Note 8—Subsequent Events

On April 7, 2026, PSCM announced that it had submitted a proposal to the board of directors of Universal Music Group N.V. (“UMG”) concerning a business combination transaction in which UMG would merge with the Company, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that the Pershing Square Funds (as non-managing members of the Sponsor) would waive their Sponsor Warrants in the Company in connection with the transaction. As of the date of these unaudited financial statements, there is no assurance that the proposal will be accepted by UMG or result in the transaction PSCM proposed or any other transaction.

The Company evaluated all other subsequent events and transactions that occurred after the March 31, 2026 balance sheet date up to the date that the unaudited financial statements were issued. Based upon this evaluation, the Company did not identify any additional subsequent events that would have required adjustment or disclosure in the unaudited financial statements.