UY Scuti Acquisition Corp. 10-Q

Item 1. Financial Statements UY SCUTI ACQUISITION CORP. CONDENSED BALANCE SHEETS Currency expressed in United States Dollars (“US$”), except for number of shares As of June 30 2026 March 31, 2026 (Unaudited) (Audited) Assets Cash and cash equivalents $ 8,807 $ 8,846 Prepaid expenses 42,500 - Total Current Assets $ 51,307 $ 8,846 Non-current asset Cash held in Trust Account 35,598,437 60,147,604 Total non-current Asset $ 35,598,437 $ 60,147,604 Total Assets $ 35,649,744 $ 60,156,450 Liabilities, Ordinary shares subject to possible redemption and Shareholders’ Deficit Current Liabilities Accrued expenses 128,020 177,544 Promissory Note - related parties 919,053 763,401 Due to third parties 494,380 - Due to related party 150,000 120,000 Total Current Liabilities $ 1,691,453 $ 1,060,945 Commitments and Contingencies – (see Note 7) Ordinary shares subject to possible redemption, 3,312,712 and 5,750,000 shares issued and outstanding at redemption value of $ 10.75 and $ 10.46 as of June 30, 2026 and March 31, 2026, respectively. 35,598,437 60,132,006 Shareholders’ Deficit Preference shares, $ 0.0001 par value; 10,000,000 shares authorized; nil and nil shares issued and outstanding as of June 30, 2026 and March 31, 2026, respectively. - - Ordinary shares, $ 0.0001 par value; 490,000,000 shares authorized; 1,908,348 and 1,908,348 shares issued and outstanding (excluding 3,312,712 shares subject to redemption) as of June 30, 2026 and March 31, 2026, respectively*. 191 191 Additional paid-in capital 975,238 990,836 Accumulated deficit ( 2,615,575 ) ( 2,027,528 ) Total Shareholders’ Deficit ( 1,640,146 ) ( 1,036,501 ) Total Liabilities, Ordinary shares subject to possible redemption and Shareholders’ Deficit $ 35,649,744 $ 60,156,450 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 Table of Contents UY SCUTI ACQUISITION CORP. UNADUTIED CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Currency expressed in United States Dollars (“US$”), except for number of shares For the Three Months Ended June 30, 2026 2025 (Unaudited) (Unaudited) Operating expenses $ 137,975 $ 234,453 Loss from Operations $ ( 137,975 ) $ ( 234,453 ) Other income: Interest earned on cash held in Trust Account 302,840 566,531 Income before income taxes 164,865 332,078 Income taxes expense - - Net income $ 164,865 $ 332,078 Other comprehensive income $ - $ - Comprehensive income $ 164,865 $ 332,078 Basic and diluted weighted average ordinary shares outstanding, redeemable ordinary shares 3,475,198 5,691,280 Basic and diluted net income per ordinary share, redeemable ordinary shares $ 0.11 $ 0.13 Basic and diluted weighted average ordinary shares outstanding, non-redeemable ordinary shares 1,908,348 1,904,952 Basic and diluted net loss per ordinary share, redeemable ordinary shares $ ( 0.11 ) $ ( 0.22 ) The accompanying notes are an integral part of these unaudited condensed financial statements. 2 Table of Contents UY SCUTI ACQUISITION CORP. UNADUTIED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT Currency expressed in United States Dollars (“US$”), except for number of shares FOR THE THREE MONTHS ENDED JUNE 30, 2026 Additional Total Ordinary Shares Paid-in Accumulated Shareholders’ Shares Amount Capital Deficit Deficit Balance as of March 31, 2026 1,908,348 $ 191 $ 990,836 $ ( 2,027,528 ) $ ( 1,036,501 ) Accretion of carrying value to redemption value - - ( 15,598 ) - ( 15,598 ) Subsequent measurement of ordinary shares subject to redemption (additional funding for business combination extension) - - - ( 450,072 ) ( 450,072 ) Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned on trust account) - - - ( 302,840 ) ( 302,840 ) Net income - - - 164,865 164,865 Balance as of June 30, 2026 (Unaudited) 1,908,348 $ 191 $ 975,238 $ ( 2,615,575 ) $ ( 1,640,146 ) FOR THE THREE MONTHS ENDED JUNE 30, 2025 Additional Retained earnings Total Shareholders’ Ordinary Shares Paid-in (Accumulated Equity Shares Amount Capital Deficit) (Deficit) Balance as of March 31, 2025 1,437,500 $ 144 $ 24,856 $ ( 163,268 ) $ ( 138,268 ) Proceeds allocated to Public Rights - - 5,387,388 - 5,387,388 Sale of private placement shares 240,848 24 2,408,456 - 2,408,480 Issuance of representative shares 230,000 23 2,112,577 - 2,112,600 Underwriters’ discount and other offering expenses - - ( 3,264,646 ) - ( 3,264,646 ) Accretion of ordinary share subject to redemption value - - ( 1,970,381 ) - ( 1,970,381 ) Net income - - - 332,078 332,078 Balance as of June 30, 2025 (Unaudited) 1,908,348 $ 191 $ 4,698,250 $ 168,810 $ 4,867,251 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents UY SCUTI ACQUISITION CORP. UNADUTIED CONDENSED STATEMENTS OF CASH FLOWS Currency expressed in United States Dollars (“US$”), except for number of shares For the Three Months Ended June 30, 2026 2025 (Unaudited) (Unaudited) Cash Flows from Operating Activities: Net income $ 164,865 $ 332,078 Adjustments to reconcile net cash used in operating activities: Operating cost paid by Sponsor 199,960 - Amortization of prepaid expenses 42,500 - Interest earned on cash held in Trust Account ( 302,840 ) ( 566,531 ) Changes in operating assets and liabilities Prepaid expenses ( 85,000 ) ( 335,625 ) Accrued expenses ( 49,524 ) ( 30,000 ) Due to related party 30,000 30,000 Net cash used in operating activities ( 39 ) ( 570,078 ) Cash Flows from Investing Activities: Cash deposited into Trust Account ( 900,072 ) - Cash withdrawn from Trust Account to public stockholder redemption ( 25,302,079 ) - Investment of cash in Trust Account - ( 57,500,000 ) Net cash used in investing activities ( 26,202,151 ) ( 57,500,000 ) Cash Flows from Financing Activities: Proceeds from promissory note to related parties 450,000 - Proceeds from third parties 450,072 - Cash withdrawn from Trust Account to public stockholder redemption 25,302,079 - Repayment of promissory note payable - related party - ( 337,584 ) Proceeds from sale of public units through public offerings, net of underwriters’ discount - 56,493,744 Proceeds from ordinary shares issued in private placement - 2,408,480 Payment of offering costs - ( 229,700 ) Net cash generated by financing activities 26,202,151 58,334,940 Net change in cash ( 39 ) 264,862 Cash at beginning of the period 8,846 17,221 Cash at end of the period $ 8,807 $ 282,083 Supplemental Disclosure of Non-cash Activities Representative shares issued and charged to offering costs $ - $ 2,112,600 Accretion and subsequent measurement of ordinary shares subject to redemption value $ ( 768,510 ) $ ( 1,970,381 ) The accompanying notes are an integral part of these unaudited condensed financial statements. 4 Table of Contents UY SCUTI ACQUISITION CORP. NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 1 — ORGANIZATION AND BUSINESS DESCRIPTION UY Scuti Acquisition Corp. (the “Company” or “UY Scuti”), is a 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 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 June 30, 2026, the Company had not commenced any operations. All activities through June 30, 2026 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, entering into the Merger Agreement (as defined below) with Isdera Group Limited, and taking actions in connection with the business combination contemplated by the Merger Agreement. The Company generated 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 was 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). 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. 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. As of April 9, 2025, an aggregate of $ 57,500,000 was deposited in the Trust Account established in connection with the IPO. 5 Table of Contents 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 was 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 the IPO 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 the IPO (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 the IPO or after giving effect to the amendment to the Company’s amended and restated memorandum and articles of association approved on March 31, 2026, up to 24 months from the closing of the IPO (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 24 months from the closing of the IPO 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 24 months from the closing of the IPO, 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 Combination. After giving effect to the amendment to the Company’s amended and restated memorandum and articles of association approved on March 31, 2026, the Company will have only 24 months from the closing of the IPO, including the 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, 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 the Combination Period. 6 Table of Contents 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. 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. Business Combination Agreement 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. Extension Meeting On March 31, 2026, the Company held an extraordinary general meeting (“Extraordinary General Meeting”) and approved a proposal to extend the time available for the Company to consummate its initial Business Combination. Pursuant to the terms of the Company’s Amended and Restated Memorandum and Articles of Association and amendment to the Investment Management Trust Agreement dated March 31, 2025 between the Company and Continental Stock Transfer & Company (the “Trust Agreement”) approved at the Extraordinary General Meeting, in order to extend the time available for the Company to consummate its initial Business Combination, its sponsor or its affiliates or designees must deposit an aggregate of $ 450,000 on or prior to the date of the applicable deadline, for each three-month extension In connection with the shareholder votes at the Extraordinary General Meeting, holders of 2,437,288 ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.38 per share. As a result, approximately $25,302,078 was removed from the Trust Account to pay such holders, and approximately $34,390,068 remained in the Trust Account. Following these redemptions, the Company had 5,221,060 ordinary shares, including 3,312,712 Public Shares, outstanding. Extension Payments Effective as of March 31, 2026, Sun Peisha, an individual and the designee of the Sponsor, loaned the Company the aggregate amount of $ 450,000 , which sum was deposited into the Trust Account in order to extend the time that the Company has to consummate a business combination for the first three-month extension period. On April 25, 2026, the Company issued a note to the lender to evidence the loan (the “Extension Note I”). The Extension Note I bears no interest and provides that it shall repay the outstanding principal on the date on which it consummates the business combination. On such maturity date, the entire outstanding principal balance of the Extension Note shall be converted into units of its securities at a conversion price of $ 10.00 per unit, with each unit consisting of one ordinary share and one right to receive one-fifth of one ordinary share. On June 30, 2026, Isdera HK Limited, an affiliate of Isdera Group, loaned the Company the aggregate amount of $ 450,000 , which sum was deposited into the Trust Account in order to extend the time that the Company has to consummate a business combination for the second three-month extension period. As of June 30, 2026, an aggregate of $ 900,000 was deposited into the trust account of the Company for the benefit of its public shareholders in connection with a previously approved extension of the period the Company has to consummate its initial business combination. 7 Table of Contents Going concern consideration The Company had a working capital deficit of $ 1,640,146 , shareholders’ deficit of $ 1,640,146 and an accumulated deficit of $ 2,615,575 as of June 30, 2026. The Company had a negative cash flow from operating activities of $ 39 for the three months ended June 30, 2026. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the date the financial statements are issued. Subsequent to the consummation of the IPO, our liquidity requirements have been satisfied through the net proceeds from the IPO, the Private Placement, loans from our Sponsor pursuant to the Promissory Note II (defined below), and a loan from third parties as described below. We have incurred, and expect to continue to incur, significant professional fees and costs to maintain our status as a publicly traded company, as well as significant transaction costs in connection with pursuing the consummation of a Business Combination. In order to fund working capital deficiencies and finance transaction costs in connection with a Business Combination, 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 was initially 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”). Effective as of March 31, 2026, the Company and Sponsor agreed to amend and restate the Promissory Note II to extend the maturity date thereof to be the earlier of: (i) March 31, 2027 or (ii) the date on which we consummate a business combination. 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 June 30, 2026, the principal amount due and owing under the Promissory Note II was $ 469,053 . The Company initially had 12 months from the closing of the IPO or up to 18 months from the closing of the IPO to complete a business combination. On March 31, 2026, the Company held the Extraordinary General Meeting at which its shareholders approved a proposal to extend the date by which it must complete a business combination up to four times from April 1, 2026 to April 1, 2027, with each extension comprised of a three-month extension period, subject to the Sponsor (or its designee) depositing $ 450,000 into the Trust Account for each extension period. If the Company has not consummated an initial business combination by April 1, 2027, the outstanding Public Shares will be redeemed. There is a possibility that business combination might not happen within the prescribed period of time. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern within one year after the date that the audited financial statements are issued. The audited financial statements do not include any adjustments that might result from the outcome of this uncertainty. Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. GAAP”) 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, 2027 or for any future periods. These unaudited condensed financial statements should be read in conjunction with the Company’s 2026 Annual Report on Form 10-K as filed with the SEC on July 14, 2026. 8 Table of Contents 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 estimates. 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 $ 8,807 and $8,846 as of June 30, 2026 and March 31, 2026, respectively. 9 Table of Contents Cash Held in Trust Account As of June 30, 2026 and March 31, 2026, the Company had $ 35,598,437 and $ 60,147,604 , 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 June 30, 2026 and March 31, 2026, the Company has cash and cash equivalents of $ 8,807 and $ 8,846 , 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 were in excess of the insured amounts as of June 30, 2026. The Company has not experienced losses on such account and management believes the Company is not exposed to significant risks on such account. 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” (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’ 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. For the three months ended June 30, 2026, the Company recorded subsequent remeasurement and accretion of ordinary share subject to redemption value of $ 768,510 . As of June 30, 2026, the ordinary shares subject to possible redemption reflected in the condensed balance sheet are recorded in the following table: Gross proceeds $ 57,500,000 Less: Proceeds allocated to public rights ( 5,387,388 ) Offering costs allocated to redeemable shares ( 306,005 ) Plus: Accretion of carrying value to redemption value 5,980,052 Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account and additional funding for business combination extension) 2,197,604 Ordinary shares subject to possible redemption as of March 31, 2026 $ 59,682,006 Less: Public shareholder redemptions ( 25,302,079 ) Plus: Accretion of carrying value to redemption value 15,598 Subsequent measurement of ordinary shares subject to possible redemption (interest earned and unrealized gain on trust account and additional funding for business combination extension) 752,912 Ordinary shares subject to possible redemption as of June 30, 2026 (Unaudited) $ 35,598,437 10 Table of Contents 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 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, 2026 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: For the Three Months Ended For the Three Months Ended June 30, 2026 June 30, 2025 (Unaudited) (Unaudited) Net income $ 164,865 $ 332,078 Less: Subsequent measurement and accretion of redeemable ordinary shares to redemption value ( 768,510 ) ( 1,970,381 ) Net loss including accretion of redeemable ordinary shares to redemption value $ ( 603,645 ) $ ( 1,638,303 ) For the Three Months Ended June 30, 2026 Redeemable Ordinary Share Non-Redeemable Ordinary Share (Unaudited) Numerators: Allocation of net loss $ ( 389,666 ) $ ( 213,979 ) Subsequent measurement and accretion of redeemable ordinary shares to redemption value 768,510 - Allocation of net income (loss) $ 378,844 $ ( 213,979 ) Denominators: Weighted-average ordinary shares outstanding 3,475,198 1,908,348 Basic and diluted earnings (loss) per share $ 0.11 $ ( 0.11 ) For the Three Months Ended June 30, 2025 Redeemable Ordinary Share Non-Redeemable Ordinary Share (Unaudited) Numerators: Allocation of net loss $ ( 1,227,456 ) $ ( 410,847 ) Subsequent measurement and accretion of redeemable ordinary shares to redemption value 1,970,381 - Allocation of net income (loss) $ 742,925 $ ( 410,847 ) Denominators: Weighted-average ordinary shares outstanding 5,691,280 1,904,952 Basic and diluted earnings (loss) per share $ 0.13 $ ( 0.22 ) 11 Table of Contents Income Taxes 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. 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. 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: ● Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. ● Level 2 - Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. ● Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. 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: June 30, 2026 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets Cash held in trust account $ 35,598,437 $ 35,598,437 $ - $ - 12 Table of Contents March 31, 2026 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets Cash held in trust account $ 60,147,604 $ 60,147,604 $ - $ - 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 2024, the FASB has released ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. 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. 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. 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. In January 2025, the FASB issued ASU No. 2025-01, 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. Early adoption of Update 2024-03 is permitted. 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 statement. 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 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 will not issue fractional shares. 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 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. 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. 13 Table of Contents 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. Upon the 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 the IPO, 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 the IPO (or up to 18 months from the closing of the IPO if the Company extends the period of time to consummate a business combination) (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 Combination Period) 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 the IPO 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 the IPO. 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. 14 Table of Contents Related Party Loans Promissory Note II In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor, the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required. If the Company completes the initial Business Combination, it intends to repay such loaned amount at closing. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $ 1,500,000 of such working capital loans made by the Sponsor, the Company’s officers and directors, or the Company’s or their affiliates to the Company prior to or in connection with its initial Business Combination may be convertible into units, at a price of $ 10.00 per unit at the option of the lender, upon consummation of its initial Business Combination. The units would be identical to the Placement Units. 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 was initially 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”). Effective as of March 31, 2026, the Company and Sponsor agreed to amend and restate the Promissory Note II to extend the Maturity Date to be the earlier of: (i) March 31, 2027 or (ii) the date on which we consummate a business combination. 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 II 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 June 30, 2026 and March 31, 2026, the principal amount due and owing under the Promissory Note II was $ 469,053 and $ 313,401 , respectively. Extension Note I Effective as of March 31, 2026, Sun Peisha, an individual and the designee of the Sponsor, loaned the Company the aggregate amount of $ 450,000 , which sum was deposited into the Trust Account in order to extend the time that the Company has to consummate a business combination for the first three-month extension period. On April 25, 2026, the Company issued a note to the lender to evidence the loan (the “Extension Note”). The Extension Note bears no interest and provides that it shall repay the outstanding principal on the date on which it consummates the business combination. On such maturity date, the entire outstanding principal balance of the Extension Note shall be converted into units of its securities at a conversion price of $ 10.00 per unit, with each unit consisting of one ordinary share and one right to receive one-fifth of one ordinary share . As of June 30, 2026 and March 31, 2026, the Company had outstanding borrowings under Extension Note I of $ 450,000 and $ 450,000 , respectively. Administrative Support Services Commencing on the effective date of the registration statement of the IPO, the Company has agreed to pay an affiliate of the Sponsor a total of $ 10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of its initial Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three months ended June 30, 2026 and 2025, the Company has accrued $ 30,000 and $ 30,000 for the administrative support services provided by the Sponsor. As of June 30, 2026 and March 31, 2026, the balance of amount due to the Sponsor were $150,000 and $ 120,000 , respectively. Note 6 — DUE TO THIRD PARTIES As of June 30, 2026 and March 31, 2026, the Company had a balance due of $ 450,072 and nil , respectively, to Isdera HK Limited, an affiliate of Isdera Group. The balance was due on demand and without interest. As of June 30, 2026 and March 31, 2026, the Company had a balance of $ 44,308 and nil , respectively, to Xinghui Automotive Technology (Hainan) Co., Ltd., an affiliate of Isdera Group. The balance was due on demand and without interest. 15 Table of Contents Note 7 — COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares and Private Placement Units (and their underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the IPO, requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. 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 the IPO 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 the IPO. In connection with the closing of the IPO, the Company issued 200,000 Representative Shares to the underwriter. In connection with the issuance and sales of the Option Units, the Company issued an additional 30,000 Representative Shares to Maxim, the representative of the underwriters. The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales in the IPO pursuant to FINRA Rule 5110I (1). Pursuant to FINRA Rule 5110I(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the commencement of sales in the IPO, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the date of the commencement of sales in the IPO except to any underwriter and selected dealer participating in the IPO and their officers, partners, registered persons or affiliates. Financial Advisor Agreement We entered into an advisory agreement with Keltwin International Limited (the “Advisor”) dated June 23, 2025, which was subsequently amended on July 1, 2026 (as amended, the “Advisory Agreement”). Pursuant to the Advisory Agreement, we engaged the Advisor to provide us with consultancy services including assistance in valuing, structuring and negotiating the terms for a transaction and assistance in the preparation of its proxy statement, registration statement, and/or other documents related to a business combination transaction. In consideration of such services, the Advisor agreed to be paid in 4,700,000 PubCo Class A Ordinary Shares upon the closing of the business combination transaction. The shares issuable to the Advisor are subject to a six-month lock-up period commencing on the closing date of the business combination transaction. Further, the Advisor was granted registration rights pursuant to which the shares issuable to them will either be included in the registration statement filed with the SEC in connection with the closing of the business combination or in a registration statement to be filed within thirty (30) days following the closing of the business combination covering the resale of such shares. Note 7 — SHAREHOLDERS’ EQUITY Preference Share The Company is authorized to issue 10,000,000 shares of preference share, $ 0.0001 par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2026 and March 31, 2026, there were no preference shares issued or outstanding. Ordinary shares The Company is authorized to issue 490,000,000 shares of ordinary share with $ 0.0001 par value. Pursuant to the Securities Subscription Agreement dated August 2, 2024, the Sponsor agreed to purchase 1,725,000 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 June 30, 2026 and March 31, 2026, excluding shares subject to redemption, there were 1,908,348 ordinary shares issued and outstanding, including ordinary shares underlying Units that have not been separated as of such date. 16 Table of Contents Rights Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will receive one-fifth (1/5) of an ordinary share upon consummation of the initial Business Combination. In the event the Company will not be the surviving company upon completion of our initial Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-fifth (1/5) of a share underlying each right upon consummation of the Business Combination unless otherwise waived in the course of the Business Combination. No fractional shares will be issued upon exchange of rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman Law. Note 8 — SEGMENT INFORMATION ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their unaudited condensed financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM, or group, in deciding how to allocate resources and assess performance. The Company’s CODM has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The net loss is the measure of segment profit (loss) most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess financial performance. The Company does not have an operating income and therefore, it does not have any revenue. The Company will not generate any operating revenue until after the completion of the Business Combination, at the earliest. The Company’s significant expenses were formation and operating costs as detailed below. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following: June 30, 2026 March 31, 2026 (Unaudited) (Audited) Cash and cash equivalents $ 8,807 $ 8,846 Cash held in Trust Account $ 35,598,437 $ 60,147,604 For the Three Months Ended June 30 2026 2025 (Unaudited) (Unaudited) Operating expenses $ 137,975 $ 234,453 Interest earned on cash held in Trust Account $ 302,840 $ 566,531 The CODM reviews income earned on marketable securities held in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the Trust Agreement. Operating expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews operating expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Operating expenses, as reported on the statements of operations and comprehensive income and loss, are the significant segment expenses provided to the CODM on a regular basis. 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 financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited financial statements. 17 Table of Contents