43 unchanged sentences
generated any revenues to date.
−Removed: Our only activities from June 19, 2024 (inception) through June 30, 2025 were organizational activities,
+Added: Our only activities from June 19, 2024 (inception) through September 30, 2025 were organizational activities,
those necessary to prepare for our IPO, described below, and identifying a target company for our initial business combination.
5 unchanged sentences
and auditing compliance), as well as for due diligence expenses.
−Removed: For the three months ended June 30, 2025, we had
−Removed: net income of $1,631,524, which consists of interest income on cash held in the Trust Account of $1,819,161 and interest earned on bank
−Removed: account of $11,921, offset by general and administrative expenses of $199,558.
−Removed: For the six months ended June 30, 2025, we had
−Removed: net income of $3,079,421, which consists of interest income on cash held in the Trust Account of $3,604,845, change on overallotment liability
−Removed: of $26,558 and interest earned on bank account of $11,921, offset by general and administrative expenses of $563,903.
−Removed: For the period from June 19, 2024 (inception)
−Removed: through June 30, 2024, we had no income or expenses.
+Added: For the three months ended September 30, 2025,
+Added: we had net income of $1,266,719, which consists of interest income on cash held in the Trust Account of $1,860,392 and interest earned
+Added: on bank account of $8,577, offset by general and administrative expenses of $602,250.
+Added: For the nine months ended September 30, 2025,
+Added: we had net income of $4,346,140, which consists of interest income on cash held in the Trust Account of $5,465,237, change on overallotment
+Added: liability of $26,558 and interest earned on bank account of $20,498, offset by general and administrative expenses of $1,166,153.
+Added: For the three months ended September 30, 2024
+Added: and for the period from June 19, 2024 (inception) through September 30, 2024, we had a net loss of $104,287, which consisted of general
+Added: and administrative costs.
Liquidity and Capital Resources
12 unchanged sentences
$3,500,000 of cash underwriting fee, $7,000,000 of deferred underwriting fee, and $528,226 of other offering costs.
−Removed: For the six months ended June 30, 2025, cash used
−Removed: in operating activities was $359,456.
−Removed: Net income of $3,079,421 was affected by interest earned on cash held in the Trust Account of $3,604,845,
−Removed: change in fair value of overallotment liability of $26,558, and net change in operating assets and liabilities of $192,526.
+Added: For the nine months ended September 30, 2025,
+Added: cash used in operating activities was $440,295.
+Added: Net income of $4,346,140 was affected by interest earned on cash held in the Trust Account
+Added: of $5,465,236, change in fair value of overallotment liability of $26,558, and net change in operating assets and liabilities of $705,359.
For the period from June 19, 2024 (inception)
−Removed: through June 30, 2024, there were no cash activities.
−Removed: As of June 30, 2025, we had cash held in the Trust
−Removed: Account of $180,202,115.
+Added: through September 30, 2024, cash used in operating activities was $50,996.
+Added: Net loss of $104,287 was affected by formation costs paid by
+Added: Sponsor in exchange for issuance of Class B ordinary shares of $19,795 and net change in operating assets and liabilities of $705,359.
+Added: As of September 30, 2025, we had cash held in
+Added: the Trust Account of $182,062,506.
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing
4 unchanged sentences
capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
−Removed: As of June 30, 2025, we had cash of $1,088,465
+Added: As of September 30, 2025, we had cash of $1,007,626
in our operating bank account.
30 unchanged sentences
We have no obligations, assets or liabilities,
−Removed: which would be considered off-balance sheet arrangements as of June 30, 2025.
+Added: which would be considered off-balance sheet arrangements as of September 30, 2025.
We do not participate in transactions that create relationships
27 unchanged sentences
Accordingly, the actual results could materially differ from those estimates.
−Removed: As of June 30, 2025, we did not have any critical accounting estimates to be disclosed.
+Added: As of September 30, 2025, we did not have any critical accounting estimates to be disclosed.
Recent Accounting Standards
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.