0001493152-26-023797
SEC filingPre-revenue SPAC with no operations; net loss of $111.6K driven by IPO-related expenses, partially offset by trust account interest income.
As a special purpose acquisition company with no operating revenues, our financial performance for the three months ended March 31, 2026 reflects costs associated with our formation and pursuit of an initial business combination. Operating income was -$263.2K, driven by general and administrative expenses and costs related to our IPO. Net income was -$111.6K, as other income from trust account interest partially offset the operating loss. We will not generate any operating revenues until after completion of our initial business combination, at the earliest.
Net cash used in operating activities was -$1.3M, reflecting the cash costs of our search for a target and related expenses. We have no long-term debt, capital lease obligations, or long-term liabilities. However, our working capital position is constrained. To fund working capital deficiencies or finance transaction costs, our Sponsor or its affiliates may, but are not obligated to, loan us funds as required. Management plans to address this uncertainty by issuing working capital loans and consummating an initial business combination. We cannot assure you that these plans will be successful.
The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. Our ability to continue as a going concern depends on completing a business combination within the required timeframe. Management is actively evaluating potential targets and may seek additional financing through sponsor loans or other sources. However, there can be no assurance that we will be able to secure the necessary funding or complete a business combination.