What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-12 compared with 2025-08-11 · 30 added, 34 removed, 224 unchanged (22% of the section changed)

99 unchanged sentences

combination until July 27, 2025.

On July 23, 2025, the Company has deposited in an amount of $144,670 into the Trust Account in order

to extend the amount of available time to complete a business combination until August 27, 2025.

The Note does not bear interest and matures

upon the closing of a business combination by the Company.

In addition, the Note may be converted by the holder into units of the Company

identical to the units issued in the Company’s initial public offering at a price of $10.00 per unit.

On each of July 23, 2025, August 18, 2025, September 19, 2025 and October 21, 2025, respectively, the

Company deposited in an amount of $144,670 into the Trust Account in order to extend the amount of available time to complete a business

combination until November 27, 2025.

The Note does not bear interest and matures upon the closing of a business combination by the Company.

In addition, the Note may be converted by the holder into units of the Company identical to the units issued in the Company’s initial

public offering at a price of $10.00 per unit.

Results of Operations

All activity from inception up to June 30, 2025

All activity from inception up to September 30,

2025 related to our formation and the Initial Public Offering.

Since the Initial Public Offering, our activity has been limited to the evaluation

of Business Combination candidates, and we will not be generating any operating revenues until the closing and completion of our initial

Business Combination.

We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and

auditing compliance), as well due diligence expenses in connection with our searches for business combination targets.

For the six months ended June 30, 2025, we had

a net income of $1,126,226, which comprised of general and administrative expenses and dividend income.

For the six months ended June 30, 2024, we had

a net income of $5,040,728, which comprised of general and administrative expenses and dividend and interest income.

For the three months ended June 30, 2025, we had

a net income of $558,055, which comprised of general and administrative expenses and dividend income.

For the three months ended June 30, 2024, we had

a net income of $1,774,535, which comprised of general and administrative expenses and dividend and interest income.

Since the Initial Public Offering, our activity has been limited to the

evaluation of Business Combination candidates, and we will not be generating any operating revenues until the closing and completion of

our initial Business Combination.

We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting

and auditing compliance), as well due diligence expenses in connection with our searches for business combination targets.

For the nine months ended September 30, 2025,

we had a net income of $1,499,692, which comprised of general and administrative expenses and dividend income.

For the nine months ended September 30, 2024,

we had a net income of $6,600,651, which comprised of general and administrative expenses and dividend and interest income.

For the three months ended September 30, 2025,

we had a net income of $373,466, which comprised of general and administrative expenses and dividend income.

For the three months ended September 30, 2024,

we had a net income of $1,559,923, which comprised of general and administrative expenses and dividend income.

Liquidity and Capital Resources

As of June 30, 2025, we had cash of $1,317.

the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the Sponsor,

loans provided by the Sponsor under a certain unsecured promissory note and advances from the Sponsor.

As of September 30, 2025, we had cash of $15,880.

Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the

Sponsor, loans provided by the Sponsor under a certain unsecured promissory note and advances from the Sponsor.

On July 27, 2023, we consummated the Initial Public

26 unchanged sentences

We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all.

conditions raise substantial doubt about our ability to continue as a going concern if a Business Combination is not consummated August

conditions raise substantial doubt about our ability to continue as a going concern if a Business Combination is not consummated November

27, 2025 (unless further extended).

4 unchanged sentences

We have no obligations, assets or liabilities

which would be considered off-balance sheet arrangements as of June 30, 2025 and December 31, 2024.

which would be considered off-balance sheet arrangements as of September 30, 2025 and December 31, 2024.

We do not participate in transactions

29 unchanged sentences

Actual results could materially differ from those estimates.

We have not identified

any significant critical accounting estimates.

We have identified the following significant accounting policies:

We have identified the following significant accounting estimates and accounting policies:

Ordinary Shares Subject to Possible Redemption

9 unchanged sentences

to be outside of our control.

Accordingly, as of June 30, 2025 and December 31, 2024, 6,404,652 and 6,404,652 ordinary shares subject

Accordingly, as of September 30, 2025 and December 31, 2024, 4,822,346 and 6,404,652 ordinary shares subject

to possible redemption, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited

19 unchanged sentences

in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed consolidated statements

As the warrants issued upon the Initial

Public Offering and private placements meet the criteria for equity classification under ASC 480, therefore, the warrants are

classified as equity.

As the warrants issued upon the Initial Public Offering and private placements meet the criteria for equity classification under ASC 480,

therefore, the warrants are classified as equity.

12 unchanged sentences

shares of ordinary share is excluded from earnings per share as the redemption value approximates fair value.

As of June 30, 2025 and

December 31, 2024, the Company has not considered the effect of the warrants sold in the Initial Public Offering and private warrants

As of September 30, 2025

and December 31, 2024, the Company has not considered the effect of the warrants sold in the Initial Public Offering and private warrants

to purchase an aggregate of 15,628,575 and 15,628,575 shares, respectively, in the calculation of diluted net income (loss) per share,

9 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis