions:

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directors will have regularly scheduled meetings at which only independent directors are present.

Principal Accountant Fees and Services

Accountant Fees and Services

The firm of WithumSmith+Brown,

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The following is a summary of fees paid to Withum for services

period from June 13, 2024 (inception) through December 31, 2024, fees for our independent registered public accounting firm were $113,360

for the services Withum performed in connection with our initial public offering and the audit of our December 31, 2024 financial statements

included in this Annual Report on Form 10-K.

For the year ended December 31, 2025 and during the period from June 13, 2024 (inception) through December 31, 2024, fees for

our independent registered public accounting firm were $165,760 and $113,360, respectively, for the services Withum performed in connection with our initial

public offering and the audit of our financial statements included in the Annual Reports on Form 10-K.

Audit-Related Fees .

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Exhibits, Financial Statements Schedules

(a) The following documents are filed as part of this Annual Report:

(a) The following documents are filed

as part of this Annual Report:

(1) Financial Statements

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listed in the attached Exhibit Index.

Business Combination Agreement, dated July 21, 2025 (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Amended and Restated Memorandum and Articles of Association (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on November 22, 2024)

Warrant Agreement, dated November 20, 2024, between the registrant and Odyssey Transfer and Trust Company (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on November 22, 2024)

Description of Securities Registered under Section 12 of the Exchange Act

Description of Securities Registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.2 to the registrant’s Annual Report on Form 10-K, filed with the SEC on March 20, 2025)

Letter Agreement, dated November 20, 2024, among the registrant, DynamixCore Holdings, LLC and each of the officers and directors of the registrant (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on November 22, 2024)

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Securities Subscription Agreement between DynamixCore Holdings, LLC and the Registrant (incorporated by reference to the registrant’s Registration Statement on Form S-1, filed with the SEC on July 8, 2024)

Code of Ethics (inclusive of Insider Trading Policy)

Administrative Services Agreement, dated November 20, 2024, by and between the Company and Volta Tread LLC (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on November 22, 2024).

Advisory Services Agreement, dated as of February 4, 2025, by and between Registrant and Volta Tread LLC (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on February 7, 2025).

Sponsor Support Agreement dated as of July 21, 2025 by and between registrant, DynamixCore Holdings, LLC, and The Ether Machine, Inc.

(incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Lock-Up Agreement (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Equity PIPE Subscription Agreement (Institutional) (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Equity PIPE Subscription Agreement (Individual) (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Company Unit Subscription Agreement (Institutional) (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Company Unit Subscription Agreement (Individual) (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Company Exchange Unit Subscription Agreement (Institutional) (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Company Exchange Unit Subscription Agreement (Individual) (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Form of Amended and Restated Registration Rights Agreement (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

Contribution Agreement, dated as of July 21, 2025 by and among Spyglass Ventures PR, LLC, and The Ether Reserve LLC (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 25, 2025)

LLC Subscription Agreement, dated August 29, 2025, by and among SPAC, Pubco, the Company and the Company Unit Investor (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on September 2, 2025)

Stockholders Agreement, dated August 29, 2025, by and among the Seller, Pubco, the Company and the Company Unit Investor (incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on September 2, 2025)

Code of Ethics (inclusive of Insider Trading Policy) (incorporated by reference to Exhibit 14 to the registrant’s Annual Report on Form 10-K, filed with the SEC on March 20, 2025)

Power of Attorney (included on signature page of this report)

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Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Clawback Policy

Clawback Policy (incorporated by reference to Exhibit 97.1 to the registrant’s Annual Report on Form 10-K, filed with the SEC on March 20, 2025)

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

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* Filed herewith.

Form 10-K Summary

Not applicable.

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and on the dates indicated.

/s/ Andrea Bernatova

Executive Chairman, Chief Executive Officer and Director

March 6, 2026

Andrea Bernatova

Chairman, Chief Executive Officer and Director

(Principal Executive Officer)

/s/ Nader Daylami

Chief Financial Officer

March 6, 2026

Executive Officer)

Nader Daylami

Financial Officer

(Principal Financial and Accounting Officer)

/s/ Diaco Aviki

March 6, 2026

Financial and Accounting Officer)

/s/ Tyler Crabtree

March 6, 2026

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March 6, 2026

March 19, 2025

DYNAMIX CORPORATION

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID Number 100)

Consolidated Financial Statements:

Consolidated Balance Sheets as of December 31, 2025 and 2024

Consolidated Statements of Operations for the Year Ended December 31, 2025 and for the Period from June 13, 2024 (Inception) Through December 31, 2024

Consolidated Statements of Changes in Shareholders’ Deficit for the Year Ended December 31, 2025 and for the Period from June 13, 2024 (Inception) Through December 31, 2024

Consolidated Statements of Cash Flows for the Year Ended December 31, 2025 and for the Period from June 13, 2024 (Inception) Through December 31, 2024

Notes to Consolidated Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Financial Statements:

Balance Sheet

Statement of Operations

Statement of Changes in Shareholders’ Deficit

Statement of Cash Flows

Notes to Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Board of Directors and Shareholders of

Dynamix Corporation

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Dynamix Corporation

(the “Company”) as of December 31, 2024, and the related statements of operations, changes in shareholders’ equity,

and cash flows for the period June 13, 2024 (inception) through December 31, 2024, and the related notes (collectively referred to as

the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial

position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the period June 13, 2024 (inception)

through December 31, 2024, in conformity generally accepted in the United States of America.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Dynamix Corporation (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in shareholders’ deficit, and cash flows for the year ended December 31, 2025 and for the period from June 13, 2024 (inception) through December 31, 2024, and the related notes to consolidated financial statements (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and for the period from June 13, 2024 (inception) through December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

As discussed in Note 1 to the consolidated financial statements, if the Company is unable to raise additional funds to alleviate liquidity needs and complete a business combination by November 22, 2026, then the Company will cease all operations except for the purpose of liquidating.

The date for mandatory liquidation and subsequent dissolution raises substantial doubt about the Company's ability to continue as a going concern.

Management's plans in regard to these matters are also described in Note 1.

The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s

Our responsibility is to express an opinion on the Company’s financial statements based on our audit.

We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States) (the “PCAOB”) and are required

to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free

of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit

of its internal control over financial reporting.

As part of our audit we are required to obtain an understanding of internal control

over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control

over financial reporting.

These consolidated financial statements are the responsibility of the entity’s management.

Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included

evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation

of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that our audits provide a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company’s auditor since 2024.

We have served as Dynamix Corporation’s auditor since 2024.

New York, New York

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DYNAMIX CORPORATION

BALANCE SHEET

DECEMBER 31, 2024

CONSOLIDATED BALANCE SHEETS

Current assets

Cash and cash equivalents

Cash $ 223,698 $ 1,543,566

Due from Sponsor 155 —

Prepaid expenses 72,397 1,637

Total current assets 296,250 1,545,203

Long-term prepaid insurance 730 —

Investments held in Trust Account 173,392,824 167,164,825

$ 168,710,028

Total Assets $ 173,689,804 $ 168,710,028

Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit

Current liabilities

Accounts payable

Accounts payable and accrued expenses $ 3,692,951 $ 207,608

Accrued offering costs ― 75,000

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Commitments and Contingencies (Note 6)

Class A ordinary shares subject to possible redemption, 16,600,000 shares at redemption value of $ 10.07 per share

Class A ordinary shares subject to possible redemption, 16,600,000 shares at redemption value of $ 10.45 and $ 10.07 per share as of December 31, 2025 and 2024, respectively 173,392,824 167,164,825

Shareholders’ Deficit

4 unchanged sentences

500,000,000 shares authorized;

none issued or outstanding (excluding 16,600,000 Class A ordinary shares subject to possible redemption)

none issued or outstanding (excluding 16,600,000 Class A ordinary shares subject to possible redemption) as of December 31, 2025 and 2024 — —

Class B ordinary shares, $ 0.0001 par value;

50,000,000 shares authorized;

5,750,000 shares issued and outstanding (1)

5,533,333 and 5,750,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively (1) 553 575

Additional paid-in capital — —

Accumulated deficit ( 27,051,524 ) ( 7,600,351 )

( 7,600,351 )

Total Shareholders’ Deficit ( 27,050,971 ) ( 7,599,776 )

( 7,599,776 )

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit $ 173,689,804 $ 168,710,028

$ 168,710,028

(1) Includes an aggregate of up to

216,667 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full by the underwriters

In January 2025, the over-allotment option was not fully exercised resulting in 216,667 Class B ordinary shares being

forfeited to the Company.

The accompanying notes are an integral part

of these financial statements.

(1) December 31, 2024, includes an aggregate of up to 216,667 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full by the underwriters (Note 5).

In January 2025, the over-allotment option expired unexercised resulting in 216,667 Class B ordinary shares being forfeited to the Company.

The accompanying notes are an integral

part of these consolidated financial statements.

DYNAMIX CORPORATION

STATEMENT OF OPERATIONS

FOR THE PERIOD FROM JUNE 13, 2024 (INCEPTION)

THROUGH DECEMBER 31, 2024

CONSOLIDATED STATEMENTS OF OPERATIONS

2024 (Inception) Through

General and administrative expenses $ 5,407,466 $ 375,613

Loss from operations ( 5,407,466 ) ( 375,613 )

Other income:

Other (expense) income :

Change in fair value of warrant liabilities ( 14,857,000 ) ( 415,000 )

Transaction costs ― ( 116,039 )

Interest earned in cash account

Interest earned on cash account 33,972 8,464

Dividends earned on investments held in Trust Account 6,942,927 749,825

Change in fair value – over-allotment liability 64,371 12,792

Total other income, net

$ ( 135,571 )

Weighted average shares outstanding of Class A ordinary shares – basic and diluted

Basic and diluted net loss per ordinary share, Class A ordinary shares

Weighted average shares outstanding of Class B ordinary shares – basic

Basic net loss per ordinary share, Class B ordinary shares

Weighted average shares outstanding of Class B ordinary shares – diluted

Diluted net loss per ordinary share, Class B ordinary shares

The accompanying notes are an integral part

of these financial statements.

Total other (expense) income, net ( 7,815,730 ) 240,042

Net loss $ ( 13,223,196 ) $ ( 135,571 )

Weighted average redeemable Class A ordinary shares outstanding – basic and diluted 16,600,000 3,220,896

Basic and diluted net loss per share, Class A ordinary shares $ ( 0.60 ) $ ( 0.02 )

Weighted average non-redeemable Class B ordinary shares outstanding – basic (1) 5,536,301 4,979,104

Basic net loss per share, Class B ordinary shares $ ( 0.60 ) $ ( 0.02 )

Weighted average non-redeemable Class B ordinary shares outstanding – diluted (1) 5,536,301 5,395,688

Diluted net loss per share, Class B ordinary shares $ ( 0.60 ) $ ( 0.02 )

(1) December 31, 2024, excluded an aggregate of up to 216,667 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full by the underwriters (Note 5).

In January 2025, the over-allotment option expired unexercised resulting in 216,667 Class B ordinary shares being forfeited to the Company.

The accompanying notes are an integral

part of these consolidated financial statements.

DYNAMIX CORPORATION

STATEMENT OF CHANGES IN SHAREHOLDERS’

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’

FOR THE YEAR ENDED DECEMBER 31, 2025 AND

FOR THE PERIOD FROM JUNE 13, 2024 (INCEPTION)

THROUGH DECEMBER 31, 2024

Class B Ordinary Shares

Ordinary Shares

Shareholders’

3 unchanged sentences

Allocated value of transaction costs to Class A ordinary shares — — — — ( 22,455 ) — ( 22,455 )

Accretion for Class A ordinary shares to redemption amount

( 5,986,970 )

( 7,464,780 )

( 13,451,750 )

Accretion of redeemable Class A ordinary shares to redemption amount — — — — ( 5,986,970 ) ( 7,464,780 ) ( 13,451,750 )

Net loss — — — — — ( 135,571 ) ( 135,571 )

Balance — December 31, 2024 — — 5,750,000 575 ― ( 7,600,351 ) ( 7,599,776 )

$ ( 7,600,351 )

$ ( 7,599,776 )

The accompanying notes are an integral part

of these financial statements.

Accretion of redeemable Class A ordinary shares to redemption amount — — — — — ( 6,227,999 ) ( 6,227,999 )

Forfeiture of Founder Shares — — ( 216,667 ) ( 22 ) — 22 ―

Net loss — — — — — ( 13,223,196 ) ( 13,223,196 )

Balance — December 31, 2025 — $ — 5,533,333 $ 553 $ ― $ ( 27,051,524 ) $ ( 27,050,971 )

(1) December 31, 2024, includes an aggregate of up to 216,667 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full by the underwriters (Note 5).

In January 2025, the over-allotment option expired unexercised resulting in 216,667 Class B ordinary shares being forfeited to the Company.

The accompanying notes are an integral

part of these consolidated financial statements.

DYNAMIX CORPORATION

STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM JUNE 13, 2024 (INCEPTION)

THROUGH DECEMBER 31, 2024

CONSOLIDATED STATEMENTS OF CASH

(Inception) Through

Cash Flows from Operating Activities:

$ ( 135,571 )

Net loss $ ( 13,223,196 ) $ ( 135,571 )

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

Formation cost paid by Sponsor in exchange for issuance of founder shares

Payment of operation costs through promissory note

Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares ― 16,241

Operating costs paid through promissory note – related party ― 15,420

Change in fair value of warrant liabilities 14,857,000 415,000

Transaction costs ― 116,039

Change in fair value – over-allotment liability

Change in fair value of over-allotment liability ( 64,371 ) ( 12,792 )

Dividends earned on investments held in Trust Account ( 6,942,927 ) ( 749,825 )

1 unchanged sentence

Prepaid expenses ( 71,490 ) ( 1,637 )

Accounts Payable

Due from Sponsor ( 155 ) —

Accounts payable and accrued liabilities 3,410,343 204,305

Net cash used in operating activities ( 2,034,796 ) ( 132,820 )

1 unchanged sentence

Investment of cash in Trust Account ― ( 166,415,000 )

( 166,415,000 )

Net cash used in investing activities ― ( 166,415,000 )

( 166,415,000 )

Cash Flows from Financing Activities:

Cash withdrawn from Trust Account for working capital 714,928 ―

Proceeds from sale of Units, net of underwriting discounts paid ― 162,680,000

5 unchanged sentences

Cash – Beginning of period 1,543,566 —

Cash - End of year

Cash – End of period $ 223,698 $ 1,543,566

Non-Cash investing and financing activities:

Forfeiture of Founder Shares $ 22 $ —

Issuance of Founder Shares $ — $ 25,000

6 unchanged sentences

Initial classification of warrant liability - public $ — $ 1,743,000

The accompanying notes are an integral part

of these financial statements.

The accompanying notes are an integral

part of these consolidated financial statements.

DYNAMIX CORPORATION

1 unchanged sentence

DECEMBER 31, 2025

NOTE 1 — DESCRIPTION OF ORGANIZATION,

BUSINESS OPERATIONS, AND LIQUIDITY

Dynamix Corporation (the

“Company”) is a blank check company incorporated as a Cayman Islands exempted company on June 13, 2024.

The Company was

incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or

similar business combination with one or more businesses (the “Business Combination”).

The Company has not selected any specific

Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or

indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.

As of December 31, 2024,

the Company had not commenced any operations.

All activity for the period from June 13, 2024 (inception) through December 31, 2024

relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described

below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination.

The Company will not generate

any operating revenues until after the completion of its initial Business Combination, at the earliest.

The Company will generate non-operating

income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering.

has selected December 31 as its fiscal year end.

The registration statement

for the Company’s Initial Public Offering was declared effective on November 20, 2024.

On November 22, 2024, the Company consummated

the Initial Public Offering of 16,600,000 units (the “Units”), which includes the partial exercise by the underwriters of

their over-allotment option in the amount of 1,600,000 Units (Note 6), at $ 10.00 per Unit, generating gross proceeds of $ 166,000,000 ,

which is discussed in Note 3.

Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (the “Public

Simultaneously with the closing

of the Initial Public Offering, the Company consummated the sale of 5,985,000 warrants (the “Private Placement Warrants”)

at a price of $ 1.00 per Private Placement Warrant, in a private placement to DynamixCore Holdings, LLC, the Company’s sponsor (the

“Sponsor”), and Cohen & Company Capital Markets, a division of J.V.B.

Financial Group, LLC (referred to as “CCM”)

and Seaport Global Securities LLC, the representatives of the underwriters of the Initial Public Offering, generating gross proceeds of

$ 5,985,000 , which is described in Note 4.

Transaction costs amounted to $ 10,605,256 , consisting of $ 3,320,000 of cash underwriting fee,

$ 6,640,000 of deferred underwriting fee, and $ 645,256 of other offering costs.

Of those 5,985,000 Private

Placement Warrants, the Sponsor purchased 3,910,000 Private Placement Warrants and the underwriters purchased 2,075,000 Private Placement

On December 9, 2024, the

Company’s Class A ordinary shares and warrants began separately trading from the Units.

Those Units not separated will continue

to trade on the Nasdaq Global Market under the symbol “DYNXU,” and each of the Class A ordinary shares and warrants that are

separated will trade on the Nasdaq Global Market under symbols “DYNX” and “DYNXW,” respectively.

The Company’s Business

Combination must be with one or more target businesses that together have a fair market value equal to at least 80 % of the net balance

in the Trust Account (as defined below) (excluding the amount of deferred underwriting fee held and taxes payable on the income earned

on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination.

However, the Company will only

complete a Business Combination if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting securities

of the target or is otherwise not required to register as an investment company under the Investment Company Act of 1940, as

amended (the “Investment Company Act”).

There is no assurance that the Company will be able to successfully effect a Business

NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, AND GOING CONCERN

Dynamix Corporation (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on June 13, 2024.

The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).

As of December 31, 2025, the Company had not commenced any operations.

All activity for the period from June 13, 2024 (inception) through December 31, 2025 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination and completing the proposed Business Combination (see Note 6).

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

The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering.

The registration statement for the Company’s Initial Public Offering was declared effective on November 20, 2024.

On November 22, 2024, the Company consummated the Initial Public Offering of 16,600,000 units (the “Units”), which includes the partial exercise by the underwriters of their over-allotment option in the amount of 1,600,000 Units (Note 6), at $ 10.00 per Unit, generating gross proceeds of $ 166,000,000 , which is discussed in Note 3.

Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (the “Public Warrant”).

In January 2025, the underwriters’ remaining over-allotment option expired unexercised and as a result, 216,667 Class B ordinary shares were forfeited to the Company.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,985,000 warrants (the “Private Placement Warrants”) at a price of $ 1.00 per Private Placement Warrant, in a private placement to DynamixCore Holdings, LLC, the Company’s sponsor (the “Sponsor”), and Cohen & Company Capital Markets, a division of J.V.B.

Financial Group, LLC (referred to as “CCM”) and Seaport Global Securities LLC, the representatives of the underwriters of the Initial Public Offering, generating gross proceeds of $ 5,985,000 , which is described in Note 4.

Transaction costs amounted to $ 10,605,256 , consisting of $ 3,320,000 of cash underwriting fee, $ 6,640,000 of deferred underwriting fee, and $ 645,256 of other offering costs.

Of those 5,985,000 Private Placement Warrants, the Sponsor purchased 3,910,000 Private Placement Warrants and the underwriters purchased 2,075,000 Private Placement Warrants.

On December 9, 2024, the Company’s Class A ordinary shares and warrants began separately trading from the Units.

Those Units not separated traded on the Nasdaq Global Market under the symbol “DYNXU,” and each of the Class A ordinary shares and warrants that are separated will trade on the Nasdaq Global Market under symbols “DYNX” and “DYNXW,” respectively.

On August 27, 2025, the Company’s ticker symbols changed for its Class A ordinary shares, Units and public warrants from “DYNX,” “DYNXU” and “DYNXW,” to “ETHM,” “ETHMU” and “ETHMW,” respectively.

The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80 % of the net balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting fee held and taxes payable, if any, on the income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination.

However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting securities of the target or is otherwise not required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

There is no assurance that the Company will be able to successfully effect a Business Combination.

DYNAMIX CORPORATION

1 unchanged sentence

DECEMBER 31, 2025

Following the closing of

the Initial Public Offering, on November 22, 2024, an amount of $ 166,415,000 ($ 10.025 per Unit) from the net proceeds of the sale of the

Units and the sale of the Private Placement Warrants was placed in the trust account (the “Trust Account”), located in the

United States, with Odyssey Transfer and Trust Company acting as trustee, and the funds will be held in cash, including in demand deposit

accounts at a bank, or 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.

treasury obligations;

the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the

intended Business Combination.

To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment

Company Act, which risk increases the longer that it holds investments in the Trust Account, the Company may, at any time (based on the

management team’s ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct

the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an

interest bearing demand deposit account at a bank.

Except with respect to interest earned on the funds held in the Trust Account that

may be released to the Company for permitted withdrawals (means amounts withdrawn from interest earned on the Trust Account and not from

the principal held in the Trust Account) to fund working capital requirements, subject to an annual limit of 10 % of interest earned on

funds held in the Trust Account), or for taxes payable and up to $ 100,000 of interest to pay dissolution expenses, the proceeds from the

Initial Public Offering and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest

of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of the Company’s public

shares if the Company is unable to complete the initial Business Combination within 24 months from the closing of the Initial Public

Offering or by such earlier liquidation date as the board of directors may approve (the “Completion Window”), subject to applicable

law, or (iii) the redemption of the Company’s public shares properly submitted in connection with a shareholder vote to amend

the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s

obligation to allow redemption in connection with the initial Business Combination or to redeem 100 % of the Company’s public shares

if the Company has not consummated an 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.

The proceeds deposited in the

Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of

the Company’s public shareholders.

The Company will provide

the Company’s public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, the

Company’s initial Business Combination, all or a portion of their public shares upon the completion of the initial Business Combination

either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder

vote by means of a tender offer.

The decision as to whether the Company will seek shareholder approval of a proposed initial Business

Combination or conduct a tender offer will be made by the Company, solely in its discretion.

The public shareholders will be entitled

to redeem their shares 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 earned on the funds held

in the Trust Account (which interest shall be net of taxes payable) and not previously released to the Company, divided by the number

of then outstanding public shares, subject to the limitations.

The amount in the Trust Account was initially invested at $ 10.025 per public

The ordinary shares subject

to possible redemption were recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public

Offering, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)

Topic 480, “Distinguishing Liabilities from Equity.” If the Company seeks shareholder approval of the Business Combination,

a majority of the issued and outstanding shares voted must be voted in favor of the Business Combination.

The Company will have only

the duration of the Completion Window to complete the initial Business Combination.

However, if the Company is unable to complete its

initial Business Combination within the Completion Window, the Company 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 (and subject to lawfully available

funds therefor), 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 permitted withdrawals and less up to $ 100,000

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

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

to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining

shareholders and the board of directors, liquidate and dissolve, subject in each case to obligations under Cayman Islands law to provide

for claims of creditors and the requirements of other applicable law.

Following the closing of the Initial Public Offering, on November 22, 2024, an amount of $ 166,415,000 ($ 10.025 per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants was placed in the trust account (the “Trust Account”), located in the United States, with Odyssey Transfer and Trust Company acting as trustee, and the funds will be held in cash, including in demand deposit accounts at a bank, or 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;

the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended Business Combination.

To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that it holds investments in the Trust Account, the Company may, at any time (based on the management team’s ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account at a bank.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company for permitted withdrawals (means amounts withdrawn from interest earned on the Trust Account and not from the principal held in the Trust Account) to fund working capital requirements, subject to an annual limit of 10 % of interest earned on funds held in the Trust Account), or for taxes payable and up to $ 100,000 of interest to pay dissolution expenses, if any, the proceeds from the Initial Public Offering and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or by such earlier liquidation date as the board of directors may approve (the “Completion Window”), subject to applicable law, or (iii) the redemption of the Company’s public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100 % of the Company’s public shares if the Company has not consummated an 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.

The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

The Company will provide the Company’s public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, the Company’s initial Business Combination, all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer.

The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion.

The public shareholders will be entitled to redeem their shares 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 earned on the funds held in the Trust Account (which interest shall be net of taxes payable, if any) and not previously released to the Company, divided by the number of then outstanding public shares, subject to the limitations.

The amount in the Trust Account was initially invested at $ 10.025 per public share.

The ordinary shares subject to possible redemption were recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” If the Company seeks shareholder approval of the Business Combination, a majority of the issued and outstanding shares voted must be voted in favor of the Business Combination.

The Company will have only the duration of the Completion Window to complete the initial Business Combination.

However, if the Company is unable to complete its initial Business Combination within the Completion Window, the Company 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 (and subject to lawfully available funds therefor), 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 permitted withdrawals and less up to $ 100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

DYNAMIX CORPORATION

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DECEMBER 31, 2025

The Sponsor, officers and

directors entered into a letter agreement with the Company, pursuant to which they agreed to (i) waive their redemption rights with

respect to their founder shares and public shares in connection with the completion of the initial Business Combination;

their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment

to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s

obligation to allow redemption in connection with the initial business combination or to redeem 100 % of the public shares if the Company

has not consummated an 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;

(iii) waive their rights to liquidating distributions

from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the

Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares

they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions

from assets outside the Trust Account;

and (iv) vote any founder shares held by them and any public shares purchased during or after

the Initial Public Offering (including in open market and privately negotiated transactions) in favor of the initial Business Combination.

The Company’s Sponsor

has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold

to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or

other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.025

per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust

Account, if less than $ 10.025 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability

will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies

held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity

of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933,

as amended (the “Securities Act”).

However, the Company has not asked the Sponsor to reserve for such indemnification obligations,

nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company

believes that the Sponsor’s only assets are securities of the Company.

Therefore, the Company cannot assure that the Sponsor would

be able to satisfy those obligations.

The Sponsor, officers and directors entered into a letter agreement with the Company, pursuant to which they agreed to (i) waive their redemption rights with respect to their Founder Shares and public shares in connection with the completion of the initial Business Combination;

(ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial business combination or to redeem 100 % of the public shares if the Company has not consummated an 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;

(iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account;

and (iv) vote any Founder Shares held by them and any public shares purchased during or after the Initial Public Offering (including in open market and privately negotiated transactions) in favor of the initial Business Combination.

The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.025 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $ 10.025 per share due to reductions in the value of the trust assets, less taxes payable, if any, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company.

Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.

Risks and Uncertainties

The continuing military conflict between the Russian Federation and

Ukraine, the military actions between Hamas and Israel and the risk of escalations of other military conflicts have created and are expected

to create global economic consequences.

The specific impact on the Company’s financial condition, results of operations, cash flows

and completion of a Business Combination is not determinable as of the date of these consolidated financial statements.

Liquidity and Capital Resources

As of December 31, 2024, the

Company had $ 1,543,566 in its operating bank account, and working capital of $ 1,198,224 .

Prior to the completion

of the Initial Public Offering the Company’s liquidity needs had been satisfied through a loan under an unsecured promissory note

with the Sponsor and the issuance of 5,750,000 Class B ordinary shares at approximately $ 0.004 per share for gross proceeds of $ 25,000 .

The continuing military conflict between the Russian Federation and Ukraine, the military actions between Hamas and Israel and the risk of escalations of other military conflicts have created and are expected to create global economic consequences.

The specific impact on the Company’s financial condition, results of operations, cash flows and completion of a Business Combination is not determinable as of the date of these financial statements.

Going Concern Considerations

As of December 31, 2025, the Company had $ 223,698 in its operating bank account and a working capital deficit of $ 3,396,701 .

Prior to the completion of the Initial Public Offering the Company’s liquidity needs had been satisfied through a loan under an unsecured promissory note with the Sponsor and the issuance of 5,750,000 Class B ordinary shares (“Founder Shares”) at approximately $ 0.004 per share for gross proceeds of $ 25,000 .

On November 22, 2024, the Company repaid the total outstanding balance of the note amounting to $ 105,274 .

Subsequent to the consummation

of the Initial Public Offering the Company’s liquidity needs have been satisfied through the issuance of the Private Placement Warrants

which generated gross proceeds of $ 5,985,000 .

In connection with our assessment

of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties

about an Entity’s Ability to Continue as a Going Concern,” management believes that the funds which the Company has available

following the completion of the Initial Public Offering will enable it to sustain operations for a period of at least one-year from the

issuance date of these financial statements.

Over this time period, the Company will be using these funds for paying existing accounts

payable, identifying and evaluating prospective initial Business Combination candidates, and performing due diligence on prospective target

Subsequent to the consummation of the Initial Public Offering the Company’s liquidity needs have been satisfied through the issuance of the Private Placement Warrants which generated gross proceeds of $ 5,985,000 .

Additionally, creditors have agreed to defer approximately $ 1.0 million in fees until the company completes its initial Business Combination.

In connection with our assessment of going concern considerations in accordance with ASC 205-40 “Presentation of Financial Statements - Going Concern,” the Company has incurred and expects to continue to incur significant costs in pursuit of financing and acquisition plans.

Additionally, the Company has 24 months from the closing of the Initial Public Offering (November 22, 2026 or until such earlier liquidation date as our board of directors may approve) to complete a Business Combination (the “Combination Period”).

The working capital deficit and the expectation of significant future costs raises substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Additionally, management has determined that the mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination by the end of the Combination Period, raises substantial doubt about the Company’s ability to continue as a going concern.

Management plans to address this uncertainty through debt or equity financing and the completion of its proposed Business Combination (see Note 6).

There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful within the Combination Period.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

DYNAMIX CORPORATION

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Basis of Presentation

The accompanying

financial statements are presented in U.S.

dollars and have been prepared in accordance with accounting principles generally accepted

in the United States of America (“U.S.

GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities

and Exchange Commission (the “SEC”).

The accompanying financial statements are presented in U.S.

dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”).

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ethos Sub 1, Inc., Ethos Sub 2, Inc., and Ethos Sub 3, Inc.

All intercompany transactions have been eliminated.

Emerging Growth Company Status

The Company is an “emerging

growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups

Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements

that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required

to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding

executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory

vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of

the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until

private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class

of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging growth companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended

transition period which means that when a standard is issued or revised and it has different application dates for public or private companies,

the Company, as an emerging growth company, is not required to adopt the new or revised standard at the time public companies adopt the

new or revised standard.

This may make comparison of the Company’s financial statements with another public company which is neither

an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible

because of the potential differences in accounting standards used.

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.

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

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

Use of Estimates

The preparation of the financial

statements in conformity with U.S.

GAAP requires the Company’s management to make estimates and assumptions that affect the reported

amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.

estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effect of

a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating

its estimate, could change in the near term due to one or more future confirming events.

Accordingly, the actual results could differ

significantly from those estimates.

The preparation of the consolidated financial statements in conformity with U.S.

GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.

Making estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events.

Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all

short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 1,543,566

in cash and cash equivalents held in a money market fund as of December 31, 2024.

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 223,698 and $ 1,543,566 in cash as of December 31, 2025 and 2024, respectively, and no cash equivalents as of December 31, 2025 and 2024, respectively.

Investments Held in Trust Account

At December 31, 2024, substantially

all of the assets held in the Trust Account were held in mutual funds which are invested primarily in U.S.

Treasury securities.

the Company’s investments held in the Trust Account are classified as trading securities.

Trading securities are presented on the

balance sheet at fair value at the end of each reporting period.

Gains and losses resulting from the change in fair value of investments

held in the Trust Account are included in dividends earned on investments held in Trust Account in the accompanying statements of operations.

At December 31, 2025 and 2024, substantially all of the assets held in the Trust Account were held in mutual funds which are invested primarily in money market funds.

All of the Company’s investments held in the Trust Account are classified as trading securities.

Trading securities are presented on the consolidated balance sheets at fair value at the end of each reporting period.

Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in dividends earned on investments held in Trust Account in the accompanying consolidated statements of operations.

The estimated fair values of investments held in Trust Account are determined using available market information.

Fair values of these

investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

As of December

31, 2024, the Company reported $ 167,164,825 in investments held in the Trust Account.

Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

As of December 31, 2025 and 2024, the Company reported $ 173,392,824 and $ 167,164,825 in investments held in the Trust Account, respectively.

The Company may withdraw up to 10 % of the earnings in the Trust Account for working capital purposes.

For the year ended December 31, 2025 and for the period from June 13, 2024 (inception) through December 31, 2024, the Company withdrew $ 714,928 and $ 0 , respectively, from the Trust Account for working capital purposes.

DYNAMIX CORPORATION

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Concentration of Credit Risk

Financial instruments that

potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times,

may exceed the Federal Deposit Insurance Corporation coverage limit of $ 250,000 .

Any loss incurred or a lack of access to such funds could

have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $ 250,000 .

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

Offering Costs

The Company complies with

the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering

costs consist principally of professional and registration fees that are related to the Initial Public Offering.

FASB ASC 470-20, “Debt

with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and

debt components.

The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary

shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants

and then to the Class A ordinary shares.

Offering costs allocated to the Class A ordinary shares were charged to temporary equity, offering

costs allocated to the Public Warrants were charged to the statement of operations, while offering costs allocated to the Private Placement

Warrants were charged to shareholders’ deficit as Public Warrants and Private Placement Warrants after management’s evaluation

were accounted for under liability and equity treatment, respectively.

The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering.

FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components.

The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares.

Offering costs allocated to the Class A ordinary shares were charged to temporary equity, offering costs allocated to the Public Warrants were charged to the consolidated statements of operations, while offering costs allocated to the Private Placement Warrants were charged to shareholders’ deficit as the Public Warrants and Private Placement Warrants after management’s evaluation were accounted for under liability and equity treatment, respectively.

Fair Value of Financial Instruments

The fair value of the Company’s

assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,”

approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.

The Company accounts for

income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting

and reporting for income taxes.

Deferred income tax assets and liabilities are computed for differences between the financial statements

and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates

applicable to the periods in which the differences are expected to affect taxable income.

Valuation allowances are established, when necessary,

to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes

a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or

expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than not to be sustained

upon examination by taxing authorities.

The Company’s management determined that the Cayman Islands is the Company’s major

tax jurisdiction.

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets, primarily due to its short-term nature, except for the warrant liabilities (see Note 8).

The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes.

Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction.

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

of December 31, 2024, there were no unrecognized tax benefits and no amounts accrued for interest and penalties.

The Company is currently

not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered

to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes

or income tax filing requirements in the Cayman Islands or the United States.

As such, the Company’s tax provision was zero

for the period presented.

As of December 31, 2025 and 2024, there were no unrecognized tax benefits and no amounts accrued for interest and penalties.

The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States.

As such, the Company’s tax provision was zero for the periods presented.

DYNAMIX CORPORATION

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Derivative Financial Instruments

The Company evaluates its

financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance

with ASC Topic 815, “Derivatives and Hedging”.

For derivative financial instruments that are accounted for as liabilities,

the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with

changes in the fair value reported in the statement of operations.

The classification of derivative instruments, including whether such

instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Derivative liabilities are

classified in the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument

could be required within 12 months of the balance sheet date.

The underwriters’ over-allotment option is deemed to be a freestanding

financial instrument indexed on the contingently redeemable shares and were accounted for as a liability pursuant to ASC 480 since

the underwriters partially exercised their overallotment option at the closing of Initial Public Offering.

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”.

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Derivative liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the consolidated balance sheet date.

The underwriters’ over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and were accounted for as a liability pursuant to ASC 480 since the underwriters partially exercised their overallotment option at the closing of Initial Public Offering.

Warrant Instruments

The Company accounted for

the Public and Private Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance

with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”.

Accordingly, the Company evaluated and

classified the Public Warrants under liability treatment and the Private Placement Warrants under equity treatment at their assigned values.

The Company accounted for the Public and Private Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”.

Accordingly, the Company evaluated and classified the Public Warrants under liability treatment and the Private Placement Warrants under equity treatment at their assigned values.

Class A Ordinary Shares Subject to Possible Redemption

The public shares contain

a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, or if there

is a shareholder vote or tender offer in connection with the Company’s initial Business Combination.

In accordance with ASC 480-10-S99,

the Company classifies public shares subject to possible redemption outside of permanent equity as the redemption provisions are not solely

within the control of the Company.

The Company recognizes changes in redemption value immediately as it occurs and will adjust the carrying

value of redeemable shares to equal the redemption value at the end of each reporting period.

Immediately upon the closing of the Initial

Public Offering, the Company recognized the accretion from initial book value to redemption amount value.

The change in the carrying value

of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

at December 31, 2024, Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside

of the shareholders’ deficit section of the Company’s balance sheet.

At December 31, 2024, the Class A ordinary shares subject

to possible redemption reflected in the balance sheet are reconciled in the following table:

The public shares contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination.

In accordance with ASC 480-10-S99, the Company classifies public shares subject to possible redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company.

The Company recognizes changes in redemption value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period.

Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value.

The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Accordingly, at December 31, 2025 and 2024, Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated balance sheets.

At December 31, 2025 and 2024, the Class A ordinary shares subject to possible redemption reflected in the consolidated balance sheets are reconciled in the following table:

Shares Amount

Gross proceeds 16,600,000 $ 166,000,000

$ 166,000,000

Proceeds allocated to Public Warrants ( 1,743,000 )

( 1,743,000 )

Proceeds allocated to over-allotment option ( 77,163 )

Class A ordinary shares issuance costs ( 10,466,762 )

( 10,466,762 )

Remeasurement of carrying value to redemption value 13,451,750

Class A Ordinary Shares subject to possible redemption, December 31, 2024 16,600,000 167,164,825

$ 167,164,825

Accretion of redeemable Class A ordinary shares to redemption amount 6,227,999

Class A Ordinary Shares subject to possible redemption, December 31, 2025 16,600,000 $ 173,392,824

Share-Based Compensation

The Company records share-based

compensation in accordance with FASB ASC Topic 718, “Compensation-Share Compensation” (“ASC 718”), guidance to

account for its share-based compensation.

It defines a fair value-based method of accounting for an employee share option or similar equity

The Company recognizes all forms of share-based payments at their fair value on the grant date, which are based on the estimated

number of awards that are ultimately expected to vest.

The compensation expense to be recorded will be the difference between the fair

value of the Class B ordinary shares sold to each of the purchasers and the cash consideration exchange as a result of the assignment

The Company records share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Share Compensation” (“ASC 718”), guidance to account for its share-based compensation.

It defines a fair value-based method of accounting for an employee share option or similar equity instrument.

The Company recognizes all forms of share-based payments at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.

The compensation expense to be recorded will be the difference between the fair value of the Class B ordinary shares sold to each of the purchasers and the cash consideration exchange as a result of the assignment or transfer.

The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.

If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the

termination of service.

Share-based compensation expenses will be included in costs and operating expenses depending on the nature of

the services provided in the statement of operations.

Subsequent measurement of fair value of the share-based payment award is not required

for share-based payment awards meeting the conditions for equity classification.

If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service.

Share-based compensation expenses will be included in costs and operating expenses depending on the nature of the services provided in the consolidated statements of operations.

Subsequent measurement of fair value of the share-based payment award is not required for share-based payment awards meeting the conditions for equity classification.

DYNAMIX CORPORATION

2 unchanged sentences

Net Loss Per Ordinary Share

Net loss per ordinary share is computed by dividing

net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture.

Weighted average shares were reduced for the effect of an aggregate of 216,667 ordinary shares that would have been subject to forfeiture

had the over-allotment option not been exercised by the underwriters (see Note 7).

For the Period from

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of ordinary shares, which are referred to as redeemable Class A ordinary shares and non-redeemable Class B ordinary shares.

Income and losses are shared pro rata between the two classes of ordinary shares.

This presentation assumes a Business Combination as the most likely outcome.

Net loss per ordinary share is calculated by dividing the net loss by the weighted average ordinary shares outstanding for the respective period.

For the period from June 13, 2024 (inception) through December 31, 2024, weighted average shares were reduced for the effect of an aggregate of 216,667 ordinary shares that would have been subject to forfeiture had the over-allotment option not been exercised by the underwriters (see Note 7).

The following tables present a reconciliation of the numerator and denominator used to compute basic and diluted net loss per ordinary share for each class of ordinary shares:

For the Year Ended

December 31, 2025 For the Period from

June 13, 2024

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December 31, 2024

Basic net loss per ordinary share

Class A Class B Class A Class B

Basic net loss per ordinary share

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Basic net loss per ordinary share $ ( 0.60 ) $ ( 0.60 ) $ ( 0.02 ) $ ( 0.02 )

For the Period from

For the Year Ended

December 31, 2025 For the Period from

June 13, 2024

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December 31, 2024

Diluted net loss per ordinary share

Class A Class B Class A Class B

Diluted net loss per ordinary share

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Recent Accounting Pronouncements

Management does not believe

that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s

financial statements.

In November 2023, the FASB

issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments

in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided

to the chief operating officer decision maker (“CODM”), as well as the aggregate amount of other segment items included in

the reported measure of segment profit or loss.

The ASU requires that a public entity disclose the title and position of the

CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding

how to allocate resources.

Public entities will be required to provide all annual disclosures currently required by Topic 280 in

interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments

in this ASU and existing segment disclosures in Topic 280.

This ASU is effective for fiscal years beginning after

December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

adopted ASU 2023-07 on June 13, 2024 (inception).

The amendments will be applied prospectively.

The adoption of ASU 2023-07 has not had

a material impact on the Company’s financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of adopting ASU 2024-03.

Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

DYNAMIX CORPORATION

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NOTE 3 — INITIAL PUBLIC OFFERING

Pursuant to the Initial Public

Offering, on November 22, 2024, the Company sold 16,600,000 Units at a purchase price of $ 10.00 per Unit, which includes the partial

exercise by the underwriters of their over-allotment option in the amount of 1,600,000 Units.

Each Unit consists of one Class A ordinary

share and one-half of one redeemable warrant.

Each whole warrant entitles the holder to purchase one Class A ordinary share at a

price of $ 11.50 per share, subject to adjustment.

Each warrant will become exercisable 30 days after the completion of the initial

Business Combination and will expire five years after the completion of the initial Business Combination, or earlier upon redemption

or liquidation.

In connection with the completion

of the Business Combination, each holder of Public Warrants will have the right to require the Sponsor to repurchase or cause one of its

affiliates to repurchase, at $ 0.65 per Public Warrant (exclusive of commissions), the outstanding Public Warrants held by such holder

(the “Warrant Put Right”).

If the Company is unable to complete its Business Combination, there will be no requirement for

the Sponsor to repurchase, or to cause one of its affiliates to repurchase, the Public Warrants.

Also, the Company cannot assure the Sponsor

or the Company will have sufficient funds to repurchase Public Warrants pursuant to the holders’ exercise of the Warrant Put Rights.

Warrants — As

of December 31, 2024, there were 14,285,000 warrants outstanding, including 8,300,000 Public Warrants and 5,985,000 Private Placement

The Company will not be obligated

to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise

unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then

effective and a prospectus relating thereto is current, or a valid exemption from registration is available.

No warrant will be exercisable

and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary

share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state

of residence of the registered holder of the warrants.

In the event that the conditions in the two immediately preceding sentences are

not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may

have no value and expire worthless.

Pursuant to the Initial Public Offering, on November 22, 2024, the Company sold 16,600,000 Units at a purchase price of $ 10.00 per Unit, which includes the partial exercise by the underwriters of their over-allotment option in the amount of 1,600,000 Units.

Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant.

Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment.

Each warrant will become exercisable 30 days after the completion of the initial Business Combination and will expire five years after the completion of the initial Business Combination, or earlier upon redemption or liquidation.

In connection with the completion of the Business Combination, each holder of Public Warrants will have the right to require the Sponsor to repurchase or cause one of its affiliates to repurchase, at $ 0.65 per Public Warrant (exclusive of commissions), the outstanding Public Warrants held by such holder (the “Warrant Put Right”).

If the Company is unable to complete its Business Combination, there will be no requirement for the Sponsor to repurchase, or to cause one of its affiliates to repurchase, the Public Warrants.

Also, the Company cannot assure the Sponsor or the Company will have sufficient funds to repurchase Public Warrants pursuant to the holders’ exercise of the Warrant Put Rights.

Warrants — As of December 31, 2025 and 2024, there were 14,285,000 warrants outstanding, including 8,300,000 Public Warrants and 5,985,000 Private Placement Warrants.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, or a valid exemption from registration is available.

No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.

In no event will the Company be required to net cash settle any warrant.

In the event that a registration

statement is not effective for the exercised warrants, or a valid exemption from registration is not available, the purchaser of a unit

containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such

Under the terms of the warrant

agreement, the Company has agreed that, as soon as practicable, but in no event later than 20 business days, after the closing of

its Business Combination, it will use commercially reasonable efforts to file with the SEC a post-effective amendment to the registration

statement for the Initial Public Offering or a new registration statement covering the registration under the Securities Act of the

Class A ordinary shares issuable upon exercise of the warrants and thereafter will use its commercially reasonable efforts to cause

the same to become effective within 60 business days following the Company’s initial Business Combination and to maintain a

current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants until the expiration of the warrants

in accordance with the provisions of the warrant agreement.

If a registration statement covering the Class A ordinary shares issuable

upon exercise of the warrants is not effective by the sixtieth (60 th ) business day after the closing of the initial Business

Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company

will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with

Section 3(a)(9) of the Securities Act or another exemption.

Notwithstanding the above, if the Class A ordinary shares are

at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered

security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants

who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities

Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement,

and in the event the Company does not so elect, the Company will use its commercially reasonable efforts to register or qualify the shares

under applicable blue sky laws to the extent an exemption is not available.

If the holders exercise their

Public Warrants on a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A

ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying

the warrants, multiplied by the excess of the “fair market value” of the Class A ordinary shares over the exercise price

of the warrants by (y) the fair market value.

The “fair market value” is the average reported closing price of the Class A

ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is

received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

In the event that a registration statement is not effective for the exercised warrants, or a valid exemption from registration is not available, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

Under the terms of the warrant agreement, the Company has agreed that, as soon as practicable, but in no event later than 20 business days, after the closing of its Business Combination, it will use commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement for the Initial Public Offering or a new registration statement covering the registration under the Securities Act of the Class A ordinary shares issuable upon exercise of the warrants and thereafter will use its commercially reasonable efforts to cause the same to become effective within 60 business days following the Company’s initial Business Combination and to maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants until the expiration of the warrants in accordance with the provisions of the warrant agreement.

If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60 th ) business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.

Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

DYNAMIX CORPORATION

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DECEMBER 31, 2025

Redemption of Warrants

When the Price per Class A Ordinary Share Equals or Exceeds $18.00 :

If the holders exercise their Public Warrants on a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” of the Class A ordinary shares over the exercise price of the warrants by (y) the fair market value.

The “fair market value” is the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $ 18.00 :

The Company may redeem the outstanding warrants:

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● at a price of $ 0.01 per warrant;

● upon a minimum of 30 days’

prior written notice of redemption (the “30-day redemption period”);

● if, and only if, the closing

price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable

upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period commencing at least

30 days after completion of the initial business combination and ending three business days before the Company sends the notice

of redemption to the warrant holders.

Additionally, if the number

of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a subdivision

of ordinary shares or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the

number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding

ordinary shares.

A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A

ordinary shares at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary

shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable

under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares)

and (ii) the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market

For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary

shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received

for such rights, as well as any additional amount payable upon exercise or conversion, and (ii) fair market value means the volume

weighted average price of Class A ordinary shares as reported during the ten (10) trading day period ending on the trading

day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular

way, without the right to receive such rights.

● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”);

● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ 18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30 -trading day period commencing at least 30 days after completion of the initial business combination and ending three business days before the Company sends the notice of redemption to the warrant holders.

Additionally, if the number of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a subdivision of ordinary shares or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares.

A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market value.

For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion, and (ii) fair market value means the volume weighted average price of Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

NOTE 4— PRIVATE PLACEMENT

Simultaneously with the closing

of the Initial Public Offering, the Sponsor and the underwriters purchased an aggregate of 5,985,000 warrants, at a price of $ 1.00

per warrant, or $ 5,985,000 in the aggregate, in a private placement.

Of those 5,985,000 Private Placement Warrants, the Sponsor purchased

3,910,000 Private Placement Warrants and the underwriters purchased 2,075,000 Private Placement Warrants.

Each whole warrant entitles

the registered holder to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment.

The Private Placement Warrants

are identical to the Public Warrants sold in the Initial Public Offering except that the Private Placement Warrants do not include the

Warrant Put Right (as mentioned above), and, so long as they are held by the Sponsor, the underwriters, or their permitted transferees,

the Private Placement Warrants (i) may not (including the Class A ordinary shares issuable upon exercise of these Private Placement

Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion

of the initial Business Combination, (ii) will be entitled to registration rights and (iii) with respect to Private Placement

Warrants held by the underwriters and/or its designees, will not be exercisable more than five years from the commencement of sales

in this offering in accordance with Financial Industry Regulatory Authority (“FINRA”) Rule 5110(g)(8).

Simultaneously with the closing of the Initial Public Offering, the Sponsor and the underwriters purchased an aggregate of 5,985,000 warrants, at a price of $ 1.00 per warrant, or $ 5,985,000 in the aggregate, in a private placement.

Of those 5,985,000 Private Placement Warrants, the Sponsor purchased 3,910,000 Private Placement Warrants and the underwriters purchased 2,075,000 Private Placement Warrants.

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment.

The Private Placement Warrants are identical to the Public Warrants sold in the Initial Public Offering except that the Private Placement Warrants do not include the Warrant Put Right (as mentioned above), and, so long as they are held by the Sponsor, the underwriters, or their permitted transferees, the Private Placement Warrants (i) may not (including the Class A ordinary shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (ii) will be entitled to registration rights and (iii) with respect to Private Placement Warrants held by the underwriters and/or its designees, will not be exercisable more than five years from the commencement of sales in this offering in accordance with Financial Industry Regulatory Authority (“FINRA”) Rule 5110(g)(8).

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On June 18, 2024, the Sponsor made a capital contribution of $ 25,000 , or approximately $ 0.004 per share, to cover certain of the Company’s expenses, for which the Company issued 5,750,000 Founder Shares to the Sponsor.

The Founder Shares include an aggregate of up to 750,000 shares subject to forfeiture to the extent that the remainder of the underwriters’ over-allotment option is not exercised, so that the number of Founder Shares will represent 25.0 % of the Company’s issued and outstanding shares after the Initial Public Offering.

Upon the Initial Public Offering, the underwriters partially exercised their over-allotment option and in January 2025, the remaining over-allotment option expired, resulting in the Sponsor forfeiting 216,667 Founder Shares.

DYNAMIX CORPORATION

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DECEMBER 31, 2025

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On June 18, 2024, the

Sponsor made a capital contribution of $ 25,000 , or approximately $ 0.004 per share, to cover certain of the Company’s expenses, for

which the Company issued 5,750,000 founders shares to the Sponsor.

The founder shares include an aggregate of up to 750,000 shares subject

to forfeiture to the extent that the remainder of the underwriters’ over-allotment option is not exercised, so that the number of

founder shares will represent 25.0 % of the Company’s issued and outstanding shares after the Initial Public Offering.

In January 2025, the underwriters’

over-allotment option expired resulting in the Sponsor forfeiting 216,667 founder shares.

On September 8, 2024, the

Sponsor transferred 25,000 Class A Units representing 25,000 Founder Shares to each of the Company’s three director nominees, for

an aggregate of 75,000 Class A Units representing 75,000 Founder Shares, at a price of $ 0.004 per Unit/share, or an aggregate purchase

price of $ 300 .

The deemed transfer of founder shares to the three director nominees was granted only at the closing of the Company’s

Initial Public Offering.

In addition, On October 14, 2024, the Sponsor transferred 25,000 Class A Units representing 25,000 Founder Shares

to the Company’s vice president at a price of $ 0.004 per share, or an aggregate purchase price of $ 100 .

The deemed sale of the Founders

Shares to the Company’s vice president and to each of the three director nominees is in the scope of FASB ASC Topic 718, “Compensation-Stock

Compensation” (“ASC 718”).

Under ASC 718, stock-based compensation associated with equity-classified awards is measured

at fair value upon the grant date.

The fair value of the 25,000 Founder Shares deemed transferred to the Company’s vice president

on October 14, 2024 is $ 32,250 or $ 1.29 per share.

The Founder Shares deemed transferred to the vice president were granted subject to

a service condition (i.e., being part of the Company within one year from the grant date, October 14, 2024).

Stock-based compensation

will be recognized ratably from the grant date in four equal quarterly installments through the first anniversary in an amount equal to

the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received

for the deemed purchase of the Founder Shares.

The fair value of the 75,000 shares deemed granted to the Company’s three director

nominees was $ 96,750 or $ 1.29 per share.

The Founders Shares deemed transferred to the Company’s three director nominees were granted

subject to a performance condition (i.e., the occurrence of a Business Combination).

Compensation expense related to the Founders Shares

is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance.

As of December 31, 2024, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based

compensation expense has been recognized.

Stock-based compensation would be recognized at the date a Business Combination is considered

probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares times the grant date

fair value per share (unless subsequently modified) less the amount initially received for the deemed purchase of the Founders Shares.

The Company’s initial

shareholders have agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon

conversion thereof until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the

date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination

that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities

or other property.

Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial

shareholders with respect to any founder shares (the “Lock-up”).

Notwithstanding the foregoing, if (1) the closing price

of the Class A ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,

recapitalizations and the like) for any 20 trading days within any 30 -trading day period commencing at least 150 days after

the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results

in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares

will be released from the Lock-up.

On September 8, 2024, the Sponsor transferred 25,000 Class A Units representing 25,000 Founder Shares to each of the Company’s three director nominees, for an aggregate of 75,000 Class A Units representing 75,000 Founder Shares, at a price of $ 0.004 per Unit/share, or an aggregate purchase price of $ 300 .

The deemed transfer of Founder Shares to the three director nominees was granted only at the closing of the Company’s Initial Public Offering.

In addition, On October 14, 2024, the Sponsor transferred 25,000 Class A Units representing 25,000 Founder Shares to the Company’s vice president at a price of $ 0.004 per share, or an aggregate purchase price of $ 100 .

The deemed sale of the Founder Shares to the Company’s vice president and to each of the three director nominees is in the scope of ASC 718.

Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date.

The fair value of the 25,000 Founder Shares deemed transferred to the Company’s vice president on October 14, 2024 is $ 32,250 or $ 1.29 per share.

The Founder Shares deemed transferred to the vice president were granted subject to a service condition (i.e., being part of the Company within one year from the grant date, October 14, 2024).

Stock-based compensation will be recognized ratably from the grant date in four equal quarterly installments through the first anniversary in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the deemed purchase of the Founder Shares.

The fair value of the 75,000 shares deemed granted to the Company’s three director nominees was $ 96,750 or $ 1.29 per share.

The Founder Shares deemed transferred to the Company’s three director nominees were granted subject to a performance condition (i.e., the occurrence of a Business Combination).

Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance.

As of December 31, 2025 and 2024, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized.

Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the deemed purchase of the Founder Shares.

The Company’s initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issued upon conversion thereof until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial shareholders with respect to any Founder Shares (the “Lock-up”).

Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the Lock-up.

Promissory Note — Related Party

The Sponsor agreed to loan

the Company an aggregate of up to $ 300,000 to be used for a portion of the expenses of the Initial Public Offering.

The loan was non-interest

bearing, unsecured and due at the earlier of December 31, 2024 or the closing of the Initial Public Offering.

On November 22, 2024,

the Company repaid the total outstanding balance of the note amounting to $ 105,274 .

The Sponsor agreed to loan the Company an aggregate of up to $ 300,000 to be used for a portion of the expenses of the Initial Public Offering.

The loan was non-interest bearing, unsecured and due at the earlier of December 31, 2024 or the closing of the Initial Public Offering.

On November 22, 2024, the Company repaid the total outstanding balance of the note amounting to $ 105,274 .

Borrowings under the note are no longer available.

Administrative Services Agreement

The Company entered into an agreement with an affiliate of the Sponsor, commencing on November 21, 2024 through the earlier of the Company’s consummation of a Business Combination or its liquidation, to pay an aggregate of $ 30,000 per month for office space, utilities, and secretarial and administrative support services.

For the year ended December 31, 2025 and for the period from June 13, 2024 (inception) through December 31, 2024, the Company incurred $ 360,000 and $ 32,000 , respectively, of administrative services fees reported in general and administrative expenses on the consolidated statements of operations.

At December 31, 2025 and 2024, the Company owed $ 40,000 and $ 32,000 , respectively, and reported these amounts in accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Advisory Services Agreement

On February 4, 2025, the Company entered into an advisory services agreement with an affiliate of the Sponsor.

Pursuant to the advisory services agreement, the service provider will provide management, consulting and other advisory services to the Company in connection with its initial Business Combination.

In consideration for these services, the Company will pay the service provider an annual fee, payable on a monthly basis, until the consummation of a Business Combination.

The Company will also reimburse the service provider and its affiliates for certain costs and expenses incurred in favor of third parties.

Such annual fee, together with any reimbursement, shall not exceed 10 % of the interest earned on funds held in the Trust Account.

For the year ended December 31, 2025 and 2024, the Company has paid the service provider $ 660,704 and $ 0 , respectively, pursuant to the advisory services agreement.

DYNAMIX CORPORATION

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DECEMBER 31, 2025

Administrative Services Agreement

The Company entered into

an agreement with an affiliate of the Sponsor, commencing on November 21, 2024 through the earlier of the Company’s consummation

of a Business Combination and its liquidation, to pay an aggregate of $ 30,000 per month for office space, utilities, and secretarial and

administrative support services.

As of December 31, 2024, the Company incurred $ 32,000 of administrative services fees which was included

in accrued expenses line in the accompanying balance sheet.

Working Capital Loans

In order to fund working

capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor

or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the

“Working Capital Loans”).

In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”).

If the Company completes a Business Combination, the Company would repay the Working Capital Loans.

In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account

to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans.

Up to $ 1,500,000

of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of

$ 1.00 per warrant at the option of the lender.

In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans.

Up to $ 1,500,000 of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $ 1.00 per warrant at the option of the lender.

The warrants would be identical to the Private Placement Warrants.

As of December 31, 2024,

no such Working Capital Loans were outstanding.

As of December 31, 2025 and 2024, no such Working Capital Loans were outstanding.

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Risks and Uncertainties

The United States and

global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine

conflict and the recent escalation of the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the North Atlantic

Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United

Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related

individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication

payment system.

Certain countries, including the United States, have also provided and may continue to provide military aid or other

assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations.

The invasion of Ukraine by Russia and

the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO,

the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global

security concerns that could have a lasting impact on regional and global economies.

Although the length and impact of the ongoing conflicts

are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital

markets, as well as supply chain interruptions and increased cyber-attacks against U.S.

Additionally, any resulting sanctions

could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above-mentioned

factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian

invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the

Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an

initial Business Combination.

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system.

Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations.

The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies.

Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S.

Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above-mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

Registration Rights

The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the Initial Public Offering, (ii) Private Placement Warrants which were issued in a private placement simultaneously with the closing of the Initial Public Offering and the Class A ordinary shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that may be issued upon conversion of working capital loans have registration rights to require the Company to register a sale of any of its securities held and any other securities of the Company acquired by them prior to the consummation of the initial Business Combination pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering.

The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities.

In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination.

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters had a 45 -day option from the date of the Initial Public Offering to purchase up to an additional 2,250,000 Units to cover over-allotments.

On November 22, 2024, simultaneously with the closing of the Initial Public Offering, the underwriters partially exercised the over-allotment option to purchase an additional 1,600,000 Units.

In January 2025, the underwriters’ remaining over-allotment option expired unused.

The underwriters were entitled to a cash underwriting discount of $ 0.20 per Unit, or $ 3,320,000 in the aggregate, which was paid upon the closing of the Initial Public Offering.

In addition, $ 0.40 per Unit sold in the Initial Public Offering, or $ 6,640,000 in the aggregate, is payable to the underwriters for deferred underwriting fee.

The deferred underwriting fee will become payable to the underwriters, upon the completion of the Company’s initial Business Combination, from the amounts held in the Trust Account solely on amounts remaining in the Trust Account following all properly submitted shareholder redemptions in connection with the consummation of the initial Business Combination.

DYNAMIX CORPORATION

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DECEMBER 31, 2025

Registration Rights

The holders of the (i) founder

shares, which were issued in a private placement prior to the closing of the Initial Public Offering, (ii) Private Placement Warrants

which were issued in a private placement simultaneously with the closing of the Initial Public Offering and the Class A ordinary

shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that may be issued upon conversion of working

capital loans have registration rights to require the Company to register a sale of any of its securities held and any other securities

of the Company acquired by them prior to the consummation of the initial Business Combination pursuant to a registration rights agreement

signed on the effective date of the Initial Public Offering.

The holders of these securities are entitled to make up to three demands,

excluding short form demands, that the Company registers such securities.

In addition, the holders have certain piggyback registration

rights with respect to registration statements filed subsequent to the completion of the initial Business Combination.

The Company will

bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters had a 45 -day

option from the date of the Initial Public Offering to purchase up to an additional 2,250,000 units to cover over-allotments.

November 22, 2024, simultaneously with the closing of the Initial Public Offering, the underwriters partially exercised the over-allotment

option to purchase an additional 1,600,000 Units.

The underwriters had 45 days from the date of the Initial Public Offering to purchase

the remaining 650,000 Units.

In January 2025, the underwriters’ over-allotment option expired unused.

The underwriters were entitled

to a cash underwriting discount of $ 0.20 per Unit, or $3,320,000 in the aggregate, which was paid upon the closing of the Initial Public

In addition, $ 0.40 per Unit sold in the Initial Public Offering, or $ 6,640,000 in the aggregate, is payable to the underwriters

for deferred underwriting fee.

The deferred underwriting fee will become payable to the underwriters, upon the completion of the Company’s

initial Business Combination, from the amounts held in the Trust Account solely on amounts remaining in the Trust Account following all

properly submitted shareholder redemptions in connection with the consummation of the initial Business Combination.

Advisory Services Agreement

On February 4, 2025, the Company entered into an advisory services agreement (the “advisory services agreement”) with Volta (the “service provider”), an affiliate of the Sponsor owned and controlled by our chief executive officer and chief financial officer.

Pursuant to the advisory services agreement, the service provider will provide management, consulting and other advisory services to the Company in connection with its initial Business Combination.

In consideration for these services, the Company will pay the service provider an annual fee, payable on a monthly basis, until the consummation of a Business Combination.

The Company will also reimburse the service provider and its affiliates for certain costs and expenses incurred in favor of third parties.

Such annual fee, together with any reimbursement, shall not exceed 10 % of the interest earned on funds held in the Trust Account.

For the year ended December 31, 2025 and 2024, the Company has paid the service provider $ 660,704 and $ 0 , respectively, pursuant to the advisory services agreement.

Letter Agreement

On July 20, 2025, the Company entered into a letter agreement pursuant to which the underwriters from the Company’s Initial Public Offering agreed, if the closing of the Business Combination Agreement occurs, (a) that the only consideration due and payable by the Company and its affiliates to the underwriters pursuant to the underwriting agreement for the Initial Public Offering shall be a one-time cash fee equal to $ 500,000 (the “ Cash Fee ”) payable upon the closing of the Business Combination, (b) to waive any rights to any additional consideration under the underwriting agreement for the Initial Public Offering other than the cash fee, including deferred underwriting commission, and (c) to forfeit 2,070,000 private placement warrants immediately prior to the closing of the Business Combination and retain 5,000 private placement warrants (which will become warrants to purchase the same number of shares of Pubco Class A Stock at the closing of the Business Combination).

Business Combination Agreement

On July 21, 2025, the Company and The Ether Machine, Inc., a Delaware corporation (“Pubco”), entered into a Business Combination Agreement (the “Business Combination Agreement”) with ETH SPAC Merger Sub Ltd., a Cayman Islands exempted company and wholly-owned subsidiary of Pubco (“SPAC Merger Sub”), The Ether Reserve LLC, a Delaware limited liability company (the “Ether Reserve”), Ethos Sub 1, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“SPAC Subsidiary A”), Ethos Sub 2, Inc., a Delaware corporation and wholly-owned subsidiary of SPAC Subsidiary A (“SPAC Subsidiary B”), Ethos Sub 3, Inc., a Delaware corporation and wholly-owned subsidiary of SPAC Subsidiary B (“Company Merger Sub”), and ETH Partners LLC, a Delaware limited liability company (the “Seller”).

For additional information regarding the Business Combination Agreement and the transactions contemplated therein, see the Current Report on Form 8-K as filed with the SEC by the Company on July 25, 2025.

Concurrently with the execution of the Business Combination Agreement, Pubco, the Ether Reserve and the Company entered into (i) subscription agreements (collectively, the “ Equity PIPE Subscription Agreements ”) with certain investors (the “ Equity PIPE Investors ”), pursuant to which the Equity PIPE Investors agreed to purchase, and Pubco agreed to issue and sell, on the Closing Date (as defined in the Business Combination Agreement), shares of Pubco Class A Stock (the “ Equity PIPE Shares ”) for $ 197,100,000 in cash and a contribution of 67,121 Ether, in a private placement (the “ Equity PIPE ”), (ii) subscription agreements with certain investors, pursuant to which such investors agreed to purchase, and Ether Reserve agreed to issue and sell Ether Reserve Class A Units (the “ Subscribed Units ”) for $ 97,000,000 in cash and a contribution of 35,615.11 Ether, in a private placement, upon the terms and subject to the conditions set forth therein and (iii) subscription agreements with certain investors, pursuant to which such investors agreed to purchase, and Ether Reserve agreed to issue and sell, on the Closing Date, Ether Reserve’s exchange units for a contribution of 47,103 Ether, in a private placement, upon the terms and subject to the conditions set forth therein.

NOTE 7 — SHAREHOLDERS’ DEFICIT

Preference Shares — The

Company is authorized to issue a total of 5,000,000 preference shares at par value of $ 0.0001 each.

As of December 31, 2024, there were

no preference shares issued or outstanding.

Class A Ordinary

Shares — The Company is authorized to issue a total of 500,000,000 Class A ordinary shares at par value of $ 0.0001

As of December 31, 2024, there were no Class A ordinary shares issued or outstanding, excluding 16,600,000 shares subject to

possible redemption.

Class B Ordinary

Shares — The Company is authorized to issue a total of 50,000,000 Class B ordinary shares at par value of $ 0.0001

On June 18, 2024, the Company issued 5,750,000 Class B ordinary shares to the Sponsor for $ 25,000 , or approximately $ 0.004

The founder shares include an aggregate of up to 216,667 shares subject to forfeiture to the extent that the remainder of the

underwriters’ over-allotment option is not exercised, so that the number of founder shares will represent 25.0 % of the Company’s

issued and outstanding shares after the Initial Public Offering.

As of December 31, 2024, there were 5,750,000 Class B ordinary shares

issued and outstanding.

In January 2025, the underwriters’ over-allotment option expired resulting in the Sponsor forfeiting 216,667

founder shares.

The founder shares will automatically

convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination

or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations,

recapitalizations and the like, and subject to further adjustment.

In the case that additional Class A ordinary shares, or any other

equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in

connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A

ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such

adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion

of all Class B ordinary shares will equal, in the aggregate, 25 % of the sum of (i) the total number of all Class A ordinary

shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant to the

underwriters’ over-allotment option and excluding the Class A ordinary shares underlying the Private Placement Warrants issued

to the Sponsor and the underwriters), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued,

in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be

issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or any of

its affiliates or to officers and directors upon conversion of Working Capital Loans) minus (iii) any redemptions of Class A

ordinary shares by public shareholders in connection with an initial Business Combination;

provided that such conversion of founder shares

will never occur on a less than one-for-one basis.

Preference Shares — The Company is authorized to issue a total of 5,000,000 preference shares at par value of $ 0.0001 each.

As of December 31, 2025 and 2024, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue a total of 500,000,000 Class A ordinary shares at par value of $ 0.0001 each.

As of December 31, 2025 and 2024, there were no Class A ordinary shares issued or outstanding, excluding 16,600,000 shares subject to possible redemption.

Class B Ordinary Shares — The Company is authorized to issue a total of 50,000,000 Class B ordinary shares at par value of $ 0.0001 each.

On June 18, 2024, the Company issued 5,750,000 Class B ordinary shares to the Sponsor for $ 25,000 , or approximately $ 0.004 per share.

The issued shares included an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised.

Upon the Initial Public Offering, the underwriters partially exercised their over-allotment option.

In January 2025, the underwriters’ remaining over-allotment option expired resulting in the Sponsor forfeiting 216,667 Founder Shares.

DYNAMIX CORPORATION

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DECEMBER 31, 2025

Holders of record of the

Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters

to be voted on by shareholders.

Unless specified in the amended and restated memorandum and articles of association or as required by

the Companies Act or stock exchange rules, an ordinary resolution under Cayman Islands law and the Company’s amended and restated

memorandum and articles of association, which requires the affirmative vote of at least a majority of the votes cast by such shareholders

as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company is

generally required to approve any matter voted on by the shareholders.

Approval of certain actions requires a special resolution under

Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders

as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company,

and pursuant to the amended and restated memorandum and articles of association, such actions include amending the amended and restated

memorandum and articles of association and approving a statutory merger or consolidation with another company.

There is no cumulative voting

with respect to the appointment of directors, meaning, following the initial Business Combination, the holders of more than 50 % of ordinary

shares voted for the appointment of directors can elect all of the directors.

Prior to the consummation of the initial Business Combination,

only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and

(ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution

required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer

by way of continuation in a jurisdiction outside the Cayman Islands).

Holders of the Class A ordinary shares will not be entitled

to vote on these matters during such time.

These provisions of the amended and restated memorandum and articles of association may only

be amended if approved by a special resolution passed by the affirmative vote of at least 90 % (or, where such amendment is proposed in

respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled

to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company.

As of December 31, 2025 and 2024, there were 5,533,333 and 5,750,000 Class B ordinary shares issued and outstanding, respectively.

The Founder Shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment.

In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25 % of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant to the underwriters’ over-allotment option and excluding the Class A ordinary shares underlying the Private Placement Warrants issued to the Sponsor and the underwriters), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or any of its affiliates or to officers and directors upon conversion of Working Capital Loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination;

provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Holders of record of the Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders.

Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange rules, an ordinary resolution under Cayman Islands law and the Company’s amended and restated memorandum and articles of association, which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by the shareholders.

Approval of certain actions requires a special resolution under Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company, and pursuant to the amended and restated memorandum and articles of association, such actions include amending the amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company.

There is no cumulative voting with respect to the appointment of directors, meaning, following the initial Business Combination, the holders of more than 50 % of ordinary shares voted for the appointment of directors can elect all of the directors.

Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time.

These provisions of the amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90 % (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company.

NOTE 8 — FAIR VALUE MEASUREMENTS

The fair value of the Company’s

financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with

the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants

at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the

use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions

about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities

based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Quoted prices in active markets for identical assets or liabilities.

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DECEMBER 31, 2025

The following table presents

information about the Company’s assets and liabilities that are measured at fair value as of December 31, 2024, and indicates the

fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

The following table presents information about the Company’s assets and liabilities that are measured at fair value as of December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Level December 31,

2025 December 31,

Investments held in Trust Account 1 $ 173,392,824 $ 167,164,825

$ 167,164,825

Over-allotment option liability 3 $ — $ 64,371

Warrant liability – Public Warrants

At December 31, 2024, investments

held in the Trust Account were held in money market funds which are invested primarily in U.S.

Warrant liability 1 $ 17,015,000 $ 2,158,000

At December 31, 2025 and 2024, investments held in the Trust Account were held in money market funds which are invested primarily in U.S.

Treasury securities.

The estimated fair

values of investments held in Trust Account are determined using available market information.

Fair values of these investments are determined

by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The over-allotment option

was accounted for as a liability in accordance with ASC 815-40 and was presented within liabilities on the balance sheet.

The over-allotment

option liability is measured at fair value at inception and on a recurring basis, with changes in fair value presented within changes

in fair value of over-allotment option liability in the statement of operations.

The Company used a Black-Scholes

model to value the over-allotment option.

The over-allotment option liability was classified within Level 3 of the fair value hierarchy

at the measurement dates due to the use of unobservable inputs inherent in pricing models are assumptions related to expected share-price

volatility, expected life and risk-free interest rate.

The Company estimates the volatility of its ordinary shares based on historical

volatility that matches the expected remaining life of the option.

The estimated fair values of investments held in Trust Account are determined using available market information.

Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The over-allotment option was accounted for as a liability in accordance with ASC 815-40 and was presented within liabilities on the consolidated balance sheets.

The over-allotment option liability is measured at fair value at inception and on a recurring basis, with changes in fair value presented within changes in fair value of over-allotment option liability in the consolidated statements of operations.

In January 2025, the underwriters remaining over-allotment option expired unexercised.

The Company used a Black-Scholes model to value the over-allotment option.

The over-allotment option liability was classified within Level 3 of the fair value hierarchy at the measurement dates due to the use of unobservable inputs inherent in pricing models are assumptions related to expected share-price volatility, expected life and risk-free interest rate.

The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the option.

The risk-free interest rate is based on the U.S.

Treasury zero-coupon

yield curve on the grant date for a maturity similar to the expected remaining life of the option.

The expected life of the option is

assumed to be equivalent to their remaining contractual term.

The key inputs into the Black-Scholes

model were as follows at initial measurement and December 31, 2024 of the over-allotment option:

Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the option.

The expected life of the option is assumed to be equivalent to their remaining contractual term.

The key inputs into the Black-Scholes model were as follows at December 31, 2024 of the over-allotment option:

Inputs December 31,

2024 November 22,

Risk-free interest rate 4.45 %

3 unchanged sentences

Fair value of over-allotment unit $ 0.099

The Public Warrants were

accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability in the accompanying balance sheet.

The warrant liability was measured at fair value at inception and on a recurring basis, with changes in fair value presented within the

statement of operations.

The fair value of the Public Warrants was determined using the Monte Carlo Simulation Model upon consummation

of the Initial Public Offering.

On December 9, 2024, the Company’s Class A ordinary shares and warrants began separately trading

from the Units.

On December 31, 2024, the Company’s warrant liability for the Public Warrants was based on unadjusted quoted prices

at the close of market.

The following table presents

the quantitative information regarding market assumptions used in the valuation of the public warrants:

Estimated Share Price

Exercise Price

Risk-Free Rate

Selected Volatility

Probability of Merger Closing and Market Adjustment

DYNAMIX CORPORATION

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DECEMBER 31, 2025

The fair value of the 75,000

Founder Shares deemed transferred to the Company’s directors and 25,000 Founder Shares deemed transferred to the Company’s

vice president was determined using the company’s Class A ordinary shares as a proxy and discounted based on a lack of marketability

and the probability of successfully closing on a Business Combination.

As of December 31, 2024,

the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has

been recognized.

Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation

of a Business Combination) in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently

modified) less the amount initially received for the purchase of the Founders Shares.

The following table presents

the quantitative information regarding market assumptions used in the valuation of the Founder Shares:

Proxy price of Class A ordinary shares

Probability of closing on a Business Combination

Discount for lack of marketability

The following table provides

a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring

Warrant liability –

Public Warrants

The Public Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability in the accompanying consolidated balance sheets.

The warrant liability was measured at fair value on a recurring basis, with changes in fair value presented within the consolidated statements of operations.

The fair value of the Public Warrants was based on unadjusted quoted prices at the close of market as of December 31, 2025 and 2024.

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

Over-allotment

option liability

Initial measurement at November 22, 2024

Change in fair value

Reclassification to level 1 (1)

( 1,743,000 )

Fair value at December 31, 2024 $ 64,371

(1) Assumes the Public Warrants were reclassified on December 31,

Other than the Public Warrants, there were no other transfers in or

out of Level 3.

Expiration of over-allotment option ( 64,371 )

Fair value at December 31, 2025 $ —

NOTE 9 — SEGMENT INFORMATION

ASC Topic 280, “Segment

Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products,

services, geographic areas, and major customers.

Operating segments are defined as components of an enterprise for which separate

financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding

how to allocate resources and assess performance.

The Company’s chief

operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews the operating results for

the Company as a whole to make decisions about allocating resources and assessing financial performance.

Accordingly, management has determined

that the Company only has one operating segment.

DYNAMIX CORPORATION

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

DECEMBER 31, 2024

When evaluating the Company’s

performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

For the Period from June 13,

2024 (Inception) Through

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers.

Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The Company’s CODM has been identified as the Chief Executive Officer , who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance.

Accordingly, management has determined that the Company only has one operating segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the consolidated statements of operations as net income or loss.

The measure of segment assets is reported on the consolidated balance sheets as total assets.

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

2025 December 31,

Investments held in Trust Account $ 173,392,824 $ 167,164,825

Cash $ 223,698 $ 1,543,566

For the Year Ended

2025 For the Period

from June 13,

2024 (Inception)

General and administrative expenses $ 5,407,466 $ 375,613

Dividends earned on investments held in Trust Account $ 6,942,927 $ 749,825

The key measures of segment

profit or loss reviewed by our CODM are dividends earned on investments held in Trust Account and general and administrative expenses.

The CODM reviews dividends earned on investments held in Trust Account to measure and monitor shareholder value and determine the most

effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

General and administrative

expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business

Combination within the Combination Period.

The CODM also reviews general and administrative costs to manage, maintain and enforce all

contractual agreements to ensure costs are aligned with all agreements and budget.

The accounting policies used

to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

DYNAMIX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2025

The key metrics included in segment profit or loss reviewed by the CODM are dividends earned on investments held in Trust Account and general and administrative expenses.

The CODM reviews dividends earned on investments held in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination within the Combination Period.

The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

The consolidated statements of operations includes other transactions reviewed by the CODM including the change in fair value of warrant liabilities, change in fair value – over-allotment liability, and interest earned on cash.

The change in fair value of warrant liabilities and change in fair value – over-allotment liability are both non-cash transactions.

The interest earned on cash is monitored to ensure that the Company’s cash is earning an income for the Company.

The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent

events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued.

this review, other than as discussed in the Notes, the Company did not identify any subsequent events that would have required adjustment

or disclosure in the financial statements.

On February 4, 2025, the Company

entered into an advisory services agreement (the “advisory services agreement”) with Volta (the “service provider”),

an affiliate of our sponsor owned and controlled by our chief executive officer and chief financial officer.

Pursuant to the advisory

services agreement, the service provider will provide management, consulting and other advisory services to the Company in connection

with its initial Business Combination.

In consideration for these services, the Company will pay to the service provider an annual fee,

payable on a monthly basis, until the consummation of a Business Combination.

The Company will also reimburse the service provider and

its affiliates for certain costs and expenses incurred in favor of third parties.

Such annual fee, together with any reimbursement, shall

not exceed 10 % of the interest earned on funds held in the Trust Account.

The Company evaluated subsequent events and transactions that occurred after the consolidated balance sheet date up to the date that the financial statements were issued.

Based upon this review, the Company did not identify any subsequent events, other than noted below, that would have required adjustment or disclosure in the financial statements.

On February 20, 2026, the Company repaid the Sponsor $ 155 .

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 9A. Controls and Procedures