United Acquisition Corp. I 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective, accordingly, management believes that the financial statements included in this Annual Report present fairly in all material respects our financial position, results of operations and cash flows for the period presented. 40 Management’s Report on Internal Controls Over Financial Reporting This Annual Report on Form 10-K does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies. Changes in Internal Control over Financial Reporting There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information None . Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. PART III Item 10. Directors, Executive Officers and Corporate Governance Directors and Executive Officers As of the date of this Annual Report, our directors and officers are as follows: NAME AGE POSITION Paul Packer 54 Chairman, Chief Executive Officer and Chief Financial Officer John Horne 59 Director Timothy Hasara 62 Director Thomas Hicks Jr. 48 Director Johnny DeStefano 46 Director The experience of our directors and executive officers is as follows: Paul Packer has served as our Chief Executive Officer, Chief Financial Officer and Chairman of our board of directors since October 2025. Since 2001, Mr. Packer has served as the Managing Member of Globis Capital Advisors LLC, an investment advisory firm he founded. From October 2017 until January 2022, Mr. Packer served as Chairman of The United States Commission for the Preservation of America’s Heritage Abroad, a position to which he was first appointed by President Donald J. Trump. From June 2022 until February 2026, he served on the board of directors of Forafric Global Plc (NASDAQ: AFRI), an integrated global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and related products. Since April 2020, he has served on the board of directors of Zedge, Inc. (NYSE AMERICAN: ZDGE), a provider of content distribution platforms. Since 2016, Mr. Packer has served as a director of Elementor Ltd., a privately held company that offers an intuitive, front-end site builder for WordPress. Previously, he served on the board of directors of Wakingapp Ltd., an augmented reality technology company, until its sale to Scope AR and on the board of directors of Penguin Digital, Inc., a mobile application developer, until its acquisition by Shutterfly Inc. Mr. Packer received a B.A. from Yeshiva University. John Horne has served on our board since the closing of our initial public offering. Mr. Horne is an entrepreneur and venture capitalist. Over the past 25 years, Mr. Horne has had a diverse career in both the private and public sectors, including recently serving as both Deputy Assistant to President Donald J. Trump and Deputy Chief of Staff to Vice President Michael R. Pence from May 2018 to October 2019. From September 2019 until January 2022, Mr. Horne served as a member of The United States Commission for the Preservation of America’s Heritage Abroad, a position to which he was first appointed by President Donald J. Trump. Mr. Horne is also the founder and President of multiple successful private companies, and has served as President of Zurmos, Inc., a consulting company which focuses on providing U.S. and international companies with strategic international market sector analyses, strategic expansion plans, risk and political stability assessments and international government affairs plans, since founding the company in December 2006. Mr. Horne has significant political experience, including serving as a Member of the Executive Roundtable of the Republican Governors Association since its inception in 2009, serving as a Senior Advisor to Governor Mike Huckabee during the 2008 Presidential campaign and working with the Trump Presidential Finance and Transition and Inaugural Committees. He has also served as a Senior Advisor to Secretary of Commerce Don Evans and was appointed by President George W. Bush to serve as the Executive Director of Export Assistance and Business Outreach for the International Trade Administration. Mr. Horne holds an MBA degree from the University of Arkansas, a Finance degree from the University of Tulsa, and studied International Business at the University of Salzburg, Austria. 41 Timothy Hasara has served on our board since the closing of our initial public offering. Since June 2021, Mr. Hasara has served as Founder and Managing Partner of Sinnet Capital Management, a microcap value investment fund. Between 1994 and June 2021, Mr. Hasara managed an institutional microcap fund with more than $1 billion in assets under management at Kennedy Capital Management. Mr. Hasara has a B.A. in Business Administration from the University of Notre Dame and a Master’s Degree in Management from Johns Hopkins University. Thomas Hicks Jr. has served on our board since the closing of our initial public offering. Since 2023, Mr. Hicks has served as Chairman and Chief Executive Officer of 90 Degree North Holdings LLC, an investment and advisory firm. In April 2019, he co-founded and has since served on the board of directors of Sempre, Inc., a global provider of resilient networks for critical infrastructure. In May 2023, he co-founded and has since served on the board of directors of SpaceBilt, Inc., a leading innovator in dual use logistics for the space economy. Since July 2024, he has also served as a partner and member of the advisory board of ENTRA1 Capital Holdings, an American global energy production company. He served two terms as Co-Chairman of the Republican National Committee from February 2019 until January 2023, and in February 2025 he was appointed by President Donald J. Trump to serve on the President’s Intelligence Advisory Board. Previously, Mr. Hicks was a partner of Hicks Holdings LLC, a family investment firm, focusing on equity investments in media, technology, consumer brands, manufacturing and energy. Prior to that, he was an analyst at Greenhill & Co, LLC, a New York-based advisory and investment firm. He previously served on the boards of Drilling Tools International, Resolute Energy Corporation, Carol’s Daughter Holdings, Berkshire Resources LLC, Standard Industrial Manufacturing Partners LTD, and Sight Sciences, Inc. Mr. Hicks was on the national board of the American Enterprise Institute’s Enterprise Club and was a founding member for its Dallas chapter and served as Chapter Chair of Young Presidents Organization’s Dallas Chapter. Prior to that, Mr. Hicks was Chairman of Big Brothers Big Sisters of North Texas Campaign for Children in Crisis, successfully raising more than $35 million to support mentoring for children in Dallas Fort Worth. Mr. Hicks also served on the board of Big Brothers Big Sisters of North Texas and the board of the SM Wright Foundation, organized to engage with the citizens in the Fair Park area of Dallas. Mr. Hicks, a former Golden Gloves boxer, graduated from the University of Texas at Austin. Johnny DeStefano has served on our board since the closing of our initial public offering. Since May 2019, Mr. DeStefano serves as a President and Founder of Utility Strategic Advisors, where he helps a diverse set of clients navigate an increasingly complex Washington. Between January 2017 and May 2019, Mr. DeStefano served in the Trump Administration, first as Assistant to the President and Director of Presidential Personnel (PPO), and later as an Assistant to the President and Counselor to the President. In addition to PPO, as Counselor to the President, Mr. DeStefano oversaw the Offices of Intergovernmental Affairs, Public Liaison, and Political Affairs. Prior to the White House, Mr. DeStefano was President and Chief Executive Officer of Data Trust, a right of center voter file and political data company. Mr. DeStefano helped grow Data Trust to become the premier data organization on the right, providing the foundational data that powered President Trump’s historic 2016 victory and Republican majorities in both the House and Senate. In addition, between January 2011 and July 2013, Mr. DeStefano served as a Senior Advisor to House Speaker John Boehner and held leadership roles between January 2007 and January 2011 at the National Republican Congressional Committee and the House Republican Conference. In 2006, Mr. DeStefano managed the campaign of then House Conference Chair Deborah Pryce. Mr. DeStefano has served on the board of the National Park Foundation since January 2019 and served on the board of the Fulbright Scholarship Program between June 2019 and September 2021 as an appointee of the President. He has a B.A. from Saint Louis University. Family Relationships No family relationships exist between any of our directors or executive officers. Involvement in Certain Legal Proceedings There are no material proceedings to which any director or executive officer has been involved in the last 10 years that are material to an evaluation of the ability or integrity of any director or officer. 42 Number, Terms of Office and Election of Executive Officers and Directors Our board of directors is divided into three classes, with only one class of directors being elected in each year, and with each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term. The term of office of the first class of directors, consisting of John Horne, will expire at our first annual general meeting. The term of office of the second class of directors, consisting of Johnny DeStefano and Thomas Hicks Jr., will expire at our second annual general meeting. The term of office of the third class of directors, consisting of Paul Packer and Timothy Hasara, will expire at our third annual general meeting. We may not hold an annual general meeting until after we consummate our initial business combination. In accordance with NYSE corporate governance requirements, we are not required to hold an annual general meeting until no later than one year after our first fiscal year end following our listing on NYSE American. Further, as a Cayman Islands exempted company, there is no requirement under the Companies Act for us to hold an annual meeting of shareholders to elect new directors prior to the consummation of our initial business combination. Holders of our founder shares have the right to elect all of our directors or remove any one of them for any reason prior to consummation of our initial business combination and holders of our public shares do not have the right to vote on the appointment or removal of directors during such time. These provisions of our amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by a majority of at least 90% (or, where such amendment is proposed in respect of the consummation of our initial business combination, two-thirds) of our ordinary shares voting at the applicable general meeting. Our executive officers are elected by our board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors and the holders of our Class B ordinary shares are authorized to appoint persons to the offices set forth in our amended and restated memorandum and articles of association as it deems appropriate. Committees of the Board of Directors Our board of directors has three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee. Subject to phase-in rules and a limited exception, the rules of NYSE and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors, and the rules of NYSE require that the compensation committee and the nominating and corporate governance committee of a listed company be comprised solely of independent directors. Each committee operates under a charter that was approved by our board and has the composition and responsibilities described below. The charter of each committee is available on our website at www.unitedacqcorp1.com. Audit Committee We have established an audit committee of the board of directors. Messrs. Hasara, Hicks and Horne currently serve as members of our audit committee. Mr. Horne serves as the chairperson of the audit committee. Under NYSE listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent. Each of Messrs. Hasara, Hicks and Horne are independent. Each member of the audit committee is financially literate and our board of directors has determined that Mr. Hasara qualifies as an “audit committee financial expert” as defined in applicable SEC rules. We have adopted an audit committee charter, which details the purpose and principal functions of the audit committee, including: ● assisting the board of directors in the oversight of (1) the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company, (2) the preparation and integrity of the financial statements of the Company, (3) the compliance by the Company with financial statement and regulatory requirements, (4) the performance of the Company’s internal finance and accounting personnel and its independent registered public accounting firms, and (5) the qualifications and independence of the Company’s independent registered public accounting firms; ● reviewing with each of the internal and independent registered public accounting firms the overall scope and plans for audits, including authority and organizational reporting lines and adequacy of staffing and compensation; 43 ● reviewing and discussing with management and internal auditors the Company’s system of internal control and discussing with the independent registered public accounting firm any significant matters regarding internal controls over financial reporting that have come to its attention during the conduct of its audit; ● reviewing and discussing with management, internal auditors and the independent registered public accounting firm the Company’s financial and critical accounting practices, and policies relating to risk assessment and management; ● receiving and reviewing reports of the independent registered public accounting firm and discussing (1) all critical accounting policies and practices to be used in the firm’s audit of the Company’s financial statements, (2) all alternative treatments of financial information within U.S. GAAP that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent registered public accounting firm, and (3) other material written communications between the independent registered public accounting firm and management, such as any management letter or schedule of unadjusted differences; ● reviewing and discussing with management and the independent registered public accounting firm the annual and quarterly financial statements and section entitled “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of the Company prior to the filing of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q; ● reviewing, or establishing, standards for the type of information and the type of presentation of such information to be included in, earnings press releases and earnings guidance provided to analysts and rating agencies; ● discussing with management and the independent registered public accounting firm any changes in the Company’s critical accounting principles and the effects of alternative U.S. GAAP methods, off-balance sheet structures and regulatory and accounting initiatives; ● reviewing material pending legal proceedings involving the Company and other contingent liabilities; ● meeting periodically with the Chief Executive Officer, Chief Financial Officer, the senior internal auditing executive and the independent registered public accounting firm in separate executive sessions to discuss results of examinations; ● reviewing and approving all transactions between the Company and related parties or affiliates of the officers of the Company requiring disclosure under Item 404 of Regulation S-K prior to the Company entering into such transactions; ● establishing procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submissions by employees or contractors of concerns regarding questionable accounting or accounting matters; ● reviewing periodically with the Company’s management, independent registered public accounting firm and outside legal counsel (i) legal and regulatory matters which may have a material effect on the financial statements, and (ii) corporate compliance policies or codes of conduct, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding the Company’s financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the FASB, the SEC or other regulatory authorities; and ● establishing policies for the hiring of employees and former employees of the independent registered public accounting firm. 44 Compensation Committee We have established a compensation committee of the board of directors. Messrs. Hicks, DeStefano and Horne currently serve as members of our compensation committee. Mr. Hicks serves as the chairperson of the compensation committee. Our board of directors has determined that each of Messrs. Hicks, DeStefano and Horne are independent. We have adopted a compensation committee charter, which details the purpose and principal functions of the compensation committee, including: ● reviewing the performance of the Chief Executive Officer and executive management; ● assisting the board of directors in developing and evaluating potential candidates for executive positions (including Chief Executive Officer); ● reviewing and approving goals and objectives relevant to the Chief Executive Officer and other executive officer compensation, evaluating the Chief Executive Officer’s and other executive officers’ performance in light of these corporate goals and objectives, and setting the Chief Executive Officer and other executive officer compensation levels consistent with its evaluation and the company philosophy; ● approving the salaries, bonus and other compensation for all executive officers; ● reviewing and approving compensation packages for new corporate officers and termination packages for corporate officers as requested by management; ● reviewing and discussing with the board of directors and senior officers plans for officer development and corporate succession plans for the Chief Executive Officer and other senior officers; ● reviewing and making recommendations concerning executive compensation policies and plans; ● reviewing and recommending to the board of directors the adoption of or changes to the compensation of the Company’s directors; ● reviewing and approving the awards made under any executive officer bonus plan, and providing an appropriate report to the board of directors; ● reviewing and making recommendations concerning long-term incentive compensation plans, including the use of stock options and other equity-based plans, and, except as otherwise delegated by the board of directors, acting as the “Plan Administrator” for equity-based and employee benefit plans; ● approving all special perquisites, special cash payments and other special compensation and benefit arrangements for the Company’s executive officers and employees; ● reviewing periodic reports from management on matters relating to the Company’s personnel appointments and practices; ● assisting management in complying with the Company’s proxy statement and annual report disclosure requirements; ● issuing an annual Report of the Compensation Committee on Executive Compensation for the Company’s annual proxy statement in compliance with applicable SEC rules and regulations; ● annually evaluating the committee’s performance and the committee’s charter and recommending to the board of directors any proposed changes to the charter or the committee; and ● undertaking all further actions and discharge all further responsibilities imposed upon the compensation committee from time to time by the board of directors, the federal securities laws or the rules and regulations of the SEC. 45 The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other advisor and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other advisor, the compensation committee will consider the independence of each such adviser, including the factors required by NYSE and the SEC. Nominating and Corporate Governance Committee We have established a nominating and corporate governance committee of the board of directors. Messrs. DeStefano, Hasara and Hicks currently serve as members of our nominating and corporate governance committee. Mr. DeStefano serves as the chairperson of the nominating and corporate governance committee. Under NYSE listing standards and applicable SEC rules, all members of the nominating and corporate governance committee must be independent. Our board of directors has determined that each of Messrs. DeStefano, Hasara and Hicks are independent. We have adopted a nominating and corporate governance committee charter, which details the purpose and responsibility of the nominating and corporate governance committee, including: ● identifying, screening and reviewing individuals qualified to serve as directors, consistent with criteria approved by the board of directors, and recommending to the board of directors candidates for nomination for election at the annual meeting of shareholders or to fill vacancies on the board of directors; ● developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines; ● coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and management in the governance of the company; and ● reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary. The charter also provides that the nominating and corporate governance committee may, in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and will be directly responsible for approving the search firm’s fees and other retention terms. Director Nominations Our nominating and corporate governance committee will recommend to the board of directors candidates for nomination for election at the annual meeting of the shareholders. We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, our board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders. Prior to our initial business combination, holders of our public shares do not have the right to recommend director candidates for nomination to our board of directors. 46 Code of Ethics We have adopted a code of conduct and ethics applicable to our directors, officers and employees in accordance with applicable federal securities laws (our “Code of Ethics”). A copy of our Code of Ethics is available on our website at www.unitedacqcorp1.com. Our Code of Ethics is a “code of ethics,” as defined in Item 406(b) of Regulation S-K. If we make any amendments to our Code of Ethics other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics applicable to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions requiring disclosure under applicable SEC rules or NYSE rules, we will disclose the nature of such amendment or waiver on our website. The information included on our website is not incorporated by reference into this Annual Report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only. Insider Trading Policy On January 28, 2026, we adopted insider trading policies and procedures governing the purchase, sale and/or other dispositions of our securities by directors, officers and employees, which are reasonably designed to promote compliance with insider trading laws, rules and regulations, and NYSE listing rules (the “Insider Trading Policy”). The foregoing description of the Insider Trading Policy does not purport to be complete and is qualified in its entirety by the terms and conditions of the Insider Trading Policy, a copy of which is attached as Exhibit 19 to this Annual Report and is incorporated herein by reference. Compensation Committee Interlocks and Insider Participation None of our officers currently serves, or in the past year has served, as a member of the compensation committee of any entity that has one or more officers serving on our board of directors. Conflicts of Interest Under Cayman Islands law, directors and officers owe the following fiduciary duties: ● duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; ● duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; ● directors should not improperly fetter the exercise of future discretion; ● duty to exercise authority for the purpose for which it is conferred and a duty to exercise powers fairly as between different sections of shareholders; ● duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and ● duty to exercise independent judgment. In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience of that director. 47 As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at shareholder meetings. Certain of our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities, including entities that are affiliates of our Sponsor, pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she may honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by law: (i) no individual serving as a director or an officer, among other persons, shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us, and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may be a corporate opportunity for any director or officer, on the one hand, and us, on the other unless such opportunity is expressly offered to such director or officer in their capacity as a director or officer of the company and the opportunity is one the company is legally and contractually permitted to undertake and would otherwise be reasonable for the company to pursue or (b) the presentation of which would breach an existing legal obligation of a director or officer to any other entity. However, we do not believe that any potential conflicts would materially affect our ability to complete our initial business combination. Below is a table summarizing the entities to which our executive officers and directors currently have fiduciary duties, contractual obligations or other material management relationships: INDIVIDUAL ENTITY ENTITY’S BUSINESS AFFILIATION Paul Packer Globis Capital Advisors, LLC (and affiliated entities) Investment Advisory Founder and Managing Member Zedge, Inc. Digital Media Director Elementor Ltd. Software Director United Acquisition Corp. II Special Purpose Acquisition Company Chief Executive Officer, Chief Financial Officer and Chairman John Horne Zurmos, Inc. Software Founder and President Timothy Hasara Sinnet Capital Management Asset Management Founder and Managing Partner Thomas Hicks Jr. 90 Degree North Holdings LLC Investment Holding Company Founder, Chairman and Chief Executive Officer Sempre, Inc. Telecommunication Co-Founder and Director SpaceBilt, Inc. Aerospace Co-Founder and Director Johnny DeStefano Utility Strategic Advisors Consulting Founder and President National Park Foundation Nonprofit Director M1 Solutions, LLC Consulting Partner Shareholders should also be aware of the following other potential conflicts of interest: ● Our executive officers and directors are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations and our search for a business combination and their other businesses. We do not intend to have any full-time employees prior to the completion of our initial business combination. Each of our executive officers is engaged in several other business endeavors for which he may be entitled to substantial compensation, and our executive officers are not obligated to contribute any specific number of hours per week to our affairs. Further, our Sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business combination. 48 ● Our Sponsor subscribed for founder shares prior to the initial public offering and purchased private placement units and private placement warrants in a transaction that closed simultaneously with the closing of the initial public offering. Our Sponsor and our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares, private placement shares included in any private placement units and public shares in connection with (i) the completion of our initial business combination and (ii) the implementation by the directors of, following a shareholder vote to approve, an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Additionally, our Sponsor and each member of our management team have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares and their private placement units if we fail to complete our initial business combination within the required time period. Except as described herein, our Sponsor and our management team have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) 180 days after the completion of our initial business combination and (B) subsequent to our initial business combination, the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. With certain limited exceptions, the private placement units and private placement warrants (and any private placement share or private placement warrant included in such private placement units) will not be transferable until 30 days following the completion of our initial business combination. Except as described herein, our Sponsor, directors and officers also agreed not to transfer any of their securities until 180 days following the date of this Annual Report. Because each of our executive officers and directors own ordinary shares and/or private placement units (including their underlying securities) directly or indirectly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. ● Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination. The low price that our Sponsor, executive officers and directors (directly or indirectly) paid for the founder shares creates an incentive whereby our officers and directors could potentially make a substantial profit even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. If we do not complete our initial business combination within the completion window, the founder shares, private placement units and private placement warrants held by our Sponsor may lose most of their value, except to the extent that the founder shares or the Class A ordinary shares included in the private placement units receive liquidating distributions from assets outside the trust account, which could create an incentive for our Sponsor, executive officers and directors to complete a transaction even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. Similarly, additional conflicts of interests may arise and incentives may be created to select an acquisition target that subsequently declines in value and is unprofitable for public shareholders instead of not consummating a business combination if (i) after the redemption of public shareholders no assets are available outside of the trust account to repay any loans extended to us by our Sponsor, affiliates of our Sponsor or our officers and directors and to reimburse our Sponsor and others for any out-of-pocket expenses incurred in connection with identifying, investigating and completing an initial business combination or (ii) not consummating a business combination within the allotted time may require service providers to forfeit their fees. 49 We are not prohibited from pursuing an initial business combination with a company that is affiliated with our Sponsor, officers, directors or advisors (or their respective affiliates or related entities). In the event we seek to complete our initial business combination with a company that is affiliated (as defined in our amended and restated memorandum and articles of association) with our Sponsor, officers, advisors or directors, we, or a committee of independent directors, will obtain an opinion from an independent entity that commonly renders valuation opinions that our initial business combination is fair to our company from a financial point of view. We cannot assure our public shareholders that any of the above-mentioned conflicts will be resolved in our favor. If we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our Sponsor and each member of our management team have agreed to vote their founder shares, private placement shares included in any private placement units and public shares purchased during or after the initial public offering in favor of our initial business combination (except with respect to any such public shares which may not be voted in favor of approving the business combination transaction in accordance with the requirements of Rule 14e-5 under the Exchange Act and any SEC interpretations or guidance relating thereto). Item 11. Executive Compensation. None of our officers or directors have received any cash compensation for services rendered to us. We pay our Sponsor up to $20,000 per month for office space, administrative and support services. Our Sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, officers, directors or our or any of their affiliates. After the completion of our initial business combination, members of our management team who remain with us, may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to shareholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination. It is unlikely the amount of such compensation will be known at the time, as it will be up to the directors of the post-combination business to determine executive and director compensation. Any compensation to be paid to our officers will be determined, or recommended to our board of directors for determination, either by a committee constituted solely of independent directors or by a majority of the independent directors on our board of directors. We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after the initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth information regarding the beneficial ownership of our ordinary shares available to us as of March 30, 2026, with respect to the beneficial ownership of our ordinary shares, by: ● each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares; ● each of our officers and directors that beneficially owns our ordinary shares; and ● all our officers and directors as a group. 50 In the table below, percentage ownership is based on 13,853,680 shares of our ordinary shares, consisting of (i) 10,459,580 Class A ordinary shares and (ii) 3,394,100 Class B ordinary shares, issued and outstanding as of March 30, 2026. On all matters to be voted upon, except for the election of directors of the board, holders of the Class A ordinary shares and Class B ordinary shares vote together as a single class, unless otherwise required by applicable law. Currently, all of the Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis. Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares of ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of the private placement warrants as these warrants are not exercisable within 60 days of the date of this Annual Report. Class B Ordinary Shares Class A Ordinary Shares Approximate Percentage Name and Address of Beneficial Owner(1) Number of Shares Beneficially Owned(2) Approximate Percentage of Class Number of Shares Beneficially Owned Approximate Percentage of Class of Total Outstanding Ordinary Shares United Acquisition SPAC LLC (3) 3,294,100 97.1 % 175,457 1.7 % 25.0 % Paul Packer (3) 3,294,100 97.1 % 175,457 1.7 % 25.0 % John Horne 25,000 * - - * Timothy Hasara (4) 25,000 * - - * Thomas Hicks Jr. 25,000 * - - * Johnny DeStefano 25,000 * - - * All officers and directors as a group (five individuals) 3,394,100 100 % 175,457 1.7 % 25.8 % Other 5% Shareholders MM Asset Management Inc. (5) - - 1,050,000 10.0 % 7.6 % Harraden Circle Investments, LLC (6) - - 1,000,000 9.6 % 7.2 % RP Investment Advisors LP (7) - - 925,000 8.8 % 6.7 % * less than 1% (1) Unless otherwise noted, the principal business address of the following entities or individuals is c/o United Acquisition Corp. I, 7100 W. Camino Real, Suite 302-48, Boca Raton, Florida 33433. (2) Interests shown consist of founder shares, classified as Class B ordinary shares. Such shares will automatically convert into Class A ordinary shares at the time of our initial business combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment. (3) United Acquisition SPAC LLC is the record holder of the shares reported herein. Paul Packer, our Chairman, Chief Executive Officer and Chief Financial Officer, is the sole managing member of United Acquisition SPAC LLC, our Sponsor. Accordingly, all shares held by our Sponsor may be deemed to be beneficially owned by Mr. Packer. Mr. Packer disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. (4) Does not include any shares indirectly owned by this individual as a result of his direct or indirect ownership interest in our Sponsor. (5) According to a Schedule 13G filed with the SEC on February 5, 2026, by MMCAP International Inc. SPC and MM Asset Management Inc. The principal address of MMCAP International Inc. SPC is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman KY1-1108, Cayman Islands. The principal address of MM Asset Management Inc. is 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1, Canada. (6) According to a Schedule 13G filed with the SEC on February 5, 2026, by Harraden Circle Investments, LLC (“Harraden Adviser”), Harraden Circle Investors GP, LP (“Harraden GP”), Harraden Circle Investors GP, LLC (“Harraden LLC”), Frederick V. Fortmiller, Jr. and each of Harraden Circle Investors, LP, Harraden Circle Special Opportunities, LP, Harraden Circle Strategic Investments, LP, Harraden Circle Concentrated, LP (collectively, the “Harraden Funds”). The reported shares are directly beneficially owned by the Harraden Funds. Harraden GP is the general partner of each of the Harraden Funds, and Harraden LLC is the general partner Harraden GP. Harraden Adviser serves as investment manager to each of the Harraden Funds. Mr. Fortmiller is the managing member of each of Harraden LLC and Harraden Adviser. In such capacities, each of Harraden GP, Harraden LLC, Harraden Adviser and Mr. Fortmiller may be deemed to indirectly beneficially own the reported shares. The principal business address of each reporting person is 885 Third Avenue, Suite 2600B, New York, New York 10022. (7) According to a Schedule 13G filed with the SEC on February 20, 2026, by RP Investment Advisors LP and each of RP Select Opportunities Master Fund Ltd., RP Debt Opportunities Fund Ltd., RP Alternative Global Bond Fund and RP Alternative Credit Opportunities Fund (collectively, the “RP Funds”). The reported shares are directly beneficially owned by the RP Funds. RP Investment Advisors LP is the investment advisor of, and may be deemed to beneficially own the securities owned by, the Funds. The principal business address of each reporting person is 39 Hazelton Avenue, Toronto, Ontario M5R 2E3, Canada. 51 Item 13. Certain Relationships and Related Transactions, and Director Independence On October 24, 2025, our Sponsor purchased 2,875,000 Class B ordinary shares from us for an aggregate purchase price of $25,000, or approximately $0.009 per share. We subsequently effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares. Prior to the initial public offering, our Sponsor transferred 25,000 founder shares to each of our independent directors, in each case at the same per-share purchase price paid by our Sponsor. As of March 16, 2026, the underwriters elected to only partially exercise the over-allotment option and the option expired, and 439,233 founder shares were cancelled, resulting in the Sponsor holding an aggregate of 3,294,100 founder shares. The number of founder shares and the forfeiture mechanism underlying the founder shares was determined in order to ensure that such founder shares would represent 25% of the outstanding ordinary shares upon completion of the initial public offering (not including the Class A ordinary shares underlying the private placement units). The founder shares (including the Class A ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder. Our Sponsor purchased an aggregate 175,457 private placement units for a purchase price of $10.00 per unit, including 175,000 units purchased in a private placement that occurred simultaneously with the closing of the initial public offering and an additional 457 units purchased in a private placement that occurred simultaneously with the underwriters’ partial exercise of their over-allotment option. Our Sponsor also purchased an aggregate 2,339,393 private placement warrants for a purchase price of $0.75 per warrant, including 2,333,333 warrants purchased in a private placement that occurred simultaneously with the closing of the initial public offering and an additional 6,060 warrants purchased in a private placement that occurred simultaneously with the underwriters’ partial exercise of their over-allotment option. The private placement warrants will become exercisable on the later of the consummation of our initial business combination and January 30, 2027. The private placement units and private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination, subject to certain limited exceptions. The Private Placement Warrants will be non-redeemable and exercisable for cash or on a “cashless basis.” The private placement units and the private placement warrants, as well as their underlying securities, may not, subject to certain limited exceptions, be transferred, assigned or sold by their respective holders until 30 days after the completion of the business combination. If any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she may be required to honor his or her fiduciary or contractual obligations to present such business combination opportunity to such other entity. Our officers and directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us. Commencing on January 28, 2026, we reimburse an affiliate of our Sponsor in an amount equal to $20,000 per month for office space, utilities and secretarial and administrative support made available to us. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. Our Sponsor, officers and directors, or any of their respective affiliates, are reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our board of directors may also approve the payment of advisory fees to directors in connection with such activities, including board committee service and extraordinary administrative and analytical services. Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, officers, directors or our or any of their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf. 52 On October 24, 2025, our Sponsor agreed to loan us up to $300,000 to cover expenses related to our initial public offering pursuant to a promissory note, which was amended and restated on November 26, 2025, to increase the principal amount to $500,000. Such loans and advances were non-interest bearing and payable on the earlier of April 23, 2026 or the completion of our initial public offering. On January 30, 2026, the outstanding balance under the promissory note was $97,670.74, the entirety of which was repaid upon the consummation of our initial public offering. As of December 31, 2025, there was no outstanding balance on the promissory note and borrowings under the promissory note were no longer available. In addition, in order to finance transaction costs in connection with an intended initial business combination, our Sponsor, officers, directors, or their affiliates may, but are not obligated to, loan us funds as may be required. If we consummate our initial business combination, we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the offering proceeds held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into additional units of the post-business combination entity at a price of $10.00 per unit at the option of the lender, which could result in a material dilution to the public shareholders’ equity interests. The units would be identical to the private placement units. Except as set forth above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. After the completion of our initial business combination, members of our management team who remain with us, may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to shareholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination. It is unlikely the amount of such compensation will be known at the time, as it will be up to the directors of the post-combination business to determine executive and director compensation. Any compensation to be paid to our officers will be determined, or recommended to our board of directors for determination, either by a committee constituted solely of independent directors or by a majority of the independent directors on our board of directors. After our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time of a shareholder meeting held to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive and director compensation. The holders of our (i) founder shares, (ii) private placement units (including any units issued upon conversion of working capital loans) and (iii) private placement warrants (and all underlying securities) are entitled to registration rights pursuant to the Registration Rights Agreement, dated January 28, 2026, among such holders and the company, requiring us to register such securities for resale. The holders of a majority of these securities are entitled to make up to three demands that we register such securities and may elect to exercise these registration rights at any time after we consummate a business combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our consummation of a business combination. We will bear the expenses incurred in connection with the filing of any such registration statements. Our Sponsor, directors and officers have also entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares if we fail to complete our business combination within the completion window. However, if they acquire public shares in or after the initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our business combination within the completion window. Additionally, pursuant to the Insider Letter Agreement, dated January 28, 2026, among the company, its directors and officers and our Sponsor, the company’s directors, officers and our Sponsor will not propose any amendment to our amended and restated memorandum and articles of association (i) to modify the substance or timing of our obligation to allow redemption of 100% of our public shares if we do not complete our initial business combination with the completion window, or (ii) with respect to any other material provision relating to shareholders’ rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which shall be net of permitted withdrawals), divided by the number of then outstanding public shares. 53 Policy for Approval of Related Party Transactions We have adopted a Related Party Transactions Policy, providing for the review, approval and/or ratification of “related party transactions,” which are those transactions required to be disclosed pursuant to Item 404 of Regulation S-K. Under the Related Party Transactions Policy, proposed related party transactions must be reported to our Chief Executive Officer for evaluation, who shall report the transaction to the audit committee for its approval as necessary. The audit committee will consider all relevant factors when determining whether to approve a related party transaction, including whether the related party transaction is on terms no less favorable to us than terms generally available from an unaffiliated third party under the same or similar circumstances and the extent of the related party’s interest in the transaction. No director may participate in the approval of any transaction in which he is a related party, and that director is required to provide the audit committee with all material information concerning the transaction. The committee will approve the related party transaction only if it determines in good faith that, under all of the circumstances, the transaction is in the best interests of the Company and its shareholders. The committee, in its sole discretion, may impose such conditions as it deems appropriate on the Company or the related party in connection with the approval of the related party transaction. Director Independence NYSE requires that a majority of our board must be composed of “independent directors,” which is defined generally as a person other than an executive officer or employee of the Company or its subsidiaries or any other individual having a relationship, which, in the opinion of the Company’s board of directors would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Our board of directors has determined that each of Messrs. Horne, Hasara, Hicks and DeStefano are “independent directors” as defined in NYSE’s listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present. Item 14. Principal Accountant Fees and Services The firm of WithumSmith+Brown, PC, or Withum, acts as our independent registered public accounting firm. The following is a summary of fees paid to Withum for services rendered. Audit Fees Audit fees consist of fees for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Withum in connection with regulatory filings. The aggregate fees of Withum for professional services rendered for the audit of our annual financial statements, audit of the financial information included in our initial registration and other required filings with the SEC for the period from October 22, 2025 (inception) through December 31, 2025 totaled approximately $104,225. The above amounts include interim procedures and audit fees, as well as attendance at Audit Committee meetings. Audit-Related Fees Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards. We did not pay Withum for any audit-related fees for the period from October 22, 2025 (inception) through December 31, 2025. Tax Fees Tax fees consist of fees billed for professional services relating to tax compliance, tax planning and tax advice. We did not pay Withum for tax services, planning or advice for the period from October 22, 2025 (inception) through December 31, 2025. All Other Fees All other fees consist of fees billed for all other services. We did not pay Withum for any other services for the period from October 22, 2025 (inception) through December 31, 2025. Pre-Approval Policy Our audit committee was formed upon the consummation of our initial public offering. As a result, the audit committee did not pre-approve all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our Board. Since the formation of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted non-audit services performed and to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit). 54 PART IV Item 15. Exhibits, Financial Statement Schedules (a) The following documents are filed as part of this Annual Report on Form 10-K: (1) Financial Statements: Page Report of Independent Registered Public Accounting Firm F-2 Balance Sheet F-3 Statement of Operations F-4 Statement of Changes in Shareholders’ Deficit F-5 Statement of Cash Flows F-6 Notes to Financial Statements F-7 (2) Financial Statement Schedules: None. (3) Exhibits We hereby file as part of this Annual Report the exhibits listed in the attached Exhibit Index. Exhibits which are incorporated herein by reference can be inspected and copied at the public reference facilities maintained by the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Copies of such material can also be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates or on the SEC website at www.sec.gov. Exhibit No. Description 3.1 Amended and Restated Memorandum and Articles of Association. (1) 4.1 Specimen Unit Certificate. (2) 4.2 Specimen Ordinary Share Certificate. (2) 4.3 Specimen Warrant Certificate. (2) 4.4 Warrant Agreement dated as of January 28, 2026 between Continental Stock Transfer & Trust Company and the Registrant. (1) 4.5* Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, As Amended. 10.1 Private Placement Securities Purchase Agreement, dated January 28, 2026, by and between the Registrant and the Sponsor. (1) 10.2 Investment Management Trust Agreement, dated January 28, 2026, by and between Continental Stock Transfer & Trust Company and the Registrant. (1) 10.3 Registration Rights Agreement, dated January 28, 2026, by and among the Registrant, the Sponsor and certain other security holders named therein. (1) 10.4 Insider Letter Agreement, dated January 28, 2026, by and among the Registrant, the Sponsor and the Registrant’s officers and directors. (1) 10.5 Administrative Services Agreement, dated January 28, 2026, by and between the Registrant and Globis Capital Management, LP. (1) 10.6 Form of Indemnity Agreement. (2) 10.7 Underwriting Agreement, dated January 28, 2026, by and between the Registrant and Lucid Capital Markets, LLC, as representative of the underwriters named therein. (1) 10.8 Private Placement Unit Purchase Agreement, dated January 28, 2026, by and between the Registrant and Lucid Capital Markets, LLC and Chardan Capital Markets, LLC. (1) 10.9 Securities Purchase Agreement, dated October 24, 2025, by and between the Registrant and the Sponsor. (2) 19* Insider Trading Policy. 31.1* Certification of the Registrant’s Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification of the Registrant’s Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1* Certification of the Registrant’s Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2* Certification of the Registrant’s Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 Clawback Policy. (2) 101.INS* Inline XBRL Instance Document 101.SCH* Inline XBRL Taxonomy Extension Schema 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase 101.LAB* Inline  XBRL Taxonomy Extension Label Linkbase 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith. (1) Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the SEC on January 30, 2026. (2) Incorporated by reference to the Registrant’s Registration Statement on Form S-1, filed with the SEC on December 2, 2025. Item 16. Form 10-K Summary Not applicable. 55 UNITED ACQUISITION CORP. I INDEX TO FINANCIAL STATEMENTS F. Report of Independent Registered Public Accounting Firm F-2 Financial Statements: Balance Sheet as of December 31, 2025 F-3 Statement of Operations for the Period from October 22, 2025 (inception) through December 31, 2025 F-4 Statement of Changes in Shareholders’ Deficit for the Period from October 22, 2025 (inception) through December 31, 2025 F-5 Statement of Cash Flows for the Period from October 22, 2025 (inception) through December 31, 2025 F-6 Notes to Financial Statements F-7 to F-15 F- 1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and the Board of Directors of United Acquisition Corp. I: Opinion on the Financial Statements We have audited the accompanying balance sheet of United Acquisition Corp. I (the “Company”) as of December 31, 2025, and the related statements of operations, changes in shareholders’ deficit and cash flows for the period from October 22, 2025 (inception) through December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of United Acquisition Corp. I as of December 31, 2025, and the results of its operations and its cash flows for the period from October 22, 2025 (inception) through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ WithumSmith+Brown, PC We have served as the Company’s auditor since 2025. New York, New York March 30, 2026 PCAOB ID Number 100 F- 2 UNITED ACQUISITION CORP. I BALANCE SHEET DECEMBER 31, 2025 Assets: Cash $ 1,960 Prepaid expenses 28,600 Total current assets 30,560 Deferred offering costs 330,108 Total Assets $ 360,668 Liabilities and Shareholders’ Deficit Liabilities: Current liabilities Accrued offering costs $ 287,500 Accrued expenses 12,000 Promissory note – related party 85,670 Total current liabilities 385,170 Total Liabilities 385,170 Commitments and Contingencies (Note 6) - Shareholders’ Deficit Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding — Class A ordinary shares, $ 0.0001 par value; 100,000,000 shares authorized; none issued or outstanding — Class B ordinary shares, $ 0.0001 par value; 10,000,000 shares authorized; 3,833,333 shares issued and outstanding (1)(2)(3) 383 Ordinary shares, value 383 Additional paid-in capital 370,617 Accumulated deficit ( 395,502 ) Total Shareholders’ Deficit ( 24,502 ) Total Liabilities and Shareholders’ Deficit $ 360,668 (1) Included 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (Note 7). (2) On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares (Note 7). All share and per-share data has been retrospectively presented. (3) As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were no longer subject to forfeiture. On March 14, 2026, the underwriters’ over-allotment option expired, resulting in 439,233 founder shares being forfeited to the Company (Note 7). The accompanying notes are an integral part of the financial statements. F- 3 UNITED ACQUISITION CORP. I STATEMENT OF OPERATIONS FOR THE PERIOD FROM OCTOBER 22, 2025 (INCEPTION) THROUGH DECEMBER 31, 2025 Formation, general, and administrative costs $ 49,502 Loss from operations ( 49,502 ) Other expense: Share-based compensation expense 346,000 Net loss $ ( 395,502 ) Weighted average shares outstanding, Class B ordinary shares (1)(2)(3) 3,333,333 Basic and diluted net loss per share, Class B ordinary shares $ ( 0.12 ) (1) Excludes 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (Note 7). (2) On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares (Note 7). All share and per-share data has been retrospectively presented. (3) As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares are no longer subject to forfeiture. On March 14, 2026, the underwriters’ over-allotment option expired, resulting in 439,233 founder shares being forfeited to the Company (Note 7). The accompanying notes are an integral part of the financial statements. F- 4 UNITED ACQUISITION CORP. I STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT FOR THE PERIOD FROM OCTOBER 22, 2025 (INCEPTION) THROUGH DECEMBER 31, 2025 Shares Amount Shares Amount Capital Deficit Deficit Class A Ordinary Shares Class B Ordinary Shares Additional Paid-in Accumulated Total Shareholders’ Shares Amount Shares Amount Capital Deficit Deficit Balance — October 22, 2025 (Inception) — $ — — $ — $ — $ — $ — Balance — $ — — $ — $ — $ — $ — Issuance of Class B ordinary shares to Sponsor (1)(2) — — 3,833,333 383 24,617 — 25,000 Share-based compensation expense — — — — 346,000 — 346,000 Net loss — — — — — ( 395,502 ) ( 395,502 ) Balance – December 31, 2025 — $ — 3,833,333 $ 383 $ 370,617 $ ( 395,502 ) $ ( 24,502 ) Balance — $ — 3,833,333 $ 383 $ 370,617 $ ( 395,502 ) $ ( 24,502 ) (1) Includes 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (Note 7). (2) On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares (Note 7). All share and per-share data have been retrospectively presented. (3) As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares are no longer subject to forfeiture. On March 14, 2026, the underwriters’ over-allotment option expired, resulting in 439,233 founder shares being forfeited to the Company (Note 7). The accompanying notes are an integral part of these financial statements. F- 5 UNITED ACQUISITION CORP. I STATEMENT OF CASH FLOWS FOR THE PERIOD FROM OCTOBER 22, 2025 (INCEPTION) THROUGH DECEMBER 31, 2025 Cash Flows from Operating Activities: Net loss $ ( 395,502 ) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation expense 346,000 Payment of formation, general, and administrative costs through promissory note – related party 11,462 Changes in operating assets and liabilities: Accrued expenses 12,000 Net cash used in operating activities ( 26,040 ) Cash Flows from Financing Activities: Proceeds from promissory note – related party 36,000 Payment of deferred offering costs ( 8,000 ) Net cash provided by financing activities 28,000 Net Change in Cash 1,960 Cash – Beginning of period — Cash – End of period $ 1,960 Noncash investing and financing activities: Deferred offering costs included in accrued offering costs $ 287,500 Deferred offering costs paid through promissory note – related party $ 34,608 Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares $ 25,000 Prepaid expenses paid through promissory note – related party $ 3,600 The accompanying notes are an integral part of the financial statements. F- 6 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Organization and General United Acquisition Corp. I (the “Company”) was incorporated as a Cayman Islands exempted company with limited liability on October 22, 2025. The Company is a newly organized blank check company or special purpose acquisition company (“SPAC”), formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target. Its efforts to identify a prospective target business will not be limited to a particular industry or geographic region although it intends to focus on target businesses in the energy and power industries. As of December 31, 2025, the Company had not commenced any operations. All activity for the period from October 22, 2025 (inception) through December 31, 2025 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), subsequent to the Initial Public Offering, sale of additional units as a result of the partial exercise by the underwriters of their over-allotment option, and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after completion of the Business Combination, at the earliest. The Company will generate non-operating income in the form of interest and/or dividend income from the proceeds derived from the Initial Public Offering and from the sale of additional units as a result of the partial exercise by the underwriters of their over-allotment option. The Company has selected December 31 as its fiscal year end. Sponsor, Founder and Financing The Company’s sponsor is United Acquisition SPAC LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 28, 2026. On January 30, 2026, the Company consummated the Initial Public Offering of 10,000,000 units (the “Units”), at $ 10.00 per Unit, generating gross proceeds of $ 100,000,000 . Each Unit consists of one Class A ordinary share and one-quarter of one redeemable warrant (each “Public Warrant”, and collectively, the “Public Warrants”). Each whole Public Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 275,000 private placement units (each “Private Placement Unit”, and collectively, the “Private Placement Units”) at a price of $ 10.00 per Private Placement Unit, generating gross proceeds of $ 2,750,000 . Each Private Placement Unit consists of one Class A ordinary share and one-quarter of one redeemable warrant (each “Private Placement Warrant”, and collectively, the “Private Placement Warrants”). Of those 275,000 Private Placement Units, the Sponsor purchased 175,000 Private Placement Units, and the underwriters purchased 100,000 Private Placement Units. In addition, the Company consummated the sale of an aggregate of 2,333,333 Private Placement Warrants, at a price of $ 0.75 per Private Placement Warrant, $ 1,750,000 in the aggregate, to the Sponsor. Each whole Private Placement Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment. Transaction costs amounted to $ 5,536,580 , consisting of $ 1,500,000 of cash underwriting fees, $ 3,500,000 of deferred underwriting fees, and $ 536,580 of other offering costs. On February 12, 2026, the Company consummated the closing of an additional 182,300 Units sold pursuant to the underwriters’ partial exercise of their over-allotment option, generating gross proceeds of $ 1,823,000 . On February 12, 2026, simultaneously with the sale of additional Units, the Company consummated the private sale of an additional 2,280 Private Placement Units to the Sponsor and underwriters generating gross proceeds of $ 22,800 . Of those 2,280 Private Placement Units, the Sponsor purchased 457 Private Placement Units while the underwriters purchased 1,823 Private Placement Units. In addition, the Company also consummated the private sale of an additional 6,060 Private Placement Warrants to the Sponsor generating gross proceeds of $ 4,545 . Additional transaction costs amounted to $ 91,150 , consisting of $ 27,345 of cash underwriting fees and $ 63,805 of deferred underwriting fees. The Trust Account Following the closing of the Initial Public Offering, on January 30, 2026, an amount of $ 100,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units, Private Placement Units, and Private Placement Warrants was placed in a U.S.-based trust account (the “Trust Account”), with Continental Stock Transfer & Trust Company, acting as trustee. Following the sale of the additional Units, on February 12, 2026, all of the net proceeds from the sale of additional Units and additional Private Placement Units and Warrants totaling to $ 1,823,000 have been added in the Trust Account. The funds in the Trust Account will be invested or held only in either (i) U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. The funds will remain in the Trust Account until the earlier of (i) the completion of the Business Combination or (ii) the distribution of the Trust Account as described below. The Company is permitted to withdraw amounts from the Trust Account (i) to fund its working capital requirements, which amount will be the lesser of $ 500,000 or 5% of the interest earned on the Trust Account , and/or (ii) to pay its taxes (other than excise taxes, if any), provided that all permitted withdrawals can only be made (x) from interest and not from the principal held in the Trust Account and (y) only to the extent such interest is in amount sufficient to cover the permitted withdrawal amount (“permitted withdrawals”). The Company will provide the holders of the public shares, or the “public shareholders,” with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to consummation of the initial Business Combination, including interest (which interest shall be net of permitted withdrawals), divided by the number of then issued and outstanding public shares, subject to limitations. The amount in the Trust Account will initially be $ 10.00 per public share. F- 7 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially all of the net proceeds of the Initial Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, “Target Business” must be with one or more target businesses that together have a fair market value equal to at least 80 % of the balance in the Trust Account (less the deferred underwriting commissions and the taxes payable on interest earned) at the time the Company signs a definitive agreement in connection with the Business Combination. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek shareholder approval of the Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against or vote at all with respect to the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of permitted withdrawals) or (ii) provide shareholders with the opportunity to have their shares redeemed by the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, net of taxes payable, if any. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to redeem their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval unless a vote is required by the New York Stock Exchange rules. If the Company seeks shareholder approval, it will complete its Business Combination only if it obtains the approval of an ordinary resolution under Cayman Islands law and its amended and restated memorandum and articles of association, save if the Business Combination is structured as a statutory merger or consolidation with another company under the laws of the Cayman Islands which would require the approval of a special resolution. The Company has 24 months from the closing date of the Initial Public Offering, or until such earlier liquidation date as the Company’s board of directors may approve, to complete its initial Business Combination (the “Completion Window”). If the Company does not complete a Business Combination within the Completion Window, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten (10) business days thereafter, redeem 100 % of the outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of permitted withdrawals, and up to $ 100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject (in the case of (ii) and (iii) above) to obligations under the Cayman Islands laws to provide for claims of creditors and the requirements of other applicable law. The initial shareholders will each enter into agreements with the Company, pursuant to which they will agree: (1) to waive their redemption rights with respect to their founder shares, Private Placement Units, Private Placement Warrants and shares underlying any Private Placement Warrants and Private Placement Units held in connection with the consummation of the initial Business Combination or a tender offer conducted prior to a Business Combination or in connection with it; and (2) to waive their rights to liquidating distributions from the Trust Account with respect to the founder shares and Private Placement Shares if the Company fails to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame. The Class A ordinary shares subject to redemption are recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering and sale of additional Units as a result of the partial exercise by the underwriters of their over-allotment option, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” Liquidity and Capital Resources The Company’s liquidity needs up to December 31, 2025 had been satisfied through the loan under an unsecured promissory note from the Sponsor of up to $ 500,000 (see Note 5). As of December 31, 2025, the Company had cash of $ 1,960 and had a working capital deficit of $ 354,610 . In connection with the Company’s assessment of going concern in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements - Going Concern”, the Company completed its Initial Public Offering on January 30, 2026 and the sale of additional Units as a result of the partial exercise by the underwriters of their over-allotment option on February 12, 2026, at which time the capital in excess of the funds deposited in Trust Account and/or used to fund offering costs and other expenses was released to the Company for general capital purposes. The Company does not believe it will need to raise additional funds in order to meet the expenditures required to operate its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the Initial Business Combination. Management has determined that upon the consummation of the Initial Public Offering and the sale of the Private Placement Units and Private Placement Warrants on January 30, 2026, and the sale of additional Units, additional Private Placement Units and additional Private Placement Warrants as a result of the partial exercise by the underwriters of their over-allotment option, the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the financial statements. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). F- 8 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Use of Estimates The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $ 1,960 and did no t have any cash equivalent as of December 31, 2025. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $ 250,000 . Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Deferred Offering Costs The Company complies with the requirements of the FASB ASC Topic 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Deferred Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares. On January 30, 2026, upon completion of the Initial Public Offering, and on February 12, 2026 upon the sale of the additional Units as a result of the underwriters’ partial exercise of their over-allotment option, offering costs allocated to the Public Shares subject to possible redemption are charged to temporary equity and offering costs allocated to the Public Warrants, Private Placement Units, and Private Placement Warrants are charged to shareholders’ deficit as Public and Private Placement Warrants, after management’s evaluation, are accounted for under equity treatment. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. F- 9 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands, and the Company believes it is presently not subject to income taxes or income tax filing requirements in the United States. As such, the Company’s tax provision was zero for the period presented. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statement of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriters’ over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and is accounted for as a liability pursuant to FASB ASC 480 since the over-allotment option was not exercised at the time of the Initial Public Offering. As of December 31, 2025, there is no over-allotment option liability recognized in the Company’s balance sheet. On January 30, 2026, the Company recognized a total of $ 94,122 of over-allotment option liability. On February 12, 2026, the Company reduced the over-allotment option liability by $ 11,659 as a result of the partial exercise by the underwriters of their over-allotment option. On March 14, 2026, the underwriters’ over-allotment option expired, the Company closed the remaining $ 82,463 over-allotment option liability against accumulated deficit. Warrant Instruments The Company accounts for the Public and Private Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the warrant instruments under equity treatment at their assigned value. As of December 31, 2025, there were no Public Warrants and Private Placement Warrants issued or outstanding. Share-Based Payment Arrangements The Company accounts for share awards in accordance with FASB ASC Topic 718, “Compensation—Stock Compensation,” which requires that all equity awards be accounted for at their “fair value.” Fair value is measured on the grant date and is equal to the underlying value of the share. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition becomes probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. Net Loss per Class B Ordinary Share Net loss per Class B ordinary share is computed by dividing net loss by the weighted average number of Class B ordinary shares outstanding during the period, excluding Class B ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 500,000 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 7). As of December 31, 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per Class B ordinary share is the same as basic net loss per Class B ordinary share for the period presented. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on October 22, 2025, inception. The Company does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. F- 10 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering on January 30, 2026, the Company sold 10,000,000 Units, at a purchase price of $ 10.00 per Unit, generating gross proceeds of $ 100,000,000 . On February 12, 2026, the Company consummated the closing of an additional 182,300 Units sold pursuant to the underwriters’ partial exercise of their over-allotment option, at $ 10.00 per additional Unit, generating gross proceeds of $ 1,823,000 . Each Unit consists of one Public Share and one-quarter of one Public Warrant. Each Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment. Warrants — As of December 31, 2025, there were no Public Warrants and Private Placement Warrants issued or outstanding. Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $ 11.50 per share, at any time commencing on the later of 12 months from the closing of the Initial Public Offering and after the completion of the initial Business Combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of the completion of an initial Business Combination, or earlier upon redemption. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $ 9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading-day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $ 9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional Class A ordinary shares or equity-linked securities. On the exercise of any warrant, the exercise price will be paid directly to the Company and not placed in the Trust Account. The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration under the Securities Act of the warrant shares and thereafter use its best efforts to cause the registration statement to become effective and to maintain the effectiveness of such registration statement until the expiration of the warrants. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the issuance of the warrant shares and a current prospectus relating thereto. If a registration statement covering the issuance of the warrant shares is not effective within 90 days following the consummation of the initial Business Combination, warrant holders may nevertheless, until such time as there is such an effective registration statement and during any period when the Company shall have failed to maintain such an effective registration statement, exercise warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act. In this circumstance, each holder would pay the exercise price by surrendering warrants exercisable for the number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying such warrants and the difference between the exercise price of such warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” means the average reported last sale price of the Class A ordinary shares for the ten trading days ending on the third trading day prior to the date of exercise. Redemption of Warrants: The Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $ 0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and ● if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $ 16.50 per share (as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company will send the notice of redemption to the warrant holders. The Company will not redeem the warrants unless a registration statement under the Securities Act covering the issuance of the warrant shares underlying the warrants to be so redeemed is then effective and a current prospectus relating to those warrant shares is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the foregoing conditions are satisfied and the Company issues a notice of redemption, each warrant holder may exercise his, her or its warrants prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $ 16.50 trigger price (as adjusted) as well as the $ 11.50 exercise price (as adjusted) after the redemption notice is issued. The redemption criteria for the warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the exercise price so that if the share price declines as a result of the redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants. If the Company calls the warrants for redemption as described above, the management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In making such determination, management will consider, among other factors, the Company’s cash position, the number of warrants that are outstanding and the dilutive effect on the shareholders of issuing the maximum number of warrant shares issuable upon exercise of outstanding warrants. In such event, the holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of warrant shares underlying the warrants to be so exercised, and the difference between the exercise price of the warrants and the fair market value by (y) the fair market value. F- 11 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 No fractional Class A ordinary share will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. 4. PRIVATE PLACEMENTS Simultaneously with the closing of the Initial Public Offering on January 30, 2026, the Company consummated the sale of an aggregate of 275,000 Private Placement Units at a price of $ 10.00 per Private Placement Unit, generating gross proceeds of $ 2,750,000 . Each Private Placement Unit consists of one Class A ordinary share and one-quarter of one redeemable warrant. Of those 275,000 Private Placement Units, the Sponsor purchased 175,000 Private Placement Units, and the underwriters purchased 100,000 Private Placement Units. In addition, the Company also consummated the sale of an aggregate of 2,333,333 Private Placement Warrants, at a price of $ 0.75 per Private Placement Warrant, $ 1,750,000 in the aggregate, to the Sponsor. On February 12, 2026, simultaneously with the sale of additional Units, the Company consummated the private sale of an additional 2,280 Private Placement Units to the Sponsor and underwriters generating gross proceeds of $ 22,800 . Of those 2,280 Private Placement Units, the Sponsor purchased 457 Private Placement Units while the underwriters purchased 1,823 Private Placement Units. In addition, the Company also consummated the private sale of an additional 6,060 Private Placement Warrants to the Sponsor generating gross proceeds of $ 4,545 . The Private Placement Warrants are identical to the Public Warrants except that (i) the Private Placement Warrants may be exercised for cash or on a cashless basis, (ii) the Private Placement Warrants and the Class A ordinary shares issuable upon exercise thereof may be subject to certain transfer restrictions contained in the letter agreement among the Company, the Sponsor and other parties thereto, as amended from time to time, (iii) the Private Placement Warrants will not be redeemable by the Company, and (iv) the holders of the Private Placement Warrants (including Class A ordinary shares issuable upon exercise thereof) may be entitled to certain registration rights. With respect to any cashless exercise of the Private Placement Warrants, the “fair market value” means, at the discretion of the holder, either (x) the average last reported sale price of the public shares for the ten trading days ending on the third trading day prior to the date of exercise or (y) the last reported sale price of the public shares for the trading day prior to the date of exercise. A portion of the purchase price of the Private Placement Units and Private Placement Warrants was added to the proceeds of Initial Public Offering held in the Trust Account. If the initial Business Combination is not completed within the Completion Window, the proceeds from the sale of the Private Placement Units and Private Placement Warrants held in the Trust Account will be used to fund the redemption of the public shares (subject to the requirements of applicable law). 5. RELATED PARTY TRANSACTIONS Founder Shares On October 24, 2025, the Sponsor purchased 2,875,000 Class B ordinary shares (the “founder shares”) from the Company for an aggregate purchase price of $ 25,000 , or $ 0.009 per share. On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share issued and outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares. All share and per-share data have been retrospectively presented. Up to 500,000 founder shares were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised during the Initial Public Offering. As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were no longer subject to forfeiture. On March 14, 2026, the underwriters’ over-allotment option expired, resulting in 439,233 founder shares being forfeited to the Company. The forfeiture was adjusted depending on the extent to which the over-allotment option was not exercised in full by the underwriters such that the Sponsor owns 25 % of the Company’s issued and outstanding Class A and Class B ordinary shares. On November 26, 2025, the Sponsor transferred 25,000 founder shares each to four of the Company’s independent directors (an aggregate of 100,000 founder shares) at their original purchase price share of $ 0.007 per share. The founder shares transferred to the independent directors were not subject to forfeiture. The founder shares granted to the independent directors and advisors are in the scope of FASB ASC Topic 718. Under FASB ASC Topic 718, stock-based compensation associated with equity-classified awards is measured at fair value on the assignment date. The Company established the initial fair value of the founder shares on November 26, 2025, the date of the grant agreement, using a calculation prepared by a third-party valuation experts which takes into consideration the probability of De-SPAC and instrument specific market adjustment was assumed to be 35.0 %; the implied Class A share price was $ 9.88 ; and volatility of 7.5 %. The total fair value of the 100,000 founder shares transferred to the four independent directors was $ 346,000 or $ 3.46 per share. The Company recognized share-based compensation expense of $ 346,000 at the grant date. Promissory Note — Related Party The Sponsor had agreed to loan the Company an aggregate of up to $ 300,000 , which was amended and restated on November 26, 2025 to increase the principal amount to $ 500,000 , to be used for a portion of the expenses of the Initial Public Offering (the “Promissory Note”). The loan was non-interest bearing and unsecured with maturity date at the earlier of April 23, 2026 or the closing of the Initial Public Offering. As of December 31, 2025, there was $ 85,670 outstanding under the Promissory Note. On January 30, 2026, the Company had total borrowings of $ 97,671 under the Promissory Note, which has been paid in full by the Company at the closing of the Initial Public Offering and the borrowings under the Promissory Note are no longer available. F- 12 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 Administrative Service Agreement Commencing on January 28, 2026, the date that the registration statement for the Company’s Initial Public Offering was declared effective, the Company agreed to pay the Sponsor, or its affiliates, a monthly fee of $ 20,000 for office space, utilities and secretarial and administrative services. Upon completion of the initial Business Combination or liquidation, the Company will cease paying these monthly fees. As of December 31, 2025, such arrangements had not been executed and no amount has been accrued for these services in the Company’s balance sheet. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company up to $ 1,500,000 (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans are convertible into units of the post-Business Combination entity at a price of $ 10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. The terms of such loans by the Company’s officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2025, no such Working Capital Loans were outstanding. 6. COMMITMENTS AND CONTINGENCIES Risks and Uncertainties The Company’s ability to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company’s control. The Company’s ability to consummate an initial Business Combination could be impacted by, among other things, changes in laws or regulations, downturns in the financial markets or in economic conditions, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. The Company cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company’s ability to complete an initial Business Combination. Registration Rights The Company’s initial shareholders and their permitted transferees can demand that the Company register the founder shares, the Private Placement Units, the Private Placement Warrants and underlying securities and any securities issued upon conversion of Working Capital Loans, pursuant to an agreement signed on the date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company register such securities. The holders of a majority of these securities or units issued in payment of working capital loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain piggyback registration rights on registration statements filed after the Company’s consummation of a Business Combination. Notwithstanding anything to the contrary, the underwriters may only make a demand on one occasion and only during the five-year period beginning on the effective date of Initial Public Offering. In addition, the underwriters may participate in a piggyback registration only during the seven-year period beginning on the effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such registration statement. Underwriting Agreement The Company granted the Underwriters a 45-day option to purchase up to 1,500,000 additional Units to cover any over-allotments, at the Initial Public Offering price less the underwriting discounts. On February 12, 2026, the underwriters partially exercised their over-allotment option and purchased an additional 182,300 Units. The underwriters had 45 days from the date of the Initial Public Offering to purchase the remaining 1,317,700 Units. On March 14, 2026, the underwriters’ over-allotment option expired for the 1,317,700 Units. The underwriters were entitled to a cash underwriting discount of $ 1,500,000 ( 1.50 % of the gross proceeds of the Units sold in the Initial Public Offering) paid at the closing of the Initial Public Offering. The underwriters were entitled to a cash underwriting discount of $ 0.15 per additional Unit or $ 27,345 in aggregate, paid on February 12, 2026. Additionally, the underwriters are entitled to a deferred underwriting discount of 3.50 % of the gross proceeds of the Initial Public Offering held in the Trust Account, $ 3,500,000 in the aggregate, due upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement. The underwriters are also entitled to a deferred underwriting discount of 3.50 % of the gross proceeds of the sale of additional Units held in the Trust Account, $ 63,805 in the aggregate, due upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement. 7. SHAREHOLDERS’ DEFICIT Preference Shares The Company is authorized to issue 1,000,000 shares of preference shares with a par value of $ 0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the board of directors. As of December 31, 2025, there were no preference shares issued or outstanding. F- 13 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 Class A Ordinary Shares The Company is authorized to issue 100,000,000 Class A ordinary shares with a par value of $ 0.0001 per share. As of December 31, 2025, there were no Class A ordinary shares issued or outstanding. Class B Ordinary Shares The Company is authorized to issue 10,000,000 Class B ordinary shares with a par value of $ 0.0001 per share. On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares. All share and per-share data have been retrospectively presented. As of December 31, 2025, there were 3,833,333 Class B ordinary shares issued and outstanding, of which an aggregate of up to 500,000 Class B ordinary shares are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part so that the number of founder shares will equal 25 % of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were no longer subject to forfeiture. On March 14, 2026, the underwriters’ over-allotment option expired, resulting in 439,233 founder shares being forfeited to the Company. The founder shares will automatically convert into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. The Class A ordinary shares issuable in connection with the conversion of the founder shares may result in material dilution to public shareholders due to the anti-dilution rights of the founder shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25 % of the sum of (i) the total number of all ordinary shares outstanding upon the completion of the offering (including any Class A ordinary shares issued in connection with the exercise of the underwriters’ over-allotment option and excluding any shares underlying the private securities), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent units issued to the Sponsor or any of its affiliates or to the Company’s officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis. 8. SEGMENT INFORMATION FASB ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM, or group, in deciding how to allocate resources and assess performance. The Company’s CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one reportable segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following: SCHEDULE OF SEGMENT REPORTING December 31, 2025 Cash $ 1,960 Prepaid expenses $ 28,600 Deferred offering costs $ 330,108 For the Period from October 22, 2025 (Inception) Through December 31, 2025 Formation, general, and administrative costs $ 49,502 Share-based compensation expense $ 346,000 The CODM reviews formation, general, and administrative costs to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar transaction within the Completion Window. The CODM also reviews formation, general, and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Formation, general, and administrative costs, as reported on the statement of operations, are the significant segment information provided to the CODM on a regular basis. All other segment items included in net income or loss are reported on the statement of operations and described within their respective disclosures. F- 14 UNITED ACQUISITION CORP. I NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 The CODM reviews the position of total assets as reported in the Company’s balance sheet to assess if the Company has sufficient resources available to discharge its liabilities. The CODM is provided with details of cash and liquid resources available to the Company. Additionally, the CODM regularly reviews the status of deferred offering costs incurred to assess if these are in line with the planned use of proceeds raised from the Initial Public Offering. The CODM will review the interests and/or dividends that will be earned and accrued on investments held in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the Trust Agreement. 9. SUBSEQUENT EVENTS The Company evaluated subsequent events that occurred after the balance sheet date, up to March 30, 2026, the date that the financial statements were issued. Based on this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment to or disclosure in the financial statements. The registration statement for the Company’s Initial Public Offering was declared effective on January 28, 2026. On January 30, 2026, the Company consummated the Initial Public Offering of 10,000,000 Units, at $ 10.00 per Unit, generating gross proceeds of $ 100,000,000 . Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 275,000 Private Placement Units, at a price of $ 10.00 per Private Placement Unit, generating gross proceeds of $ 2,750,000 . In addition, the Company consummated the sale of an aggregate of 2,333,333 Private Placement Warrants, at a price of $ 0.75 per Private Placement Warrant, $ 1,750,000 in the aggregate, to the Sponsor. Following the closing of the Initial Public Offering, on January 30, 2026, an amount of $ 100,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units, Private Placement Units, and Private Placement Warrants was placed in the Trust Account. On January 30, 2026, the Company fully settled the $ 97,671 outstanding balance of the Promissory Note. On January 30, 2026, the underwriters were paid in cash an underwriting discount of $ 1,500,000 simultaneously with the closing of the Initial Public Offering. In addition, the underwriters are entitled to a deferred underwriting discount of $ 3,500,000 in the aggregate. On February 12, 2026, the Company consummated the closing of an additional 182,300 Units sold pursuant to the underwriters’ partial exercise of their over-allotment option, generating gross proceeds of $ 1,823,000 . On February 12, 2026, simultaneously with the sale of the additional Units, the Company consummated the private sale of an additional 2,280 Private Placement Units to the Sponsor and underwriters generating gross proceeds of $ 22,800 . Of those 2,280 Private Placement Units, the Sponsor purchased 457 Private Placement Units while the underwriters purchased 1,823 Private Placement Units. In addition, on February 12, 2026, simultaneously with the sale of the additional Units, the Company also consummated the private sale of an additional 6,060 Private Placement Warrants to the Sponsor generating gross proceeds of $ 4,545 . Following the sale of the additional Units, all of the net proceeds from the sale of additional Units and additional Private Placement Units and Private Placement Warrants totaling to $ 1,823,000 have been added in the Trust Account. The underwriters were entitled to a cash underwriting discount of $ 0.15 per additional Unit or $ 27,345 in aggregate, paid on February 12, 2026. Additionally, the underwriters are entitled to a deferred underwriting discount of 3.50 % of the gross proceeds of the Initial Public Offering held in the Trust Account, additional $ 63,805 in the aggregate, due upon the completion of the Company’s Initial Business Combination subject to the terms of the underwriting agreement. As a result of the partial exercise by the underwriters of the over-allotment option, 60,767 founder shares were no longer subject to forfeiture. The underwriters had 45 days from the date of the Initial Public Offering to purchase the remaining 1,317,700 Units. On March 14, 2026, the underwriters’ over-allotment option expired, resulting in 439,233 founder shares being forfeited to the Company and the Company closed the remaining $ 82,463 over-allotment option liability against accumulated deficit. F- 15 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, as amended, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on March 30, 2026. United Acquisition Corp. I By: /s/ Paul Packer Name: Paul Packer Title: Chief Executive Officer, Chief Financial Officer and Chairman Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed by the following persons in the capacity and on the dates indicated. Name Position Date /s/ Paul Packer Chairman, Director and Chief Executive Officer March 30, 2026 Paul Packer (Principal Executive Officer) /s/ Paul Packer Chief Financial Officer March 30, 2026 Paul Packer (Principal Financial and Accounting Officer) /s/ Johnny DeStefano Director March 30, 2026 Johnny DeStefano /s/ Timothy Hasara Director March 30, 2026 Timothy Hasara /s/ Thomas Hicks Jr. Director March 30, 2026 Thomas Hicks Jr. /s/ John Horne Director March 30, 2026 John Horne 56