20 unchanged sentences
We have neither engaged in any operations nor generated any revenues to date.
−Removed: Our only activities from April 23, 2024 (inception) through March 31, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described in Note 1, and identifying a target company for a Business Combination.
+Added: Our only activities from April 23, 2024 (inception) through June 30, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described in Note 1, and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination.
1 unchanged sentence
We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
−Removed: For the three months ended March 31, 2026, we had a net income of $993,698, which consisted of earnings from investments held in Trust Account of $1,821,649 offset by California franchise tax of $498,282 and general and administrative costs of $329,669.
−Removed: For the three months ended March 31, 2025, we had a net loss of $163,101, which consisted of compensation expense of $145,000 and general and administrative expenses of $18,101.
+Added: For the three months ended June 30, 2026, we had a net income of $1,410,634, which consisted of earnings from investments held in Trust Account of $1,839,075 offset by California franchise tax of $136,793 and general and administrative costs of $291,648.
+Added: For the six months ended June 30, 2026, we had a net income of $2,404,332, which consisted of earnings from investments held in Trust Account of $3,660,724 offset by California franchise tax of $635,075 and general and administrative costs of $621,317.
+Added: For the three months ended June 30, 2025, we had a net income of $490,729, which consisted of earnings from investments held in Trust Account of $998,578, offset by general and administrative costs of $471,599 and share-based compensation expense of $36,250.
+Added: For the six months ended June 30, 2025, we had a net income of $327,628, which consisted of earnings from investments held in Trust Account of $998,578, offset by general and administrative costs of $489,700 and share-based compensation expense of $181,250.
Liquidity, Capital Resources and Going Concern
3 unchanged sentences
We incurred $10,727,318, consisting of $1,500,000 of cash underwriting fees (net of $2,000,000 underwriters’ reimbursement), $7,568,750 of deferred underwriting fees, and $1,658,568 of other offering costs.
−Removed: For the three months ended March 31, 2026, cash provided by operating activities was $126,879.
+Added: For the six months ended June 30, 2026, cash used in by operating activities was $625,787.
Net income of $2,404,332 was affected by earnings from investments held in the Trust Account of $3,660,724 and deferred legal fees of $13,939.
Changes in operating assets and liabilities provided $616,666 of cash for operating activities.
−Removed: For the three months ended March 31, 2025, cash used in operating activities was $0.
−Removed: Net loss of $163,101 was affected by compensation expense of $145,000 and payment of operation costs through promissory note of $10,001.
+Added: For the six months ended June 30, 2025, cash provided by operating activities was $869,178.
+Added: Net income of $327,628 was affected by payment of operation costs through promissory note of $10,000, earnings from investments held in the Trust Account of $998,578, deferred legal fees of $60,016 and compensation expense of $181,250.
Changes in operating assets and liabilities provided $1,288,862 of cash for operating activities.
−Removed: As of March 31, 2026, our investment in the trust account consisted of money market funds of $208,178,661.
+Added: For the six months ended June 30, 2026, cash provided by investing activities included $370,000 withdrawn from the trust account for the payment of taxes.
+Added: For the six months ended June 30, 2025, cash used in investing activities included $201,250,000 invested in the trust account.
+Added: As of June 30, 2026, our investment in the trust account consisted of money market funds of $209,647,736.
We may withdraw earnings from the Trust Account to pay taxes.
1 unchanged sentence
To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
−Removed: As of March 31, 2026, we had cash of $131,087.
+Added: As of June 30, 2026, we had cash of $2,169.
We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
14 unchanged sentences
Off-Balance Sheet Arrangements
−Removed: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026.
+Added: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2026.
We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.
10 unchanged sentences
Accordingly, the actual results could materially differ from those estimates.
−Removed: As of March 31, 2026, we did not have any critical accounting estimates to be disclosed.
+Added: As of June 30, 2026, we did not have any critical accounting estimates to be disclosed.
Recent Accounting Standards
7 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.