| Schedule of Class A Ordinary Shares Subject to Possible Redemption |
As of September 30, 2025 and December 31, 2024,
the Class A ordinary shares subject to possible redemption, as presented in the accompanying condensed consolidated balance sheets, are
reconciled in the following table:
| Gross proceeds | |
$ | 100,000,000 | |
| Less: | |
| | |
| Issuance costs allocated to Class A ordinary shares subject to possible redemption | |
| (2,410,968 | ) |
| Plus: | |
| | |
| Accretion of carrying value to redemption value | |
| 5,887,340 | |
| Class A ordinary shares subject to possible redemption, December 31, 2024 | |
$ | 103,476,372 | |
| Plus: | |
| | |
| Accretion of carrying value to redemption value | |
| 3,324,807 | |
| Class A ordinary shares subject to possible redemption, September 30, 2025 | |
$ | 106,801,179 | |
|
As of December 31, 2024 and 2023, the Class A
ordinary shares subject to possible redemption, as presented in the accompanying balance sheets, are reconciled in the following table:
Class A ordinary shares subject to possible redemption, December 31, 2023 | |
$ | — | |
| Gross proceeds | |
| 100,000,000 | |
| Less: | |
| | |
| Issuance costs allocated to Class A ordinary shares | |
| (2,410,968 | ) |
| Plus: | |
| | |
| Accretion of carrying value to redemption value | |
| 5,887,340 | |
| Class A ordinary shares subject to possible redemption, December 31, 2024 | |
$ | 103,476,372 | |
|
| Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share |
The following tables reflect the calculation of
basic and diluted net income per ordinary share:
| | |
For the Three Months Ended | | |
For the Three Months Ended | |
| | |
September 30, 2025 | | |
September 30, 2024 | |
| | |
Class A – Public shares | | |
Class A – Private placement shares | | |
Class B – Ordinary shares | | |
Class A – Public shares | | |
Class A – Private placement shares | | |
Class B – Ordinary shares | |
| Basic and diluted net income per ordinary share | |
| | |
| | |
| | |
| | |
| | |
| |
| Numerator: | |
| | |
| | |
| | |
| | |
| | |
| |
| Allocation of net income | |
$ | 1,606,382 | | |
$ | 48,191 | | |
$ | 401,595 | | |
$ | 315,569 | | |
$ | 9,467 | | |
$ | 151,210 | |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average number of ordinary shares outstanding | |
| 10,000,000 | | |
| 300,000 | | |
| 2,500,000 | | |
| 5,217,391 | | |
| 156,522 | | |
| 2,500,000 | |
| Basic and diluted net income per ordinary share | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.16 | | |
$ | 0.06 | | |
$ | 0.06 | | |
$ | 0.06 | |
| | |
For the Nine Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2025 | | |
September 30, 2024 | |
| | |
Class A – Public shares | | |
Class A – Private placement shares | | |
Class B – Ordinary shares | | |
Class A – Public shares | | |
Class A – Private placement shares | | |
Class B – Ordinary shares | |
| Basic and diluted net income per ordinary share | |
| | |
| | |
| | |
| | |
| | |
| |
| Numerator: | |
| | |
| | |
| | |
| | |
| | |
| |
| Allocation of net income | |
$ | 2,540,950 | | |
$ | 76,228 | | |
$ | 635,237 | | |
$ | 179,441 | | |
$ | 5,383 | | |
$ | 256,077 | |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average number of ordinary shares outstanding | |
| 10,000,000 | | |
| 300,000 | | |
| 2,500,000 | | |
| 1,751,825 | | |
| 52,555 | | |
| 2,500,000 | |
| Basic and diluted net income per ordinary share | |
$ | 0.25 | | |
$ | 0.25 | | |
$ | 0.25 | | |
$ | 0.10 | | |
$ | 0.10 | | |
$ | 0.10 | |
|
The following table reflects the calculation of
basic and diluted net income (loss) per ordinary share:
| | |
For the Year Ended December 31, 2024 | | |
For the Year Ended December 31, 2023 | |
| | |
Class A – Public shares | | |
Class A – Private placement shares | | |
Class B – Ordinary shares | | |
Class A – Public shares | | |
Class A – Private placement shares | | |
Class B – Ordinary shares | |
| Basic and diluted net income (loss) per ordinary share | |
| | |
| | |
| | |
| | |
| | |
| |
| Numerator: | |
| | |
| | |
| | |
| | |
| | |
| |
| Allocation of net income (loss) | |
$ | 913,410 | | |
$ | 27,402 | | |
$ | 596,979 | | |
$ | — | | |
$ | — | | |
$ | (252,866 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average number of ordinary shares outstanding | |
| 3,825,137 | | |
| 114,754 | | |
| 2,500,000 | | |
| | | |
| | | |
| 2,500,000 | |
| Basic and diluted net income (loss) per ordinary share | |
$ | 0.24 | | |
$ | 0.24 | | |
$ | 0.24 | | |
$ | | | |
$ | | | |
$ | (0.10 | ) |
|