What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-14 compared with 2026-05-20 · 31 added, 29 removed, 144 unchanged (29% of the section changed)

28 unchanged sentences

statements whether as a result of new information, future events or otherwise.

are a blank check company incorporated in the Cayman Islands on July 31, 2025 formed for the purpose of effecting a merger, amalgamation,

share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business

Combination”).

We intend to effectuate our Business Combination using cash derived from the proceeds of the Initial Public Offering

and the sale of the Private Placement Warrants, our shares, debt or a combination of cash, shares and debt.

are a blank check company incorporated as a Cayman Islands exempted company on July 31, 2025 formed for the purpose of effecting a merger,

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

(the “Business Combination”).

We intend to effectuate our Business Combination using cash derived from the proceeds of the

Initial Public Offering and the sale of the Private Placement Warrants, our shares, debt or a combination of cash, shares and debt.

may seek to extend the Completion Window consistent with applicable laws, regulations and stock exchange rules by amending our amended

and restated memorandum and articles of association.

Such an amendment would require the approval of our public shareholders, who will

Such an amendment would require the approval of our public shareholders, who would

be provided the opportunity to redeem all or a portion of their public shares in connection with the vote on such approval.

Such redemptions

will decrease the amount held in our trust account and our capitalization and may affect our ability to maintain our listing on Nasdaq.

would decrease the amount held in our Trust Account and our capitalization and may affect our ability to maintain our listing on Nasdaq.

In addition, the Nasdaq rules currently require special purpose acquisition companies (such as us) to complete their initial business

5 unchanged sentences

Our only activities from July 31, 2025 (inception) through

March 31, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and subsequent

June 30, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and subsequent

to the closing of the Initial Public Offering, identifying a target company for a Business Combination.

5 unchanged sentences

reporting, accounting and auditing compliance, among other things), as well as for due diligence expenses.

the three months ended March 31, 2026, we had a net income of $913,196 which consists of interest earned on marketable securities held

in Trust Account of $1,486,330, change on overallotment liability of $41,900, offset by compensation expense of $393,600 and general

the three months ended June 30, 2026, we had a net income of $1,844,612 which consisted of interest earned on marketable securities held

in Trust Account of $2,003,552, offset by general and administrative costs of $158,940.

the six months ended June 30, 2026, we had a net income of $2,757,808 which consisted of interest earned on marketable securities held

in Trust Account of $3,489,882, change on over-allotment liability of $41,900, offset by compensation expense of $393,600 and general

and administrative costs of $380,374.

2 unchanged sentences

value $0.0001 per share, by the Sponsor and loans from the Sponsor.

As of March 31, 2026, we had $921,248 in cash and working capital

As of June 30, 2026, we had $644,214 in cash and working capital

surplus of $937,597.

7 unchanged sentences

Warrant, generating gross proceeds of $375,000.

the Initial Public Offering, including the partial exercise by the underwriters of their over-allotment option, and the sale of the

Private Placement Warrants, a total of $225,000,000 was placed in the trust account.

We incurred total transactions costs amounting

to $9,571,416, consisting of $3,375,000 of cash underwriting fee, $5,625,000 of deferred underwriting fee, and $571,416 of other

offering costs.

the three months ended March 31, 2026, net cash used in operating activities was $136,680.

the Initial Public Offering, including the partial exercise by the underwriters of their over-allotment option, and the sale of the Private

Placement Warrants, a total of $225,000,000 was placed in the Trust Account.

We incurred total transactions costs amounting to $9,571,416,

consisting of $3,375,000 of cash underwriting fee, $5,625,000 of deferred underwriting fee, and $571,416 of other offering costs.

the six months ended June 30, 2026, net cash used in operating activities was $413,714.

Net income of $2,757,808 was affected by interest

2 unchanged sentences

Changes in operating assets and liabilities used $65,734 of cash for operating activities.

of March 31, 2026, we had marketable securities held in the Trust Account of $226,486,330 (including approximately $1,486,330 of interest

of June 30, 2026, we had marketable securities held in the Trust Account of $228,489,882 (including approximately $3,489,882 of interest

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned

4 unchanged sentences

growth strategies.

of March 31, 2026, we had cash of $921,248.

of June 30, 2026, we had cash of $644,214.

We intend to use the funds held outside the Trust Account primarily to identify and evaluate

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loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender.

The warrants would be identical to the Private Placement Warrants.

These warrants would be identical to the Private Placement Warrants.

connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Presentation of

Financial Statements - Going Concern,” as of March 31, 2026, Management believes we may need to raise additional capital through

Financial Statements - Going Concern,” as of June 30, 2026, Management believes we may need to raise additional capital through

loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties.

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Sheet Arrangements

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

participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable

interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered

into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other

entities, or purchased any non-financial assets.

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

We do not participate

in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest

entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into

any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities,

or purchased any non-financial assets.

do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement

7 unchanged sentences

to purchase the remaining 500,000 Units.

On March 6, 2026, the underwriters’ over-allotment option expired for 500,000 Units.

On March 6, 2026, the underwriters’ over-allotment option for the remaining 500,000 Units

underwriters were entitled to a cash underwriting discount of 1.50% of the gross proceeds of the Initial Public Offering, or $3,375,000

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Accordingly, the actual results could materially differ from those estimates.

As of March 31, 2026, we

As of June 30, 2026, we

did not have any critical accounting estimates to be disclosed.

15 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