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Item 1. Financial Statements

2025-11-14 compared with 2025-08-06 · 648 added, 575 removed, 228 unchanged (84% of the section changed)

Financial Statements

SCUTI ACQUISITION CORP.

BALANCE SHEETS

UY SCUTI ACQUISITION CORP.

CONDENSED BALANCE SHEETS

Currency expressed in United States Dollars

(“US$”), except for number of shares

Cash and cash equivalents

2 unchanged sentences

Total Current Assets

Non-current assets

Non-current asset

Cash held in Trust Account

Total non-current Assets

Total non-current Asset

Liabilities and Shareholders’ Equity (Deficit)

1 unchanged sentence

Accrued expenses

Due to related party

Due to Sponsor

Promissory Note - related party

Total Current Liabilities

Commitments and Contingencies – (see Note 6)

Commitments and Contingencies

Ordinary shares subject to possible redemption, 5,7500,000 and nil shares issued and outstanding at redemption value of $ 10.49 and nil as of September 30, 2025 and March 31, 2025, respectively.

Shareholders’ Equity (Deficit)

1 unchanged sentence

10,000,000 shares authorized;

nil and nil shares issued and outstanding as of June 30, 2025 and March 31, 2025, respectively.

nil and nil shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively.

Ordinary shares, $ 0.0001 par value;

490,000,000 shares authorized;

1,437,500 and 1,908,348 shares issued and outstanding (excluding 5,750,000 shares subject to redemption) as of June 30, 2025 and March 31, 2025, respectively*.

1,437,500 and 1,908,348 shares issued and outstanding (excluding 5,750,000 shares subject to redemption) as of September 30, 2025 and March 31, 2025, respectively*.

Additional paid-in capital

5 unchanged sentences

As a result of the underwriter’s full exercise of its over-allotment option on April

7 and April 9, 2025, no Founder Shares are currently subject to forfeiture as of June 30, 2025.

accompanying notes are an integral part of these unaudited condensed financial statements.

SCUTI ACQUISITION CORP.

CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME AND LOSS

7 and April 9, 2025, no Founder Shares are currently subject to forfeiture as of September 30, 2025.

The accompanying notes are an integral part of

these unaudited condensed financial statements.

UY SCUTI ACQUISITION CORP.

UNADUTIED CONDENSED STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME AND LOSS

Currency expressed in United States Dollars

(“US$”), except for number of shares

Three Months Ended

September 30,

Six Months Ended

September 30,

Operating expenses

1 unchanged sentence

$ ( 440,012 )

$ ( 674,465 )

Other income:

5 unchanged sentences

Comprehensive income (loss)

Basic and diluted weighted average ordinary shares outstanding, redeemable ordinary shares

Basic and diluted net income per ordinary share, redeemable ordinary shares

Basic and diluted weighted average ordinary shares outstanding, non-redeemable ordinary shares

Basic and diluted net loss per

ordinary share, non-redeemable ordinary shares

Basic and diluted weighted average ordinary shares outstanding, redeemable ordinary shares

Basic and diluted net loss per ordinary share, redeemable ordinary shares

accompanying notes are an integral part of these unaudited condensed financial statements.

SCUTI ACQUISITION CORP.

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE MONTHS ENDED JUNE 30, 2025

The accompanying notes are an integral part of

these unaudited condensed financial statements.

UY SCUTI ACQUISITION CORP.

UNADUTIED CONDENSED STATEMENT OF CHANGES IN

SHAREHOLDERS’ EQUITY (DEFICIT)

Currency expressed in United States Dollars

(“US$”), except for number of shares

For the three and six months ended September 30, 2025

Retained earnings

2 unchanged sentences

Balance as of March 31, 2025

$ ( 163,268 )

$ ( 138,268 )

Proceeds allocated to Public Rights

2 unchanged sentences

Underwriters’ discount and other offering expenses

( 3,264,646 )

Accretion of ordinary share subject to redemption value

( 1,970,381 )

Balance as of June 30, 2025 (Unaudited)

Accretion of ordinary share subject to redemption value

Balance as of September 30, 2025 (Unaudited)

a result of the underwriter’s full exercise of its over-allotment option on April 7 and April 9, 2025, no Founder Shares are currently

subject to forfeiture as of June 30, 2025.

THE THREE MONTHS ENDED JUNE 30, 2024

subject to forfeiture as of September 30, 2025.

For the three and six months ended September 30, 2024

Ordinary Shares

Shareholders’ Equity

Total Shareholders’

Balance as of March 31, 2024

Balance as of June 30, 2024 (Unaudited)

accompanying notes are an integral part of these unaudited condensed financial statements.

SCUTI ACQUISITION CORP.

CONDENSED STATEMENTS OF CASH FLOWS

Balance as of September 30, 2024 (Unaudited)

The accompanying notes are an integral part of

these unaudited condensed financial statements.

UY SCUTI ACQUISITION CORP.

UNADUTIED CONDENSED STATEMENTS OF CASH FLOWS

Currency expressed in United States Dollars

(“US$”), except for number of shares

Six months ended

September 30,

Cash Flows from Operating Activities:

6 unchanged sentences

Accrued expenses

Due to related party

Due to Sponsor

Net cash used in operating activities

1 unchanged sentence

Investment of cash in Trust Account

( 57,500,000 )

Net cash used in investing activity

( 57,500,000 )

Cash Flows from Financing Activities:

8 unchanged sentences

Supplemental Disclosure of Non-cash Activities

Initial classification of ordinary shares subject to possible redemption

Allocation of offering costs to ordinary shares subject to possible

Offering costs included in accrued offering costs

Deferred offering cost paid by Sponsor

Paid off the balance due to the sponsor by drawing down under the Promissory Note

Representative shares issued and charged to offering costs

Accretion of ordinary shares subject to redemption value

$ ( 1,970,381 )

accompanying notes are an integral part of these unaudited condensed financial statements.

SCUTI ACQUISITION CORP.

TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1 — ORGANIZATION AND BUSINESS DESCRIPTION

Scuti Acquisition Corp.

(the “Company” or “UY Scuti”), is a newly organized blank check company incorporated

under the laws of the Cayman Islands with limited liability on January 18, 2024.

The Company was formed for the purpose of effecting

a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses

or entities (the “Business Combination”).

The Company is not limited to a particular industry or sector for purposes of consummating

The accompanying notes are an integral part of

these unaudited condensed financial statements.

UY SCUTI ACQUISITION CORP.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

Note 1 — ORGANIZATION AND BUSINESS DESCRIPTION

UY Scuti Acquisition Corp.

(the “Company”

or “UY Scuti”), is a newly organized blank check company incorporated under the laws of the Cayman Islands with limited liability

on January 18, 2024.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,

reorganization or similar business combination with one or more businesses or entities (the “Business Combination”).

is not limited to a particular industry or sector for purposes of consummating a Business Combination.

The Company is an early stage and

emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2025, the Company had not

commenced any operations.

All activities through September 30, 2025 are related to the Company’s formation and the initial public

offering (“IPO”) described below, and subsequent to the IPO, identifying a target company for a Business Combination.

Company will generate non-operating income in the form of dividend and/or interest income from the proceeds derived from the IPO and sale

of Private Placement Units (as defined below).

The Company has selected March 31 as its fiscal year end.

The Company’s sponsor is UY Scuti Investments

Limited (the “Sponsor”), a British Virgin Islands company.

The Company’s ability to commence operations is contingent

upon obtaining adequate financial resources through the IPO (see Note 3) and a Private Placement (as defined below) to the Sponsor (see

The registration statement for the Company’s

IPO was declared effective on March 31, 2025.

On April 1, 2025, the Company consummated its IPO of 5,000,000 units (the “Public

Units”), which is described in Note 3.

Each Public Unit consists of one ordinary share of the Company, par value US$0.0001 per share

(“Ordinary Share”) and one right to receive one-fifth (1/5th) of one Ordinary Share upon the consummation of an initial business

combination (“Right”).

The Public Units were sold at an offering price of $ 10.00 per Public Unit, generating gross proceeds

of $ 50,000,000 .

Simultaneously with the closing of the IPO on

April 1, 2025, the Company consummated the private placement (“Private Placement”) with UY Scuti Investments Limited, its

Sponsor, of 227,500 units (the “Private Units”) at a price of $ 10.00 per Private Unit, generating total gross proceeds of

$ 2,275,000 , which is described in Note 4.

The Company also issued to Maxim Group LLC, the representative of the underwriter, 200,000 ordinary

shares (the “Representative Shares”) on the closing of the IPO.

In connection with the IPO, the underwriters were

granted a 45-day option (the “Over-Allotment Option”) to purchase up to 750,000 additional units to cover over-allotments

(the “Option Units”), if any.

On April 7, 2025, the underwriter exercised the over-allotment option in part to purchase an

additional 357,622 Option Units of the Company (the “Over-Allotment Option”) at an offering price of $ 10.00 per Option Unit

of the Company, generating gross proceeds of $ 3,576,220 which was deposited into the Trust Account.

In addition, on April 9, 2025, the

underwriter exercised the remaining portion of the Over-Allotment Option to purchase an additional 392,378 Option Units of the Company

at an offering price of $ 10.00 per Option Unit, for gross proceeds of $ 3,923,780 , which amount was deposited into the Trust Account, which

is described in Note 3.

Simultaneously with the issuance and sales of

the Option Units, the Company completed a private placement sale of additional 13,348 units (the “Additional Private Units”

and together with the Initial Private Units, collectively, the “Private Units”) to the Sponsor at a purchase price of $ 10.00

per Additional Private Unit, generating gross proceeds of $ 133,480 , including the cancellation of $ 62,580 of indebtedness.

In connection

with the issuance and sales of the Option Units, the Company issued additional 30,000 Representative Shares to the Representative.

fair value of the Representative Shares accounted for as compensation under Accounting Standards Codification (“ASC”) 718,

“Compensation – Stock Compensation” (“ASC 718”) is included in the offering costs.

As of April 9, 2025, an aggregate of $ 57,500,000

has been deposited in the Trust Account established in connection with the IPO.

Transaction costs associated with the IPO and

exercise of Over-Allotment Option amounted to $ 3,570,651 , consisting of $ 1,006,256 and $ 2,112,600 of underwriting commissions which were

paid in cash and representative shares ( 230,000 ordinary shares) at the closing date of the IPO, respectively and $ 451,795 of other

offering costs.

At the IPO date, cash of $ 809,914 (which is net of funds used to repay the then outstanding balance of the Promissory

Note described in Note 5) was held outside of the Trust Account (as defined below) and is available for working capital purposes.

The Company’s management has broad discretion

with respect to the specific application of the net proceeds of the IPO and the Private Placement Units, although substantially all of

the net proceeds are intended to be applied generally toward consummating a Business Combination.

There is no assurance that the Company

will be able to complete a business combination successfully.

The Company’s initial Business Combination

must occur with one or more target businesses that together have an aggregate fair market value of at least 80 % of the assets held in

the Trust Account (as defined below) (excluding income taxes payable on the interest earned) at the time of the agreement to enter into

the initial Business Combination.

However, the Company will only complete a Business Combination if the post-transaction company owns

or acquires 50 % or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient

for the post-transaction company not to be required to register as an investment company under the Investment Company Act of 1940, as

amended (the “Investment Company Act”).

There is no assurance that the Company will be able to complete a Business Combination

successfully.

Upon the closing of the IPO, management has agreed

that $ 10.00 per Unit sold in the IPO, including a portion of the proceeds of the sale of the Private Units, will be held in a trust account

(“Trust Account”) and invested in U.S.

government securities, within the meaning set forth in Section 2(a)(16) of the Investment

Company Act of 1940, with a maturity of 185 days or less, or in money market funds meeting certain conditions of Rule 2a-7 of the Investment

Company Act of 1940 which invest only in direct U.S.

government treasury obligations, as determined by the Company.

The proceeds from

this offering held in the trust account will not be released from the trust account (1) to the Company, until the completion of the initial

business combination, or (2) to public shareholders, until the earliest of:

(a) the completion of the initial Business Combination, (b)

the redemption of any ordinary shares sold as part of the units in this offering (the “public shares”) properly submitted

in connection with a shareholder vote to amend the Company’s second amended and restated memorandum and articles of association

(A) to modify the substance or timing of the Company’s obligation to provide holders of the Company’s ordinary shares the

right to have their shares redeemed in connection with the Company’s initial business combination or to redeem 100 % of the Company’s

public shares if the Company does not complete the initial business combination within 12 months from the closing of this offering or

up to 18 months from the closing of the initial public offering (an “Extension Period”) or (B) with respect to any other provision

relating to the rights of holders of the Company’s ordinary shares, and (c) the redemption of the Company’s public shares

if it has not consummated the business combination within 18 months from the closing of this offering or during any Extension Period,

subject to applicable law.

Public shareholders who redeem their ordinary shares in connection with a shareholder vote described in clause

(b) in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion of an initial business

combination or liquidation if the Company has not consummated an initial business combination within 18 months from the closing of this

offering, with respect to such ordinary shares so redeemed.

The proceeds deposited in the trust account could become subject to the claims

of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

The ordinary shares subject to redemption will

be recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards

Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed

with a Business Combination if the Company has net tangible assets of at least $ 5,000,001 upon such consummation of a Business Combination

and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business

The Company will have only 18 months from the closing of the IPO or during any Extension Period to complete the initial Business

Combination (the “Combination Period”).

If the Company is unable to complete the initial Business Combination within the Combination

Period, the Company will:

(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not

more than ten business days thereafter, redeem the 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 and not previously released to the

Company for working capital purposes or to pay the Company’s taxes (less up to $ 100,000 of interest to pay dissolution expenses),

divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights

as shareholders (including the right to receive further liquidating distributions, if any);

and (iii) as promptly as reasonably possible

following such redemption, subject to the approval of the Company’s remaining shareholders and its board of directors, dissolve

and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and

the requirements of other applicable law.

There will be no redemption rights or liquidating distributions with respect to the Company’s

rights, which will expire worthless if the Company fails to complete the Business Combination within 18 months from the closing of this

offering or during any Extension Period.

The Company will provide its public shareholders

with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination either (i) in connection

with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer.

The Company has determined not to consummate any

Business Combination unless the Company has net tangible assets of at least $ 5,000,001 upon such consummation in order to avoid being

subject to Rule 419 promulgated under the Securities Act.

However, if the Company seeks to consummate an initial Business Combination

with a target business that imposes any type of working capital closing condition or requires us to have a minimum amount of funds available

from the Trust Account upon consummation of such initial Business Combination, its net tangible asset threshold may limit the Company’s

ability to consummate such initial Business Combination (as the Company may be required to have a lesser number of shares redeemed) and

may force the Company to seek third party financing which may not be available on terms acceptable to the Company or at all.

the Company may not be able to consummate such an initial Business Combination and the Company may not be able to locate another suitable

target within the applicable time period, if at all.

The Company will have until April 1, 2026 (or

up to October 1, 2026 if the Company extends the period of time to consummate a Business Combination two times, each by an additional

three months) to complete its initial Business Combination.

If the Company is unable to complete its initial Business Combination by April

1, 2026 (or up to October 1, 2026 if the Company extends the period of time to consummate a Business Combination two times, each by an

additional three months), the Company will:

(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably

possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the

aggregate amount then on deposit in the trust account, including interest (less up to $ 100,000 of interest to pay dissolution expenses

(which interest shall be net of taxes payable) divided by the number of then 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 its remaining

shareholders and its Board of Directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide

for claims of creditors and the requirements of other applicable law.

There will be no redemption rights or liquidating distributions

with respect to its public rights or private placement rights, which will expire worthless if the Company fails to complete its initial

Business Combination by April 1, 2026 (or up to October 1, 2026 if the Company extends the period of time to consummate a Business Combination

two times, each by an additional three months).

Pursuant to the terms of the Company’s Amended

and Restated Memorandum and Articles of Association, in order to extend the time available for the Company to consummate its initial Business

Combination, its sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit

an aggregate of $500,000, or up to $575,000 if the underwriters’ over-allotment option is exercised in full ($0.10 per public share

in either case), on or prior to the date of the applicable deadline, for each three-month extension (or up to an aggregate of $1,000,000

(or $1,150,000 if the underwriters’ over-allotment option is exercised in full), or $0.20 per public share if the Company extends

for the full six months).

On July 18, 2025, the Company entered into an

Agreement and Plan of Merger (the "Merger Agreement") with Isdera Group Limited, a Cayman Islands company (“Isdera”),

a company that shall become the parent company of Xinghui Automotive Technology (Hainan) Co., Ltd, a company in the business of designing

automobiles in the People’s Republic of China (“Xinghui Automotive Technology”), and Xinghui Automotive Technology’s

principal shareholders for a business combination.

The aggregate consideration to be paid to Isdera shareholders upon consummation of

the transactions contemplated by the Merger Agreement is such number of newly issued Purchaser Ordinary Shares determined by dividing

the net value of Isdera, which was agreed to be $ 1,000,000,000 , by $ 10.00 per share.

See Note 9 to these Note to the Condensed Financial

Statements for further information regarding this transaction.

Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING

Basis of Presentation

The accompanying unaudited condensed financial

statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S.

and pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission (“SEC”).

In the opinion of management,

all adjustments consisting of normal recurring adjustments considered necessary for a fair presentation of the unaudited condensed financial

statements, have been included.

Interim results are not necessarily indicative of results that may be expected through March 31, 2026

or for any future periods.

These unaudited condensed financial statements should be read in conjunction with the Company’s 2025

Annual Report on Form 10-K as filed with the SEC on July 11, 2025.

Emerging Growth Company

The Company is an “emerging growth company,”

as defined in Section 2(a) of 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 independent registered public

accounting firm 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 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 a

comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth

company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the

potential differences in accounting standards used.

Use of Estimates

In preparing these unaudited condensed financial

statements in conformity with U.S.

GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts

of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements

and the reported 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 unaudited condensed 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

Operating Segments

The Company operates as one operating segment.

Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief

operating decision maker (“CODM”), which is the Chief Executive Officer and Chairman of the Board, in deciding how to allocate

resources and assess performance.

The Company’s CODM evaluates the Company’s financial information and resources and assesses

the performance of these resources.

The Company is not organized by market and is managed and operated as one business.

A single management

team that reports to the CODM comprehensively manages the entire business.

Accordingly, the Company does not accumulate discrete financial

information with respect to separate divisions and does not have separate operating or reportable segments.

Since the Company operates

in one operating segment, all required financial segment information can be found in the unaudited condensed financial statements.

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 has cash and cash equivalents of

$8,849 and $ 17,221 as of September 30, 2025 and March 31, 2025, respectively.

Cash Held in Trust Account

As of September 30, 2025 and March 31, 2025, the

Company had $ 58,658,535 and nil , respectively, in cash held in the Trust Account.

Concentration of Credit Risk

Financial instruments that potentially subject

the Company to concentrations of credit risk consist of cash accounts in a financial institution, in Hong Kong, which, at times, may exceed

the Deposit Protection Scheme (the “DPS”) HK$ 500,000 (approximately $ 64,000 ).

As of September 30, 2025 and March 31, 2025,

the Company has cash and cash equivalents of $ 8,849 and $ 17,221 , respectively, deposited at a financial institution in Hong Kong, which

the Company’s management believes is of a high credit quality.

Such Deposit Insurance Regulations would not be effective in providing

complete protection for the Company’s accounts, as its aggregate deposits are higher than the coverage limit.

No balances was in

excess of the insured amounts as of September 30, 2025.

The Company has not experienced losses on such

account and management believes the Company is not exposed to significant risks on such account.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting,

underwriting fees and other costs incurred through the IPO that were directly related to the IPO.

Offering cost amounted to $ 3,570,651 ,

consisting of $ 1,006,256 and $ 2,112,600 of underwriting commissions which were paid in cash and representative shares ( 230,000 ordinary

shares), respectively and $ 451,795 of other offering costs.

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC

Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”.

The Company allocates offering costs among

public shares, public rights based on the relative fair values of public shares and public rights.

Accordingly, $ 3,264,646 was allocated

to public shares and charged to ordinary shares subject to possible redemption, and $ 306,005 was allocated to public rights and charged

to shareholders’ equity.

Ordinary Shares Subject to Possible Redemption

All of the 5,750,000 ordinary shares

sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such public shares in connection

with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in

connection with certain amendments to the Company’s amended and restated certificate of incorporation.

The Company accounted for its ordinary shares

subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity”

Ordinary shares subject to mandatory redemption (if any) were classified as a liability instrument and will be measured at

Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that are either within

the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)

were classified as temporary equity.

At all other times, ordinary shares were classified as stockholders’ equity.

In accordance

with ASC 480-10-S99, the Company classified the ordinary shares subject to redemption outside of permanent equity as the redemption provisions

are not solely within the control of the Company.

Given that the 5,750,000 ordinary shares

sold as part of the units in the IPO were issued with other freestanding instruments (i.e., rights), the initial carrying value of ordinary

shares classified as temporary equity has been allocated to the proceeds determined in accordance with ASC 470-20.

If it is probable that

the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the

period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the

earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the

carrying amount of the instrument to equal the redemption value at the end of each reporting period.

The Company has elected to recognize

the changes in redemption value as a deemed dividend and charges against retained earnings or, in the absence of retained earnings, by

charges against additional paid-in capital, over an expected 12-month period, which is the initial period that the Company has to complete

a Business Combination.

The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the

risks associated with early stage and emerging growth companies.

of June 30, 2025, the Company had not commenced any operations.

All activities through June 30, 2025 are related to the Company’s

formation and the initial public offering (“IPO”) described below, and subsequent to the IPO, identifying a target company

for a Business Combination.

The Company will generate non-operating income in the form of dividend and/or interest income from the proceeds

derived from the IPO and sale of Private Placement Units (as defined below).

The Company has selected March 31 as its fiscal year

Company’s sponsor is UY Scuti Investments Limited (the “Sponsor”), a British Virgin Islands company.

The Company’s

ability to commence operations is contingent upon obtaining adequate financial resources through the IPO (see Note 3) and a Private Placement

(as defined below) to the Sponsor (see Note 4).

registration statement for the Company’s IPO was declared effective on March 31, 2025.

On April 1, 2025, the Company consummated

its IPO of 5,000,000 units (the “Public Units”), which is described in Note 3.

Each Public Unit consists of one ordinary

share of the Company, par value US$0.0001 per share (“Ordinary Share”) and one right to receive one-fifth (1/5th) of one

Ordinary Share upon the consummation of an initial business combination (“Right”).

The Public Units were sold at an offering

price of $ 10.00 per Public Unit, generating gross proceeds of $ 50,000,000 .

Simultaneously

with the closing of the IPO on April 1, 2025, the Company consummated the private placement (“Private Placement”) with UY

Scuti Investments Limited, its Sponsor, of 227,500 units (the “Private Units”) at a price of $ 10.00 per Private Unit, generating

total gross proceeds of $ 2,275,000 , which is described in Note 4.

The Company also issued to Maxim Group LLC, the representative of the

underwriter, 200,000 ordinary shares (the “Representative Shares”) on the closing of the IPO.

connection with the IPO, the underwriters were granted a 45-day option (the “Over-Allotment Option”) to purchase up to 750,000

additional units to cover over-allotments (the “Option Units”), if any.

On April 7, 2025, the underwriter exercised the over-allotment

option in part to purchase an additional 357,622 Option Units of the Company (the “Over-Allotment Option”) at an offering

price of $ 10.00 per Option Unit of the Company, generating gross proceeds of $ 3,576,220 which was deposited into the Trust Account.

addition, on April 9, 2025, the underwriter exercised the remaining portion of the Over-Allotment Option to purchase an additional 392,378

Option Units of the Company at an offering price of $ 10.00 per Option Unit, for gross proceeds of $ 3,923,780 , which amount was deposited

into the Trust Account, which is described in Note 3.

Simultaneously

with the issuance and sales of the Option Units, the Company completed a private placement sale of additional 13,348 units (the “Additional

Private Units” and together with the Initial Private Units, collectively, the “Private Units”) to the Sponsor at a

purchase price of $ 10.00 per Additional Private Unit, generating gross proceeds of $ 133,480 , including the cancellation of $ 62,580 of

indebtedness.

In connection with the issuance and sales of the Option Units, the Company issued additional 30,000 Representative Shares

to the Representative.

The fair value of the Representative Shares accounted for as compensation under Accounting Standards Codification

(“ASC”) 718, “Compensation – Stock Compensation” (“ASC 718”) is included in the offering costs.

of April 9, 2025, an aggregate of $ 57,500,000 has been deposited in the Trust Account established in connection with the IPO.

costs associated with the IPO and exercise of Over-Allotment Option amounted to $ 3,570,651 , consisting of $ 1,006,256 and $ 2,112,600 of

underwriting commissions which were paid in cash and representative shares ( 230,000 ordinary shares) at the closing date of the IPO,

respectively and $ 451,795 of other offering costs.

At the IPO date, cash of $ 809,914 (which is net of funds used to repay the then outstanding

balance of the Promissory Note described in Note 5) was held outside of the Trust Account (as defined below) and is available for working

capital purposes.

Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private

Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.

There is no assurance that the Company will be able to complete a business combination successfully.

Company’s initial Business Combination must occur with one or more target businesses that together have an aggregate fair market

value of at least 80 % of the assets held in the Trust Account (as defined below) (excluding income taxes payable on the interest earned)

at the time of the agreement to enter into the initial Business Combination.

However, the Company will only complete a Business Combination

if the post-transaction company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise acquires

an interest in the target sufficient for the post-transaction company not to be required to register as an investment company under the

Investment Company Act of 1940, as amended (the “Investment Company Act”).

There is no assurance that the Company will be

able to complete a Business Combination successfully.

the closing of the IPO, management has agreed that $ 10.00 per Unit sold in the IPO, including a portion of the proceeds of the sale of

the Private Units, will be held in a trust account (“Trust Account”) and invested in U.S.

government securities, within the

meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, with a maturity of 185 days or less, or in money market

funds meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940 which invest only in direct U.S.

government treasury

obligations, as determined by the Company.

The proceeds from this offering held in the trust account will not be released from the trust

account (1) to the Company, until the completion of the initial business combination, or (2) to public shareholders, until the earliest

(a) the completion of the initial Business Combination, (b) the redemption of any ordinary shares sold as part of the units in this

offering (the “public shares”) properly submitted in connection with a shareholder vote to amend the Company’s second

amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to

provide holders of the Company’s ordinary shares the right to have their shares redeemed in connection with the Company’s

initial business combination or to redeem 100 % of the Company’s public shares if the Company does not complete the initial business

combination within 12 months from the closing of this offering or up to 18 months from the closing of the initial public offering (an

“Extension Period”) or (B) with respect to any other provision relating to the rights of holders of the Company’s ordinary

shares, and (c) the redemption of the Company’s public shares if it has not consummated the business combination within 18 months

from the closing of this offering or during any Extension Period, subject to applicable law.

Public shareholders who redeem their ordinary

shares in connection with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the

trust account upon the subsequent completion of an initial business combination or liquidation if the Company has not consummated an

initial business combination within 18 months from the closing of this offering, with respect to such ordinary shares so redeemed.

proceeds deposited in the trust account could become subject to the claims of the Company’s creditors, if any, which could have

priority over the claims of the Company’s public shareholders.

ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of

the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $ 5,000,001 upon

such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding

shares voted are voted in favor of the Business Combination.

The Company will have only 18 months from the closing of the IPO or during

any Extension Period to complete the initial Business Combination (the “Combination Period”).

If the Company is unable to

complete the initial Business Combination within the Combination Period, the Company will:

(i) cease all operations except for the purpose

of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the 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 and not previously released to the Company for working capital purposes or to pay the Company’s

taxes (less up to $ 100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption

will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions,

and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining

shareholders and its board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman

Islands law to provide for claims of creditors and the requirements of other applicable law.

There will be no redemption rights or liquidating

distributions with respect to the Company’s rights, which will expire worthless if the Company fails to complete the Business Combination

within 18 months from the closing of this offering or during any Extension Period.

Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion

of the Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by

means of a tender offer.

Company has determined not to consummate any Business Combination unless the Company has net tangible assets of at least $ 5,000,001 upon

such consummation in order to avoid being subject to Rule 419 promulgated under the Securities Act.

However, if the Company seeks to

consummate an initial Business Combination with a target business that imposes any type of working capital closing condition or requires

us to have a minimum amount of funds available from the Trust Account upon consummation of such initial Business Combination, its net

tangible asset threshold may limit the Company’s ability to consummate such initial Business Combination (as the Company may be

required to have a lesser number of shares redeemed) and may force the Company to seek third party financing which may not be available

on terms acceptable to the Company or at all.

As a result, the Company may not be able to consummate such an initial Business Combination

and the Company may not be able to locate another suitable target within the applicable time period, if at all.

Company will have until April 1, 2026 (or up to October 1, 2026 if the Company extends the period of time to consummate a Business Combination

two times, each by an additional three months) to complete its initial Business Combination.

If the Company is unable to complete its

initial Business Combination by April 1, 2026 (or up to October 1, 2026 if the Company extends the period of time to consummate a Business

Combination two times, each by an additional three months), the Company will:

(i) cease all operations except for the purpose of winding

up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share

price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $ 100,000 of

interest to pay dissolution expenses (which interest shall be net of taxes payable) divided by the number of then 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 its remaining shareholders and its Board of Directors, liquidate and dissolve, subject in each case to its

obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

There will be no

redemption rights or liquidating distributions with respect to its public rights or private placement rights, which will expire worthless

if the Company fails to complete its initial Business Combination by April 1, 2026 (or up to October 1, 2026 if the Company extends the

period of time to consummate a Business Combination two times, each by an additional three months).

to the terms of the Company’s Amended and Restated Memorandum and Articles of Association, in order to extend the time available

for the Company to consummate its initial Business Combination, its sponsor or its affiliates or designees, upon five days advance notice

prior to the applicable deadline, must deposit an aggregate of $500,000, or up to $575,000 if the underwriters’ over-allotment

option is exercised in full ($0.10 per public share in either case), on or prior to the date of the applicable deadline, for each three-month

extension (or up to an aggregate of $1,000,000 (or $1,150,000 if the underwriters’ over-allotment option is exercised in full),

or $0.20 per public share if the Company extends for the full six months).

On July 18, 2025, the Company entered into an Agreement and Plan of

Merger (the "Merger Agreement") with Isdera Group Limited, a Cayman Islands company (“Isdera”), a company that shall

become the parent company of Xinghui Automotive Technology (Hainan) Co., Ltd, a company in the business of designing automobiles in the

People’s Republic of China (“Xinghui Automotive Technology”), and Xinghui Automotive Technology’s principal shareholders

for a business combination.

The aggregate consideration to be paid to Isdera shareholders upon consummation of the transactions contemplated

by the Merger Agreement is such number of newly issued Purchaser Ordinary Shares determined by dividing the net value of Isdera, which

was agreed to be $ 1,000,000,000 , by $ 10.00 per share.

See Note 9 to these Note to the Condensed Financial Statements for further information

regarding this transaction.

2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

of Presentation

accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the

United States of America (“U.S.

GAAP”) and pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission

In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for

a fair presentation of the unaudited condensed financial statements, have been included.

Interim results for the three months ended June

30, 2025 are not necessarily indicative of results that may be expected through March 31, 2026 or for any future periods.

These unaudited

condensed financial statements should be read in conjunction with the Company’s 2025 Annual Report on Form 10-K as filed with the

SEC on July 11, 2025.

The accompanying condensed balance sheet as of June 30, 2025 has been derived from the audited balance sheet included

in the Form 10-K.

Growth Company

Company is an “emerging growth company,” as defined in Section 2(a) of 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 independent registered public accounting firm 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.

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 Exchange Act) are required to comply with the new or revised financial accounting

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 a comparison of the Company’s unaudited condensed financial statements with another

public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition

period difficult or impossible because of the potential differences in accounting standards used.

preparing these unaudited condensed financial statements in conformity with U.S.

GAAP, the Company’s management makes estimates

and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the

date of the unaudited condensed financial statements and the reported expenses during the reporting period.

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 unaudited condensed 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.

Company operates as one operating segment.

Operating segments are defined as components of an enterprise for which separate financial

information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Chief Executive Officer and

Chairman of the Board, in deciding how to allocate resources and assess performance.

The Company’s CODM evaluates the Company’s

financial information and resources and assesses the performance of these resources.

The Company is not organized by market and is managed

and operated as one business.

A single management team that reports to the CODM comprehensively manages the entire business.

the Company does not accumulate discrete financial information with respect to separate divisions and does not have separate operating

or reportable segments.

Since the Company operates in one operating segment, all required financial segment information can be found

in the unaudited condensed financial statements.

and Cash Equivalents

Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company has cash and cash equivalents of $282,083 and $ 17,221 as of June 30, 2025 and March 31, 2025, respectively.

Held in Trust Account

of June 30, 2025 and March 31, 2025, the Company had $ 58,066,531 and nil , respectively, in cash held in the Trust Account.

Concentration

of Credit Risk

instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,

in Hong Kong, which, at times, may exceed the Deposit Protection Scheme (the “DPS”) HK$ 500,000 (approximately $ 64,000 ).

of June 30, 2025 and March 31, 2025, the Company has cash and cash equivalents of $ 282,083 and $ 17,221 , respectively, deposited at a

financial institution in Hong Kong, which the Company’s management believes is of a high credit quality.

Such Deposit Insurance

Regulations would not be effective in providing complete protection for the Company’s accounts, as its aggregate deposits are higher

than the coverage limit.

Balances in excess of the insured amounts as of June 30, 2025 were approximately $ 218,000 .

The Company has not experienced losses on such account and management

believes the Company is not exposed to significant risks on such account.

Costs Associated with the Initial Public Offering

costs consisted of legal, accounting, underwriting fees and other costs incurred through the IPO that were directly related to the IPO.

Offering cost amounted to $ 3,570,651 , consisting of $ 1,006,256 and $ 2,112,600 of underwriting commissions which were paid in cash and

representative shares ( 230,000 ordinary shares), respectively and $ 451,795 of other offering costs.

The Company complies with the requirements

of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”.

allocates offering costs among public shares, public rights based on the relative fair values of public shares and public rights.

$ 3,264,646 was allocated to public shares and charged to ordinary shares subject to possible redemption, and $ 306,005 was allocated to

public rights and charged to shareholders’ equity.

Shares Subject to Possible Redemption

of the 5,750,000 ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption

of such public shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection

with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.

Company accounted for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing

Liabilities from Equity” (ASC 480).

Ordinary shares subject to mandatory redemption (if any) were classified as a liability instrument

and will be measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights

that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the

Company’s control) were classified as temporary equity.

At all other times, ordinary shares were classified as stockholders’

In accordance with ASC 480-10-S99, the Company classified the ordinary shares subject to redemption outside of permanent equity

as the redemption provisions are not solely within the control of the Company.

that the 5,750,000 ordinary shares sold as part of the units in the IPO were issued with other freestanding instruments (i.e.,

rights), the initial carrying value of ordinary shares classified as temporary equity has been allocated to the proceeds determined in

accordance with ASC 470-20.

If it is probable that the equity instrument will become redeemable, the Company has the option to either

(i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that

the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption

value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting

The Company has elected to recognize the changes in redemption value as a deemed dividend and charges against retained earnings

or, in the absence of retained earnings, by charges against additional paid-in capital, over an expected 12-month period, which is the

initial period that the Company has to complete a Business Combination.

the three months ended June 30, 2025, the Company recorded accretion of ordinary share subject to redemption value of $ 1,970,381 .

of June 30, 2025, the ordinary shares subject to possible redemption reflected in the condensed balance sheet are recorded in the following

For the three and six months ended September 30,

2025, the Company recorded accretion of ordinary share subject to redemption value of $ 3,997,432 and $ 2,027,051 , respectively.

As of September 30, 2025, the ordinary shares

subject to possible redemption reflected in the condensed balance sheet are recorded in the following table:

Gross proceeds

3 unchanged sentences

Accretion of carrying value to redemption value

Ordinary shares subject to possible redemption as of June 30, 2025 (Unaudited)

(Loss) Per Ordinary Share

Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”.

The unaudited

condensed statements of operations and comprehensive income (loss) include a presentation of earnings (loss) per redeemable share

and earnings (loss) per non-redeemable share following the two-class method of income per share.

In order to determine the net

income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed

income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated

using the total net income (loss) less any dividends paid.

The Company then allocated the undistributed income (loss) ratably based

on the weighted average number of shares outstanding between the redeemable and non-redeemable shares.

Any remeasurement of the

accretion to redemption value of the shares subject to possible redemption was considered to be dividends paid to the public

shareholders.

For the three months ended June 30, 2025 did not have any dilutive securities and other contracts that could,

potentially, be exercised or converted into common stock and then share in the earnings of the Company.

As a result, diluted income

(loss) per share is the same as basic income (loss) per share for the period presented.

(loss) per share presented in the unaudited condensed statements of operations and comprehensive income and loss is based on the

Ordinary shares subject to possible redemption as of September 30, 2025 (Unaudited)

Earnings (Loss) Per Ordinary Share

The Company complies with accounting and disclosure

requirements of FASB ASC Topic 260, “Earnings Per Share”.

The unaudited condensed statements of operations and comprehensive

income (loss) include a presentation of earnings (loss) per redeemable share and earnings (loss) per non-redeemable share following the

two-class method of income per share.

In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable

shares, the Company first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares

and the undistributed income (loss) is calculated using the total net income (loss) less any dividends paid.

The Company then allocated

the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable

Any remeasurement of the accretion to redemption value of the shares subject to possible redemption was considered to be dividends

paid to the public shareholders.

For the three months ended September 30, 2025 did not have any dilutive securities and other contracts

that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company.

As a result, diluted

income (loss) per share is the same as basic income (loss) per share for the period presented.

Earnings (loss) per share presented in the unaudited

condensed statements of operations and comprehensive income and loss is based on the following:

Three Months Ended

September 30,

Net income (loss)

Accretion of redeemable ordinary shares to redemption value

( 1,970,381 )

Net loss including accretion of redeemable ordinary shares to redemption value

$ ( 1,638,303 )

Three Months Ended

June 30, 2025

Ordinary Share

Non-Redeemable

Six Months Ended

September 30,

Net income (loss)

Accretion of redeemable ordinary shares to redemption value

Net loss including accretion of redeemable ordinary shares to redemption value

For the Three Months Ended

September 30,

For the Three Months Ended

September 30,

Ordinary Share

Allocation of net loss

$ ( 1,407,822 )

$ ( 467,237 )

Accretion of redeemable ordinary shares to redemption value

Allocation of net income (loss)

$ ( 467,237 )

Denominators:

1 unchanged sentence

Basic and diluted earnings (loss) per share

Three Months Ended

June 30, 2024

For the Six Months Ended

September 30,

For the Six Months Ended

September 30,

Ordinary Share

Allocation of net loss

Accretion of redeemable ordinary shares to redemption value

Allocation of net income (loss)

Denominators:

Weighted-average ordinary shares outstanding

Basic and diluted loss per share

Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax

assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed

financial statements 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.

There is currently no taxation imposed on income by the Government of the Cayman Islands.

In accordance with

Cayman income tax regulations, income taxes are not levied on the Company.

Consequently, income taxes are not reflected in the Company’s

unaudited condensed financial statements.

Value of Financial Instruments

ASC Topic 820 “Fair Value Measurements and Disclosures”

defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements.

Fair value is the

price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller

at the measurement date.

In determining fair value, the valuation techniques consistent with the market approach, income approach and

cost approach shall be used to measure fair value.

ASC Topic 820 establishes a fair value hierarchy for inputs, which represents the assumptions

used by the buyer and seller in pricing the asset or liability.

These inputs are further defined as observable and unobservable inputs.

Observable inputs are those that buyers and sellers would use in pricing the asset or liability based on market data obtained from sources

independent of the Company.

Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer and seller would

use in pricing the asset or liability developed based on the best information available in the circumstances.

fair value hierarchy is categorized into three levels based on the inputs as follows:

Basic and diluted earnings (loss) per share

The Company follows the asset and liability method

of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated

future tax consequences attributable to differences between the unaudited condensed financial statements 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.

allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

There is currently no

taxation imposed on income by the Government of the Cayman Islands.

In accordance with Cayman income tax regulations, income taxes are

not levied on the Company.

Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements.

Fair Value of Financial Instruments

ASC Topic 820 “Fair Value Measurements and

Disclosures” defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the

buyer and the seller at the measurement date.

In determining fair value, the valuation techniques consistent with the market approach,

income approach and cost approach shall be used to measure fair value.

ASC Topic 820 establishes a fair value hierarchy for inputs, which

represents the assumptions used by the buyer and seller in pricing the asset or liability.

These inputs are further defined as observable

and unobservable inputs.

Observable inputs are those that buyers and sellers would use in pricing the asset or liability based on market

data obtained from sources independent of the Company.

Unobservable inputs reflect the Company’s assumptions about the inputs that

the buyer and seller would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three

levels based on the inputs as follows:

1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability

6 unchanged sentences

3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820 approximates the

carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

The carrying amounts reported

in the balance sheet for cash and cash equivalents, marketable securities held in trust account, accounts payable and accrued expenses

and due to related party each qualify as financial instruments and are a reasonable estimate of their fair values because of the short

period between the origination of such instruments and their expected realization and their current market rate of interest.

following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of the

presented periods, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

The fair value of the Company’s assets and

liabilities, which qualify as financial instruments under ASC Topic 820 approximates the carrying amounts represented in the accompanying

balance sheet, primarily due to their short-term nature.

The carrying amounts reported in the balance sheet for cash and cash equivalents,

marketable securities held in trust account, accounts payable and accrued expenses and due to related party each qualify as financial

instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments

and their expected realization and their current market rate of interest.

The following table presents information about

the Company’s assets that are measured at fair value on a recurring basis as of the presented periods, and indicates the fair value

hierarchy of the valuation inputs the Company utilized to determine such fair value:

September 30,

Active Markets

1 unchanged sentence

Active Markets

held in trust account

which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control

the other party or exercise significant influence over the other party in making financial and operational decisions.

Companies are also

considered to be related if they are subject to common control or common significant influence.

Accounting Standards

November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):

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

this guidance as of April 1, 2024.

The adoption resulted in disclosure changes only.

December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure.

The ASU requires disaggregated information

about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid.

is effective for public business entities, for annual periods beginning after December 15, 2024.

For entities other than public

business entities, the amendments are effective for annual periods beginning after December 15, 2025.

The Company is currently evaluating

the impact of this ASU on its financial statements.

November 2024, the FASB has released ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation

The purpose of this update is to improve the disclosures about a public business entity’s expenses and address requests

from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation,

amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling expenses, general and administrative

expenses, and research and development expenses).

ASU 2024-04 is effective for all public business entities, for annual reporting periods

beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

entity qualified as public business entity shall apply ASU 2024-04 prospectively to financial statements issued for current period and

all comparative periods.

Early adoption is permitted.

Cash held in trust account

Related parties

Parties, which can be a corporation or individual,

are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant

influence over the other party in making financial and operational decisions.

Companies are also considered to be related if they are

subject to common control or common significant influence.

Recent Accounting Standards

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 this guidance as of April 1, 2024.

The adoption resulted in

disclosure changes only.

In December 2023, the FASB issued ASU 2023-09,

Improvement to Income Tax Disclosure.

The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation

as well as additional information on income taxes paid.

ASU 2023-09 is effective for public business entities, for annual periods

beginning after December 15, 2024.

For entities other than public business entities, the amendments are effective for annual periods

beginning after December 15, 2025.

The Company is currently evaluating the impact of this ASU on its financial statements.

November 2024, the FASB issued No.

2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20):

Induced Conversions

of Convertible Debt Instruments.

This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments

should be accounted for as an induced conversion.

The ASU is effective for all entities for annual reporting periods beginning after

December 15, 2025, and interim reporting periods within those annual reporting periods.

The Company is currently evaluating the impact

of this ASU on its financial statements.

January 2025, the FASB issued ASU No.

In November 2024, the FASB has released ASU 2024-03,

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures.

(Subtopic 220-40):

Clarifying the Effective Date.

This ASU amends the effective date of ASU 2024-03 to clarify that all public business

entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within

annual reporting periods beginning after December 15, 2027.

The purpose of this update is to improve

the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about

the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly

presented expense captions (such as cost of sales, selling expenses, general and administrative expenses, and research and development

ASU 2024-04 is effective for all public business entities, for annual reporting periods beginning after December 15, 2026,

and interim reporting periods within annual reporting periods beginning after December 15, 2027.

Any entity qualified as public business

entity shall apply ASU 2024-04 prospectively to financial statements issued for current period and all comparative periods.

Early adoption

is permitted.

The Company is currently evaluating the impact of this ASU on its financial statements.

In November 2024, the FASB issued No.

Debt—Debt with Conversion and Other Options (Subtopic 470-20):

Induced Conversions of Convertible Debt Instruments.

This ASU clarifies

the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion.

The ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within

those annual reporting periods.

The Company is currently evaluating the impact of this ASU on its financial statements.

In January 2025, the FASB issued ASU No.

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective

This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance

in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December

Early adoption of Update 2024-03 is permitted.

The Company is currently evaluating

the impact of this ASU on its financial statements.

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 statement.

3 — INITIAL PUBLIC OFFERING

April 1, 2025, the Company sold 5,000,000 Units, at a price of $ 10.00 per Unit.

Each Unit consists of one ordinary share, par value $0.0001

per share and one right (the “Public Right”).

Each Public Right entitles the holder to purchase one-fifth (1/5) of one ordinary

share upon the consummation of the Company’s initial Business Combination.

The Company is currently evaluating the impact of this ASU on its financial statements.

Management 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

Note 3 — INITIAL PUBLIC OFFERING

On April 1, 2025, the Company sold 5,000,000 Units,

at a price of $ 10.00 per Unit.

Each Unit consists of one ordinary share, par value $0.0001 per share and one right (the “Public

Each Public Right entitles the holder to purchase one-fifth (1/5) of one ordinary share upon the consummation of the Company’s

initial Business Combination.

The Company will not issue fractional shares.

the holder must hold Public Rights in multiples of 5 in order to receive shares for all of their Public Rights upon closing of a Business

The Company also granted the underwriters a 45 -day option to purchase up to an additional 750,000 units to cover over-allotments,

April 7, 2025, the underwriter exercised the over-allotment option in part to purchase an additional 357,622 Option Units of the Company

(the “Over-Allotment Option”) at an offering price of $ 10.00 per Option Unit of the Company, generating gross proceeds of

$ 3,576,220 which was deposited into the Trust Account.

In addition, on April 9, 2025, the underwriter exercised the remaining portion

of the Over-Allotment Option to purchase an additional 392,378 Option Units of the Company at an offering price of $ 10.00 per Option

Unit, for gross proceeds of $ 3,923,780 , which amount was deposited into the Trust Account.

holders of the Units became eligible to separately trade the ordinary shares and the Public Rights beginning on May 27, 2025.

4 — PRIVATE PLACEMENT

Simultaneously

with the closing of the IPO on April 1, 2025, the Sponsor purchased an aggregate of 227,500 Initial Private Placement Units at a price of $ 10.00 per

Initial Private Placement Units for an aggregate purchase price of $ 2,275,000 .

Each Initial Private Placement Unit was identical to

the Public Units sold in the IPO except for certain registration rights and transfer restrictions.

Simultaneously

with the issuance and sales of the Option Units on April 7 and April 9, 2025, the Company completed the private placement sale of an additional 13,348 units to

the Sponsor at a purchase price of $ 10.00 per Additional Private Unit.

The Private Placement generated total proceeds of $ 2,408,480 ,

including the cancellation of $ 337,580 of indebtedness.

5 — RELATED PARTY TRANSACTIONS

to the Securities Subscription Agreement dated August 2, 2024, the Sponsor agreed to purchase 1,725,000 ordinary shares (the “Founder

Shares”) for an aggregate price of $ 25,000 .

Due to the reduction in the offering size, the Company and sponsor subsequently entered

into the Amended Subscription Agreement pursuant to which the Sponsor agreed to surrender for no consideration, and the Company subsequently

cancelled, 287,500 ordinary shares previously issued the Sponsor, such that the Sponsor then held 1,437,500 Founder Shares purchased

for an aggregate price of $ 25,000 , with a par value $ 0.0001 .

of March 31, 2025, there were 1,437,500 ordinary shares issued and outstanding, among which, up to 187,500 ordinary shares are subject

to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters.

On April 7, 2025, the underwriter

exercised the Over-Allotment Option in part to purchase an additional 357,622 Units of the Company.

On April 7, 2025, the underwriter

notified the Company of its exercise of the remaining portion of the Over-Allotment Option to purchase an additional 392,378 Units of

the Company at an offering price of $10.00 per Unit.

Upon the full exercise of the over-allotment option, all of the 187,500 Founder

Shares will no longer be subject to forfeiture.

Founder shares except as described below, are identical to the ordinary shares included in the units being sold in this offering, and

holders of Founder shares have the same shareholder rights as public shareholders, except that (a) the Founder shares are subject to

certain transfer restrictions, as described in more detail below;

(b) the Company’s initial shareholders have entered into an agreement

with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder shares in connection

with the completion of the Company’s initial Business Combination, (ii) waive their redemption rights with respect to their Founder

shares, private placement shares and public shares held by them in connection with a shareholder vote to approve an amendment to our

amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide for the

redemption of our public shares in connection with an initial business combination or to redeem 100 % of our public shares if we have

not consummated our initial business combination within the timeframe set forth therein or (B) with respect to any other provision relating

to shareholders’ rights or pre-initial business combination activity, and (iii) to waive their rights to liquidating distributions

from the Trust Account with respect to their Founder shares and private placement shares if the Company fails to complete our initial

business combination within 12 months from the closing of this offering (or up to 18 months from the closing of this offering if the

Company extend the period of time to consummate a business combination, as described in more detail in this prospectus) (although they

will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete

the Company’s initial business combination within the prescribed time frame) and (c) are entitled to certain registration rights

to provide for the resale of such shares under the Securities Act.

If the Company submits its initial Business Combination to its public

shareholders for a vote, its founder has agreed (and its permitted transferees will agree) to vote their Founder shares, private shares

and any public shares purchased during or after this offering in favor of its initial Business Combination.

The other members of the

Company’s management team have entered into agreements similar to the one entered into by the Company’s Sponsor with respect

to any public shares acquired by them in or after this offering.

Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than our independent

registered public accounting firm) for services rendered or products sold to the Company, or by a prospective target business with which

the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $ 10.00

per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust

Account if less than $ 10.00 per public share due to reductions in the value of the trust assets, in each case net of the interest which

may be withdrawn to pay taxes.

This liability will not apply with respect to any claims by a third party or prospective target business

who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s

indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act.

Moreover, in the

event that an executed waiver is deemed to be unenforceable against a third party, then the Company’s Sponsor will not be responsible

to the extent of any liability for such third-party claims.

initial shareholders have agreed, not to transfer, assign or sell 100 % of its Founder Shares until the earlier of (x) six months after

the date of the consummation of the Company’s initial business combination or (y) the date on which the closing price of the Company’s

ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share splits, share surrenders, reorganizations and recapitalizations)

for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (z)

the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction after its initial Business Combination

which results in all of its shareholders having the right to exchange their ordinary shares for cash, securities or other property.

As a result, the holder must hold Public Rights in multiples

of 5 in order to receive shares for all of their Public Rights upon closing of a Business Combination.

The Company also granted the underwriters

a 45 -day option to purchase up to an additional 750,000 units to cover over-allotments, if any.

On April 7, 2025, the underwriter exercised the

over-allotment option in part to purchase an additional 357,622 Option Units of the Company (the “Over-Allotment Option”)

at an offering price of $ 10.00 per Option Unit of the Company, generating gross proceeds of $ 3,576,220 which was deposited into the Trust

In addition, on April 9, 2025, the underwriter exercised the remaining portion of the Over-Allotment Option to purchase an additional

392,378 Option Units of the Company at an offering price of $ 10.00 per Option Unit, for gross proceeds of $ 3,923,780 , which amount was

deposited into the Trust Account.

The holders of the Units became eligible to separately

trade the ordinary shares and the Public Rights beginning on May 27, 2025.

Note 4 — PRIVATE PLACEMENT

Simultaneously with the closing of the IPO on

April 1, 2025, the Sponsor purchased an aggregate of 227,500 Initial Private Placement Units at a price of $ 10.00 per Initial Private

Placement Units for an aggregate purchase price of $ 2,275,000 .

Each Initial Private Placement Unit was identical to the Public Units sold

in the IPO except for certain registration rights and transfer restrictions.

Simultaneously with the issuance and sales of

the Option Units on April 7 and April 9, 2025, the Company completed the private placement sale of an additional 13,348 units to the Sponsor

at a purchase price of $ 10.00 per Additional Private Unit.

The Private Placement generated total proceeds of $ 2,408,480 , including the

cancellation of $ 337,580 of indebtedness.

Note 5 — RELATED PARTY TRANSACTIONS

Founder Shares

Pursuant to the Securities Subscription Agreement

dated August 2, 2024, the Sponsor agreed to purchase 1,725,000 ordinary shares (the “Founder Shares”) for an aggregate

price of $ 25,000 .

Due to the reduction in the offering size, the Company and sponsor subsequently entered into the Amended Subscription

Agreement pursuant to which the Sponsor agreed to surrender for no consideration, and the Company subsequently cancelled, 287,500 ordinary

shares previously issued the Sponsor, such that the Sponsor then held 1,437,500 Founder Shares purchased for an aggregate price of $ 25,000 ,

with a par value $ 0.0001 .

As of March 31, 2025, there were 1,437,500 ordinary

shares issued and outstanding, among which, up to 187,500 ordinary shares are subject to forfeiture if the over-allotment option is not

exercised in full or in part by the underwriters.

On April 7, 2025, the underwriter exercised the Over-Allotment Option in part to purchase

an additional 357,622 Units of the Company.

On April 7, 2025, the underwriter notified the Company of its exercise of the remaining portion

of the Over-Allotment Option to purchase an additional 392,378 Units of the Company at an offering price of $10.00 per Unit.

full exercise of the over-allotment option, all of the 187,500 Founder Shares were no longer be subject to forfeiture.

The Founder shares except as described below,

are identical to the ordinary shares included in the units being sold in this offering, and holders of Founder shares have the same shareholder

rights as public shareholders, except that (a) the Founder shares are subject to certain transfer restrictions, as described in more detail

(b) the Company’s initial shareholders have entered into an agreement with the Company, pursuant to which they have agreed

to (i) waive their redemption rights with respect to their Founder shares in connection with the completion of the Company’s initial

Business Combination, (ii) waive their redemption rights with respect to their Founder shares, private placement shares and public shares

held by them in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association

(A) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial

business combination or to redeem 100 % of our public shares if we have not consummated our initial business combination within the timeframe

set forth therein or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination

activity, and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder shares and

private placement shares if the Company fails to complete our initial business combination within 12 months from the closing of this offering

(or up to 18 months from the closing of this offering if the Company extend the period of time to consummate a business combination, as

described in more detail in this prospectus) (although they will be entitled to liquidating distributions from the trust account with

respect to any public shares they hold if we fail to complete the Company’s initial business combination within the prescribed time

frame) and (c) are entitled to certain registration rights to provide for the resale of such shares under the Securities Act.

If the Company

submits its initial Business Combination to its public shareholders for a vote, its founder has agreed (and its permitted transferees

will agree) to vote their Founder shares, private shares and any public shares purchased during or after this offering in favor of its

initial Business Combination.

The other members of the Company’s management team have entered into agreements similar to the one

entered into by the Company’s Sponsor with respect to any public shares acquired by them in or after this offering.

The Sponsor has agreed that it will be liable

to the Company if and to the extent any claims by a third party (other than our independent registered public accounting firm) for services

rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction

agreement, reduce the amount of funds in the Trust Account to below (i) $ 10.00 per public share and (ii) the actual amount per public

share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $ 10.00 per public share due to reductions

in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes.

This liability will not apply

with respect to any claims by a third party or prospective target business who executed a waiver of any and all rights to seek access

to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain

liabilities, including liabilities under the Securities Act.

Moreover, in the event that an executed waiver is deemed to be unenforceable

against a third party, then the Company’s Sponsor will not be responsible to the extent of any liability for such third-party claims.

The initial shareholders have agreed, not to transfer,

assign or sell 100 % of its Founder Shares until the earlier of (x) six months after the date of the consummation of the Company’s

initial business combination or (y) the date on which the closing price of the Company’s ordinary shares equals or exceeds $ 12.00

per share (as adjusted for share splits, share surrenders, reorganizations and recapitalizations) for any 20 trading days within any 30-trading

day period commencing at least 150 days after our initial business combination, or (z) the Company consummates a subsequent liquidation,

merger, share exchange or other similar transaction after its initial Business Combination which results in all of its shareholders having

the right to exchange their ordinary shares for cash, securities or other property.

Promissory Note – related party

1 unchanged sentence

the Company up to an aggregate amount of $ 500,000 to be used, in part, for transaction costs incurred in connection with the IPO (the

“Promissory Note”).

The Promissory Note was unsecured, interest-free and due on the earlier of:

“Promissory Note I”).

The Promissory Note I was unsecured, interest-free and due on the earlier of:

(i) December 31,

2024 or (ii) the date on which the Company closes the IPO.

On January 27, 2025, the Promissory Note was amended and restated to be payable

On January 27, 2025, the Promissory Note I was amended and restated to be payable

on the earlier of (i) December 31, 2025, or (ii) the consummation of the offering.

The balance of Promissory Note was repaid upon the

The balance of Promissory Note I was repaid upon the

closing of the IPO out of the offering proceeds not held in the Trust Account on April 1, 2025.

As of June 30, 2025 and March 31, 2025, the principal

amount due and owing under the Promissory Note was nil and $ 337,584 respectively.

In connection with the closing of our IPO, the approximately

$ 337,584 drawn down under the unsecured promissory note was repaid in full.

As of March 31, 2025, the principal amount due

and owing under the Promissory Note I was $ 337,584 .

In connection with the closing of our IPO, the approximately $ 337,584 drawn down under

Promissory Note I was repaid in full.

Related Party Loans

11 unchanged sentences

to the Placement Units.

As of March 31, 2025, the Company had no borrowings under the Related Party Loans.

As of March 31, 2025, the Company had no borrowings under related party loans.

On September 12, 2025, the Company issued an unsecured

promissory note (the “Promissory Note II”) in the principal amount of up to $ 1,000,000 to Sponsor.

The Promissory Note II

bears no interest and is repayable by the Company to the Sponsor in full on the earlier of:

(i) March 31, 2026 or (ii) the date of consummation

of the Business Combination (the “Maturity Date”).

The principal balance may be prepaid at any time.

At any time on or prior

to the Maturity Date, the Sponsor may elect to convert the outstanding principal balance of the Promissory Note into units of the Company’s

securities at a conversion price equal to $ 10.00 per unit.

Each unit consists of one ordinary share and one right to receive one-fifth

of one ordinary share.

As of September 30, 2025, the principal amount due and owing under the Promissory Note II was $ 86,570 .

Administrative Support Services

4 unchanged sentences

paying these monthly fees.

For the three months ended June 30, 2025,

the Company has accrued $ 30,000 for the administrative support services provided by the Sponsor.

As of June 30, 2025 and March 31, 2025, the

balance of amount due to the Sponsor were $ 30,000 and nil, respectively.

For the three and six months ended September 30,

2025, the Company has accrued $ 30,000 and $60,000 , respectively, for the administrative support services provided by the Sponsor.

As of September 30, 2025 and March 31, 2025,

the balance of amount due to the Sponsor were $ 60,000 and nil , respectively.

Note 6 — COMMITMENTS AND CONTINGENCIES

10 unchanged sentences

Underwriting Agreement

The Company granted Maxim, the representative of the underwriters,

a 45-day option from the date of the Company’s IPO prospectus to purchase up to 750,000 additional Units to cover over-allotments,

if any, at the IPO price less the underwriting discounts and commissions.

The underwriters were entitled to a cash underwriting discount of 1.75 %

of the gross proceeds of the IPO, or $ 875,000 (or $ 1,006,250 if the over-allotment option was exercised in full).

Additionally, the Company

issued the underwriter 4 % of the gross proceeds of this offering as underwriting discounts and commissions in the form of Representative

Shares at a price of $ 10.00 per ordinary share, which equaled 200,000 shares (or 230,000 shares if the underwriter’s overallotment

option was exercised in full) upon the consummation of this offering.

The Company granted Maxim, the representative

of the underwriters, a 45-day option from the date of the Company’s IPO prospectus to purchase up to 750,000 additional Units to

cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions.

The underwriters were entitled to a cash underwriting

discount of 1.75 % of the gross proceeds of the IPO, or $ 875,000 (or $ 1,006,250 if the over-allotment option was exercised in full).

Additionally,

the Company issued the underwriter 4 % of the gross proceeds of this offering as underwriting discounts and commissions in the form of

Representative Shares at a price of $ 10.00 per ordinary share, which equaled 200,000 shares (or 230,000 shares if the underwriter’s

overallotment option was exercised in full) upon the consummation of this offering.

In connection with the closing of the IPO, the

15 unchanged sentences

time to time by the Company’s board of directors.

As of June 30, 2025 and March 31, 2025, there were no preference shares issued

As of September 30, 2025 and March 31, 2025, there were no preference shares issued

or outstanding.

8 unchanged sentences

such that the Sponsor then held 1,437,500 Founder Shares purchased for an aggregate price of $ 25,000 , with a par value $ 0.0001 .

As of March 31, 2025, there were 1,437,500 ordinary shares issued and

outstanding, among which, up to 187,500 ordinary shares were subject to forfeiture if the over-allotment option was not exercised in full

or in part by the underwriters.

On April 7, 2025, the underwriter exercised the Over-Allotment Option in part to purchase an additional

357,622 Units of the Company.

On April 9, 2025, the underwriter notified the Company of its exercise of the remaining portion of the Over-Allotment

Option to purchase an additional 392,378 Units of the Company at an offering price of $10.00 per Unit.

Upon the full exercise of the over-allotment

option, all of the 187,500 Founder Shares are no longer subject to forfeiture.

As of June 30, 2025, there were 1,908,348 ordinary shares issued and

As of March 31, 2025, there were 1,437,500 ordinary

shares issued and outstanding, among which, up to 187,500 ordinary shares were subject to forfeiture if the over-allotment option was

not exercised in full or in part by the underwriters.

On April 7, 2025, the underwriter exercised the Over-Allotment Option in part to

purchase an additional 357,622 Units of the Company.

On April 9, 2025, the underwriter notified the Company of its exercise of the remaining

portion of the Over-Allotment Option to purchase an additional 392,378 Units of the Company at an offering price of $10.00 per Unit.

the full exercise of the over-allotment option, all of the 187,500 Founder Shares are no longer subject to forfeiture.

As of September

30, 2025, there were 1,908,348 ordinary shares issued and outstanding, which amount does not include any ordinary shares underlying Units

that have not been separated as of such date.

Except in cases where the Company is not the surviving

33 unchanged sentences

and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

September 30,

Cash and cash equivalents

1 unchanged sentence

Three Months Ended

September 30,

Three Months Ended

September 30,

Operating expenses

Interest earned on cash held in Trust Account

Six Months Ended

September 30,

Six Months Ended

September 30,

Operating expenses

Interest earned on cash held in Trust Account

The CODM reviews income earned on marketable securities

9 unchanged sentences

Note 9 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions

that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued.

review, management identified the following subsequent events that would have required adjustment or disclosure in the unaudited condensed

financial statements.

On July 18, 2025, the Company entered into an Agreement and Plan of

Merger (the "Merger Agreement") with Isdera Group Limited, a Cayman Islands company (“Isdera”), a company that shall

become the parent company of Xinghui Automotive Technology (Hainan) Co., Ltd, a company in the business of designing automobiles in the

People’s Republic of China (“Xinghui Automotive Technology”), and Xinghui Automotive Technology’s principal shareholders

for a business combination.

The Merger Agreement contemplates that (i) the Company shall form a company in the Cayman Islands as an exempted

company and a wholly-owned subsidiary (the “ Purchaser ”) and (ii) Purchaser shall form a company in the Cayman Islands

as an exempted company and a wholly-owned subsidiary (the “ Merger Sub ”) for the purposes of consummating the business

combination transactions described in the Merger Agreement.

Pursuant to the Merger Agreement, the Company will merge with and into Purchaser,

resulting in the Company’s shareholders becoming shareholders of the Purchaser and concurrently therewith, Merger Sub will merge

with and into Isdera, with Isdera surviving the merger and resulting in Purchaser acquiring 100 % of the issued and outstanding equity

securities of Isdera (the “ Acquisition Merger ”).

Pursuant to the Merger Agreement, the aggregate consideration to be

paid to Isdera shareholders for the Acquisition Merger is such number of newly issued Purchaser Ordinary Shares determined by dividing

the net value of Isdera, which was agreed to be $ 1,000,000,000 , by $ 10.00 per share (the “Closing Payment Shares”).

with the execution of the Merger Agreement, a principal shareholder of Isdera entered into a support agreement with the Company, pursuant

to which such shareholder of Isdera agreed not to transfer its shares of Isdera and to vote in favor of the business combination, subject

to the terms of such shareholder support agreement.

The Company evaluated subsequent events and transactions that occurred

after the balance sheet date up to the date that the unaudited financial statements were issued.

The Company did not identify any subsequent

events that would have required adjustment or disclosure in the unaudited financial statements.

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

What changed 10-Q

Item 1. Financial Statements