0001213900-26-052913
SEC filingPre-revenue SPAC with net income of $2.1M driven entirely by trust interest, offset by operating losses and cash burn as it searches for a business combination target.
For the three months ended March 31, 2026, the company reported an operating loss of $168,092, reflecting ongoing search costs with no revenue yet. Net income of $2,086,627 was driven entirely by interest earned on trust investments, not from operations. The company remains a pre-revenue SPAC focused on identifying a target for a business combination.
As of March 31, 2026, net cash used in operating activities was $173,417, indicating cash burn from search activities. The company has access to working capital loans from the sponsor to fund deficiencies or transaction costs in connection with a business combination. Management expects to continue incurring significant costs in pursuit of acquisition plans, and there is no assurance of success. The company does not believe it will need additional funds, but acknowledges that costs may exceed estimates.
Management's discussion highlights that the company is focusing on AI companies and digital assets/blockchain ecosystem targets. It expects to continue incurring significant costs in pursuit of acquisition plans, and there is no assurance of success. The company has until May 23, 2027 to complete a business combination, with potential extension subject to shareholder approval. Liquidity needs have been met through IPO proceeds and sponsor loans, with working capital loans available from the sponsor if needed. The company does not believe it will need additional funds, but acknowledges that costs may exceed estimates.