| CAPITAL DEFICIENCY |
NOTE 4 - CAPITAL DEFICIENCY:
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a. |
Ordinary
Shares |
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Class
A ordinary shares |
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The
Company is authorized to issue up to 500,000,000 Class A ordinary shares of $0.0001 par value each. Pursuant to the initial Public
Offering on November 2, 2021 the Company issued and sold an aggregate of 12,650,000 Class A ordinary shares as part of the Units
sold in the respective transaction. The Units (which also included Warrants) were sold at a price of $10 per Unit, and for an aggregate
consideration of $126,500,000 in the Public. See Note 3 above for further information regarding those share issuances. |
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Class
B ordinary shares |
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The
Company is authorized to issue up to 50,000,000 Class B ordinary shares of $0.0001 par value each. On May 14, 2021 the Company issued
Class B ordinary shares of $ par value each for a total consideration of $ to the Sponsor. In October 2021,
the Company effected a stock share dividend of shares for each founder share outstanding, resulting in an aggregate of 3,162,500
founder shares outstanding and held by the Sponsor and the Company’s directors. |
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Class
B ordinary shares are convertible into Class A ordinary shares, on a one-to-one basis, at any time and from time to time at the option
of the holder, or automatically on the day of the business combination. Class B ordinary shares also possess the sole right to vote
for the election or removal of directors, until the consummation of an initial business combination. |
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On
October 24, 2023, the Sponsor converted of the 3,162,500 non-redeemable founders shares from Class B ordinary shares to
Class A ordinary shares, leaving only one Class B ordinary share outstanding. |
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b. |
Preference
shares |
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The
Company is authorized to issue up to 5,000,000 Preference Shares of $0.0001 par value each. As of June 30, 2026 and 2025, the Company
has no Preference shares issued and outstanding. |
CACTUS ACQUISITION CORP. 1 LIMITED
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
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