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Item 2. Management’s Discussion and Analysis

2026-08-14 compared with 2026-06-29 · 103 added, 245 removed, 22 unchanged (94% of the section changed)

Management’s Discussion and

Analysis of Financial Condition and Results of Operations.

to the “Company,” “our,” “us” or “we” refer to GSR V Acquisition Corp.

The following discussion

and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed

interim financial statements and the notes thereto contained elsewhere in this report.

Certain information contained in the discussion

and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking

Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934.

We have based these forward-looking statements on our current expectations

and projections about future events.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions

about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future

results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.

In some cases, you can

identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,”

“expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,”

or the negative of such terms or other similar expressions.

For information identifying important factors that could cause actual results

to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s

final prospectus for its Initial Public Offering filed with the U.S.

Management's Discussion and Analysis of Financial Condition and Results of Operations.

References to the "Company," "our," "us" or "we" refer to GSR V Acquisition Corp.

The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the unaudited condensed interim financial statements and the notes thereto contained elsewhere in this report.

Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.

We have based these forward-looking statements on our current expectations and projections about future events.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions.

For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's final prospectus for its Initial Public Offering filed with the U.S.

Securities and Exchange Commission (the "SEC").

The Company’s

securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov.

Except as expressly required by applicable

securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result

of new information, future events or otherwise.

We are a blank check company

incorporated on July 23, 2025 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition,

share purchase, reorganization or similar business combination with one or more businesses or entities that the Company has not yet identified

(“Business Combination”).

As of March 31, 2026, we had

not yet commenced operations.

All activity for the period from July 23, 2025 (inception) through March 31, 2026 relates to our formation

and our Initial Public Offering (as defined below).

We will not generate any operating revenues until after the completion of our initial

Business Combination, at the earliest.

We will generate non-operating income in the form of interest income from the proceeds derived

from the Initial Public Offering and Private Placement (defined below) held in a trust account (the “Trust Account” with Odyssey

Transfer and Trust Company acting as trustee.

The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov.

Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

We are a blank check company incorporated on July 23, 2025 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities that the Company has not yet identified ("Business Combination").

As of June 30, 2026, we had not yet commenced operations.

All activity for the period from July 23, 2025 (inception) through June 30, 2026 relates to our formation and our Initial Public Offering (as defined below), and since the Initial Public Offering, our search for a Business Combination.

We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest.

We will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering and Private Placement (defined below) held in a trust account (the "Trust Account") with Odyssey Transfer and Trust Company acting as trustee.

We have selected December 31 as our fiscal year end.

Public Offering and Private Placement

The registration statement

for the Company’s Initial Public Offering was declared effective on May 13, 2026.

On May 15, 2026, the Company consummated the Initial

Public Offering of 23,000,000 units including 3,000,000 additional public units as the underwriters’ over-allotment option was exercised

in full (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units being offered, the “Public

Shares”), at $10.00 per Unit, generating gross proceeds of $230,000,000.

Simultaneously with the consummation

of the Initial Public Offering and the sale of the Units, the Company consummated the private placement (“Private Placement”)

of 671,000 units including 52,500 additional private placement units as the underwriters’ over-allotment option was exercised in

full (the “Private Placement Units”) to GSR V Sponsor LLC (the “Sponsor”) and the underwriters, at a price of

$10.00 per Private Placement Unit, generating total proceeds of $6,710,000.

Transaction costs amounted

to $13,882,301, consisting of $4,025,000 of cash underwriting fees, $9,200,000 of deferred underwriting commissions which will be paid

on the consummation of the initial Business Combination, and $657,301 of other offering costs, which includes $280,000 of additional fees

paid to the parent of the lead underwriter.

Initial Public Offering and Private Placement

The registration statement for the Company's initial public offering ("Initial Public Offering") was declared effective on May 13, 2026.

On May 15, 2026, the Company consummated the Initial Public Offering of 23,000,000 units including 3,000,000 additional public units as the underwriters' over-allotment option was exercised in full (the "Units" and, with respect to the shares of Class A ordinary shares included in the Units being offered, the "Public Shares"), at $10.00 per Unit, generating gross proceeds of $230,000,000.

Simultaneously with the consummation of the Initial Public Offering and the sale of the Units, the Company consummated the private placement ("Private Placement") of 671,000 units including 52,500 additional private placement units as the underwriters' over-allotment option was exercised in full (the "Private Placement Units") to GSR V Sponsor LLC (the "Sponsor") and the underwriters, at a price of $10.00 per Private Placement Unit, generating total proceeds of $6,710,000.

Transaction costs amounted to $13,882,301, consisting of $4,025,000 of cash underwriting fees, $9,200,000 of deferred underwriting commissions which will be paid on the consummation of the initial Business Combination, and $657,301 of other offering costs, which includes $280,000 of additional fees paid to the parent of the lead underwriter.

The lead underwriter and its parent are related parties.

the Company is unable to complete an initial Business Combination within the 18 or 21-month period after the closing of the Initial Public

Offering (the “Completion Window”), it may seek an amendment to amended and restated memorandum and articles of association

to extend the period of time to complete an initial Business Combination beyond 21 months.

The Company’s amended and restated memorandum

and articles of association requires at least a special resolution of shareholders as a matter of Cayman Islands law, meaning that such

an amendment be approved by at least two-thirds of ordinary shares who, being entitled to do so, attend and vote (either in person or

by proxy) at a general meeting of the company.

If the Company seeks shareholder approval to extend beyond the 21-month period in which

to complete an initial Business Combination to a later date, the Company is required to offer public shareholders the right to have their

public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the Trust Account, including interest

(less permitted withdrawals and up to $100,000 of interest to pay dissolution expenses).

There are no limitations to the number of times

that the Company may seek shareholder approval or that shareholders may approve to extend beyond the 21-month period in which to complete

a Business Combination at a later date.

If the initial Business Combination is not completed within the Completion Window, the membership

interests of the Sponsor become worthless.

If the Company is unable to complete an initial Business Combination within the 18 months, extendable to 21 months at the Sponsor’s discretion after the closing of the Initial Public Offering (the "Completion Window"), it may seek an amendment to amended and restated memorandum and articles of association to extend the period of time to complete an initial Business Combination beyond 21 months.

The Company's amended and restated memorandum and articles of association requires at least a special resolution of shareholders as a matter of Cayman Islands law, meaning that such an amendment be approved by at least two-thirds of ordinary shares who, being entitled to do so, attend and vote (either in person or by proxy) at a general meeting of the company.

If the Company seeks shareholder approval to extend beyond the 21-month period in which to complete an initial Business Combination to a later date, the Company is required to offer public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the Trust Account, including interest (less permitted withdrawals and up to $100,000 of interest to pay dissolution expenses).

There are no limitations to the number of times that the Company may seek shareholder approval or that shareholders may approve to extend beyond the 21-month period in which to complete a Business Combination at a later date.

If the initial Business Combination is not completed within the Completion Window, the membership interests of the Sponsor become worthless.

Liquidity and Capital Resources

of March 31, 2026, the Company had no cash and a working capital deficit of $127,625.

Following the Initial Public Offering, the Company

had $2,245,000 in its operating bank account and a working capital surplus of $1,912,388.

intend to use substantially all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to

acquire a target business or businesses and to pay our expenses relating thereto.

To the extent that our share capital is used in whole

or in part as consideration to effect our initial Business Combination, the remaining proceeds held in the Trust Account as well as any

other net proceeds not expended will be used as working capital to finance the operations of the target business.

Such working capital

funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions

and for marketing, research and development of existing or new products.

Such funds could also be used to repay any operating expenses

or finders’ fees which we had incurred prior to the completion of our initial Business Combination if the funds available to us

outside of the Trust Account were insufficient to cover such expenses.

the next 18 to 21 months (assuming a Business Combination is not consummated prior thereto), we will be using the funds held outside of

the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective

target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate

documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating

and consummating the Business Combination.

our estimates of the costs of undertaking in-depth due diligence and negotiating our initial Business Combination is less than the actual

amount necessary to do so, or the amount of interest available to us from the Trust Account is less than we expect as a result of the

current interest rate environment, we may have insufficient funds available to operate our business prior to our initial Business Combination.

Moreover, we may need to obtain additional financing either to consummate our initial Business Combination or because we become obligated

to redeem a significant number of our public shares upon consummation of our initial Business Combination, in which case we may issue

additional securities or incur debt in connection with such Business Combination.

Subject to compliance with applicable securities laws,

we would only consummate such financing simultaneously with the consummation of our initial Business Combination.

Following our initial

Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

As of June 30, 2026, the Company had $1,558,257 in its operating bank account and a working capital surplus of $1,713,850.

For the six months ended June 30, 2026, cash used in operating activities was $461,273.

We intend to use substantially all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire a target business or businesses and to pay our expenses relating thereto.

To the extent that our share capital is used in whole or in part as consideration to effect our initial Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business.

Such working capital funds could be used in a variety of ways including continuing or expanding the target business' operations, for strategic acquisitions and for marketing, research and development of existing or new products.

Such funds could also be used to repay any operating expenses or finders' fees which we had incurred prior to the completion of our initial Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

Over the next 18 to 21 months (assuming a Business Combination is not consummated prior thereto), we will be using the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

If our estimates of the costs of undertaking in-depth due diligence and negotiating our initial Business Combination are less than the actual amount necessary to do so, or the amount of interest available to us from the Trust Account is less than we expect as a result of the current interest rate environment, we may have insufficient funds available to operate our business prior to our initial Business Combination.

Moreover, we may need to obtain additional financing either to consummate our initial Business Combination or because we become obligated to redeem a significant number of our public shares upon consummation of our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.

Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial Business Combination.

Following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Going Concern Consideration

In connection with the Company’s

assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update

2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” we have determined

that mandatory liquidation, should we not complete a Business Combination and an extension of our deadline to do so not be approved by

the shareholders of the Company, and potential subsequent dissolution and the liquidity issue raise substantial doubt about the Company’s

ability to continue as a going concern if it does not complete a Business Combination.

As of March 31, 2026, the

Company had no cash and a working capital deficit of $127,625.

However, on May 15, 2026, subsequent to the balance sheet date and prior

to issuance of the unaudited condensed interim financial statements, the Company consummated its Initial Public Offering, including the

full exercise of the underwriters’ over-allotment option, and the related Private Placement.

Following the Initial Public Offering,

the Company had $2,245,000 in its operating bank account and a working capital surplus of $1,912,388.

The Company has incurred and expects

to continue to incur significant costs as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination.

In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," we have determined that mandatory liquidation, should we not complete a Business Combination and an extension of our deadline to do so not be approved by the shareholders of the Company, and potential subsequent dissolution and the liquidity issue raise substantial doubt about the Company's ability to continue as a going concern if it does not complete a Business Combination.

As of June 30, 2026, the Company had $1,558,257 in its operating bank account and a working capital surplus of $1,713,850.

The Company has incurred and expects to continue to incur significant costs as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination.

Such costs will be incurred prior to generating any operating revenues.

These factors also raise substantial doubt about the Company’s

ability to continue as a going concern within one year after the date that the unaudited condensed interim financial statements are issued.

Management plans to complete

a Business Combination before the mandatory liquidation date and anticipates that the Company will have sufficient liquidity to fund its

operations until then.

However, there can be no assurance that we will be able to consummate a Business Combination within the Completion

Window or that liquidity will be sufficient to fund operations.

The unaudited condensed interim financial statements do not include any

adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the

Company be unable to continue as a going concern.

These factors also raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the unaudited condensed interim financial statements are issued.

Management plans to complete a Business Combination before the mandatory liquidation date and anticipates that the Company will have sufficient liquidity to fund its operations until then.

Although management’s forecast indicates that cash held outside the Trust Account is expected to fund currently estimated operating costs during the assessment period, the mandatory liquidation provision and uncertainty regarding completion of a Business Combination continue to raise substantial doubt about the Company’s ability to continue as a going concern.

The unaudited condensed interim financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Results of Operations

Our entire activity since inception up to June 30, 2026 relates to our formation and the Initial Public Offering, and since the Initial Public Offering, our search for a Business Combination.

We will not generate any operating revenues until the closing and completion of our initial Business Combination, at the earliest.

We generate non-operating income from the proceeds held in the Trust Account.

For the three months ended June 30, 2026, we had a net income of $786,553, which consisted of non-operating income earned on the Trust Account and operating account of $1,039,048, partially offset by loss from operations of $252,495 consisting of general and administrative expenses.

For the six months ended June 30, 2026, we had a net income of $729,868, which consisted of non-operating income earned on the Trust Account and operating account of $1,039,048, partially offset by loss from operations of $309,180 consisting of general and administrative expenses.

Related Party Transactions

Founder Shares

On September 15, 2025,

the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 6,500,000 Class B ordinary shares of

the Company (“Founder Shares”), which were issued on August 20, 2025.

On April 27, 2026, the Company authorized

a stock split in a 1.03-for-one ratio, resulting in the Sponsor holding 6,750,000 Class B ordinary shares.

The Founder Shares represent

22.2% of the Company’s issued and outstanding ordinary shares upon the consummation of the Initial Public Offering and the Private

Placement as the over-allotment option was exercised in full by the underwriters.

On May 12, 2026, the Sponsor

transferred 60,000 Founder Shares to the three independent directors (20,000 Founder Shares per director) of the Company, at a price of

$0.0037037 per share.

On September 15, 2025, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 6,500,000 Class B ordinary shares of the Company ("Founder Shares"), which were issued on August 20, 2025.

On April 27, 2026, the Company authorized a stock split in a 1.03-for-one ratio, resulting in the Sponsor holding 6,750,000 Class B ordinary shares.

The Founder Shares represent 22.2% of the Company's issued and outstanding ordinary shares upon the consummation of the Initial Public Offering and the Private Placement as the over-allotment option was exercised in full by the underwriters.

On May 12, 2026, the Sponsor transferred 60,000 Founder Shares to the three independent directors (20,000 Founder Shares per director) of the Company, at a price of $0.0037037 per share.

Each buyer paid $74.07 for an aggregate purchase price of $222.21 in consideration of the assignment of shares.

If the director ceases to be a director of the Company for any reason before the consummation of the Business Combination, at the Sponsor’s

election, it will either repurchase the shares at the purchase price or forfeit the shares back to the Company for no consideration.

Founder Shares will automatically convert into shares of Class A ordinary shares at the time of the Business Combination on a one-for-one

basis, subject to adjustment as described in the Company’s certificate of incorporation.

The sale of the Founder Shares

to the Company’s directors by the Sponsor is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC

Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant

If the director ceases to be a director of the Company for any reason before the consummation of the Business Combination, at the Sponsor's election, it will either repurchase the shares at the purchase price or forfeit the shares back to the Company for no consideration.

The Founder Shares will automatically convert into shares of Class A ordinary shares at the time of the Business Combination on a one-for-one basis, subject to adjustment as described in the Company's certificate of incorporation.

The sale of the Founder Shares to the Company's directors by the Sponsor 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 60,000 shares granted to the Company's directors was $5.00 per share or $300,000 in the aggregate.

The Founder Shares 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.

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 Founder Shares.

The Founder Shares 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.

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 Founder Shares.

Administrative Services Agreement

Commencing on May 15, 2026,

the Company entered into an agreement to pay the Sponsor a total of up to $55,556 per month for office space and administrative and support

Commencing on May 15, 2026, the Company entered into an agreement to pay the Sponsor a total of up to $55,556 per month for office space and administrative and support services.

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

For the three and six months ended June 30, 2026, the Company incurred $111,112 in fees for these services, which are included within general and administrative expenses in the unaudited condensed interim statements of operations.

There were no related amounts payable as of June 30, 2026 or December 31, 2025.

Due to Related Party

The Sponsor pays certain

costs on behalf of the Company, with such amounts reflected as due to related party.

These amounts are due on demand and non-interest

During the period from January 1, 2026 through March 31, 2026, the Sponsor paid certain costs totaling $15,000 on behalf of the

As of March 31, 2026 and December 31, 2025, the amount due to the related party was $15,000 and $0, respectively.

The Sponsor pays certain costs on behalf of the Company, with such amounts reflected as due to related party.

These amounts are due on demand and non-interest bearing.

During the period from January 1, 2026 through May 15, 2026, the Sponsor paid certain costs totaling $91,301 on behalf of the Company.

Upon the closing of the Initial Public Offering, the Company repaid the outstanding balance of $91,301 due to related party from the proceeds not held in the Trust Account, resulting in no balances due to related party as of June 30, 2026 or December 31, 2025.

Working Capital Loans

In addition, in order to finance

transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their

affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).

If the Company

completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released

to the Company.

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company's founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans").

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.

Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account.

In the event that

a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital

Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

The Working Capital Loans would

either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1,500,000

of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit.

Except for the foregoing,

the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

As of March 31, 2026 and December 31, 2025, the Company had no outstanding Working Capital Loans.

Other Contractual

In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders' discretion, up to $1,500,000 of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit.

Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

As of June 30, 2026 and December 31, 2025, the Company had no outstanding in Working Capital Loans.

Other Contractual Obligations

Registration Rights

The holders of (i) the Founder

Shares (including the underlying Class A ordinary shares issuable upon the conversion of the Founder Shares) and (ii) Private Placement

Units, including any Private Placement Units that may be issued upon conversion of working capital loans (including any private placement

shares, private placement rights and any Class A ordinary shares underlying the private placement rights) will be entitled to registration

rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering requiring

the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares).

With the exception of the Sponsor and the Private Placement Units it purchases in connection with the Initial Public Offering, the holders

of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register

such securities.

In addition, and as excepted above, the holders have certain “piggy-back” registration rights with respect

to registration statements filed subsequent to the Company’s completion of its initial Business Combination and rights to require

the Company to register for resale such securities pursuant to Rule 415 under the Securities Act.

However, the registration rights agreement

will provide that the Company will not be required to effect or permit any registration or cause any registration statement to become

effective until termination of the applicable lock-up period.

The Company will bear the expenses incurred in connection with the

filing of any such registration statements.

The holders of (i) the Founder Shares (including the underlying Class A ordinary shares issuable upon the conversion of the Founder Shares) and (ii) Private Placement Units, including any Private Placement Units that may be issued upon conversion of working capital loans (including any private placement shares, private placement rights and any Class A ordinary shares underlying the private placement rights) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares).

With the exception of the Sponsor and the Private Placement Units it purchases in connection with the Initial Public Offering, the holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities.

In addition, and as excepted above, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the Company's completion of its initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act.

However, the registration rights agreement will provide that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period.

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement - Related Party

The Company granted the underwriters

a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting

discounts and commissions.

On May 15, 2026, the underwriters exercised their over-allotment option in full to purchase 3,000,000 additional

Units at the Initial Public Offering price, less the underwriting discounts and commissions.

SPAC Advisory Partners LLC

dba Polaris Advisory Partners LLC (“Polaris”) was the lead underwriter on the Initial Public Offering.

Polaris is a related

party, as the management team of Polaris is the same as that of the Company.

Polaris was entitled to cash

underwriting fees of $0.175 per Unit, or $4,025,000 in the aggregate, paid upon the closing of the Initial Public Offering.

Polaris is entitled to deferred underwriting commissions of $0.40 per Unit, or $9,200,000 in the aggregate.

The deferred underwriting

commissions will become payable to Polaris from the amounts held in the Trust Account solely in the event that the Company completes a

Business Combination, subject to the terms of the underwriting agreement.

In addition to the cash and deferred underwriting fees, the

Company paid $280,000 of additional fees to Kingswood Capital Partners LLC (“Kingswood”), who served as broker-dealer and

is a related party of the Company as the parent of Polaris.

On May 15, 2026, the underwriters exercised their over-allotment option in full to purchase 3,000,000 additional Units at the Initial Public Offering price, less the underwriting discounts and commissions.

SPAC Advisory Partners LLC dba Polaris Advisory Partners LLC ("Polaris") was the lead underwriter on the Initial Public Offering.

Polaris is a related party, as the management team of Polaris is the same as that of the Company.

Polaris was entitled to cash underwriting fees of $0.175 per Unit, or $4,025,000 in the aggregate, paid upon the closing of the Initial Public Offering.

In addition, Polaris is entitled to deferred underwriting commissions of $0.40 per Unit, or $9,200,000 in the aggregate.

The deferred underwriting commissions will become payable to Polaris from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

In addition to the cash and deferred underwriting fees, the Company paid $280,000 of additional fees to Kingswood Capital Partners LLC ("Kingswood"), who served as broker-dealer and is a related party of the Company as the parent of Polaris.

Critical Accounting Estimates

The preparation of unaudited

condensed interim financial statements and related disclosures in conformity with accounting principles generally accepted in the United

States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure

of contingent assets and liabilities at the date of the unaudited condensed interim financial statements, and income and expenses during

the period reported.

The preparation of unaudited condensed interim financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed interim financial statements, and income and expenses during the periods reported.

Actual results could materially differ from those estimates.

31, 2026, we have not identified any critical accounting policies or estimates.

Significant estimates and assumptions used by management include those related to the fair value measurements disclosed in Note 8.

Actual results could differ materially from those estimates.

Off-Balance Sheet Arrangements;

and Contractual Obligations

As of March 31, 2026, we did

not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

We will qualify as an “emerging

growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective

date for private (not publicly traded) companies.

We are electing to delay the adoption of new or revised accounting standards, and as

a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required

for non-emerging growth companies.

As such, our unaudited condensed interim financial statements may not be comparable to companies that

comply with public company effective dates.

Additionally, we are in the

process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.

Subject to certain

conditions set forth in the JOBS Act, if, as an “emerging growth company”, we choose to rely on such exemptions we may not

be required to, among other things, (1) provide an independent registered public accounting firm’s attestation report on our system

of internal controls over financial reporting pursuant to Section 404, (2) provide all of the compensation disclosure that may be required

of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (3) comply with any requirement

that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional

information about the audit and the financial statements (auditor discussion and analysis), and (4) disclose certain executive compensation

related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to

median employee compensation.

These exemptions will apply for a period of five years following the completion of this offering or until

we are no longer an “emerging growth company,” whichever is earlier.

Commitments and Contractual Obligations

As of June 30, 2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

We will qualify as an "emerging growth company" and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.

We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

As such, our unaudited condensed interim financial statements may not be comparable to companies that comply with public company effective dates.

Significant estimates and assumptions used by management include those related to the fair value measurements disclosed in Note 8.

Actual results could differ materially from those estimates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.

Subject to certain conditions set forth in the JOBS Act, if, as an "emerging growth company", we choose to rely on such exemptions we may not be required to, among other things, (1) provide an independent registered public accounting firm's attestation report on our system of internal controls over financial reporting pursuant to Section 404, (2) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (4) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.

These exemptions will apply for a period of five years following the completion of this offering or until we are no longer an "emerging growth company," whichever is earlier.

Recent Accounting Standards

Management does not believe

that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited

condensed interim financial statements.

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited condensed interim financial statements.

Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting

company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis