Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 5 - RELATED PARTY TRANSACTIONS
Founder Shares
On March 18, 2026, the Company approved the acquisition by Hugreat Ltd of an aggregate of 2,875,000 Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price of $25,000. Up to 375,000 of the Founder Shares are subject to surrender by Hugreat Ltd for no consideration to the extent that the underwriters’ over-allotment option is not exercised in full or in part.
Promissory Note - Related Party
On March 3, 2026, Hugreat Ltd, the Company’s Sponsor (the “Sponsor”), agreed to lend the Company up to $500,000 pursuant to a promissory note (the “Promissory Note”), with proceeds designated to cover a portion of the expenses incurred in connection with the Initial Public Offering. As of June 30, 2026, aggregate amounts of $75,000 and $25,000 had been applied to reduce the outstanding balance of the Promissory Note; after giving effect to such offsets, the Company carried an outstanding principal balance of $219,028 under this note as of June 30, 2026.
The Promissory Note is non-interest bearing and is payable upon the closing of the Initial Public Offering out of the proceeds not held in the Trust Account or, if not repaid at such time, on or before December 31, 2027.
Executive Compensation
The Company’s Chief Executive Officer and Chief Financial Officer are entitled to receive an aggregate of $12,500 per month ($7,500 and $5,000, respectively), payable until the earlier of (i) the conclusion of their respective terms or (ii) the payment of six months of such monthly compensation, for an aggregate amount of up to $75,000. As of June 30, 2026, an aggregate of $65,834 has been incurred, of which $18,959 is included in accrued expenses and $21,875 was advanced by the Sponsor and is included in the Promissory Note balance. Subsequent to the closing of this offering and through June 30, 2026, the Company paid $25,000 to the executive officers.
Working Capital Loans
In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”), with the aggregate principal amount capped at $3,000,000. If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company, and up to $3,000,000 of such loans may be converted into private units (as described in Note 4) at $10.00 per unit at the lender’s discretion. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The terms of such Working Capital Loans, if any, other than the aforesaid principal amount limit and conversion right, have not been determined and no written agreements exist with respect to such loans. As of June 30, 2026, Working Capital Loans were outstanding. |