What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-31 compared with 2025-04-01 · 22 added, 14 removed, 146 unchanged (20% of the section changed)

28 unchanged sentences

with searching for, and completing, a Business Combination.

For the year ended December 31, 2024, we had net loss of $10,305, which consisted of formation cost of $10,305.

For the year ended December 31, 2025, we had net

income of $690,218, which consisted of operating expenses of $1,258,096 and income earned on marketable securities held in Trust Account

of $1,948,314

Liquidity and Capital Resources

24 unchanged sentences

were insufficient to cover such expenses.

As of December 31, 2024, we had nil in cash and

a working capital of $ 493,967 .

The Company’s liquidity needs prior to the consummation

of the IPO had been satisfied through a payment from the Sponsor of $25,000 for the Initial shares and the loan under an unsecured promissory

note from the Sponsor of $300,000.

Subsequent to the consummation of the IPO, the Company expects that it will need additional capital

to satisfy its liquidity needs beyond the net proceeds from the consummation of the IPO and the proceeds held outside of the Trust Account

for paying existing accounts payable, identifying and evaluating prospective business combination candidates, performing due diligence

on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring,

negotiating and consummating the Initial Business Combination.

Although certain of the Company’s initial shareholders, officers

and directors or their affiliates have committed to loan the Company funds from time to time or at any time, in whatever amount they deem

reasonable in their sole discretion, there is no guarantee that the Company will receive such funds.

As of December 31, 2025, we had $11,497 in cash

and a working capital deficit of $ 556,173 .

The Company’s liquidity needs prior to the

consummation of the IPO had been satisfied through a payment from the Sponsor of $25,000 for the Initial shares and the loan under an

unsecured promissory note from the Sponsor of $300,000.

Subsequent to the consummation of the IPO, the Company expects that it will need

additional capital to satisfy its liquidity needs beyond the net proceeds from the consummation of the IPO and the proceeds held outside

of the Trust Account for paying existing accounts payable, identifying and evaluating prospective business combination candidates, performing

due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire,

and structuring, negotiating and consummating the Initial Business Combination.

Although certain of the Company’s initial shareholders,

officers and directors or their affiliates have committed to loan the Company funds from time to time or at any time, in whatever amount

they deem reasonable in their sole discretion, there is no guarantee that the Company will receive such funds.

The Company will use funds held outside the Trust

27 unchanged sentences

result from the outcome of this uncertainty.

Subsequent to the balance sheet date, on January 9, 2026, the Company

held a special meeting of shareholders, in connection with which holders of 1,436,867 Class A ordinary shares exercised their redemption

As a result, an aggregate amount of approximately $14.9 million (approximately $10.40 per share) was withdrawn from the trust

account to pay such redeeming shareholders, which reduced the funds available in the trust account for purposes of completing an initial

business combination.

See Note 9 to the financial statements for additional information.

Off-Balance Sheet Arrangements

61 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-K

Item 7. Management’s Discussion and Analysis