| Schedule of Ordinary Shares Subject to Possible Redemption |
As of December 31, 2024, there were no shares
subject to possible redemption. As of December 31, 2025, the ordinary shares subject to possible redemption reflected in the balance sheets
are reconciled in the following table:
| | |
Shares | | |
Amount | |
| Gross proceeds | |
| 20,000,000 | | |
$ | 200,000,000 | |
| Less: | |
| | | |
| | |
| Proceeds allocated to Public Rights | |
| | | |
| (2,978,000 | ) |
| Proceeds allocated to over-allotment option | |
| | | |
| (305,179 | ) |
| Ordinary share issuance cost | |
| | | |
| (7,703,027 | ) |
| Plus: | |
| | | |
| | |
| Gross proceeds from exercise of over-allotment option | |
| 3,000,000 | | |
| 30,000,000 | |
| Less: | |
| | | |
| | |
| Proceeds allocated to Public Rights from exercise of over-allotment option | |
| | | |
| (446,700 | ) |
| Ordinary share issuance cost from exercise of over-allotment option | |
| | | |
| (1,047,367 | ) |
| Plus: | |
| | | |
| | |
| Exercise of over-allotment option | |
| | | |
| 305,179 | |
| Plus: | |
| | | |
| | |
| Accretion and remeasurement of redeemable ordinary shares to redemption
amount | |
| | | |
| 22,081,750 | |
| Ordinary shares subject to possible redemption, December 31, 2025 | |
| 23,000,000 | | |
$ | 239,906,656 | |
|
| Schedule of Basic and Diluted Net Income Per Ordinary Share |
The following table presents a reconciliation
of the numerator and denominator used to compute basic and diluted net income per ordinary share for each class of ordinary shares:
| | |
For the year ended December 31, | | |
For the period from May 23, 2024 (inception) through December 31, | |
| | |
2025 | | |
2024 | |
| | |
Redeemable shares | | |
Non-redeemable shares | | |
Redeemable shares | | |
Non-redeemable shares | |
| Basic net income (loss) per share: | |
| | |
| | |
| | |
| |
| Numerator: | |
| | |
| | |
| | |
| |
| Allocation of net income (loss) | |
$ | 3,967,183 | | |
$ | 1,973,460 | | |
$ | — | | |
$ | (279,845 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 21,008,219 | | |
| 10,450,458 | | |
| — | | |
| 8,571,429 | |
| Basic net income (loss) per ordinary share | |
$ | 0.19 | | |
$ | 0.19 | | |
$ | — | | |
$ | (0.03 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net income (loss) | |
$ | 3,944,531 | | |
$ | 1,996,112 | | |
$ | — | | |
$ | (279,845 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 21,008,219 | | |
| 10,631,116 | | |
| — | | |
| 8,571,429 | |
| Diluted net income (loss) per ordinary share | |
$ | 0.19 | | |
$ | 0.19 | | |
$ | — | | |
$ | (0.03 | ) |
|