What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-14 compared with 2026-05-14 · 49 added, 36 removed, 200 unchanged (30% of the section changed)

83 unchanged sentences

expenses in connection with completing a business combination.

the three months ended March 31, 2026, we recorded a net income of $371,705, which consisted of income earned on marketable securities

held in trust account of $503,470, interest income earned on purchase of time-deposits of $5,890, offset by operating expenses of $137,655.

the three months ended March 31, 2025, we incurred a net loss of $75,157, which related to formation and operating expenses of $75,157.

For the three months ended June 30, 2026, we recorded

a net income of $369,816, which consisted of income earned on marketable securities held in trust account of $509,089, interest income

earned on purchase of time-deposits of $6,153, offset by operating expenses of $145,426.

For the three months ended June 30, 2025,

we recorded a net income of $113,309, which consisted of loss from change in fair value of over-allotment liability of $7,300, income

earned on marketable securities held in trust account of $203,822, interest income earned on purchase of time-deposits of $1,400 and operating

expenses of $84,613.

For the six months ended June 30, 2026, we recorded

a net income of $741,521, which consisted of income earned on marketable securities held in trust account of $1,012,559, interest income

earned on purchase of time-deposits of $12,043, offset by operating expenses of $283,081.

For the six months ended June 30, 2025, we

recorded a net income of $38,152, which consisted of loss from change in fair value of over-allotment liability of $7,300, income earned

on marketable securities held in trust account of $203,822, interest income earned on purchase of time-deposits of $1,400 and operating

expenses of $159,770.

and Capital Resources

the three months ended March 31, 2026, cash used in operating activities was $145,562 and there were no cash used in or provided from

investing activities nor financing activities.

As of March 31, 2026, we had cash of $1,179,430 available for working capital needs and

marketable securities held in Trust Account of $57,929,106.

All marketable securities are held in the Trust Account and is generally unavailable

for our use, prior to an initial business combination, and is restricted for use either in a business combination or to redeem the ordinary

As of March 31, 2026, none of the amount on marketable securities in the Trust Account was available to be withdrawn as described

For the six months ended June 30, 2026, cash used

in operating activities was $296,941 and there were no cash used in or provided from investing activities nor financing activities.

of June 30, 2026, we had cash of $1,028,051 available for working capital needs and marketable securities held in Trust Account of $58,438,195.

All marketable securities are held in the Trust Account and is generally unavailable for our use, prior to an initial business combination,

and is restricted for use either in a business combination or to redeem the ordinary shares.

As of June 30, 2026, none of the amount on

marketable securities in the Trust Account was available to be withdrawn as described above.

intend to use substantially all of the net proceeds of the IPO, including the marketable securities held in the Trust Account, to acquire

15 unchanged sentences

the business combination.

our estimates of the costs of undertaking in-depth due diligence and negotiating our initial business combination is more than the actual

amount necessary to do so, or the amount of interest available to us from the Trust Account is less than we expect as a result of the

current interest rate environment, we may have insufficient funds available to operate our business prior to our initial business combination.

Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated

to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue

additional securities or incur debt in connection with such business combination.

Subject to compliance with applicable securities laws,

we would only consummate such financing simultaneously with the consummation of our initial business combination.

Following our initial

business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

of March 31, 2026, we had cash of $1,179,430 in operating bank accounts, working capital of $1,079,980 and a net income of $371,705 for

the three months ended March 31, 2026.

In connection with our assessment of going concern considerations in accordance with Accounting

Standards Codification (“ASC”) 205-40, “Going Concern,” we have determined, considering the funds available from

our IPO consummated on May 30, 2025, that we have sufficient funds for our working capital needs until a minimum of one year from the

date of issuance of these financial statements.

If our estimates of the costs of undertaking in-depth

due diligence and negotiating our initial business combination is more than the actual amount necessary to do so, or the amount of interest

available to us from the Trust Account is less than we expect as a result of the current interest rate environment, we may have insufficient

funds available to operate our business prior to our initial business combination.

Moreover, we may need to obtain additional financing

either to consummate our initial business combination or because we become obligated to redeem a significant number of our public shares

upon consummation of our initial business combination, in which case we may issue additional securities or incur debt in connection with

such business combination.

Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously

with the consummation of our initial business combination.

Following our initial business combination, if cash on hand is insufficient,

we may need to obtain additional financing in order to meet our obligations.

As of June 30, 2026, we had cash of $1,028,051

in operating bank accounts, working capital of $940,707 and a net income of $741,521 for the six months ended June 30, 2026.

In connection with our assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”)

205-40, “Going Concern,” we have determined, considering the funds available from our IPO consummated on May 30, 2025, that

we have sufficient funds for our working capital needs until a minimum of one year from the date of issuance of these financial statements.

However, we have until May 30, 2027 to consummate an initial business combination.

a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution.

Management has

determined that the need to satisfy this mandatory liquidation requirement, should a business combination not occur, raises substantial

doubt about our ability to continue as a going concern.

We intend to complete an initial business combination before the mandatory liquidation

Nevertheless, there can be no assurance that we will be able to consummate a business combination by May 30, 2027.

No adjustments

have been made to the carrying amounts and classification of assets or liabilities should the Company be required to liquidate after such

If a business combination is not consummated by this

date, there will be a mandatory liquidation and subsequent dissolution.

Management has determined that the need to satisfy this mandatory

liquidation requirement, should a business combination not occur, raises substantial doubt about our ability to continue as a going concern.

We intend to complete an initial business combination before the mandatory liquidation date.

Nevertheless, there can be no assurance that

we will be able to consummate a business combination by May 30, 2027.

No adjustments have been made to the carrying amounts and classification

of assets or liabilities should the Company be required to liquidate after such date.

Sheet Arrangements

of March 31, 2026, we have no obligations, assets or liabilities that would be considered off-balance sheet arrangements.

of June 30, 2026, we have no obligations, assets or liabilities that would be considered off-balance sheet arrangements.

We do not participate

4 unchanged sentences

or purchased any non-financial assets.

of March 31, 2026, we do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

of June 30, 2026, we do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

are obligated to pay the underwriters a deferred underwriting commission equal to 1.0% of the gross proceeds of the IPO, or $559,500,

89 unchanged sentences

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis