0001140361-26-011732
SEC filingFor the fiscal year ending December 31, 2025, the company reported a net income of $302K, driven primarily by $640K in income earned on cash and marketable securities held in its Trust Account. This income offset a loss from operations of -$338K, which stemmed from formation, general and administrative expenses of $338K. The company's balance sheet shows total assets of $232.0M, predominantly consisting of $230.6M in cash and marketable securities held in the Trust Account. Total liabilities stand at $9.4M, leading to a total shareholders' deficit of -$8.0M. Cash flow from operations was -$353K, while financing activities provided $231.5M, primarily from the sale of units and private placement units. The company is a special purpose acquisition company (SPAC) and has not yet completed an initial business combination. No prior year comparative data is provided in the source material, preventing year-over-year analysis.
For the fiscal year ended December 31, 2025, the company reported a net income of $302K. This result was primarily driven by other income, net of $640K, which consisted entirely of income earned on cash and marketable securities held in the Trust Account. This income offset a loss from operations of -$338K, which resulted from formation, general and administrative expenses of $338K. The company's financial statements indicate it is a special purpose acquisition company (SPAC) in its pre-business-combination phase. The provided XBRL data and document content do not contain any prior period financial figures, making a year-over-year comparison impossible based on the source material.
The provided financial data does not disclose any revenue figures for the period. The income statement shows no line items for revenue, sales, or similar top-line activities. The company's net income of $302K is derived entirely from non-operating income sources, specifically interest earned on assets held in trust. The document text confirms the company's status as a SPAC that has not yet entered into an initial business combination, which is consistent with the absence of operational revenue.
With no revenue disclosed, gross margin and gross profit cannot be calculated. The company reported a loss from operations of -$338K, resulting in a negative operating margin on a zero-revenue base. The profitability for the period, as indicated by net income of $302K, was entirely attributable to investment income from the Trust Account, not from core operations. The cost structure for the period is defined by formation, general and administrative expenses of $338K.
Net cash used in operating activities was -$353K for the period. The company used -$230.0M in investing activities to purchase treasury securities for the Trust Account. Financing activities provided $231.5M, primarily from proceeds of $230.0M from the sale of Units and $6.6M from the sale of Private Placement Units, offset by payments for underwriting fees and offering costs. The net change in cash was an increase of $1.2M. The balance sheet shows total assets of $232.0M, with $230.6M (99.4%) held as cash and marketable securities in the Trust Account. Total liabilities are $9.4M, including $9.2M in deferred underwriting commissions. Shareholders' equity is a deficit of -$8.0M.
The filing does not provide explicit management guidance, forward-looking financial projections, or strategic priorities for future operations. The primary forward-looking element discussed is the company's intent to complete an initial business combination within the allotted timeframe, as it is a SPAC. Key risk factors and operational descriptions relate to the SPAC structure, including warrant terms, redemption features, and the process for identifying and combining with a target company. The document notes that the warrant agreement designates New York courts as the exclusive forum for certain disputes.