0002025396 us-gaap:SubsequentEventMember 2026-03-25 0002025396 us-gaap:SubsequentEventMember 2026-03-27 2026-03-27 0002025396 us-gaap:SubsequentEventMember 2026-01-31 0002025396 2025-01-01 2025-12-31 0002025396 us-gaap:AllOtherSegmentsMember 2024-05-24 2024-12-31 0002025396 us-gaap:AllOtherSegmentsMember 2025-01-01 2025-12-31 0002025396 vcicu:SignificantSegmentExpensesMember 2024-05-24 2024-12-31 0002025396 vcicu:SignificantSegmentExpensesMember 2025-01-01 2025-12-31 0002025396 us-gaap:WarrantMember 2025-01-01 2025-12-31 0002025396 vcicu:WarrantholdersMember 2025-01-01 2025-12-31 0002025396 us-gaap:CommonClassAMember 2025-01-01 2025-12-31 0002025396 us-gaap:WarrantMember us-gaap:CommonClassAMember 2025-12-31 0002025396 vcicu:PublicWarrantMember 2025-12-31 0002025396 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember us-gaap:CommonClassAMember 2025-12-31 0002025396 2025-12-31 0002025396 us-gaap:CommonClassAMember us-gaap:IPOMember 2025-12-31 0002025396 vcicu:PrivatePlacementWarrantsMember us-gaap:CommonClassAMember 2025-12-31 0002025396 vcicu:PrivatePlacementWarrantsMember 2025-12-31 0002025396 vcicu:PublicWarrantMember us-gaap:CommonClassAMember 2024-12-31 0002025396 vcicu:PublicWarrantMember us-gaap:CommonClassAMember 2025-12-31 0002025396 2024-05-24 2024-12-31 0002025396 vcicu:FounderShares1Member 2024-05-24 2024-12-31 0002025396 vcicu:FounderShares1Member 2025-01-01 2025-12-31 0002025396 vcicu:UnderwritersMember 2024-09-12 2024-09-12 0002025396 vcicu:UnderwritersMember us-gaap:OverAllotmentOptionMember 2024-09-12 2024-09-12 0002025396 vcicu:SponsorMember 2025-01-01 2025-12-31 0002025396 vcicu:SponsorMember vcicu:FounderShares1Member 2025-01-01 2025-12-31 0002025396 us-gaap:CommonClassAMember 2024-12-31 0002025396 us-gaap:CommonClassAMember 2025-12-31 0002025396 us-gaap:CommonClassBMember 2025-12-31 0002025396 2024-09-01 2024-09-30 0002025396 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002025396 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0002025396 vcicu:RelatedPartyLoansMember 2025-11-30 0002025396 us-gaap:WarrantMember vcicu:WorkingCapitalLoansMember 2025-12-31 0002025396 us-gaap:WarrantMember 2025-12-31 0002025396 vcicu:RelatedPartyLoansMember 2024-09-30 0002025396 2024-07-18 2024-07-18 0002025396 vcicu:ExecutiveOfficerAndDirectorCompensationMember 2024-12-31 0002025396 vcicu:ExecutiveOfficerAndDirectorCompensationMember 2025-12-31 0002025396 vcicu:ExecutiveOfficerAndDirectorCompensationMember 2024-05-24 2024-12-31 0002025396 vcicu:ExecutiveOfficerAndDirectorCompensationMember 2025-01-01 2025-12-31 0002025396 2024-09-30 2024-09-30 0002025396 srt:ChiefExecutiveOfficerMember 2024-09-30 2024-09-30 0002025396 vcicu:AdministrativeSupportAgreementMember 2024-05-24 2024-12-31 0002025396 vcicu:AdministrativeSupportAgreementMember 2025-01-01 2025-12-31 0002025396 us-gaap:OverAllotmentOptionMember 2024-05-24 2024-12-31 0002025396 us-gaap:OverAllotmentOptionMember 2024-09-12 2024-09-12 0002025396 vcicu:FounderShares1Member 2024-05-24 2024-12-31 0002025396 vcicu:FounderShares1Member 2024-09-12 2024-09-12 0002025396 vcicu:FounderShares1Member 2024-05-01 2024-05-31 0002025396 vcicu:SponsorMember vcicu:FounderShares1Member 2024-05-01 2024-05-31 0002025396 vcicu:FounderShares1Member 2024-05-31 0002025396 us-gaap:CommonClassBMember vcicu:FounderShares1Member 2024-05-01 2024-05-31 0002025396 us-gaap:CommonClassBMember vcicu:FounderShares1Member 2024-05-31 0002025396 us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2025-12-31 0002025396 us-gaap:PrivatePlacementMember 2025-12-31 0002025396 us-gaap:PrivatePlacementMember 2024-09-09 0002025396 us-gaap:FairValueInputsLevel3Member vcicu:MeasurementInputDailyTreasuryYieldCurveMember vcicu:BlackScholesModelMember 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputPriceVolatilityMember vcicu:BlackScholesModelMember 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputExpectedTermMember vcicu:BlackScholesModelMember 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputSharePriceMember vcicu:BlackScholesModelMember 2025-12-31 0002025396 us-gaap:OverAllotmentOptionMember 2025-12-31 0002025396 vcicu:UnderwritersMember 2025-01-01 2025-12-31 0002025396 2024-09-12 2024-09-12 0002025396 us-gaap:OverAllotmentOptionMember 2025-01-01 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputRiskFreeInterestRateMember vcicu:MonteCarloModelsMember 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputPriceVolatilityMember vcicu:MonteCarloModelsMember 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputExpectedTermMember vcicu:MonteCarloModelsMember 2025-12-31 0002025396 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputSharePriceMember vcicu:MonteCarloModelsMember 2025-12-31 0002025396 vcicu:PublicWarrantsMember 2024-09-12 2024-09-12 0002025396 vcicu:PublicWarrantsMember 2024-09-09 2024-09-09 0002025396 vcicu:PublicWarrantsMember us-gaap:CommonClassAMember 2024-09-12 0002025396 vcicu:PublicWarrantsMember us-gaap:CommonClassAMember 2024-09-09 0002025396 vcicu:PublicShareMember 2024-09-12 2024-09-12 0002025396 vcicu:PublicShareMember 2024-09-09 2024-09-09 0002025396 2024-09-09 2024-09-09 0002025396 vcicu:PublicWarrantsMember us-gaap:CommonClassAMember us-gaap:OverAllotmentOptionMember 2024-09-12 2024-09-12 0002025396 vcicu:PublicWarrantsMember us-gaap:CommonClassAMember us-gaap:OverAllotmentOptionMember 2024-09-09 2024-09-09 0002025396 us-gaap:IPOMember 2024-09-12 2024-09-12 0002025396 us-gaap:IPOMember 2024-09-09 2024-09-09 0002025396 us-gaap:IPOMember 2024-09-12 0002025396 us-gaap:IPOMember 2024-09-09 0002025396 vcicu:PublicOrPrivatePlacementWarrantsMember 2024-01-01 2024-12-31 0002025396 vcicu:PublicOrPrivatePlacementWarrantsMember 2025-01-01 2025-12-31 0002025396 us-gaap:CommonClassAMember 2024-05-24 2024-12-31 0002025396 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2025-01-01 2025-12-31 0002025396 vcicu:ClassAOrdinarySharesSubjectToRedemptionMember vcicu:PublicShareMember 2025-01-01 2025-12-31 0002025396 us-gaap:CommonClassBMember 2024-05-24 2024-12-31 0002025396 us-gaap:CommonClassBMember 2025-01-01 2025-12-31 0002025396 us-gaap:WarrantMember us-gaap:CommonClassAMember 2025-01-01 2025-12-31 0002025396 vcicu:ClassAOrdinarySharesSubjectToRedemptionMember 2025-01-01 2025-12-31 0002025396 vcicu:PrivatePlacementWarrantsMember vcicu:ClassAOrdinarySharesSubjectToRedemptionMember 2025-12-31 0002025396 vcicu:PublicWarrantsMember vcicu:ClassAOrdinarySharesSubjectToRedemptionMember 2025-12-31 0002025396 2024-12-31 0002025396 us-gaap:CommonStockMember vcicu:LockUpAgreementMember 2025-01-01 2025-12-31 0002025396 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0002025396 vcicu:LockUpAgreementMember 2025-01-01 2025-12-31 0002025396 vcicu:SponsorAndOfferingMember 2025-12-31 0002025396 us-gaap:WarrantMember us-gaap:PrivatePlacementMember 2024-09-12 0002025396 us-gaap:WarrantMember us-gaap:PrivatePlacementMember 2024-09-09 0002025396 vcicu:SponsorAndOfferingMember us-gaap:OverAllotmentOptionMember 2024-09-12 2024-09-12 0002025396 vcicu:SponsorAndOfferingMember us-gaap:OverAllotmentOptionMember 2024-09-09 2024-09-09 0002025396 vcicu:PrivatePlacementWarrantsMember 2025-01-01 2025-12-31 0002025396 vcicu:PrivatePlacementWarrantsMember 2025-12-31 0002025396 us-gaap:IPOMember 2025-01-01 2025-12-31 0002025396 us-gaap:RetainedEarningsMember 2025-12-31 0002025396 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-12-31 0002025396 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0002025396 us-gaap:RetainedEarningsMember 2024-12-31 0002025396 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-12-31 0002025396 us-gaap:RetainedEarningsMember 2024-05-24 2024-12-31 0002025396 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-05-24 2024-12-31 0002025396 us-gaap:AdditionalPaidInCapitalMember 2024-05-24 2024-12-31 0002025396 us-gaap:CommonClassBMember 2024-12-31 0002025396 us-gaap:RelatedPartyMember 2024-12-31 0002025396 us-gaap:RelatedPartyMember 2025-12-31 0002025396 us-gaap:CommonClassBMember 2026-03-25 0002025396 us-gaap:CommonClassAMember 2026-03-25 0002025396 vcicu:RedeemableWarrantsIncludedAsPartOfTheUnitsEachWholeWarrantExercisableForOneClassAOrdinaryShareAtAnExercisePriceOf1150Member 2025-01-01 2025-12-31 0002025396 vcicu:ClassAOrdinarySharesIncludedAsPartOfTheUnitsMember 2025-01-01 2025-12-31 0002025396 vcicu:UnitsEachConsistingOfOneClassAOrdinaryShare00001ParValueAndOnehalfOfOneRedeemableWarrantMember 2025-01-01 2025-12-31 0002025396 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-05-23 0002025396 us-gaap:AdditionalPaidInCapitalMember 2024-05-23 0002025396 us-gaap:RetainedEarningsMember 2024-05-23 0002025396 2024-05-23 0002025396 srt:ChiefFinancialOfficerMember 2025-01-01 2025-12-31 0002025396 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0002025396 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-01-01 2025-12-31 0002025396 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0002025396 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 shares pure iso4217:USD vcicu:Segment iso4217:USD shares

P5Y

Yes No No Yes

http://fasb.org/srt/2025#ChiefFinancialOfficerMember

false 0002025396 FY 10-K true 2025-12-31 --12-31 2025 false 001-42267 Vine Hill Capital Investment Corp. E9 98-1794687 500 E Broward Blvd Suite 900 Fort Lauderdale FL 33394( (954) 848-2859 Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant VCICU NASDAQ Class A ordinary shares included as part of the units VCIC NASDAQ Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 VCICW NASDAQ Non-accelerated Filer true true false false false true 221980000 22000000 7333334 None Item 1C. Cybersecurity. As a blank check company, we have no operations and therefore do not have any operations of our own that face cybersecurity threats. However, we do depend on the digital technologies of third parties, and as noted in Item 1A. Risk Factors of this report, any sophisticated and deliberate attacks on, or security breaches in, systems or infrastructure or the cloud that we utilize, including those of third parties, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. Because of our reliance on the technologies of third parties, we also depend upon the personnel and the processes of third parties to protect against cybersecurity threats, and we have no personnel or processes of our own for this purpose. Our board of directors oversees risk for our Company, and prior to filings with the SEC, our board of directors reviews our risk factors, including the descriptions of the risks we face from cybersecurity threats, as described in Item 1A. Risk Factors of this report. we have no operations and therefore do not have any operations of our own that face cybersecurity threats. false true true Our board of directors oversees risk for our Company, and prior to filings with the SEC, our board of directors reviews our risk factors, including the descriptions of the risks we face from cybersecurity threats, as described in Item 1A. Risk Factors of this report. false false false false true Opinion on the Financial Statements We have audited the accompanying balance sheet of Vine Hill Capital Investment Corp. (the “Company”) as of December 31, 2025 and 2024, the related statements of operations, changes in shareholders’ deficit, and cash flows for the year ended December 31, 2025 and for the period from May 24, 2024 (inception) to December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and for the period from May 24, 2024 (inception) to December 31, 2024in conformity with accounting principles generally accepted in the United States of America. WithumSmith+Brown, PC New York, New York 100

92000

1088000

201000

263000

293000

1351000

233705000

224294000

233998000

225645000

12000

4000

321000

129000

250000

1045000

253000

1628000

386000

2094000 521000 7700000

3722000

8607000

22000000

10.62

10.2

233705000

224294000

0.0001

1000000

0.0001

200000000

0.0001

20000000

7333334

1000

-3430000

-7257000

-3429000

-7256000

233998000

225645000

3896000

1065000

-3896000

-1065000

9411000

3194000

23000

16000

136000

9434000

3346000

5538000

2281000

22000000

11270000

0.19

0.12

7333334

6902000

7333334

7471000

0.19

0.12

0.19

0.12

7666667

1000

24000

25000

5500000

11000000

1045000

46000

-6523000 -9810000 -16333000 272000 272000

-333333

2281000

7333334

1000

-7257000

-7256000

1711000

5538000

7333334

1000

-3430000

-3429000

5538000

2281000

9411000

3194000

-136000

16000

-62000

264000

8000

4000

192000

129000

1573000 231000

792000

253000

-1246000

-680000

221100000

-221100000

250000

150000

209000

218000000

5500000

573000

250000

222868000

-996000

1088000

92000

1088000

7700000 9000 7700000 408000 59000

Note 1 — Description of Organization and Business Operations Organization and General Vine Hill Capital Investment Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on May 24, 2024. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act”, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As of December 31, 2025, the Company had not yet commenced operations. All activity for the period from May 24, 2024 (inception) through December 31, 2025 relates to the Company’s formation and the initial public offering (“Offering”), which is described below, and subsequent to the Offering, identifying and completing a suitable business combination. The Company will not generate any operating revenues until after the completion of its initial business combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Offering. All dollar amounts are rounded to the nearest thousand dollars. Sponsor and Offering The Company’s sponsor is Vine Hill Capital Sponsor I LLC (the “Sponsor”), a limited liability company formed in Delaware. The Company intends to finance its initial business combination with proceeds from the Offering of $220,000,000 of Units (as defined below) (See Note 4) and a private placement of 5,500,000 of Private Placement Warrants (as defined below) for an aggregate of $5,500,000 (See Note 5). During September 2024, in two closings on September 9, 2024 and September 12, 2024, the Company closed on the Offering of an aggregate 22,000,000 Units at $10.00 per unit (including 2,000,000 Units from the underwriters’ partial exercise of its over-allotment option) (Note 4) and the sale of 5,500,000 private placement warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement with our Sponsor that closed simultaneously with the Offering on September 9, 2024 (Note 5). Upon the closing of the Offering (including the partial exercise of the underwriters’ over-allotment option) and private placement, $221,100,000 was placed in a trust account. The Trust Account The funds in the trust account are to be invested only in U.S. government treasury bills with a maturity of one hundred eighty-five (185) days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940 and that invest only in direct U.S. government obligations and may at any time be held as cash or cash items, including in demand deposit accounts at a bank. Funds will remain in the trust account until the earlier of (i) the consummation of the initial business combination or (ii) the distribution of the trust account proceeds as described below. The remaining proceeds outside the trust account may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. The Company’s amended and restated memorandum and articles of association provides that, other than the permitted withdrawals (as defined below), if any, none of the funds held in the trust account will be released until the earlier of (i) the completion of the initial business combination; (ii) the redemption of any Class A ordinary shares, $0.0001 par value, of the Company (the “Public Shares”), that have been properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) in a manner that would modify the substance or timing of its obligation to redeem the Public Shares in connection with the initial business combination or to redeem 100% of the Public Shares if the Company does not complete an initial business combination within 21 months from the closing of the Offering (June 9, 2026) or (B) with respect to any other provision relating to the rights of holders of the Public Shares or pre-initial business combination activity; and (iii) the redemption of 100% of the Public Shares if the Company is unable to complete an initial business combination within 21 months from the closing of the Offering (subject to the requirements of law). The proceeds deposited in the trust account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders. Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering, although substantially all of the net proceeds of the Offering are intended to be generally applied toward consummating an initial business combination. The initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on income earned on the trust account) at the time of the agreement to enter into the initial business combination. Furthermore, there is no assurance that the Company will be able to successfully effect an initial business combination. The Company, after signing a definitive agreement for an initial business combination, will either (i) seek shareholder approval of the initial business combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the initial business combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination, including interest earned on the funds held in the trust account (net of amounts withdrawn to pay taxes, other than excise taxes, if any (“permitted withdrawals”)), or (ii) provide shareholders with the opportunity to sell their Public Shares to the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination, including interest less permitted withdrawals. The decision as to whether the Company will seek shareholder approval of the initial business combination or will allow shareholders to sell their Public Shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval, unless a vote is required by law or under Nasdaq rules. Pursuant to the Company’s amended and restated memorandum and articles of association if the Company is unable to complete the initial business combination within 21 months from the closing of the Offering (June 9, 2026), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned (which interest shall be net of permitted withdrawals for taxes, if any, and up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish the holders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor, officers and directors will not be entitled to rights to liquidating distributions from the trust account with respect to any Founder Shares (as defined below) held by them if the Company fails to complete the initial business combination within 21 months of the closing of the Offering. However, if the Sponsor and management team acquire Public Shares in or after the Offering, they will be entitled to liquidating distributions from the trust account with respect to such shares if the Company fails to complete the initial business combination within the prescribed time period. In the event of a liquidation, dissolution or winding up of the Company after an initial business combination, the Company’s shareholders are entitled to share ratably in all assets remaining available for distribution after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. The Company’s shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that the Company will provide its shareholders with the opportunity to redeem their Public Shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of the initial business combination, subject to the limitations described herein. Risks and Uncertainties The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from each of the ongoing Russia-Ukraine, the Israel-Hamas conflicts and the military actions involving Iran, as well as recent developments to U.S. trade policies. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia, the recent escalation of the conflicts in the Middle East and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets. Any of the above-mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the ongoing Russia-Ukraine, the Israel-Hamas conflicts, the military actions involving Iran and subsequent sanctions or related actions or the recent changes to trade policies by the United States and other countries, could adversely affect the Company’s search for an initial business combination and any target business with which the Company may ultimately consummate an initial business combination. Liquidity and Capital Resources; Going Concern As of December 31, 2025, the Company had cash and cash equivalents of approximately $92,000 and negative working capital of approximately $1,471,000 (which includes $1,045,000 of deferred compensation that is not payable until closing of an initial business combination). Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions indicate that the Company needs additional working capital. In addition, if the Company cannot complete a business combination before June 9, 2026, it could be forced to wind up its operations and liquidate unless it obtains shareholder approval to extend the date on which it must complete its initial business combination. Subsequent to December 31, 2025, in January 2026, the Sponsor made a working capital loan to the Company of an additional $290,000 as described in Note 6. In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements—Going Concern,” as of December 31, 2025, the Company has concluded that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. The Company’s plan to deal with this uncertainty is to work closely with vendors and service providers to preserve cash, to raise cash through additional working capital loans from its Sponsor and/or external financing sources to the extent necessary and to complete a business combination prior to the time required for completion in June 2026. There is no assurance that the Company’s plans to consummate a business combination, work with creditors to preserve cash and to receive loans, if available, from its Sponsor and/or external financing sources will be successful or successful within the required timeframe. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

220000000

5500000

22000000 22000000

2000000 2000000

5500000

221100000

0.0001

100000

92000

1471000

1045000

290000

2933333

1200000000 10

4000000

0.75 P90D 0.20 18 P20D P30D P60D 22 P20D P30D

Note 3 — Summary of Significant Accounting Policies Basis of Presentation The financial statements of the Company are presented in U.S. dollars and has been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Emerging Growth Company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less when acquired, to be cash equivalents. The Company’s cash equivalents included approximately $92,000 and $1,088,000, respectively, invested in a money market fund with a financial institution as of December 31, 2025 and 2024. Investments Held in Trust Account At December 31, 2025 and 2024, the balance in the Trust Account was held in a money market fund meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, and that invest solely in U.S. government treasury obligations. The Company’s investments are presented at fair value on the balance sheets. Gains and losses resulting from the change in fair value of investments held in the trust account are included in interest income on trust account in the statements of operations. As of December 31, 2025 and 2024, the Company did not withdraw any interest earned on the trust account. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal Deposit Insurance Corporation coverage of $250,000. Any loss incurred or lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheets, primarily due to their short-term nature. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</td></tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</td></tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</td></tr> </tbody></table> Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheets as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriters’ over-allotment option was deemed to be a freestanding financial instrument indexed on the shares subject to redemption and were accounted for as a liability pursuant to ASC 480 since it was not fully exercised at the time of the Offering. Upon the partial exercise of the over-allotment option to purchase 2,000,000 Units, and the forfeiture of the remaining option to purchase 1,000,000 Units, this liability was removed and credited to over-allotment liability expired in the related statements of operations at that time. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Offering Costs The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A — “Expenses of Offering.” Deferred offering costs consist principally of professional and registration fees that are related to the Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares. Offering costs allocated to the Class A ordinary shares are charged to temporary equity, offering costs allocated to the Public and Private Placement Warrants are charged to shareholders’ equity. Offering costs amounted to approximately $10,632,000, consisting of $4,000,000 of upfront discount to the underwriters, $7,700,000 of deferred underwriting fees, and $932,000 of other offering costs, offset by a reimbursement from the underwriters of $2,000,000. Approximately $46,000 of such costs were allocated to the Public Warrants and Private Placement Warrants and the remainder, approximately $10,586,000 was allocated to Class A ordinary shares subject to redemption. As discussed further in Note 8, in July 2025, the underwriter in the Offering, in connection with a proposed financing for the transaction under the Business Combination Agreement discussed in Note 2, has waived any right to a deferred underwriting fee payable to it pursuant to the underwriting in connection with the Offering in September 2024. Such costs, which were originally charged to Class A ordinary shares subject to possible redemption in the Company’s balance sheets and, as such, the reversal of this fee that is no longer payable has been credited to Class A ordinary shares subject to possible redemption in the accompanying balance sheets. Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per share of ordinary shares is computed by dividing net income or loss applicable to ordinary shareholders by the weighted average number of shares of ordinary shares outstanding during the period plus, to the extent dilutive, the incremental number of shares of ordinary shares to settle Warrants, as calculated using the treasury stock method. The Company has not considered the effect of the Warrants sold in the Offering and Private Placement to purchase an aggregate of 16,500,000 Class A ordinary shares in the calculation of diluted income per share, since their inclusion would be anti-dilutive under the treasury stock method and are contingent on future events. As a result, diluted income per share of Class A ordinary shares is the same as basic income per share of ordinary shares for the periods presented. The Company has two classes of ordinary shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata among the two classes of ordinary shares. Net income per share of ordinary shares is calculated by dividing the net income by the weighted average number of shares of ordinary shares outstanding during the respective period. The changes in redemption value that are accreted to Class A ordinary shares subject to redemption (see below) are representative of fair value and therefore is not factored into the calculation of earnings per share. The following tables reflect the net income per share after allocating income between the shares based on outstanding shares: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Period from May 24, 2024 (inception) to December 31, 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class A</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class A</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>Basic and diluted net income per share of ordinary shares:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Allocation of income –</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Basic</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,154,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,384,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,415,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">866,000</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">4,154,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">1,384,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">1,372,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">909,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares of ordinary shares:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">22,000,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,333,334</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">11,270,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6,902,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">22,000,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,333,334</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">11,270,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,471,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Net income per share of ordinary shares –</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td> </tr> </tbody></table> Class A Ordinary Shares Subject to Possible Redemption: As discussed in Note 4, all of the 22,000,000 public shares sold as part of Units in the Offering (including the partial exercise of the underwriters’ over-allotment option) contain a redemption feature which allows for the redemption of public shares if the Company holds a shareholder vote or there is a tender offer for shares in connection with a business combination. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its public shares in an amount that would cause its net tangible assets (i.e., total assets less intangible assets and liabilities) to be less than $5,000,001 upon the closing of a business combination. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,000, all Class A ordinary shares are redeemable and classified as such on the Company’s balance sheets until such time as a redemption event takes place. As of December 31, 2025 and 2024, the value of Class A ordinary shares that may be redeemed is equal to approximately $10.62 and $10.20 per share, respectively. The Company recognizes changes immediately as they occur and adjusts the carrying value of the securities at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares are affected by adjustments to accumulated deficit. Accordingly, as of December 31, 2025 and December 31, 2024, all of the 22,000,000 public shares were classified outside of permanent equity. Class A ordinary shares subject to possible redemption consist of: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Gross proceeds of Offering</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">220,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">22,000,000</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Proceeds allocated to Public Warrants</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,045,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Proceeds allocated to over-allotment option</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(408,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Offering costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(10,586,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Plus: Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,333,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Class A ordinary shares subject to possible redemption as of December 31, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">224,294,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">22,000,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Plus: Waiver of deferred underwriting fee payable allocated to Class A ordinary shares subject to possible redemption</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,700,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; padding-left: 9pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,711,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Class A ordinary shares subject to possible redemption as of December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">233,705,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,000,000</td><td style="padding-bottom: 4pt; text-align: left"> </td> </tr> </tbody></table> Warrant Instruments The Company has accounted for the Public and Private Placement Warrants issued in connection with the Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging.” Accordingly, the Company evaluated and has classified the warrant instruments under equity treatment at their assigned values. There are currently Public and Private Placement Warrants outstanding to purchase an aggregate of 16,500,000 ordinary shares as of December 31, 2025 and 2024. Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

92000

1088000

250000

2000000

1000000

46000

10586000

16500000

The following tables reflect the net income per share after allocating income between the shares based on outstanding shares: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Period from May 24, 2024 (inception) to December 31, 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class A</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class A</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Class B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>Basic and diluted net income per share of ordinary shares:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Allocation of income –</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Basic</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,154,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,384,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,415,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">866,000</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">4,154,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">1,384,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">1,372,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">909,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average shares of ordinary shares:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">22,000,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,333,334</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">11,270,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6,902,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">22,000,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,333,334</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">11,270,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,471,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Net income per share of ordinary shares –</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td> </tr> </tbody></table>

4154000

1384000

1415000

866000

4154000

1384000

1372000

909000

22000000

7333334

11270000

6902000

22000000

7333334

11270000

7471000

0.19

0.12

0.19

0.12

22000000 5000001 5000000

10.62

10.2

Accordingly, as of December 31, 2025 and December 31, 2024, all of the 22,000,000 public shares were classified outside of permanent equity. Class A ordinary shares subject to possible redemption consist of: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Gross proceeds of Offering</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">220,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">22,000,000</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Proceeds allocated to Public Warrants</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,045,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Proceeds allocated to over-allotment option</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(408,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Offering costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(10,586,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Plus: Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,333,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Class A ordinary shares subject to possible redemption as of December 31, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">224,294,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">22,000,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Plus: Waiver of deferred underwriting fee payable allocated to Class A ordinary shares subject to possible redemption</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7,700,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; padding-left: 9pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,711,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Class A ordinary shares subject to possible redemption as of December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">233,705,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,000,000</td><td style="padding-bottom: 4pt; text-align: left"> </td> </tr> </tbody></table>

22000000

220000000

22000000

1045000

408000

10586000

16333000

224294000

22000000

7700000

1711000

233705000

22000000

16500000

220000000

2000000 2000000 3000000 3000000 1 1 1 1 1 1

11.5

The Company allocated approximately $950,000 of the Offering proceeds to the estimated fair value of the Public Warrants using a Monte Carlo model (a Level 3 input) using the following assumptions: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Share price</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10.00</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Volatility</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4.7</td><td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk free rate</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.63</td><td style="text-align: left">%</td> </tr> </tbody></table>Estimated fair value at inception was determined using a Black-Scholes model (a Level 3 input) using the following assumptions: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Share price</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10.00</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.12</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Volatility</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">7.09</td><td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Daily treasury yield curve</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">5.50</td><td style="text-align: left">%</td> </tr> </tbody></table>

950000

4.7

3.63

P45D 3000000 2000000

1000000

408000

0.12

7.09

5.5

5500000

11.5

P30D

7666667

0.0001

25000

0.0033

1000000

0.25 2000000

1000000

333333

7333334 7333334 10000

120000

38000

33000 16500 33000

1188000

380000

792000

253000

1045000

253000

300000

209000

2500000

250000

290000

221100000

P185D

Since all of the Company’s permitted investments at December 31, 2025 consisted of money market funds that invest only in U.S. government treasury bills, fair values of its investment are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">Money market funds</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">233,705,000</td><td style="width: 1%; text-align: left"> </td> </tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description at December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">Money market funds</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">224,294,000</td><td style="width: 1%; text-align: left"> </td> </tr> </tbody></table>

233705000

224294000

4000000 0.01 0.025

1000000

0.0001

200000000

0.0001

20000000

0.0001

one

22000000

1000000

0.25 2000000

1000000

333333

7333334 7333334

22000000

11000000

5500000

11.5

P30D

9.2

0.60

9.2

1.15 18 1.80

0.01

P20D P30D P30D P30D

234705000

3896000

1065000

9423000

3346000

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statements of operations as net income or loss.

290000 23860254 0.81342 20717319