| Schedule of Subject to Possible Redemption |
As of March 31, 2026 and December 31, 2025, the
Class A ordinary shares reflected on the balance sheets are reconciled in the following table.
| | |
Shares | | |
Amount | |
| Class A ordinary shares subject to possible redemption - December 31, 2022 | |
| 20,000,000 | | |
$ | 206,356,227 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| | | |
| 6,243,425 | |
| Less: | |
| | | |
| | |
| Payment to redeemed shareholders | |
| (18,003,605 | ) | |
| (190,703,967 | ) |
| Class A ordinary shares subject to possible redemption- December 31, 2023 | |
| 1,996,395 | | |
| 21,895,685 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| | | |
| 754,753 | |
| Less: | |
| | | |
| | |
| Payment to redeemed shareholders | |
| (1,608,417 | ) | |
| (18,165,082 | ) |
| Class A ordinary shares subject to possible redemption- December 31, 2024 | |
| 387,978 | | |
| 4,485,356 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| | | |
| 120,460 | |
| Less: | |
| | | |
| | |
| Payment to redeemed shareholders | |
| (344,384 | ) | |
| (4,078,486 | ) |
| Class A ordinary shares subject to possible redemption- December 31, 2025 | |
| 43,594 | | |
$ | 527,330 | |
| Plus: | |
| | | |
| | |
| Remeasurement of carrying value to redemption value | |
| | | |
| 3,667 | |
| Class A ordinary shares subject to possible redemption- March 31, 2026 | |
| 43,594 | | |
$ | 530,997 | |
|
| Schedule of Net (Loss) Income Per Share |
The net income (loss) per share presented in the
statements of operations is based on the following:
| | |
For the Three Months Ended March 31, | |
| | |
2026 | | |
2025 | |
| Net income (loss) | |
$ | (72,295 | ) | |
$ | (60,743 | ) |
| Accretion of ordinary shares to redemption value | |
| (3,667 | ) | |
| (46,969 | ) |
| Net loss including accretion of ordinary shares to redemption value | |
$ | (75,962 | ) | |
$ | (107,712 | ) |
| | |
For the Three Months Ended March 31, | |
| | |
2026 | | |
2025 | |
| | |
Redeemable shares | | |
Non-redeemable shares | | |
Redeemable shares | | |
Non-redeemable shares | |
| Basic and diluted net income (loss) per ordinary share | |
| | | |
| | | |
| | | |
| | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net loss | |
$ | (620 | ) | |
$ | (75,342 | ) | |
$ | (7,347 | ) | |
$ | (100,365 | ) |
| Remeasurement of ordinary shares subject to possible redemption to redemption value | |
| 3,667 | | |
| — | | |
| 46,969 | | |
| — | |
| Allocation of net income (loss) | |
$ | 3,047 | | |
$ | (75,342 | ) | |
$ | 39,622 | | |
$ | (100,365 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted weighted average shares outstanding | |
| 43,594 | | |
| 5,300,000 | | |
| 387,978 | | |
| 5,300,000 | |
| Basic and diluted net income (loss) per ordinary share | |
$ | 0.07 | | |
$ | (0.01 | ) | |
$ | 0.10 | | |
$ | (0.02 | ) |
|