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0.5 0.5 3 Limited Liability Company S-4 Spark I Acquisition Corp Non-accelerated Filer true true false The board of directors of Spark I Acquisition Corporation, a Cayman Islands exempted company with limited liability (“SPKL”), has unanimously approved the business combination between SPKL and ZincFive, Inc., a Delaware corporation (referred to in this proxy statement/prospectus prior to the Business Combination (as defined below) as “Legacy ZincFive”), pursuant to which: (i) SPKL will deregister as an exempted company registered under the laws of the Cayman Islands with limited liability and register by way of continuation and domestication as a corporation under the laws of the State of Delaware (the “Domestication”) in accordance with the Delaware General Corporation Law (“DGCL”) and the Companies Act (As Revised) of the Cayman Islands (the “Companies Act”) and the plan of domestication (as may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Plan of Domestication”), attached to this proxy statement/prospectus as Annex B (the post-Domestication company will be referred to in this proxy statement/prospectus as “ZincFive”); (ii) at the closing of the transactions contemplated by the Merger Agreement (as defined below) (the “Closing”) and at least one day following the Domestication, Spark I Acquisition Corporation Sub I Inc., a Delaware corporation (“Merger Sub I”), will merge with and into Legacy ZincFive (the “First Merger”), with Legacy ZincFive continuing as the surviving corporation (the “Surviving Corporation”), and, immediately following the First Merger, Legacy ZincFive, as the Surviving Corporation, will merge with and into Spark I Acquisition Corporation Sub II LLC, a Delaware limited liability company (“Merger Sub II”) (the “Second Merger” and, together with the First Merger, the “Mergers”), with Merger Sub II continuing as the surviving entity and a direct wholly owned subsidiary of ZincFive, in each case, pursuant and subject to the terms and conditions set forth in the Merger Agreement, dated as of June 11, 2026 (the “Signing Date”), attached to this proxy statement/prospectus as Annex A (as it may be further amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”), by and among SPKL, Merger Sub I, Merger Sub II and Legacy ZincFive; and (iii) the other transactions contemplated by the Merger Agreement and other related documents will be consummated (such transactions, together with the Mergers and the Domestication, the “Business Combination”). Prior to the Domestication, Legacy ZincFive will be renamed “ZincFive Technologies, Inc.” Since the IPO, the following material financing transactions have occurred or will occur in connection with the consummation of the Business Combination: (i) simultaneously with the consummation of the IPO, the Sponsor purchased an aggregate of 8,490,535 warrants, each exercisable to purchase one SPKL Class A Ordinary Share, or, following the Domestication, one share of ZincFive Common Stock, at an exercise price of $11.50 per share (the “Private Placement Warrants”), at a price of $1.00 per warrant in a private placement, generating total proceeds of $8,490,535; (ii) on January 28, 2025, SPKL issued a convertible unsecured promissorynote (the “Convertible Note”) in the principal amount of up to $1,900,000 to the Sponsor, of which $1,900,000 is outstanding, which does not bear interest and is repayable upon the consummation of the Business Combination, with the Sponsor having the option to convert up to $1,500,000 of the outstanding principal balance into warrants with terms identical to the Private Placement Warrants (the “Working Capital Warrants”), at a price of $1.00 per warrant upon consummation of the Business Combination; (iii) on June 25, 2025, SPKL issued a non-convertible unsecured promissory note (the “Non-Convertible Note”) in the principal amount of up to $2,500,000 to the Sponsor, of which $ was outstanding as of , 2026, which does not bear interest and is repayable upon the earlier of the consummation of the Business Combination and the last day that SPKL has to complete a business combination; (iv) following the approval of a proposal to amend the Memorandum and Articles of Association to extend the date by which we have to consummate an initial business combination from July 11, 2025 to September 29, 2026 (the “First Extension”) at the extraordinary general meeting of SPKL’s shareholders held on July 8, 2025 (the “First Extension Meeting”), SPKL committed to make monthly deposits (the “First Extension Contributions”) into the Trust Account in an amount equal to the lesser of (A) $0.015 for each outstanding SPKL Class A Ordinary Share and (B) $55,000, up to a maximum aggregate amount of $825,000, to extend SPKL’s time period to consummate a business combination from July 11, 2025 to September 29, 2026; (v) following the approval of a proposal to amend the Memorandum and Articles of Association to extend the date by which we have to consummate an initial business combination from September 29, 2026 to March 29, 2027 (the “Second Extension”) at the extraordinary general meeting of SPKL’s shareholders held on September 25, 2026 (the “Second Extension Meeting”), SPKL committed to make monthly deposits (the “Second Extension Contributions” and together with the First Extension Contributions, the “Contributions”) into the Trust Account in an amount equal to $0.015 for each outstanding SPKL Class A Ordinary Share, up to a maximum aggregate amount of $201,304, to extend SPKL’s time period to consummate a business combination from September 29, 2026 to March 29, 2027, with aggregate deposits of $ having been made into the Trust Account through , 2026; and (vi) the Series A Preferred Investment. The Non-Convertible Note, which includes the aggregate amount of the Contributions deposited into the Trust Account, and $of the Convertible Note will be repaid upon the consummation of the Business Combination, except that, with respect to the Convertible Note, up to $1,500,000 of the outstanding principal balance may be converted at the Sponsor’s option into Working Capital Warrants with terms identical to the Private Placement Warrants at a price of $1.00 per warrant, pursuant to the Sponsor Agreement. Since the IPO, the following material financing transactions have occurred or will occur in connection with the consummation of the Business Combination: (i) simultaneously with the consummation of the IPO, the Sponsor purchased an aggregate of 8,490,535 warrants, each exercisable to purchase one SPKL Class A Ordinary Share, or, following the Domestication, one share of ZincFive Common Stock, at an exercise price of $11.50 per share (the “Private Placement Warrants”), at a price of $1.00 per warrant in a private placement, generating total proceeds of $8,490,535; (ii) on January 28, 2025, SPKL issued a convertible unsecured promissorynote (the “Convertible Note”) in the principal amount of up to $1,900,000 to the Sponsor, of which $1,900,000 is outstanding, which does not bear interest and is repayable upon the consummation of the Business Combination, with the Sponsor having the option to convert up to $1,500,000 of the outstanding principal balance into warrants with terms identical to the Private Placement Warrants (the “Working Capital Warrants”), at a price of $1.00 per warrant upon consummation of the Business Combination; (iii) on June 25, 2025, SPKL issued a non-convertible unsecured promissory note (the “Non-Convertible Note”) in the principal amount of up to $2,500,000 to the Sponsor, of which $ was outstanding as of , 2026, which does not bear interest and is repayable upon the earlier of the consummation of the Business Combination and the last day that SPKL has to complete a business combination; (iv) following the approval of a proposal to amend the Memorandum and Articles of Association to extend the date by which we have to consummate an initial business combination from July 11, 2025 to September 29, 2026 (the “First Extension”) at the extraordinary general meeting of SPKL’s shareholders held on July 8, 2025 (the “First Extension Meeting”), SPKL committed to make monthly deposits (the “First Extension Contributions”) into the Trust Account in an amount equal to the lesser of (A) $0.015 for each outstanding SPKL Class A Ordinary Share and (B) $55,000, up to a maximum aggregate amount of $825,000, to extend SPKL’s time period to consummate a business combination from July 11, 2025 to September 29, 2026; (v) following the approval of a proposal to amend the Memorandum and Articles of Association to extend the date by which we have to consummate an initial business combination from September 29, 2026 to March 29, 2027 (the “Second Extension”) at the extraordinary general meeting of SPKL’s shareholders held on September 25, 2026 (the “Second Extension Meeting”), SPKL committed to make monthly deposits (the “Second Extension Contributions” and together with the First Extension Contributions, the “Contributions”) into the Trust Account in an amount equal to $0.015 for each outstanding SPKL Class A Ordinary Share, up to a maximum aggregate amount of $201,304, to extend SPKL’s time period to consummate a business combination from September 29, 2026 to March 29, 2027, with aggregate deposits of $ having been made into the Trust Account through , 2026; and (vi) the Series A Preferred Investment. The Non-Convertible Note, which includes the aggregate amount of the Contributions deposited into the Trust Account, and $of the Convertible Note will be repaid upon the consummation of the Business Combination, except that, with respect to the Convertible Note, up to $1,500,000 of the outstanding principal balance may be converted at the Sponsor’s option into Working Capital Warrants with terms identical to the Private Placement Warrants at a price of $1.00 per warrant, pursuant to the Sponsor Agreement. <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:57.45pt;padding:0pt;"></td><td style="width:12.3pt;padding:0pt;"></td><td style="width:240.75pt;padding:0pt;"></td><td style="width:15.35pt;padding:0pt;"></td><td style="width:214.15pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:57.45pt;margin:0pt;padding:0pt;"></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.3pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:240.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Securities to be Received</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:15.35pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:214.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Other Compensation</th></tr><tr style="height:345.22pt;"><td style="vertical-align:top;width:57.45pt;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:12.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:240.75pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">1,150,000 shares of ZincFive Common Stock, to be issued upon a one-for-one conversion of all of the SPKL Class A Ordinary Shares and SPKL Class B Ordinary Shares held by the Sponsor, which reflects the forfeiture of (i) 3,500,000 shares to be issued to the Lead Purchaser and (ii) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement. The Founder Shares were initially acquired by the Sponsor for a total subscription price of $25,000.(1)4,245,268 ZincFive Warrants, to be issued upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement. The Private Placement Warrants were initially acquired by the Sponsor with the closing of the IPO at a price of $1.00 per Private Placement Warrant, for a total purchase price of $8,490,535.(2)750,000 ZincFive Warrants to be issued upon a one-for-one conversion of all of the Working Capital Warrants to be held by Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants at a price of $1.00 per warrant at the Closing, which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement.(3)</td><td style="vertical-align:top;width:15.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:214.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">The Sponsor has advanced approximately $ million to SPKL under the Non-Convertible Note, which includes an aggregate of $ in Contributions deposited into the Trust Account as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, all of which will be repaid in cash.The Sponsor has advanced approximately $ million to SPKL under the Convertible Note, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, of which $ will be repaid in cash.(3)$ in reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than such reimbursement.</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">On December 8, 2021, the Sponsor acquired 6,870,130 Founder Shares for a total of $25,000. Up to 448,052 of such shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, up to 3,435,065 of such shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. On July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis, resulting in 1,572,078 SPKL Class B Ordinary Shares and 4,000,000 SPKL Class A Ordinary Shares held by the Sponsor as of the date of this proxy statement/prospectus. Upon the Domestication, the Sponsor is expected to receive 1,150,000 shares of ZincFive Common Stock, with an implied aggregate market value of $ million (based upon the closing price of $ per SPKL Class A Ordinary Share on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser as a condition to the Lead Purchaser’s participation in the Series A Preferred Investment and (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Upon the Domestication, the Sponsor is expected to receive 4,245,268 ZincFive Warrants, with an implied aggregate market value of $ million (based upon the closing price of $ per Public Warrant on Nasdaq on, 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Up to $1,500,000 of the amount borrowed under the Convertible Note will, in the Sponsor’s discretion, either be repaid upon the Closing or converted into Working Capital Warrants at a price of $1.00 per warrant (or any combination of repayment or conversion). Any such warrants will be identical to the Private Placement Warrants and convert into ZincFive Warrants upon the Closing, and subject to the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.” To the extent that the Sponsor elects to receive the repayment of such outstanding amounts in Working Capital Warrants, to be converted on a one-for-one basis into ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive.</td></tr></table><div style="margin-top:12pt;"></div> 1150000 4245268 750000 <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">On December 8, 2021, the Sponsor acquired 6,870,130 Founder Shares for a total of $25,000. Up to 448,052 of such shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, up to 3,435,065 of such shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. On July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis, resulting in 1,572,078 SPKL Class B Ordinary Shares and 4,000,000 SPKL Class A Ordinary Shares held by the Sponsor as of the date of this proxy statement/prospectus. Upon the Domestication, the Sponsor is expected to receive 1,150,000 shares of ZincFive Common Stock, with an implied aggregate market value of $ million (based upon the closing price of $ per SPKL Class A Ordinary Share on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser as a condition to the Lead Purchaser’s participation in the Series A Preferred Investment and (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Upon the Domestication, the Sponsor is expected to receive 4,245,268 ZincFive Warrants, with an implied aggregate market value of $ million (based upon the closing price of $ per Public Warrant on Nasdaq on, 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Up to $1,500,000 of the amount borrowed under the Convertible Note will, in the Sponsor’s discretion, either be repaid upon the Closing or converted into Working Capital Warrants at a price of $1.00 per warrant (or any combination of repayment or conversion). Any such warrants will be identical to the Private Placement Warrants and convert into ZincFive Warrants upon the Closing, and subject to the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.” To the extent that the Sponsor elects to receive the repayment of such outstanding amounts in Working Capital Warrants, to be converted on a one-for-one basis into ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive.</td></tr></table><div style="margin-top:12pt;"></div> true In connection with the IPO, the Sponsor and SPKL’s directors and executive officers agreed to vote their SPKL Ordinary Shares in favor of the Business Combination Proposal (as defined elsewhere in this proxy statement/prospectus). Further, concurrently with the execution of the Merger Agreement, the Sponsor entered into the Sponsor Agreement. Pursuant to the terms and conditions of the Sponsor Agreement, the Sponsor agreed to, among other things, vote its SPKL Ordinary Shares in favor of each Shareholder Proposal (as defined elsewhere in this proxy statement/prospectus) being presented at the Extraordinary General Meeting (as defined elsewhere in this proxy statement/prospectus). As of , 2026 (the “Record Date”), the Sponsor owns approximately % of the total outstanding SPKL Ordinary Shares. When you consider the recommendation of these proposals by the board of directors of SPKL (the “SPKL Board”), you should keep in mind that the Sponsor and certain of SPKL’s directors and officers have interests in the Business Combination that may be different from, or in addition to, your interests as a shareholder, and there may be actual or potential material conflicts of interest between or among (i) the Sponsor, SPKL, SPKL’s officers and directors, and Legacy ZincFive’s officers and directors and (ii) unaffiliated security holders of SPKL. Such conflicts of interest may include a material conflict of interest arising in determining whether to proceed with the Business Combination and the compensation of the Sponsor in connection with the Business Combination. For instance, the Sponsor and certain of SPKL’s officers and directors will benefit from the completion of an initial business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidating the Trust Account. Legacy ZincFive’s directors and executive officers have interests in the Business Combination that are different from, or in addition to, those of the SPKL shareholders generally. See the sections of this proxy statement/prospectus entitled “The Business Combination Proposal — Certain Interests of SPKL’s Directors and Officers and Others in the Business Combination” and “The Business Combination Proposal – Certain Interests of Legacy ZincFive’s Directors and Officers in the Business Combination” for a further discussion of these considerations. After careful consideration, the SPKL Board has unanimously approved the Merger Agreement and the other proposals described in this proxy statement/prospectus. The SPKL Board has also determined that it is advisable to consummate the Business Combination and that the Business Combination is in the best interests of the Public Shareholders. The SPKL Board took into account the oral opinion of Houlihan Capital, LLC (“Houlihan Capital”) (subsequently confirmed in writing), rendered on June 10, 2026, to the effect that, as of such date and based upon and subject to the procedures followed, assumptions made, qualifications and limitations on the review undertaken, and other matters considered by Houlihan Capital in preparing its opinion, the Business Combination and related transactions are fair, from a financial point of view, to the unaffiliated shareholders of SPKL. After careful consideration, the board of directors of SPKL (the “SPKL Board”) has unanimously approved the Business Combination and unanimously recommends that shareholders vote “FOR” the adoption of the Merger Agreement and approval of the transactions contemplated thereby, including the Domestication and the Business Combination, and “FOR” all other proposals presented to SPKL’s shareholders in the accompanying proxy statement/prospectus. true In connection with the Business Combination, on June 11, 2026, SPKL and ZincFive entered into the Series A Securities Purchase Agreement with the Series A Preferred Investors. Pursuant to the Series A Securities Purchase Agreement, the Series A Preferred Investors have agreed to purchase, concurrently with the Closing, an aggregate of 10,441,174 shares of Series A Preferred Stock, at a stated value of $12.00 per share, together with Series A Preferred Investor Warrants, for an aggregate purchase price of $106.5 million. Certain of the Series A Preferred Investors will satisfy their purchase price obligations through the cancellation of their Bridge Notes in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants. The consummation of the Series A Preferred Investment is conditioned upon the satisfaction or waiver of certain customary closing conditions, including the Available Closing SPAC Cash (as defined in the Merger Agreement) being not less than $100,000,000 at the Closing. The issuance of the shares of Series A Preferred Stock and Series A Preferred Investor Warrants to be issued pursuant to the Series A Securities Purchase Agreement have not been registered under the Securities Act, in reliance upon the exemption provided in Section 4(a)(2) thereof. true Any request for redemption, once made by a holder of Public Shares, may not be withdrawn following the Redemption Deadline, unless the SPKL Board determines (in its sole discretion) to permit such withdrawal of a redemption request (which it may do in whole or in part). Furthermore, if a holder of a Public Share delivers its share certificates (if any) along with the redemption forms in connection with an election of its redemption and subsequently decides prior to the Redemption Deadline not to elect to exercise such rights, it may simply request that SPKL permit the withdrawal of the request for redemption and instruct the Transfer Agent to return the share certificates (physically or electronically). The holder can make such request by contacting the Transfer Agent at the address or email address listed in this proxy statement/prospectus. SPKL’s shareholders and holders of Public Warrants do not have appraisal rights in connection with the Business Combination or the Domestication under the Companies Act or the DGCL. false false SUMMARY OF THE PROXY STATEMENT/PROSPECTUSThis summary highlights selected information from this proxy statement/prospectus but does not contain all of the information that may be important to you. To better understand the Shareholder Proposals to be considered at the Extraordinary General Meeting, including the Business Combination Proposal, whether or not you plan to attend such meeting, we urge you to read this proxy statement/prospectus (including the annexes and the other documents referred to in this proxy statement/prospectus) carefully, including the section of this proxy statement/prospectus entitled “Risk Factors.” See also the section of this proxy statement/prospectus entitled “Where You Can Find More Information.”Parties to the Business CombinationSPKLSPKL is a blank check company incorporated on July 12, 2021, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar combination with one or more businesses or assets.SPKL Units began to trade on Nasdaq under the symbol “SPKLU” on October 6, 2023. SPKL Class A Ordinary Shares and Public Warrants comprising the SPKL Units began separate trading on Nasdaq on November 27, 2023, under the symbols “SPKL” and “SPKLW,” respectively.SPKL’s principal office is located at 3790 El Camino Real, Unit #570, Palo Alto, CA 94306, and its telephone number is (650) 353-7082.Legacy ZincFiveLegacy ZincFive is a Delaware corporation incorporated on November 30, 2015 and is engaged in the business of designing, developing, manufacturing, and marketing innovative zinc-based energy storage solutions for utility-scale, microgrid, and commercial & industrial applications.You can find more information about Legacy ZincFive in the sections of this proxy statement/ prospectus entitled “Information About Legacy ZincFive” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Legacy ZincFive.”Legacy ZincFive’s principal office is located at 20050 SW 112th Avenue, Tualatin, Oregon 97062, and its telephone number is 503-399-3517.Merger SubsEach of Merger Sub I, a Delaware corporation, and Merger Sub II, a Delaware limited liability company, each formed under the laws of Delaware on May 6, 2026, solely for the purpose of effectuating the Mergers described herein. Merger Subs own no material assets and do not operate any business.The mailing address of Merger Subs’ principal executive office is 3790 El Camino Real, Unit #570, Palo Alto, CA 94306. After the consummation of the Business Combination, Merger Sub I will cease to exist as a separate legal entity and Merger Sub II will continue as the Surviving Entity and as a wholly-owned subsidiary of SPKL.The Proposals to be Submitted at the Extraordinary General MeetingThe Business Combination ProposalSPKL shareholders are being asked to consider and vote upon a proposal to approve by ordinary resolution the Merger Agreement, attached to the accompanying proxy statement/prospectus as Annex A, pursuant to which, at the Closing and at least one day following the Domestication, Merger Sub I will merge with and into Legacy ZincFive, with Legacy ZincFive continuing as the Surviving Corporation, and, immediately following the First Merger, Legacy ZincFive, as the Surviving Corporation, will merge with and into Merger Sub II, with Merger Sub II continuing as the Surviving Entity and a direct wholly owned subsidiary of ZincFive. The transactions contemplated by the Merger Agreement are described in more detail in the accompanying proxy statement/prospectus.For additional information, see the section of this proxy statement/prospectus entitled “The Business Combination Proposal” of this proxy statement/prospectus.Structure of the Business CombinationOn June 11, 2026, SPKL entered into the Merger Agreement with Merger Subs and Legacy ZincFive. Pursuant to the Merger Agreement, the parties thereto will enter into the business combination, which includes (a) the transfer of the registration of SPKL by way of continuation from the Cayman Islands to the State of Delaware (the “Domestication”), and (b) following the Domestication, the merger of Merger Sub I with and into Legacy ZincFive, with Legacy ZincFive continuing as the surviving corporation, and immediately thereafter, the merger of such surviving corporation with and into Merger Sub II, with Merger Sub II continuing as the Surviving Entity and as a wholly-owned subsidiary of SPKL.Equity Stake Upon ClosingAs of , 2026, there are Public Shares issued and outstanding which may be redeemed in connection with the Extraordinary General Meeting regardless of how they vote. The Insiders have agreed to waive their redemption rights with respect to all SPKL Ordinary Shares held by them. In addition, as of , 2026, there are SPKL Warrants issued and outstanding, consisting of Public Warrants and 8,490,535 Private Placement Warrants. Each SPKL Warrant is exercisable for one SPKL Class A Ordinary Share (or, following the Domestication, one share of ZincFive Common Stock).SPKL and Legacy ZincFive cannot predict how many Public Shares will be redeemed. As a result, SPKL and Legacy ZincFive are presenting two different redemption scenarios in the tables below with respect to SPKL Class A Ordinary Shares, each of which presents a different allocation of total ZincFive equity following the Closing. To illustrate potential dilution in each such scenario, the tables below present the post-Closing share ownership of ZincFive under each of: (i) the No Redemption Scenario and (ii) the Maximum Redemption Scenario.The first table excludes the dilutive effect of: (i) the Private Placement Warrants; (ii) the Public Warrants; (iii) the Working Capital Warrants into which the Convertible Note can be converted; and (iv) the Series A Preferred Investor Warrants. The second table includes the dilutive effect of such items.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:310.6pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:51.3pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:38.55pt;padding:0pt;"></td><td style="width:15.25pt;padding:0pt;"></td><td style="width:51.4pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:38.45pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;margin:0pt;padding:0pt;">Maximum Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">1.58</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;margin:0pt;padding:0pt;">850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;margin:0pt;padding:0pt;">1.17</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Legacy ZincFive Securityholders(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">74.64</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;margin:0pt;padding:0pt;">10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.34</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">4.81</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;margin:0pt;padding:0pt;">922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;margin:0pt;padding:0pt;">1.27</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Convertible Promissory Noteholders(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2.20</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:23.99pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">Total shares of ZincFive Common Stock and Preferred Stock outstanding at Closing</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">72,797,706</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:311.95pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:52.9pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:37.8pt;padding:0pt;"></td><td style="width:15pt;padding:0pt;"></td><td style="width:50.54pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:37.81pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:98.7pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:96.35pt;margin:0pt;padding:0pt;">Maximum Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:98.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:96.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Public Warrant Holders(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">5,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;">5,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">5.36</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;">1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">1.23</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">0.91</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Private Placement Warrant Holder(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;">4,245,268</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,245,268</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">4.55</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Legacy ZincFive Securityholders(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">58.28</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;">20,882,348</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 20,882,348</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">22.40</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">3.75</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">0.99</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Convertible Promissory Noteholders(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">1.71</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Working Capital Warrant Holder(2)(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">750,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 750,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">0.80</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Fully-Diluted Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">93,234,148</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes (i) 957,152 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Class A Common Stock; (ii) 209,360 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Class B Common Stock; (iii) 45,777,420 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Preferred Stock; and (iv) 7,392,074 shares of ZincFive Common Stock issuable upon exercise of outstanding Legacy ZincFive Warrants; and excludes 5,663,832 shares of ZincFive Common Stock issuable upon exercise of stock options, assuming the Closing occurs on October 15, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon the exercise of the Public Warrants. The Public Warrants will be exercisable beginning 30 days following the Closing for one share of ZincFive Common Stock at an exercise price of $11.50 per share in accordance with the terms of the Warrant Agreement. Each redemption scenario assumes that all outstanding Public Warrants are exercised for cash.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Represents (i) 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock and (ii) 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. The Series A Preferred Investor Warrants will be exercisable upon issuance at an exercise price of $12.00 per share for a number of shares of ZincFive Common Stock equal to the number of shares into which such holder’s Series A Preferred Stock is initially convertible. Each redemption scenario assumes that all Series A Preferred Investor Warrants are exercised for cash.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon automatic conversion of Convertible Promissory Notes upon the consummation of the Business Combination, assuming such conversion occurs on October 15, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon the exercise of ZincFive Warrants to be issued upon a one-for-one conversion of the Working Capital Warrants, assuming that $1,500,000 are converted into 1,500,000 Working Capital Warrants at a price of $1.00 per warrant and giving effect to the forfeiture of 50% of such Working Capital Warrants pursuant to the Sponsor Agreement.</td></tr></table>For more information, please see the sections of this proxy statement/prospectus entitled “Unaudited Pro Forma Condensed Combined Financial Information” and “Beneficial Ownership of Securities.”DilutionIf you acquired Public Shares in the IPO, your ownership interest will be immediately diluted to the extent of the difference between the $10.00 price per Unit sold in the IPO (each Unit consisting of one SPKL Class A Ordinary Share and one-half of one Public Warrant) and the net tangible book value per share, as adjusted, of ZincFive Common Stock immediately after consummation of the Business Combination, assuming no value is attached to the Public Warrants.The following table presents the net tangible book value per share under each of: (i) the No Redemption Scenario and (ii) the Maximum Redemption Scenario, assuming various sources of material probable dilution (but excluding the direct effects of the Business Combination transaction itself).<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">IPO offering price per share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.00</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.00</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Net Tangible Book Value as of June 30, 2026, as adjusted(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 111,198,669</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 85,385,021</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">As adjusted SPKL shares outstanding(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 19,099,965</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 16,863,252</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Net tangible book value per share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.82</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.06</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Dilution per share to Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.18</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.94</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:4pt;margin-left:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. Following such redemptions, the amount remaining in the Trust Account was $ as of , 2026. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">See table below for reconciliation of net tangible book value, as adjusted.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">See table below for reconciliation of as adjusted shares.</td></tr></table>The net tangible book value as of June 30, 2026, as adjusted, excludes the effects of the Business Combination transaction and includes (i) material probable or consummated transactions and (ii) transactions that will otherwise materially affect SPKL’s net tangible book value. The adjusted net tangible book value as of June 30, 2026 is calculated as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:392.65pt;padding:0pt;"></td><td style="width:11.29pt;padding:0pt;"></td><td style="width:6.86pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:6.85pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Maximum </td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Numerator adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL’s net tangible book value</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 16,265,169</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 16,265,169</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Anticipated transaction expenses to be incurred by SPKL(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,100,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,100,000)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Series A Preferred Investment proceeds(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 100,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 100,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Upcoming Contribution to Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 33,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 33,500</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Reimbursement of Prior Contributions to Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Redemptions from Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (25,813,648)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Net Tangible Book Value as of June 30, 2026, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 111,198,669</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 85,385,021</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">SPKL Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 850,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 922,078</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors (as-converted)(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,441,174</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">As adjusted SPKL shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 19,099,965</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 16,863,252</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">SPKL’s anticipated transaction expenses include the $3,500,000 deferred underwriting commission payable to Cantor upon consummation of the Business Combination, legal, accounting and other professional fees, and other costs incurred in connection with the Business Combination. These estimates are subject to change and will be updated at the time of filing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Reflects $100 million of gross proceeds from Series A Preferred Investment, excluding the payment of $6.5 million by certain of the Series A Preferred Investors though the cancellation and conversion of their Bridge Notes in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table>SPKL issued shares in the IPO at $10.00 per share (the “IPO Price”). Based on Legacy ZincFive’s and SPKL’s current capitalization, SPKL anticipates the total number of shares of ZincFive Common Stock outstanding immediately following the Closing in the No Redemption Scenario will be approximately 80,698,413 shares. In the No Redemption Scenario, ZincFive’s implied valuation following the Closing is based on the IPO Price and is therefore calculated as: $10.00 (SPKL per share IPO Price) times 80,698,413 shares, or $806,984,130. The following table illustrates the implied valuation of ZincFive at the IPO Price for each redemption scenario:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Public Shareholders based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 22,367,130</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Public Shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Sponsor based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Sponsor shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,150,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by SPKL Insiders based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">SPKL Insider shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 850,000</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Legacy ZincFive Securityholders based on the IPO Price(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 600,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 600,000,000</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Legacy ZincFive Securityholders shares outstanding post Business Combination(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 60,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 60,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Lead Purchaser based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 35,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 35,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Lead Purchaser shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by First Tranche Bridge Investors based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 9,220,780</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 9,220,780</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">First Tranche Bridge Investor shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 922,078</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares issuable upon conversion of Convertible Promissory Notes(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,984,480</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,984,480</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Shares held by Convertible Promissory Noteholders post-Business Combination(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,598,448</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Series A Preferred Investors based on the IPO Price(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 104,411,740</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 104,411,740</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Series A Preferred Investor shares outstanding post Business Combination(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 10,441,174</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total valuation based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 806,984,130</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 784,617,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 80,698,413</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 78,461,700</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Includes (i) approximately 54,336,000 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Common Stock, outstanding Legacy ZincFive Preferred Stock, and outstanding Legacy ZincFive Warrants, and (ii) approximately 5,664,000 shares of ZincFive Common Stock issuable upon exercise of Exchanged ZincFive Options to be issued in exchange for outstanding Legacy ZincFive Options.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon automatic conversion of Convertible Promissory Notes upon the consummation of the Business Combination, assuming such conversion occurs on October 15, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table>In addition to the dilution presented in the tables above, non-redeeming Public Shareholders may experience additional dilution, including due to: (i) the issuance of shares of ZincFive Common Stock and securities exercisable for or convertible into shares of ZincFive Common Stock to the Legacy ZincFive Securityholders as consideration in the Business Combination; (ii) the issuance of shares of ZincFive Common Stock upon the exercise of the Public Warrants and the Private Placement Warrants; (iii) the issuance of shares of ZincFive Common Stock upon exercise of the Series A Preferred Investor Warrants; and (iv) future issuances or grants of equity or equity-linked securities pursuant to the 2026 Plan and ESPP that are expected to be adopted in connection with the Closing, assuming approval by SPKL shareholders at the Extraordinary General Meeting. Further, to the extent that the Sponsor elects to receive the repayment of the Convertible Note in Working Capital Warrants, which will be convertible on a one-for-one basis to ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive. See “Risk Factors — Risks Related to the Domestication and the Business Combination — Our shareholders will experience dilution due to the issuance of shares of ZincFive Common Stock, and securities exercisable for or convertible into shares of ZincFive Common Stock, to the Legacy ZincFive Securityholders as consideration in the Business Combination and the issuance of shares of ZincFive Common Stock to the Series A Preferred Investors in the Series A Preferred Investment,” “Information About SPKL — Sponsor Compensation,” and “Questions and Answers for Shareholders of SPKL — What equity stake will current SPKL shareholders and Legacy ZincFive Securityholders hold in ZincFive immediately after the Closing?”The foregoing disclosure is not a guarantee that the trading price of ZincFive Common Stock will not be below the IPO Price, nor is it a guarantee that ZincFive will attain any of the levels of valuation presented herein.In addition, all of the relative percentages above are for illustrative purposes only and are based upon certain assumptions, including those described in the section entitled “Frequently Used Terms — Share Calculations and Ownership Percentages.” Should one or more of the assumptions prove incorrect, actual ownership percentages may vary, potentially materially, from those described in this proxy statement/ prospectus as anticipated, believed, estimated, expected or intended. See “Unaudited Pro Forma Condensed Combined Financial Information.”Consideration to Legacy ZincFive SecurityholdersSubject to the terms and conditions set forth in the Merger Agreement, (i) each share of Legacy ZincFive Series F Stock issued and outstanding immediately prior to the First Effective Time (other than Excluded Shares and Dissenting Shares) will be automatically surrendered and retired, and each holder of shares of Legacy ZincFive Series F Stock will receive a number of shares of ZincFive Common Stock equal to (a) such holder’s Aggregate Series F Preference Amount (as defined in the Merger Agreement) divided by (b) $10.00, rounded up or down to the nearest whole share of ZincFive Common Stock (with 0.5 of a share or greater rounded up), (ii) each share of Legacy ZincFive Common Stock issued and outstanding immediately prior to the First Effective Time (after giving effect to the Conversion and the exercise of any Legacy ZincFive Warrants, but other than Excluded Shares and Dissenting Shares) will be automatically cancelled and converted into the right to receive a number of shares of ZincFive Common Stock equal to the Exchange Ratio, and (iii) each Legacy ZincFive Warrant outstanding as of immediately prior to the Merger shall expire or be exercised for the applicable number of shares of Legacy ZincFive Preferred Stock or Legacy ZincFive Common Stock, and such shares shall be canceled and converted into the right to receive the applicable consideration in respect of such shares of ZincFive Preferred Stock or ZincFive Common Stock.Conditions to Closing the Business CombinationThe consummation of the Business Combination is conditioned upon the satisfaction or written waiver (where permissible) by the parties to the Merger Agreement of certain customary closing conditions. These conditions include: (i) the adoption or approval, as applicable, by SPKL’s shareholders of: (A) the Merger Agreement and the Business Combination in accordance with applicable law and exchange rules and regulations; (B) the Domestication; (C) the Proposed Certificate of Incorporation and the Proposed Bylaws; (D) approval of the issuance of shares of ZincFive Common Stock as required by the listing rules of the applicable stock exchange; (E) the adoption by SPKL of the 2026 Plan and ESPP; (F) the election of members of the ZincFive Board (in the form of an advisory vote, with the directors being elected by written resolution of the holders of the SPKL Class B Ordinary Shares in accordance with the SPKL’s organizational documents); (G) the amendment of SPKL’s organizational documents, effective immediately prior to the Closing, to remove references to the $5,000,001 net tangible assets requirements set forth in SPKL’s organizational documents; (H) any other proposals as the SEC (or staff members of the SEC) may indicate are necessary in its comments to the proxy statement included in this proxy statement/prospectus or any related correspondence; (I) any proposals the parties to the Merger Agreement agree are necessary or desirable to consummate the Business Combination, and (J) adjournment of the special meeting, if necessary, to permit further solicitation of the proxies because there are not sufficient votes to approve and adopt any of the foregoing; (ii) the receipt of the requisite consent of the stockholders of Legacy ZincFive; (iii) any applicable waiting period or any extension of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (and the rules and regulations promulgated under such Act) in respect of the Business Combination being expired or earlier terminated without the imposition of burdensome conditions; (iv) the Registration Statement becoming effective; (v) SPKL having filed with the applicable stock exchange an application or supplemental listing application for the listing of the ZincFive Common Stock, and such shares of ZincFive Common Stock having been approved for listing, subject to official notice of issuance; (vi) the accuracy of the representations and warranties of each of the parties to the Merger Agreement and the performance of the covenants and agreements of such parties subject, in each case, to customary standards; (vii) the completion of the Domestication; (viii) the Available Closing SPAC Cash not being less than $100,000,000; and (ix) approval by the SPKL shareholders to extend the time SPKL has to consummate an initial business combination pursuant to the terms of the SPKL organizational documents.Fairness Opinion of Houlihan Capital, LLCOn June 10, 2026, Houlihan Capital rendered its oral opinion to the SPKL Board, which was reaffirmed by delivery of the Fairness Opinion, and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Houlihan Capital, as set forth in the Fairness Opinion, the Business Combination is fair, from a financial point of view, to the unaffiliated shareholders of SPKL.The full text of the written opinion of Houlihan Capital delivered to the SPKL Board, dated June 10, 2026, is attached as Annex M and incorporated by reference into this proxy statement/prospectus in its entirety. The opinion sets forth, among other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Houlihan Capital in rendering its opinion. All shareholders of SPKL are urged to, and should, read the opinion carefully and in its entirety. The Fairness Opinion was directed to the SPKL Board and addressed only that the Business Combination is fair, from a financial point of view, to the unaffiliated shareholders of SPKL, as of the date of the opinion. The Fairness Opinion did not address any other aspect or implications of the Business Combination and does not constitute an opinion, advice or recommendation as to how any shareholder of SPKL should vote. In addition, the Fairness Opinion did not in any manner address the prices at which ZincFive Common Stock would trade following the consummation of the Business Combination or at any time. The summary of the Fairness Opinion set forth in this proxy statement/prospectus is qualified in its entirety by reference to the full text of the Fairness Opinion attached as Annex M hereto.The SPKL Board’s Reasons for the Approval of the Business CombinationSPKL was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.The SPKL Board considered a number of factors pertaining to the Business Combination as generally supporting its decision to enter into the Merger Agreement, the Ancillary Documents and the Series A Preferred Investment Agreements and the Transactions, including the following factors:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Size of the Total Addressable Market. Legacy ZincFive operates in the immediate power solutions market, serving data center, artificial intelligence infrastructure, defense and critical infrastructure applications.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Differentiated Technology Platform. Legacy ZincFive’s proprietary nickel-zinc battery technology provides a differentiated immediate power solution with advantages in safety, sustainability and performance as compared to conventional lead-acid and lithium-ion alternatives.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Compelling Industry Tailwinds. Demand for reliable and sustainable immediate power solutions is expected to grow significantly, driven by the rapid expansion of data centers and AI infrastructure, increasing power density requirements, and growing regulatory and sustainability pressure on operators to reduce reliance on lead-acid and lithium-ion technologies.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Attractive Valuation. The SPKL Board believes the $600,000,000 equity value ascribed to Legacy ZincFive in the Business Combination is attractive as compared to a range of valuations given to comparable companies in connection with similar transactions and public and private financings based on the factors and analysis considered as further described under “— Selection of Legacy ZincFive”.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Secure Financing. The SPKL Board also considered that Legacy ZincFive was able to secure $106.5 million in aggregate from the Series A Preferred Investors, who committed to subscribe for Series A Preferred Stock in connection with the </td></tr></table>Business Combination. The SPKL Board also considered that the Series A Preferred Investors consisted of a mix of existing Legacy ZincFive investors and investors with no prior investment in Legacy ZincFive.<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Industry-Leading Management Team. Legacy ZincFive is managed by an experienced leadership team with deep expertise in battery technology, power electronics and the data center and defense markets.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Strategic Fit and Post-Closing Support. The SPKL Board considered the potential strategic benefits of SPKL’s and SparkLabs Group’s international relationships, technology ecosystem, capital- markets experience and business-development network. The SPKL Board believed these resources could assist ZincFive with its future geographic expansion, strategic partnerships, customer introductions and financing initiatives.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Fairness Opinion of the Financial Advisor to the SPKL Board. The SPKL Board considered the financial analyses reviewed by Houlihan Capital with the SPKL Board as well as the oral opinion of Houlihan Capital rendered to the SPKL Board on June 10, 2026, as to the fairness, from a financial point of view, of the Business Combination to the unaffiliated shareholders of SPKL. Houlihan Capital subsequently confirmed its opinion in writing. A copy of the Fairness Opinion is attached as Annex M to this proxy statement/prospectus.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Modification in Recommendation. As more fully described under the section entitled “The Business Combination Proposal,” pursuant to the Merger Agreement, the SPKL Board may withdraw, amend, qualify or modify its recommendation to SPKL shareholders that they vote in favor of the SPKL Stockholder Matters at any time prior to, but not after, the Domestication if it concludes in good faith, after consultation with its outside legal advisors and financial advisors, that the failure to make such a Modification in Recommendation would be a breach of fiduciary duties under applicable law.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Lock-Up. Subject to certain limited and customary exceptions with respect to permitted transfers, Legacy ZincFive Securityholders will be subject to a 180-day lock-up (12 months in the case of affiliates of ZincFive) in respect of the ZincFive Common Stock and other ZincFive securities issued to them as consideration in the Business Combination, which will provide important stability to the combined company. However, if the VWAP of ZincFive Common Stock equals or exceeds $12.00 for any 20 trading days within any 30 trading day period commencing 180 days after the Resale Registration Statement becomes effective, then the lock-up will expire.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Due Diligence. SPKL and its advisors, including WSGR, conducted a diligence review of Legacy ZincFive and its businesses and operations, including review of relevant material agreements and discussions with Legacy ZincFive management and Legacy ZincFive’s financial and legal advisors.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Accelerated Timeline. The SPKL Board favorably viewed Legacy ZincFive’s objective of completing a transaction in 2026, compared against Company E’s inability to complete a de-SPAC until late 2027, which posed a risk for SPKL including from its March 29, 2027 deadline to complete the transaction under its organizational documents.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Shareholder Approval. In connection with the Business Combination, SPKL’s Public Shareholders have the option to: (i) remain shareholders of the combined company; (ii) sell their Public Shares; or (iii) redeem their Public Shares for the Redemption Price, pursuant to the terms of SPKL’s organizational documents.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Negotiated Transaction. The financial and other terms and conditions of the Merger Agreement, the Ancillary Documents and the Series A Securities Purchase Agreement are reasonable and were the product of arm’s-length negotiations between SPKL and Legacy ZincFive.</td></tr></table>The SPKL Board also considered a variety of risks and uncertainties and other potentially negative factors concerning the Business Combination, including the following:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Limited Operating History and Related Business Risks. The SPKL Board considered the risks to successful implementation of Legacy ZincFive’s long-term business plan and strategy in light of its operating history as a private company. Such risks included: (i) the risk that commercialization of Legacy ZincFive’s products at scale may be delayed or may not occur as anticipated, including risks that increasing customer demand may not be satisfied, product quality and </td></tr></table>reliability may not be sufficiently maintained, and the challenges of introducing new products and managing operational complexity associated with rapid growth; (ii) that Legacy ZincFive has incurred net losses since inception and may not be able to obtain necessary financing on terms favorable to it, or at all, whether in connection with the Business Combination or otherwise; (iii) risks relating to evolving technological standards and competition from incumbent and emerging power solutions providers, including lithium-ion and other battery technologies; (iv) macroeconomic and geopolitical risks, including risks to Legacy ZincFive’s supply chain and the impact of tariffs on components sourced from overseas markets; (v) risks associated with customer concentration, dependence on continued adoption of nickel-zinc technology, the timing and size of customer orders, lengthy qualification and purchasing cycles, backlog conversion, working-capital requirements and the timing of large deployments, each of which could result in variable revenue, cash-flow and quarterly financial performance.<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Absence of Discounted Cash Flow Analysis. Legacy ZincFive did not provide financial forecasts relating to Legacy ZincFive in a form that permitted a discounted cash flow analysis to be performed. As such, no such analysis was performed with respect to Legacy ZincFive.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Intellectual Property Risks. The value of the intellectual property associated with Legacy ZincFive’s technology is based in part on Legacy ZincFive’s ability to use, protect and enforce its patents and other proprietary rights, which is not guaranteed and the inability to do so may expose Legacy ZincFive to the possible loss of competitive advantage.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Benefits May Not Be Achieved. The risk that the potential benefits of the Business Combination may not be fully achieved or may not be achieved within the expected timeframe.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Redemption Risk. The risk that a significant number of SPKL shareholders elect to redeem their Public Shares prior to the consummation of the Business Combination pursuant to SPKL’s organizational documents, thereby reducing the amount of cash available to ZincFive following the consummation of the Business Combination, which could adversely affect ZincFive or reduce the benefits to SPKL’s shareholders of the Business Combination. The SPKL Board noted in particular that, as of June 30, 2026, the aggregate amount on deposit in the Trust Account was approximately $25.8 million, representing a redemption price of approximately $11.54 per Public Share, and that the Available Closing SPAC Cash condition of $100,000,000 under the Merger Agreement is expected to be satisfied primarily through the proceeds of the Series A Preferred Stock Investment rather than the Trust Account.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Conflicts of Interest. The SPKL Board considered the conflicts of interest described under the section entitled “The Business Combination Proposal — Certain Interests of SPKL’s Directors and Officers and Others in the Business Combination,” including the Sponsor’s interest in completing the Business Combination to avoid the forfeiture of its investment in SPKL, the economic benefit to the Sponsor from the waiver of the Forward Purchase Agreement forfeiture obligation in connection with the ZincFive Business Combination specifically, and the consulting and board service fees payable to SPKL’s officers and directors.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Closing Conditions. The fact that completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within SPKL’s control, including the approval of Legacy ZincFive’s stockholders, and the consummation of the Series A Preferred Stock Investment.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Listing Risks. The challenges associated with preparing Legacy ZincFive, a private company, for the applicable disclosure and requisite internal controls, listing and audit requirements, corporate governance, and investor relations, to which ZincFive will be subject as a publicly traded company on a Stock Exchange, as well as associated compliance costs and the potential diversion of management resources from business operations.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Transaction Approvals and SEC Review. Completion of the Business Combination is subject to required corporate and stockholder approvals, the effectiveness of the registration statement filed with the SEC and other applicable regulatory requirements. The review process could result in delays, additional disclosure obligations or changes to the anticipated transaction timetable.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Litigation. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Fees and Expenses. The fees and expenses associated with completing the Business Combination, including the $3,500,000 deferred underwriting commission payable to Cantor upon consummation.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Other Risks. Various other risks associated with the business of Legacy ZincFive, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/prospectus.</td></tr></table>The SPKL Board concluded that the potential benefits of the Business Combination outweighed the risks and uncertainties described above. The SPKL Board determined that there can be no assurance about future results, including results considered or expected as described in the factors listed above. This explanation of the SPKL Board’s reasons for the Business Combination and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under “Cautionary Note Regarding Forward-Looking Statements.”For a more complete description of the SPKL Board’s reasons for approving the Merger Agreement, the Ancillary Documents and the Series A Securities Purchase Agreement and the transactions contemplated by such agreements, see the section entitled “The Business Combination Proposal — The SPKL Board’s Reasons for the Approval of the Business Combination.”The Domestication ProposalAs a condition to Closing, pursuant to the terms of the Merger Agreement, the SPKL Board unanimously approved the Domestication Proposal. The Domestication Proposal, if approved by SPKL’s shareholders, will authorize a change of SPKL’s jurisdiction of incorporation from the Cayman Islands to the State of Delaware. Accordingly, while SPKL is currently governed by the Companies Act, upon the Domestication, ZincFive will be governed by the DGCL. There are differences between Cayman Islands corporate law and Delaware corporate law as well as between the Memorandum and Articles of Association and the Proposed Organizational Documents. Accordingly, SPKL encourages shareholders to carefully review the information in the section of this proxy statement/prospectus entitled “The Domestication Proposal — Comparison of Shareholder Rights under Applicable Corporate Law Before and After Domestication.”In connection with the Domestication and in accordance with the Plan of Domestication, attached to this proxy statement/prospectus as Annex B: (i) each SPKL Class A Ordinary Share issued and outstanding immediately prior to the Domestication will remain outstanding and will automatically convert, on a one- for-one basis, into one share of ZincFive Common Stock; (ii) each SPKL Warrant will be automatically converted into a ZincFive Warrant on the same terms as the SPKL Warrants; and (iii) each SPKL Unit issued and outstanding will automatically be cancelled and each holder thereof will be entitled, per SPKL Unit, to one share of ZincFive Common Stock and one-half of one ZincFive Warrant. No fractional ZincFive Warrants will be issued in the process described in this clause (iii).For additional information, see the section entitled “The Domestication Proposal” of this proxy statement/ prospectus.The Stock Issuance ProposalSPKL’s shareholders are also being asked to approve by ordinary resolution the Stock Issuance Proposal for purposes of complying with the applicable provisions of the Nasdaq Listing Rules.Pursuant to Nasdaq Listing Rules 5635(a) and 5635(d), subject to certain exceptions, shareholder approval is required prior to the issuance of common stock, or of securities convertible into or exercisable for common stock, in any transaction or series of related transactions if: (i) the common stock has, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of such stock or of securities convertible into or exercisable for common stock or (ii) the number of shares of common stock to be issued is, or will be upon issuance, equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the common stock or of securities convertible into or exercisable for common stock.Additionally, pursuant to Nasdaq Listing Rule 5635(b), shareholder approval is required prior to the issuance of securities when the issuance or potential issuance will result in a change of control of SPKL.Furthermore, pursuant to Nasdaq Listing Rule 5635(a)(2), a Nasdaq-listed company is required to obtain shareholder approval when such company proposes to issue securities to a director, officer or substantial security holder, if the number of shares of common stock to be issued, or the number of shares of common stock into which the securities may be convertible or exercisable, exceeds 1% of the number of shares of common stock outstanding before the issuance. The Nasdaq Listing Rules define a substantial stockholder as the holder of an interest of 5% or more of either the number of shares of common stock or the voting power outstanding of a Nasdaq-listed company. The Sponsor currently owns greater than 5% of the SPKL Ordinary Shares and is considered a substantial security holder of SPKL. The Sponsor will be receiving ZincFive Common Stock, or securities convertible into or exercisable for ZincFive Common Stock, in an amount exceeding 1% of the number of SPKL Ordinary Shares outstanding before the issuance.Upon the Closing, SPKL expects to issue or reserve for issuance (i) up to an estimated shares of ZincFive Common Stock to the Legacy ZincFive Securityholders in connection with the Business Combination; (ii) 10,441,174 shares of Series A Preferred Stock and Series A Preferred Investor Warrants; (iii) shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock and upon exercise of the Series A Preferred Investor Warrants; (iv) an aggregate of 4,422,078 shares of ZincFive Common Stock to the Lead Purchaser and the First Tranche Bridge Investors, pursuant to the Sponsor Agreement; (v) shares of ZincFive Common Stock issuable upon automatic conversion of Convertible Promissory Notes that will convert automatically into ZincFive Common Stock upon the consummation of the Business Combination; and (vi) any other shares of ZincFive Common Stock and securities convertible into or exercisable for ZincFive Common Stock pursuant to any additional subscription, purchase or similar agreements that SPKL has entered, or may enter, into prior to the Closing. SPKL may issue additional common stock and securities convertible into or exercisable for common stock pursuant to subscription, purchase or similar agreements it may enter into prior to Closing.For additional information, see the section of this proxy statement/prospectus entitled “The Stock Issuance Proposal.”The Organizational Documents ProposalSPKL is seeking approval, by special resolution, of the Organizational Documents Proposal in connection with the replacement of the Memorandum and Articles of Association, under the Companies Act, with the Proposed Organizational Documents, under the DGCL, in accordance with the Domestication. The Proposed Certificate of Incorporation and the Proposed Bylaws differ materially from the Memorandum and Articles of Association. The key changes include, among other updates, (i) changing the corporate name from “Spark I Acquisition Corporation” to “ZincFive, Inc.,” (ii) changing the authorized capital stock, (iii) adopting Delaware as the exclusive forum for certain litigation, (iv) establishing a classified board divided into three classes, with one class elected each year and each class serving a three-year term, and (v) requiring a supermajority vote of at least 2/3 of the total voting power of outstanding voting securities to amend certain provisions of the Certificate of Incorporation and Bylaws.For additional information, see the section of this proxy statement/prospectus entitled “The Organizational Documents Proposal.”The Advisory Organizational Documents ProposalsSPKL is seeking approval of the Advisory Organizational Documents proposals in connection with the replacement of the SPKL current memorandum and articles of association with the Proposed Certificate of Incorporation and the Proposed Bylaws. These five proposals are being presented separately in accordance with SEC guidance to give shareholders the opportunity to present their separate views on important corporate governance provisions and will be voted upon on a non-binding advisory basis. This separate vote is not otherwise required by Cayman Islands or Delaware law, but pursuant to SEC guidance, SPKL is required to submit these provisions to its shareholders separately for approval. The shareholder votes regarding these proposals are advisory in nature, and are not binding on SPKL, the SPKL Board, ZincFive or the ZincFive Board.A brief summary of each of the Advisory Organizational Documents Proposals is set forth below. These summaries are qualified in their entirety by reference to the complete text of the Proposed Certificate of Incorporation and the Proposed Bylaws.Advisory Organizational Documents Proposal 5A — Under the Proposed Certificate of Incorporation and the Proposed Bylaws, the authorized capital stock of SPKL will change from 500,000,000 SPKL Class A Ordinary Shares, 50,000,000 SPKL Class B Ordinary Shares and 5,000,000 SPKL preferred shares to (i) shares of ZincFive Common Stock and (ii) shares of ZincFive Preferred Stock, each with a par value $0.0001 per share.Advisory Organizational Documents Proposal 5B — The Proposed Certificate of Incorporation and the Proposed Bylaws will adopt: (i) Delaware as the exclusive forum for certain litigation; and (ii) the federal district courts of the United States as the exclusive forum for resolving actions arising under the Securities Act.Advisory Organizational Documents Proposal 5C — Subject to applicable law and the rights of holders of ZincFive Preferred Stock, the Proposed Certificate of Incorporation and the Proposed Bylaws will permit the removal of a director only for cause and only upon the affirmative vote of holders of at least 66-2/3% of the voting power of all then-outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class.Advisory Organizational Documents Proposal 5D — The Proposed Certificate of Incorporation and the Proposed Bylaws will require that any action taken by stockholders be effected at an annual or special meeting of stockholders and will prohibit stockholder action by written consent in lieu of a meeting.Advisory Organizational Documents Proposal 5E — The Proposed Certificate of Incorporation will require the ZincFive Board, acting pursuant to a resolution adopted by a majority of the directors then serving on the ZincFive Board, and the affirmative vote of the holders of at least 66-2/3% of the voting power of all of the then outstanding shares of capital stock of ZincFive entitled to vote thereon, voting together as a single class, to alter, amend or repeal (whether by merger, consolidation, conversion or otherwise), or adopt any provision inconsistent with, Sections 5, 6 and 7 of the Proposed Certificate of Incorporation. The Proposed Bylaws will require the affirmative vote of the holders of at least 66-2/3% of the voting power of all of the then-outstanding shares of the capital stock of ZincFive entitled to vote thereon, voting together as a single class, for stockholders to adopt, amend or repeal the Proposed BylawsFor additional information, see the section of this proxy statement/prospectus entitled “The Advisory Organizational Documents Proposals.”The Incentive Plan ProposalThe SPKL Board will approve the 2026 Plan, subject to the approval of the SPKL shareholders. The purpose of the 2026 Plan is to provide a means whereby ZincFive can secure and retain the services of employees, directors and consultants; to provide incentives for such persons to exert maximum efforts for the success of ZincFive and its affiliates and to provide a means by which such persons may be given an opportunity to benefit from increases in value of ZincFive Common Stock through the granting of awards under the 2026 Plan. A copy of the 2026 Plan is included as Annex H to this proxy statement/prospectus.For additional information, see the section of this proxy statement/prospectus entitled “The Incentive Plan Proposal.”The Employee Stock Purchase Plan ProposalThe SPKL Board will approve the ESPP, subject to the approval of the SPKL shareholders. The purpose of the ESPP is to provide a means whereby ZincFive can align the long-term financial interests of its employees with the financial interests of its stockholders. A copy of the ESPP is included as Annex I to this proxy statement/prospectus.For additional information, see the section of this proxy statement/prospectus entitled “The Employee Stock Purchase Plan Proposal.”The Director Election ProposalSPKL is proposing that its shareholders approve, effective upon the completion of the Business Combination, the election of directors to serve staggered terms on the ZincFive Board until the 2027, 2028 and 2029 annual meetings of stockholders, respectively, and until their respective successors are duly elected and qualified.For additional information, see the section of this proxy statement/prospectus entitled “The Director Election Proposal.”The Adjournment ProposalIf, based on the tabulated vote, there are not sufficient votes at the time of the Extraordinary General Meeting to authorize SPKL to consummate the Business Combination because any of the Condition Precedent Proposals have not been approved (including as a result of the failure of any other cross- conditioned Condition Precedent Proposals to be approved), the SPKL Board may submit a proposal to the shareholders to approve by way of an ordinary resolution the adjournment of the Extraordinary General Meeting to a later date or dates, if necessary: (i) to permit further solicitation and vote of proxies in the event that there are insufficient votes for the approval of one or more proposals at the Extraordinary General Meeting; (ii) for the absence of a quorum; (iii) to allow reasonable additional time for the filing or mailing of any supplemental or amended disclosure that SPKL has determined in good faith after consultation with outside legal counsel is required under applicable law and for such supplemental or amended disclosure to be disseminated and reviewed by its shareholders prior to the Extraordinary General Meeting; or (iv) to engage with investors.For additional information, see the section of this proxy statement/prospectus entitled “The Adjournment Proposal.”Date, Time and Place of the Extraordinary General MeetingThe Extraordinary General Meeting will be held on , 2026 at , Eastern Time, electronically at . There is no requirement to attend the Extraordinary General Meeting in person. Shareholders will be afforded the same rights and opportunities to vote, ask questions and participate as they would at an in-person Extraordinary General Meeting. In particular, shareholders may submit questions in advance of the Extraordinary General Meeting by following the instructions and rules of conduct on the Extraordinary General Meeting website. You can participate in the Extraordinary General Meeting and vote via live webcast by visiting . The purpose of the Extraordinary General Meeting is to consider and vote on each Shareholder Proposal.Registering for the Extraordinary General MeetingYou can pre-register to attend the virtual Extraordinary General Meeting starting on , 2026 at a.m., Eastern Time (three business days prior to the meeting date). Enter the URL address into your browser, , enter your control number, name and email address. Once you pre-register you can vote or enter questions in the chat box. At the start of the Extraordinary General Meeting, you will need to log in again using your control number and will also be prompted to enter your control number if you vote during the Extraordinary General Meeting.Shareholders who hold their investments through a bank or broker will need to contact the Transfer Agent to receive a control number. If you plan to vote at the Extraordinary General Meeting you will need to have a legal proxy from your bank or broker. If you would like to join and not vote, the Transfer Agent will issue you a guest control number with proof of ownership. In either case you must contact the Transfer Agent for specific instructions on how to receive the control number. The Transfer Agent can be contacted at 917-262-2373 or via email at proxy@continentalstock.com. Please allow up to 72 hours prior to the meeting for processing your control number.If you do not have access to the internet, you can listen to the meeting by dialing 1-800-450-7155 (toll-free) (or 1-857-999-9155 if you are located outside the United States and Canada (standard rates apply)) and when prompted enter Conference ID . Please note that you will not be able to vote or ask questions at the Extraordinary General Meeting if you choose to participate telephonically.Voting Power; Record DateSPKL shareholders will be entitled to vote or direct votes to be cast at the Extraordinary General Meeting if they owned SPKL Ordinary Shares at the close of business on , 2026, which is the Record Date for the Extraordinary General Meeting. Shareholders will have one vote for each SPKL Ordinary Share owned at the close of business on the Record Date. If your shares are held in “street name” or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. SPKL Warrants do not have voting rights. At the close of business on the Record Date for the Extraordinary General Meeting, there were SPKL Ordinary Shares outstanding, of which were issued and outstanding Public Shares, the rest being held by the Sponsor.Quorum and Vote of SPKL ShareholdersThe presence, in person, virtually or by proxy, of shareholders holding not less than one-third of the issued and outstanding SPKL Ordinary Shares entitled to vote at the Extraordinary General Meeting constitutes a quorum at the Extraordinary General Meeting. The Sponsor which owns % of the issued and outstanding SPKL Ordinary Shares as of the Record Date, will count toward this quorum. As a result, as of the Record Date, in addition to the shares of the Sponsor, SPKL Ordinary Shares held by Public Shareholders would be required to be presented at the Extraordinary General Meeting to achieve a quorum.Abstentions will be considered present for the purposes of establishing a quorum but, as a matter of Cayman Islands law, will not constitute votes cast at the Extraordinary General Meeting and therefore will have no effect on the approval of the proposals voted upon at the Extraordinary General Meeting.The Sponsor and each director and officer of SPKL who holds shares of SPKL have agreed to vote in favor of the Business Combination, and to waive their redemption rights in connection with the Closing with respect to any SPKL Ordinary Shares held by them. None of the Sponsor, directors or officers received separate consideration for their waiver of redemption rights. The SPKL Ordinary Shares held by the Sponsor will be excluded from the pro rata calculation used to determine the per-share Redemption Price. As of the Record Date, the Sponsor owns % of the issued and outstanding SPKL Ordinary Shares. As a result, SPKL would need only , or approximately %, of the Public Shares not held by affiliates, to be voted in favor of the Business Combination to approve the Business Combination Proposal (assuming all outstanding shares are voted).The proposals presented at the Extraordinary General Meeting require the following votes:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Business Combination Proposal — The approval of the Business Combination Proposal requires an ordinary resolution, being the affirmative vote of the holders of a majority of the SPKL Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Business Combination Proposal at the Extraordinary General Meeting. The Business Combination does not require the approval of a majority of the unaffiliated securityholders of SPKL.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Domestication Proposal — The approval of the Domestication Proposal requires a special resolution under the Companies Act and the Memorandum and Articles of Association, being the affirmative vote of the holders of at least two-thirds of the votes cast by the holders of the issued SPKL Ordinary Shares, voting together as a single class, who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Domestication Proposal at the Extraordinary General Meeting. Pursuant to Article 182 of the Memorandum and Articles of Association, with respect to any vote on the Domestication, holders of SPKL Class B Ordinary Shares will have ten votes for every SPKL Class B Ordinary Share and holders of SPKL Class A Ordinary Shares will have one vote for every SPKL Class A Ordinary Share.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Stock Issuance Proposal — The approval of the Stock Issuance Proposal requires an ordinary resolution, being the affirmative vote of the holders of a majority of the SPKL Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Stock Issuance Proposal at the Extraordinary General Meeting.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Organizational Documents Proposal — The approval of the Organizational Documents Proposal requires a special resolution under the Companies Act and the Memorandum and Articles of Association, being the affirmative vote of the holders of at least two-thirds of the votes cast by the holders of the issued SPKL Ordinary Shares, voting together as a single class, who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Organizational Documents Proposal at the Extraordinary General Meeting.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Advisory Organizational Documents Proposals — The approval of the Advisory Organizational Documents Proposals requires an ordinary resolution, being the affirmative vote of the holders of a majority of the SPKL Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Advisory Organizational Documents Proposals at the Extraordinary General Meeting.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Incentive Plan Proposal — The approval of the Incentive Plan Proposal requires an ordinary resolution, being the affirmative vote of the holders of a majority of the SPKL Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Incentive Plan Proposal at the Extraordinary General Meeting.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Employee Stock Purchase Plan Proposal — The approval of the Employee Stock Purchase Plan Proposal requires an ordinary resolution, being the affirmative vote of the holders of a majority of the SPKL Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Employee Stock Purchase Plan Proposal at the Extraordinary General Meeting.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Director Election Proposal — Pursuant to Article 96 of the Memorandum and Articles of Association, the approval of the Director Election Proposal requires an ordinary resolution of the holders of the SPKL Class B Ordinary Shares (only), being the affirmative vote of a simple majority of the votes cast by the holders the SPKL Class B Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Director Election Proposal at the Extraordinary General Meeting.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Adjournment Proposal — The approval of the Adjournment Proposal requires an ordinary resolution, being the affirmative vote of the holders of a majority of the SPKL Ordinary Shares who, being present in person, virtually or by proxy and entitled to vote at the Extraordinary General Meeting, vote in favor of the Adjournment Proposal at the Extraordinary General Meeting.</td></tr></table>Redemption RightsPursuant to the Memorandum and Articles of Association, a Public Shareholder may request to redeem all or a portion of its Public Shares for cash if the Business Combination is consummated. As a holder of Public Shares, you will be entitled to receive cash for any Public Shares to be redeemed only if you:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">(A) hold Public Shares; or (B) hold Public Shares through SPKL Units and elect to separate your SPKL Units into the underlying Public Shares and Public Warrants prior to exercising your redemption rights with respect to the Public Shares;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">submit a written request to the Transfer Agent, including the legal name, phone number and address of the beneficial owner of the Public Shares for which redemption is requested, that ZincFive redeem all or a portion of your Public Shares for cash; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</td><td style="padding:0pt;">deliver your share certificates for Public Shares (if any) along with the redemption forms to the Transfer Agent, physically or electronically through DTC.</td></tr></table>Holders must complete the procedures for electing to redeem their Public Shares in the manner described above prior to 5:00 p.m., Eastern Time, on , 2026 (two business days before the initially scheduled date of the Extraordinary General Meeting) for their Public Shares to be redeemed.Each SPKL Unit issued and outstanding immediately prior to the Domestication will automatically be cancelled and each holder will be entitled, per SPKL Unit, to one share of ZincFive Common Stock and one-half of one ZincFive Warrant. Public Shareholders may elect to redeem all or a portion of the Public Shares held by them regardless of if or how they vote in respect of the Business Combination Proposal. If the Business Combination is not consummated, the Public Shares will be returned to the respective holder, broker or bank. If the Business Combination is consummated, and if a Public Shareholder properly exercises its right to redeem all or a portion of the Public Shares that it holds and timely delivers the certificates for its shares (if any) along with the redemption forms to the Transfer Agent, SPKL will effect the redemption of such Public Shares while SPKL remains a Cayman Islands exempted company. The Redemption Price, equal to a per-share price, payable in cash, equal to the pro rata portion of the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the Closing, including interest earned on the Trust Account (net of taxes paid or payable, if any), will be paid promptly following the Closing. For illustrative purposes, as of , 2026, this would have amounted to approximately $ per issued and outstanding Public Share. If a Public Shareholder exercises its redemption rights in full, then it will be electing to exchange its Public Shares for cash and will no longer own Public Shares. See the section of the proxy statement/prospectus entitled “Extraordinary General Meeting of SPKL — Redemption Rights” for a detailed description of the procedures to be followed if you wish to redeem your Public Shares for cash.Any request for redemption, once made by a holder of SPKL Class A Ordinary Shares, may not be withdrawn following the Redemption Deadline, unless the SPKL Board determines (in its sole discretion) to permit such withdrawal of a redemption request (which it may do in whole or in part).Any corrected or changed written exercise of redemption rights must be received by the Transfer Agent prior to the Redemption Deadline and, following such deadline, with SPKL’s consent, prior to the Extraordinary General Meeting. No request for redemption will be honored unless the holder’s shares have been delivered (either physically or electronically through DTC) to the Transfer Agent by 5:00 p.m., Eastern Time, on , 2026 (two business days prior to the initially scheduled date of the Extraordinary General Meeting).Notwithstanding the foregoing, without our prior consent, a Public Shareholder, together with any affiliate of such Public Shareholder or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3) of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 15% of the Public Shares sold in the IPO. Accordingly, if a Public Shareholder, alone or acting in concert or as a group, seeks to redeem more than 15% of the Public Shares sold in the IPO, then any such shares in excess of that 15% limit would not be redeemed for cash, without our prior consent.The Sponsor, officers and directors have agreed to, among other things, vote in favor of the Business Combination and waive their redemption rights in connection with the Closing with respect to any SPKL Ordinary Shares held by them. As of the Record Date, the Sponsor owns % of the issued and outstanding SPKL Ordinary Shares.Holders of SPKL Warrants will not have redemption rights with respect to the SPKL Warrants.Appraisal RightsNeither SPKL’s shareholders nor the holders of Public Warrants have appraisal rights in connection with the Business Combination or the Domestication under the Companies Act or under the DGCL.Proxy SolicitationThis proxy solicitation is being made by mail but also may be made by telephone or in person. SPKL has engaged Advantage Proxy, Inc. to assist in the solicitation of proxies for the Extraordinary General Meeting. SPKL and its directors and officers and employees may also solicit proxies in person. SPKL will ask banks, brokers and other institutions, nominees and fiduciaries to forward this proxy statement/prospectus and the related proxy materials to their principals and to obtain their authority to execute proxies and voting instructions.If a SPKL shareholder grants a proxy, it may still vote its shares in person or virtually if it revokes its proxy before the Extraordinary General Meeting. A shareholder also may change its vote by submitting a later- dated proxy as described in the section of this proxy statement/prospectus entitled “Extraordinary General Meeting of SPKL — Revoking Your Proxy.”Certain Interests of SPKL’s Directors and Officers and Others in the Business CombinationWhen you consider the recommendation of the SPKL Board in favor of approval of the Business Combination Proposal and the other Shareholder Proposals, you should keep in mind that the Sponsor and certain of SPKL’s directors and executive officers have interests in such Shareholder Proposals that are different from, or in addition to, those of SPKL’s shareholders and holders of Public Warrants generally.In particular:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">The Sponsor has invested in SPKL an aggregate of $8,515,535, comprised of $25,000 purchase price for the 6,870,130 Founder Shares and $8,490,535 purchase price for the 8,490,535 Private Placement Warrants. Up to 448,052 of the Founder </td></tr></table>Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, and up to 3,435,065 of the Founder Shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon the conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred a total of 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share, and on July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis. The Sponsor currently holds 4,000,000 SPKL Class A Ordinary Shares, 1,572,078 SPKL Class B Ordinary Shares and 8,490,535 Private Placement Warrants. Assuming a trading price of $ per SPKL Class A Ordinary Share and $ per Public Warrants (based upon the respective closing price of the SPKL Class A Ordinary Shares and Public Warrants on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus) and after giving effect to the Sponsor’s forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser, (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, (iii) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (iv) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement, the 1,150,000 shares of ZincFive Common Stock and the 4,245,268 ZincFive Warrants issuable to the Sponsor in connection with the Business Combination, in each case if unrestricted and freely tradable, would have an implied aggregate market value of $ million. However, given such shares of ZincFive Common Stock will be subject to lockup restrictions, we believe such shares currently have less value. Even if the trading price of the Public Shares are as low as approximately $7.40 per share, the value of the Founder Shares would be equal to the Sponsor’s initial aggregate investment in SPKL. As a result, if the Business Combination is completed, the Sponsor is likely to be able to make a profit on its initial investment in SPKL at a time when the Public Shares have lost significant value. On the other hand, if the Business Combination is not approved and SPKL is unable to complete another business combination within the Combination Period, the Sponsor may lose its entire investment in SPKL.<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">The Sponsor may lose its entire investment in SPKL if the Business Combination Proposal is not approved and SPKL does not complete another business combination by March 29, 2027, or such earlier date as the SPKL Board may approve or such later date as the shareholders may approve in accordance with the Memorandum and Articles of Association. If SPKL is unable to complete an initial business combination within the Combination Period, SPKL will as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxes paid or payable, if any and up to $100,000 of interest to pay liquidation expenses), divided by the number of the then issued Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to our obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law. In such event, the 4,000,000 SPKL Class A Ordinary Shares, 1,572,078 SPKL Class B Ordinary Shares and 8,490,535 Private Placement Warrants currently held by the Sponsor may be worthless.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. Such shares are not subject to forfeiture in the event the Forward Purchaser elects to terminate or reduce its commitment under the Forward Purchase Agreement. Assuming a trading price of $ per SPKL Class A Ordinary Share (based upon the respective closing price of the SPKL Class A Ordinary Shares on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/ prospectus), the 850,000 shares of ZincFive Common Stock issuable to such officers and directors in connection with the Business Combination, in each case if unrestricted and freely tradable, would have an implied aggregate market value of $ million. However, given such shares of ZincFive Common Stock will be subject to lockup restrictions, we believe such shares currently have less value. Even if the trading price of the Public Shares are as low as the par value, the value of the Founder Shares would be equal to such officers’ and directors’ investment in SPKL. As a result, if the Business Combination is completed, such officers and directors are likely to each be able to make a substantial profit on his or her investment in SPKL at a time when the Public Shares have lost significant value. On the other hand, if the Business Combination is not approved and SPKL is unable to complete another business combination within the Combination Period, such officers and directors may lose their entire investment in SPKL.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">On January 28, 2025, SPKL issued to the Sponsor the Convertible Note in the principal amount of up to $1,900,000, of which $1,900,000 is outstanding. The Convertible Note does not bear interest and is repayable upon the consummation of the Business Combination, with the Sponsor having the option to convert up to $1,500,000 of the outstanding principal balance into Working Capital Warrants, at a price of $1.00 per warrant upon consummation of the Business Combination. If the Sponsor elects to convert the outstanding principal balance into Working Capital Warrants, assuming a trading price of $ per Public Warrants (based upon the closing price of the Public Warrants on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus) and after giving effect to the forfeiture of 50% of any ZincFive Warrants issued as a result of the conversion of such Working Capital Warrants pursuant to the Sponsor Agreement, the ZincFive Warrants issuable to the Sponsor as of , 2026 in connection with the Business Combination, if unrestricted and freely tradable, would have an implied aggregate market value of $ million. If the Business Combination is not approved and SPKL does not consummate a business combination within the Combination Period, the Convertible Note will not be repaid and all amounts owed under it will be forgiven.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL also issued to the Sponsor the Non-Convertible Note in the principal amount of up to $2,500,000 of which $ was outstanding as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. The Non-Convertible Note is repayable upon the earlier of the consummation of the Business Combination and the last day that SPKL has to complete a business combination, but no proceeds held in the Trust Account may be used to repay the Non-Convertible Note. If the Business Combination is not approved and SPKL does not consummate a business combination within the Combination Period, then the note held by the Sponsor may be worthless.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">The Sponsor has agreed that it will be liable to SPKL if and to the extent any claims by any third party for services rendered or products sold to SPKL (other than SPKL’s independent registered public accounting firm), or by any prospective target business with which SPKL has discussed entering into a transaction agreement, reduce the amounts in the Trust Account below the lesser of (i) 10.05 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the liquidation date if less than $10.05 per Public Share due to reductions in the value of the trust assets, in each case net of amounts that may be withdrawn to pay SPKL’s tax obligations. This liability does not apply to any claims by a third party or prospective target business that executed a waiver of all rights to seek access to the Trust Account.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">The Sponsor and SPKL’s officers and certain directors may lose their entire investment in SPKL and may not be reimbursed for fees due or out-of-pocket expenses if the Business Combination is not consummated within the Combination Period. As of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, the Sponsor and SPKL’s officers and directors are awaiting reimbursement for $ of such fees and expenses, which would be reimbursed at Closing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">The Sponsor and SPKL’s directors and officers have agreed to vote their SPKL Ordinary Shares in favor of the Business Combination Proposal and each other Shareholder Proposal, and to waive redemption rights and rights to liquidating distributions from the Trust Account with respect to shares held by them (other than Public Shares), if SPKL fails to consummate an initial business combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL’s existing officers and directors will be eligible for continued indemnification and continued coverage under a tail directors’ and officers’ liability insurance policy for a period of six years after the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Pursuant to the A&R Registration Rights Agreement, the Sponsor will have customary registration rights, including demand and piggy-back rights, subject to customary requirements and conditions with respect to the ZincFive Common Stock and ZincFive Warrants held by it following the consummation of the Business Combination.</td></tr></table>As a result of the foregoing interests, the Sponsor and SPKL’s directors and officers will benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms that would be less favorable to Public Shareholders. In the aggregate, the Sponsor and SPKL’s directors and officers have capital at risk that depends, in whole or in part upon the completion of a business combination. With respect to SPKL’s directors and officers, such amount consists of 850,000 shares of ZincFive Common Stock issuable upon a one-for-one conversion of all the SPKL Ordinary Shares held by such directors and officers, with an implied aggregate market value of $ million (based upon the closing price of SPKL Class A Ordinary Shares of $ on Nasdaq on, 2026, the most recent practicable date prior to the date of this proxy statement/prospectus) and with respect to the Sponsor, such amount consists of (i) 1,150,000 shares of ZincFive Common Stock issuable upon a one-for- one conversion of all of the SPKL Ordinary Shares held by Sponsor, with an implied aggregate market value of $ million (based upon the closing price of SPKL Class A Ordinary Shares of $ on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/ prospectus), which reflects the forfeiture of (a) 3,500,000 shares to be issued to the Lead Purchaser and (b) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement; (ii) 4,245,268 ZincFive Warrants issuable upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, with an implied aggregate market value of $ million (based upon the closing price of the redeemable Public Warrants of $ on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (a) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (b) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement; (iii) 750,000 ZincFive Warrants issuable upon a one-for-one conversion of all of the Working Capital Warrants to be held by the Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants, of which $ million is outstanding as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, with an implied aggregate market value of $ million (based upon the closing price of the Public Warrants of $ on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement; (iv) $ representing repayment of the remainder of the outstanding balance of the Convertible Note; (v) $ representing repayment of the Non-Convertible Note, of which $ million is outstanding, which includes an aggregate of $ in Contributions deposited into the Trust Account; and (vi) $ representing reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as further described below, each as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor or any of SPKL’s existing officers or directors or any of their respective affiliates be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than the fees, and reimbursement of out-of-pocket expenses described herein.The Sponsor and its affiliates are active investors across a number of different investment platforms, which SPKL and Sponsor believe improved the volume and quality of opportunities that were available to SPKL. However, it also creates potential conflicts and the need to allocate investment opportunities across multiple investment vehicles. In order to provide the Sponsor with the flexibility to evaluate opportunities across these platforms, the Memorandum and Articles of Association provide that SPKL renounces its interest in any business combination opportunity that (i) may be a corporate opportunity for any of the Sponsor, SPKL’s directors or officers or their affiliates, on the one hand, and SPKL, on the other, or (ii) the presentation of which would breach an existing legal obligation of SPKL’s director or officer to any other entity. This waiver allows the Sponsor and its affiliates to allocate opportunities based on a combination of the objectives, including the fundraising needs of the target and the investment objectives of the investment vehicle. SPKL is not aware of any such conflict or opportunity being presented to any founder, director or officer of SPKL nor does it believe that the waiver of the corporate opportunities doctrine otherwise had a material impact on its search for an acquisition target.The existence of financial and personal interests of one or more of SPKL’s directors may result in a conflict of interest on the part of such directors between what they may believe is in the best interests of SPKL and its shareholders and what they may believe is best for themselves in determining to recommend that shareholders vote for the Shareholder Proposals.The financial and personal interests of the Sponsor and its affiliates, as well as SPKL’s directors and officers, may have influenced their motivation in identifying and selecting Legacy ZincFive as a business combination target, completing an initial business combination with Legacy ZincFive and influencing the operation of the business following the initial business combination. In considering the recommendations of the SPKL Board to vote for the Shareholder Proposals, its shareholders should consider these interests.Material Financing Transactions of SPKLPrior to the IPO, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain expenses on our behalf in consideration of 6,870,130 Founder Shares, and on April 1, 2022, the Sponsor sold and transferred a total of 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. Up to 448,052 Founder Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised, and pursuant to the Letter Agreement, and up to 3,435,065 Founder Shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment.Since the IPO, the following material financing transactions have occurred or will occur in connection with the consummation of the Business Combination: (i) simultaneously with the consummation of the IPO, the Sponsor purchased an aggregate of 8,490,535 Private Placement Warrants, at a price of $1.00 per warrant in a private placement, generating total proceeds of $8,490,535; (ii) on January 28, 2025, SPKL issued the Convertible Note in the principal amount of up to $1,900,000 to the Sponsor, of which $1,900,000 is outstanding, which does not bear interest and is repayable upon the consummation of the Business Combination, with the Sponsor having the option to convert up to $1,500,000 of the outstanding principal balance into Working Capital Warrants, at a price of $1.00 per warrant upon consummation of the Business Combination; (iii) on June 25, 2025, SPKL issued the Non-Convertible Note in the principal amount of up to $2,500,000 of which $ was outstanding as of , 2026, which does not bear interest and is repayable upon the earlier of the consummation of the Business Combination and the last day that SPKL has to complete a business combination; (iv) following the approval of the First Extension at the First Extension Meeting, SPKL committed to make the First Extension Contributions into the Trust Account in an amount equal to the lesser of (A) $0.015 for each outstanding SPKL Class A Ordinary Share and (B) $55,000, up to a maximum aggregate amount of $825,000, to extend SPKL’s time period to consummate a business combination from July 11, 2025 to September 29, 2026; (v) following the approval of the Second Extension at the Second Extension Meeting, SPKL committed to make the Second Extension Contributions into the Trust Account in an amount equal to $0.015 for each outstanding SPKL Class A Ordinary Share, up to a maximum aggregate amount of $201,304, to extend SPKL’s time period to consummate a business combination from September 29, 2026 to March 29, 2027, with aggregate deposits of $ having been made into the Trust Account through , 2026; and (vi) the Series A Preferred Investment. The Non-Convertible Note, which includes the aggregate amount of the Contributions deposited into the Trust Account, and $ of the Convertible Note will be repaid upon the consummation of the Business Combination, except that, with respect to the Convertible Note, up to $1,500,000 of the outstanding principal balance may be converted at the Sponsor’s option into Working Capital Warrants with terms identical to the Private Placement Warrants at a price of $1.00 per warrant, pursuant to the Sponsor Agreement.Sponsor CompensationThe Sponsor currently holds 4,000,000 SPKL Class A Ordinary Shares and 1,572,078 SPKL Class B Ordinary Shares. The compensation and securities received or to be received by the Sponsor in connection with the Business Combination and related transactions upon the consummation of the Business Combination is: (i) 1,150,000 shares of ZincFive Common Stock issuable upon a one-for-one conversion of all of the SPKL Ordinary Shares held by Sponsor, with an implied aggregate market value of $ million (based upon the closing price of SPKL Class A Ordinary Shares of $ on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (a) 3,500,000 shares to be issued to the Lead Purchaser and (b) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement; (ii) 4,245,268 ZincFive Warrants issuable upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, with an implied aggregate market value of $ million (based upon the closing price of the redeemable Public Warrants of $ on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (a) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (b) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement; (iii) 750,000 ZincFive Warrants issuable upon a one-for-one conversion of all of the Working Capital Warrants to be held by the Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants, of which $ million is outstanding as of , 2026, the most recent practicable date prior date of this proxy statement/prospectus, with an implied aggregate market value of $ million (based upon the closing price of the Public Warrants of $ on Nasdaq on, 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement; (iv) $ representing repayment of the remainder of the outstanding balance of the Convertible Note; (v) $ representing repayment of the Non-Convertible Note, of which $ million is outstanding, which includes an aggregate of $ in Contributions deposited into the Trust Account; and (vi) reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as further described below, each as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor or any of SPKL’s existing officers or directors or any of their respective affiliates be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than the fees, reimbursement of out-of-pocket expenses described herein.Set forth below is a summary of the price paid and the amount of compensation and securities received or to be received by the Sponsor in connection with the Business Combination and related transactions:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:fixed;width:100%;"><tr><td style="width:53.9pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Securities to be Received</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Other Compensation</td></tr><tr style="height:384.23pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Sponsor</td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">1,150,000 shares of ZincFive Common Stock, to be issued upon a one-for-one conversion of all of the SPKL Class A Ordinary Shares and SPKL Class B Ordinary Shares held by the Sponsor, which reflects the forfeiture of (i) 3,500,000 shares to be issued to the Lead Purchaser and (ii) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement. The Founder Shares were initially acquired by the Sponsor for a total subscription price of $25,000.(1)4,245,268 ZincFive Warrants, to be issued upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement. The Private Placement Warrants were initially acquired by the Sponsor with the closing of the IPO at a price of a $1.00 per Private Placement Warrant, for a total purchase price of $8,490,535.(2)750,000 ZincFive Warrants to be issued upon a one-for-one conversion of all of the Working Capital Warrants to be held by Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants at a price of $1.00 per warrant at the Closing, which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement.(3)</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">The Sponsor has advanced approximately $ million to SPKL under the Non-Convertible Note, which includes an aggregate of $ in Contributions deposited into the Trust Account as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, all of which will be repaid in cash.The Sponsor has advanced approximately $million to SPKL under the Convertible Note, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, of which $ will be repaid in cash.(3)$ in reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than such reimbursement.</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:12pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">On December 8, 2021, the Sponsor acquired 6,870,130 Founder Shares for a total of $25,000. Up to 448,052 of such shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, up to 3,435,065 of such shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. On July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis, resulting in 1,572,078 SPKL Class B Ordinary Shares and 4,000,000 SPKL Class A Ordinary Shares held by the Sponsor as of the date of this proxy statement/prospectus. Upon the Domestication, the Sponsor is expected to receive 1,150,000 shares of ZincFive Common Stock, with an implied aggregate market value of $ million (based upon the closing price of $ per SPKL Class A Ordinary Share on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser as a condition to the Lead Purchaser’s participation in the Series A Preferred Investment and (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Upon the Domestication, the Sponsor is expected to receive 4,245,268 ZincFive Warrants, with an implied aggregate market value of $ million (based upon the closing price of $ per Public Warrant on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Up to $1,500,000 of the amount borrowed under the Convertible Note will, in the Sponsor’s discretion, either be repaid upon the Closing or converted into Working Capital Warrants at a price of $1.00 per warrant (or any combination of repayment or conversion). Any such warrants will be identical to the Private Placement Warrants and convert into ZincFive Warrants upon the Closing, and subject to the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.” To the extent that the Sponsor elects to receive the repayment of such outstanding amounts in Working Capital Warrants, to be converted on a one-for-one basis into ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive.</td></tr></table>Currently, the Public Shareholders hold SPKL Class A Ordinary Shares subject to possible redemption. To the extent that the Sponsor elects to receive the repayment of the Convertible Note in Working Capital Warrants and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming Public Shareholders.Further detail regarding the compensation and securities received or to be received by the Sponsor and its affiliates and the extent of any potential dilution that may be caused thereby to the non-redeeming holders of SPKL Class A Ordinary Shares, is provided in the sections of this proxy statement/prospectus entitled “Questions and Answers for Shareholders of SPKL — What equity stake will current SPKL shareholders and Legacy ZincFive Securityholders hold in ZincFive immediately after the Closing?” and “Summary of the Proxy Statement/Prospectus — The Proposals to be Submitted at the Extraordinary General Meeting — The Business Combination Proposal — Dilution.”Regulatory MattersNeither SPKL nor Legacy ZincFive are aware of any material regulatory approvals or actions that are required for completion of the Business Combination, other than the regulatory notices and approvals discussed in the section entitled “The Business Combination Proposal — Merger Agreement.” It is presently contemplated that if any such additional regulatory approvals or actions are required, those approvals or actions will be sought. There can be no assurance, however, that any additional approvals or actions will be obtained.Recommendation to Shareholders of SPKLThe SPKL Board believes that the Business Combination Proposal and the other proposals to be presented at the Extraordinary General Meeting are in the best interest of SPKL. Accordingly, the SPKL Board unanimously recommends that its shareholders vote “FOR” the approval of the Business Combination Proposal, “FOR” the approval of the Domestication Proposal, “FOR” the approval of the Stock Issuance Proposal, “FOR” the approval of the Organizational Documents Proposal, “FOR” the approval, on an advisory basis, of each of the separate Advisory Organizational Documents Proposals, “FOR” the approval of the Incentive Plan Proposal, “FOR” the approval of the Employee Stock Purchase Plan Proposal, “FOR” the approval of the Director Election Proposal and “FOR” the approval of the Adjournment Proposal, if presented to the Extraordinary General Meeting.The existence of financial and personal interests of one or more of SPKL’s directors may result in a conflict of interest on the part of such director(s) between what such person may believe is in the best interests of SPKL and its shareholders and what such person may believe is best for such person in determining to recommend that shareholders vote for the proposals. The Sponsor and SPKL’s officers have interests in the Business Combination that may be different from, or in addition to, your interests as a shareholder, and there may be actual or potential material conflicts of interest between or among (i) the Sponsor, SPKL’s officers and directors, and Legacy ZincFive’s officers and directors and (ii) unaffiliated security holders of SPKL. Such conflicts of interest may include a material conflict of interest arising in determining whether to proceed with the Business Combination and the compensation of the Sponsor in connection with the Business Combination. For instance, the Sponsor and certain of SPKL’s officers and directors will benefit from the completion of an initial business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidating the Trust Account. Legacy ZincFive’s directors and executive officers have interests in the Business Combination that are different from, or in addition to, those of the SPKL shareholders generally. See the sections of this proxy statement/prospectus entitled “The Business Combination Proposal — Certain Interests of SPKL’s Directors and Officers and Others in the Business Combination” and “The Business Combination Proposal — Certain Interests of Legacy ZincFive’s Directors and Officers in the Business Combination” for a further discussion of these considerations.Sources and Uses of Funds for the Business CombinationThe following tables summarize the sources and uses for funding the Business Combination, assuming (i) none of the Public Shareholders exercise their redemption rights and (ii) the Public Shareholders exercise their redemption rights with respect to SPKL Class A Ordinary Shares, representing the maximum amount of Public Shares that can be redeemed.Where actual amounts are not known or knowable, the figures below represent SPKL’s and Legacy ZincFive’s good faith estimate based on the assumptions set forth in the notes to the tables. If the actual facts are different from these assumptions, actual amounts will be different from those below. For more information, see “Unaudited Pro Forma Condensed Combined Financial Information.”Estimated Sources and Uses of Funds for the Business Combination<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">($ in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">SPKL cash in trust(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 25.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investment proceeds(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 100.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 100.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Legacy ZincFive equity rollover(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Bridge loans(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Convertible Bridge Notes(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 6.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 6.5</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Short term loan(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5.0</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 776.1</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 750.3</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Legacy ZincFive equity rollover(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Repayment of bridge loans(7)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Repayment of short term loan(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Repayment of notes payable to Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Illustrative fees and expenses(8)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 24.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 24.0</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Cash to balance sheet(9)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 105.4</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 79.6</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 776.1</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 750.3</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">SPKL total cash in trust as of June 30, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes a Series A Preferred Investment of $100 million, excluding the payment of $6.5 million by certain Series A Preferred Investors through the cancellation and conversion of their Bridge Notes in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Includes (i) approximately 54,336,000 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Common Stock, outstanding Legacy ZincFive Preferred Stock, and outstanding Legacy ZincFive Warrants, and (ii) approximately 5,664,000 shares of ZincFive Common Stock issuable upon exercise of Exchanged ZincFive Options to be issued in exchange for outstanding Legacy ZincFive Options.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Includes (i) $27.7 million in principal amount of Bridge Notes that are not being canceled and converted in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants in the Series A Preferred Investment, (ii) $0.4 million in principal amount of a promissory note issued by Legacy ZincFive in partial satisfaction of professional fees owed, and (iii) $10.7 million in principal amount of Convertible Promissory Notes.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents Bridge Notes that will be canceled and converted in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants in the Series A Preferred Investment.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;">On June 10, 2026, Legacy ZincFive received total proceeds of $5 million from an unsecured promissory note with an existing investor. Legacy ZincFive repaid the principal and interest in full on July 9, 2026. In connection with the issuance of the short- term loan, ZincFive agreed to issue 500,000 warrants in the common stock of ZincFive after closing of the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(7)</td><td style="padding:0pt;">Represents repayment of principal and interest on $27.7 million in principal amount of Bridge Notes that are not being canceled and converted in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants in the Series A Preferred Investment.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(8)</td><td style="padding:0pt;">Represents estimated transaction fees and expenses, the actual amount of which will vary depending on actual fees and expenses incurred in connection with the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(9)</td><td style="padding:0pt;">The actual amount of cash will vary depending on, among other things, actual fees and expenses incurred in connection with the Business Combination.</td></tr></table>Material U.S. Federal Income Tax ConsiderationsFor a discussion summarizing the U.S. federal income tax considerations of the Domestication and, exercise of redemption rights in connection with the Business Combination, please see the section entitled “Material U.S. Federal Income Tax Considerations Related to SPKL Securityholders.”For a discussion summarizing the U.S. federal income tax considerations of the Mergers with respect to Legacy ZincFive and Legacy ZincFive stockholders, please see “Material U.S. Federal Income Tax Considerations of the Mergers.”Summary Risk FactorsRisks Related to Legacy ZincFiveFor purposes of this subsection only, unless the context otherwise requires, all references in this section to “ZincFive,” the “Company,” “we,” “us” or “our” refer to the business of Legacy ZincFive prior to the consummation of the Business Combination, which will be the business of ZincFive and its subsidiaries, including ZincFive OpCo following the consummation of the Business Combination.The following is a summary of the principal risks that could adversely affect our business, operations and financial results.Risks Related to Our Business and Industry<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">We have a history of losses and may not achieve or sustain profitability in the future. These factors raise substantial doubt regarding our ability to continue as a going concern.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">We will require substantial additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances, and we cannot be sure that additional financing will be available.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Our indebtedness could adversely affect our business, financial condition and results of operations and restrict us in ways that limit our flexibility in operating our business.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Failure to deliver the benefits offered by our technologies, or the emergence of improvements to competing technologies, could reduce demand for our products and harm our business.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">As we endeavor to expand our business, we will incur significant costs and expenses, which could outpace our cash reserves. Unfavorable conditions or disruptions in the capital and credit markets may adversely impact business conditions and the availability of credit.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Our business has and is expected to continue to have significant end user concentration.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Backlog may not be realized or may not result in profits and may not accurately represent future revenue.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Our management has identified material weaknesses in our internal control over financial reporting and we may identify additional material weaknesses in the future. If we fail to remediate the material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, we may adversely affect our ability to accurately and timely report our financial results, and may adversely affect investor confidence and business operations.</td></tr></table>Risks Related to Our Products and Manufacturing<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Traditional lithium-ion and lead-acid technologies and upcoming technologies such as sodium-ion may have certain actual or perceived advantages over our technology, which could affect demand for our products.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Our future success depends in part on our ability to increase our production capacity and to maintain consistent product quality, manufacturing yields and process control as we scale, and we may not be able to do so in a cost-effective manner. If we elect to expand our production capacity by constructing or leasing one or more new manufacturing facilities or by engaging contract manufacturers, we may encounter challenges relating to the construction, management, operation and quality assurance of such facilities.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Defects, field failures or performance problems in our products, including in our software, firmware and battery management systems, could result in loss of customers, reputational damage, and decreased revenue. We may also face warranty, indemnity, and product liability claims that may arise from defective products or field failures.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">If required maintenance is performed incorrectly or if maintenance requirements exceed our current expectations, or if we are unable to scale our field service, technical support and spare parts capabilities to keep pace with our growing installed base, this could adversely affect our reputation, prospects, business, financial condition and results of operations.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">We depend on third-party suppliers for the development and supply of key raw materials and components for our products. We also depend on vendors for the shipping of our products. Quality issues or delays in our supply or delivery chain and shipments could harm our ability to manufacture, supply and commercialize our products.</td></tr></table>Risks Related to Our Future Growth<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">If we fail to manage our recent and future growth effectively, we may be unable to execute our business plan, maintain high levels of customer service, or adequately address competitive challenges.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Our planned expansion into new geographic markets or new product lines or services could subject us to additional business, financial, and competitive risks.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Our ability to proceed with projects under development and complete construction of projects on schedule and within budget are subject to contractual, technology, operating and commodity risks as well as market conditions that may affect our operating results.</td></tr></table>Risks Related to Our International Operations<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Because our success depends, in part, on our ability to expand sales internationally, our business will be susceptible to risks associated with international operations.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">We currently rely on our manufacturing facility in China for the production of components of our battery products, and a significant disruption in the operation of our manufacturing facility in China, political unrest in China, tariffs, impact of outbreaks of health epidemics, or changes in social, political, trade, health, economic, environmental, or climate-related conditions or in laws, regulations and policies governing foreign trade could materially and adversely affect our business, financial condition and results of operations.</td></tr></table>Risks Related to Intellectual Property<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">If we are unable to obtain, maintain and protect our intellectual property and proprietary rights, including with respect to the scope of our patent portfolio, our competitors could develop and commercialize products and technology similar or identical to ours, and our competitive advantage may be adversely affected.</td></tr></table>Risks related to the Domestication and the Business Combination<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL’s shareholders will experience dilution due to the issuance of shares of ZincFive Common Stock, and securities exercisable for or convertible into shares of ZincFive Common Stock in connection with the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">The ability of SPKL’s Public Shareholders to exercise redemption rights may prevent SPKL from completing the Business Combination or optimizing its capital structure.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL’s securities may be delisted from trading, which could limit investors’ ability to make transactions in such securities and subject SPKL to additional trading restrictions.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">If the conditions to the Business Combination Agreement are not met, the Business Combination may not occur.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">Because SPKL is incorporated under the laws of the Cayman Islands, in the event the Business Combination is not completed, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL’s Sponsor, directors and executive officers have agreed to vote in favor of the Business Combination, regardless of how SPKL’s Public Shareholders vote.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL’s shareholders may be held liable for claims by third parties against SPKL to the extent of distributions received by them upon redemption of their shares.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">SPKL may amend the terms of the warrants in a manner that may be adverse to holders of warrants with the approval by the holders of at least 50% of the then-outstanding warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">If the Adjournment Proposal is not approved, and a quorum is present but an insufficient number of votes have been obtained to approve the Business Combination Proposal, the SPKL Board will not have the ability to adjourn the extraordinary general meeting to a later date in circumstances where such adjournment is necessary to permit the Business Combination to be approved.</td></tr></table>Comparative Historical and Unaudited Pro Forma Per Share Financial InformationThe following table sets forth:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">historical per share information of SPKL and Legacy ZincFive for the year ended December 31, 2025 and the six months ended June 30, 2026;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">·</td><td style="padding:0pt;">unaudited pro forma per share information of ZincFive for the year ended December 31, 2025 and the six months ended June 30, 2026 after giving effect to the Business Combination and Series A Preferred Investment, assuming a (i) No Redemption Scenario and (ii) Maximum Redemption Scenario.</td></tr></table>This information is only a summary and should be read together with the selected historical financial information summary included elsewhere in this proxy statement, and the historical financial statements of SPKL and Legacy ZincFive and related notes that are included elsewhere in this proxy statement/prospectus. The unaudited pro forma combined per share information of SPKL and Legacy ZincFive is derived from, and should be read in conjunction with, the unaudited pro forma condensed combined financial statements and related notes included elsewhere in this proxy statement.The unaudited pro forma combined net loss per share information below does not purport to represent the net (loss) income per share which would have occurred had the companies been combined during the periods presented, nor net loss per share for any future date or period. The unaudited pro forma combined book value per share information below does not purport to represent what the value of SPKL and Legacy ZincFive would have been had the companies been combined during the periods presented.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:314.8pt;padding:0pt;"></td><td style="width:10.14pt;padding:0pt;"></td><td style="width:6.36pt;padding:0pt;"></td><td style="width:42.14pt;padding:0pt;"></td><td style="width:10.9pt;padding:0pt;"></td><td style="width:7.25pt;padding:0pt;"></td><td style="width:26.15pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:43.4pt;padding:0pt;"></td><td style="width:10.9pt;padding:0pt;"></td><td style="width:8.55pt;padding:0pt;"></td><td style="width:40.6pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:42.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:33.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:49.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:top;width:215.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of and for the Six Months ended June 30, 2026</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:top;width:92.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Historical</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:111.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pro Forma(1)</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:6.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:42.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:33.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:49.15pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:6.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:42.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:33.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;"> Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:49.15pt;margin:0pt;padding:0pt;">Redemptions</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:top;width:48.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">SPKL</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:33.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ZincFive</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:49.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:314.8pt;background:#cceeff;margin:0pt;padding:0pt;">Book value per share – basic and diluted</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:6.35pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:42.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">(1.49)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:26.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">(7.22)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:43.4pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">(1.22)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:40.6pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">(1.48)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:314.8pt;margin:0pt;padding:0pt;">Net (loss) income per share – basic and diluted</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:42.15pt;margin:0pt;padding:0pt;">(0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.25pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:26.15pt;margin:0pt;padding:0pt;">(1.30)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:43.4pt;margin:0pt;padding:0pt;">(0.96)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:40.6pt;margin:0pt;padding:0pt;">(0.98)</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:316.35pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:6.25pt;padding:0pt;"></td><td style="width:39.45pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:6.25pt;padding:0pt;"></td><td style="width:39.45pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:40.35pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:39.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:40.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:39.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:213.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of and for the Year Ended December 31, 2025</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:101.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Historical</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:102.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pro Forma(1)</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:46.9pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.55pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:46.9pt;margin:0pt;padding:0pt;"> Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.55pt;margin:0pt;padding:0pt;">Redemptions</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">SPKL</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ZincFive</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:46.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:316.35pt;background:#cceeff;margin:0pt;padding:0pt;">Net (loss) income per share – basic</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;background:#cceeff;margin:0pt;padding:0pt;"> (0.95)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:40.35pt;background:#cceeff;margin:0pt;padding:0pt;"> (1.74)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:39.25pt;background:#cceeff;margin:0pt;padding:0pt;"> (1.77)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:316.35pt;margin:0pt;padding:0pt;">Net (loss) income per share – diluted</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:39.45pt;margin:0pt;padding:0pt;"> (1.15)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:40.35pt;margin:0pt;padding:0pt;"> (1.74)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:39.25pt;margin:0pt;padding:0pt;"> (1.77)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Assumes no Public Shareholders withdraw their redemption requests submitted in connection with the Second Extension Meeting.</td></tr></table>Market Price and Dividend InformationSPKLTicker Symbol and Market PriceThe SPKL Units, SPKL Class A Ordinary Shares and Public Warrants are listed on Nasdaq under the symbols “SPKLU,” “SPKL” and “SPKLW,” respectively. The SPKL Units began to trade on Nasdaq on October 6, 2023. SPKL Class A Ordinary Shares and Public Warrants comprising the SPKL Units began separate trading on Nasdaq on November 27, 2023. As of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, the closing price of SPKL Unit, SPKL Class A Ordinary Shares and the Public Warrants as reported on Nasdaq were $ , $ , and $ , respectively. Holders of the SPKL Units, SPKL Class A Ordinary Shares and Public Warrants should obtain current market quotations for their securities. The market price of SPKL securities could vary at any time before the Business Combination.HoldersAs of , 2026, the most recent practicable date prior to the date of this proxy statement/ prospectus, there were holders of record of SPKL Units, holders of record of SPKL Class A Ordinary Shares, 9 holders of record of SPKL Class B Ordinary Shares, and holders of record of Public Warrants.Dividend PolicySPKL has never declared or paid cash dividends on its capital stock, and it does not anticipate paying any cash dividends in the foreseeable future. Additionally, following the Business Combination, ZincFive currently intends to retain its future earnings, if any, to finance the further development and expansion of its business and does not intend to pay cash dividends in the foreseeable future. Any future determination to pay dividends will be made at the discretion of ZincFive’s Board, subject to applicable laws. It will depend on a number of factors, including ZincFive’s financial condition, results of operations, capital requirements, contractual, legal, tax and regulatory restrictions, general business conditions and other factors that ZincFive Board may deem relevant.Legacy ZincFiveThere is no public market for any of Legacy ZincFive’s securities. SPKLSPKL is a blank check company incorporated on July 12, 2021, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar combination with one or more businesses or assets.SPKL Units began to trade on Nasdaq under the symbol “SPKLU” on October 6, 2023. SPKL Class A Ordinary Shares and Public Warrants comprising the SPKL Units began separate trading on Nasdaq on November 27, 2023, under the symbols “SPKL” and “SPKLW,” respectively.SPKL’s principal office is located at 3790 El Camino Real, Unit #570, Palo Alto, CA 94306, and its telephone number is (650) 353-7082.Legacy ZincFiveLegacy ZincFive is a Delaware corporation incorporated on November 30, 2015 and is engaged in the business of designing, developing, manufacturing, and marketing innovative zinc-based energy storage solutions for utility-scale, microgrid, and commercial & industrial applications.You can find more information about Legacy ZincFive in the sections of this proxy statement/ prospectus entitled “Information About Legacy ZincFive” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Legacy ZincFive.”Legacy ZincFive’s principal office is located at 20050 SW 112th Avenue, Tualatin, Oregon 97062, and its telephone number is 503-399-3517.Merger SubsEach of Merger Sub I, a Delaware corporation, and Merger Sub II, a Delaware limited liability company, each formed under the laws of Delaware on May 6, 2026, solely for the purpose of effectuating the Mergers described herein. Merger Subs own no material assets and do not operate any business.The mailing address of Merger Subs’ principal executive office is 3790 El Camino Real, Unit #570, Palo Alto, CA 94306. After the consummation of the Business Combination, Merger Sub I will cease to exist as a separate legal entity and Merger Sub II will continue as the Surviving Entity and as a wholly-owned subsidiary of SPKL. SPKL shareholders are being asked to consider and vote upon a proposal to approve by ordinary resolution the Merger Agreement, attached to the accompanying proxy statement/prospectus as Annex A, pursuant to which, at the Closing and at least one day following the Domestication, Merger Sub I will merge with and into Legacy ZincFive, with Legacy ZincFive continuing as the Surviving Corporation, and, immediately following the First Merger, Legacy ZincFive, as the Surviving Corporation, will merge with and into Merger Sub II, with Merger Sub II continuing as the Surviving Entity and a direct wholly owned subsidiary of ZincFive. The transactions contemplated by the Merger Agreement are described in more detail in the accompanying proxy statement/prospectus. SPKL shareholders are being asked to consider and vote upon a proposal to approve by ordinary resolution the Merger Agreement, attached to the accompanying proxy statement/prospectus as Annex A, pursuant to which, at the Closing and at least one day following the Domestication, Merger Sub I will merge with and into Legacy ZincFive, with Legacy ZincFive continuing as the Surviving Corporation, and, immediately following the First Merger, Legacy ZincFive, as the Surviving Corporation, will merge with and into Merger Sub II, with Merger Sub II continuing as the Surviving Entity and a direct wholly owned subsidiary of ZincFive. The transactions contemplated by the Merger Agreement are described in more detail in the accompanying proxy statement/prospectus. On June 11, 2026, SPKL entered into the Merger Agreement with Merger Subs and Legacy ZincFive. Pursuant to the Merger Agreement, the parties thereto will enter into the business combination, which includes (a) the transfer of the registration of SPKL by way of continuation from the Cayman Islands to the State of Delaware (the “Domestication”), and (b) following the Domestication, the merger of Merger Sub I with and into Legacy ZincFive, with Legacy ZincFive continuing as the surviving corporation, and immediately thereafter, the merger of such surviving corporation with and into Merger Sub II, with Merger Sub II continuing as the Surviving Entity and as a wholly-owned subsidiary of SPKL. SPKL and Legacy ZincFive cannot predict how many Public Shares will be redeemed. As a result, SPKL and Legacy ZincFive are presenting two different redemption scenarios in the tables below with respect to SPKL Class A Ordinary Shares, each of which presents a different allocation of total ZincFive equity following the Closing. To illustrate potential dilution in each such scenario, the tables below present the post-Closing share ownership of ZincFive under each of: (i) the No Redemption Scenario and (ii) the Maximum Redemption Scenario.The first table excludes the dilutive effect of: (i) the Private Placement Warrants; (ii) the Public Warrants; (iii) the Working Capital Warrants into which the Convertible Note can be converted; and (iv) the Series A Preferred Investor Warrants. The second table includes the dilutive effect of such items.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:310.6pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:51.3pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:38.55pt;padding:0pt;"></td><td style="width:15.25pt;padding:0pt;"></td><td style="width:51.4pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:38.45pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;margin:0pt;padding:0pt;">Maximum Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:97.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">1.58</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;margin:0pt;padding:0pt;">850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;margin:0pt;padding:0pt;">1.17</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Legacy ZincFive Securityholders(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">74.64</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;margin:0pt;padding:0pt;">10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.34</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;margin:0pt;padding:0pt;">3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;margin:0pt;padding:0pt;">4.81</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;margin:0pt;padding:0pt;">922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;margin:0pt;padding:0pt;">1.27</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:310.6pt;margin:0pt;padding:0pt;">Convertible Promissory Noteholders(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2.20</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:23.99pt;"><td style="vertical-align:bottom;width:310.6pt;background:#cceeff;margin:0pt;padding:0pt;">Total shares of ZincFive Common Stock and Preferred Stock outstanding at Closing</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.3pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.55pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:15.25pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:51.4pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">72,797,706</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:38.45pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:311.95pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:52.9pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:37.8pt;padding:0pt;"></td><td style="width:15pt;padding:0pt;"></td><td style="width:50.54pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:37.81pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:98.7pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:96.35pt;margin:0pt;padding:0pt;">Maximum Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:98.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:96.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">Ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%*</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Public Warrant Holders(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">5,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;">5,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">5.36</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;">1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">1.23</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">0.91</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Private Placement Warrant Holder(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;">4,245,268</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,245,268</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">4.55</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Legacy ZincFive Securityholders(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;">54,336,006</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">58.28</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;">20,882,348</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 20,882,348</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">22.40</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">3.75</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;margin:0pt;padding:0pt;">0.99</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Convertible Promissory Noteholders(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;">1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;margin:0pt;padding:0pt;">1.71</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:311.95pt;background:#cceeff;margin:0pt;padding:0pt;">Working Capital Warrant Holder(2)(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">750,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 750,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">0.80</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:311.95pt;margin:0pt;padding:0pt;">Fully-Diluted Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:52.9pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">93,234,148</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.8pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes (i) 957,152 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Class A Common Stock; (ii) 209,360 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Class B Common Stock; (iii) 45,777,420 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Preferred Stock; and (iv) 7,392,074 shares of ZincFive Common Stock issuable upon exercise of outstanding Legacy ZincFive Warrants; and excludes 5,663,832 shares of ZincFive Common Stock issuable upon exercise of stock options, assuming the Closing occurs on October 15, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon the exercise of the Public Warrants. The Public Warrants will be exercisable beginning 30 days following the Closing for one share of ZincFive Common Stock at an exercise price of $11.50 per share in accordance with the terms of the Warrant Agreement. Each redemption scenario assumes that all outstanding Public Warrants are exercised for cash.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Represents (i) 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock and (ii) 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. The Series A Preferred Investor Warrants will be exercisable upon issuance at an exercise price of $12.00 per share for a number of shares of ZincFive Common Stock equal to the number of shares into which such holder’s Series A Preferred Stock is initially convertible. Each redemption scenario assumes that all Series A Preferred Investor Warrants are exercised for cash.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon the exercise of ZincFive Warrants to be issued upon a one-for-one conversion of the Working Capital Warrants, assuming that $1,500,000 are converted into 1,500,000 Working Capital Warrants at a price of $1.00 per warrant and giving effect to the forfeiture of 50% of such Working Capital Warrants pursuant to the Sponsor Agreement.</td></tr></table> DilutionIf you acquired Public Shares in the IPO, your ownership interest will be immediately diluted to the extent of the difference between the $10.00 price per Unit sold in the IPO (each Unit consisting of one SPKL Class A Ordinary Share and one-half of one Public Warrant) and the net tangible book value per share, as adjusted, of ZincFive Common Stock immediately after consummation of the Business Combination, assuming no value is attached to the Public Warrants.The following table presents the net tangible book value per share under each of: (i) the No Redemption Scenario and (ii) the Maximum Redemption Scenario, assuming various sources of material probable dilution (but excluding the direct effects of the Business Combination transaction itself).<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">IPO offering price per share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.00</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.00</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Net Tangible Book Value as of June 30, 2026, as adjusted(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 111,198,669</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 85,385,021</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">As adjusted SPKL shares outstanding(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 19,099,965</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 16,863,252</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Net tangible book value per share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.82</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.06</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Dilution per share to Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.18</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.94</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:4pt;margin-left:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. Following such redemptions, the amount remaining in the Trust Account was $ as of , 2026. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">See table below for reconciliation of net tangible book value, as adjusted.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">See table below for reconciliation of as adjusted shares.</td></tr></table>The net tangible book value as of June 30, 2026, as adjusted, excludes the effects of the Business Combination transaction and includes (i) material probable or consummated transactions and (ii) transactions that will otherwise materially affect SPKL’s net tangible book value. The adjusted net tangible book value as of June 30, 2026 is calculated as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:392.65pt;padding:0pt;"></td><td style="width:11.29pt;padding:0pt;"></td><td style="width:6.86pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:6.85pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Maximum </td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Numerator adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL’s net tangible book value</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 16,265,169</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 16,265,169</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Anticipated transaction expenses to be incurred by SPKL(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,100,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,100,000)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Series A Preferred Investment proceeds(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 100,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 100,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Upcoming Contribution to Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 33,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 33,500</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Reimbursement of Prior Contributions to Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Redemptions from Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (25,813,648)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Net Tangible Book Value as of June 30, 2026, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 111,198,669</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 85,385,021</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">SPKL Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 850,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 922,078</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors (as-converted)(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,441,174</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">As adjusted SPKL shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 19,099,965</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 16,863,252</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">SPKL’s anticipated transaction expenses include the $3,500,000 deferred underwriting commission payable to Cantor upon consummation of the Business Combination, legal, accounting and other professional fees, and other costs incurred in connection with the Business Combination. These estimates are subject to change and will be updated at the time of filing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Reflects $100 million of gross proceeds from Series A Preferred Investment, excluding the payment of $6.5 million by certain of the Series A Preferred Investors though the cancellation and conversion of their Bridge Notes in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table>SPKL issued shares in the IPO at $10.00 per share (the “IPO Price”). Based on Legacy ZincFive’s and SPKL’s current capitalization, SPKL anticipates the total number of shares of ZincFive Common Stock outstanding immediately following the Closing in the No Redemption Scenario will be approximately 80,698,413 shares. In the No Redemption Scenario, ZincFive’s implied valuation following the Closing is based on the IPO Price and is therefore calculated as: $10.00 (SPKL per share IPO Price) times 80,698,413 shares, or $806,984,130. The following table illustrates the implied valuation of ZincFive at the IPO Price for each redemption scenario:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Public Shareholders based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 22,367,130</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Public Shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Sponsor based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Sponsor shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,150,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by SPKL Insiders based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">SPKL Insider shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 850,000</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Legacy ZincFive Securityholders based on the IPO Price(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 600,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 600,000,000</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Legacy ZincFive Securityholders shares outstanding post Business Combination(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 60,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 60,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Lead Purchaser based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 35,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 35,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Lead Purchaser shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by First Tranche Bridge Investors based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 9,220,780</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 9,220,780</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">First Tranche Bridge Investor shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 922,078</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares issuable upon conversion of Convertible Promissory Notes(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,984,480</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,984,480</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Shares held by Convertible Promissory Noteholders post-Business Combination(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,598,448</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,598,448</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Valuation of shares held by Series A Preferred Investors based on the IPO Price(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 104,411,740</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 104,411,740</td></tr><tr style="height:12.16pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Series A Preferred Investor shares outstanding post Business Combination(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 10,441,174</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total valuation based on the IPO Price</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 806,984,130</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 784,617,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 80,698,413</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 78,461,700</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Includes (i) approximately 54,336,000 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Common Stock, outstanding Legacy ZincFive Preferred Stock, and outstanding Legacy ZincFive Warrants, and (ii) approximately 5,664,000 shares of ZincFive Common Stock issuable upon exercise of Exchanged ZincFive Options to be issued in exchange for outstanding Legacy ZincFive Options.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon automatic conversion of Convertible Promissory Notes upon the consummation of the Business Combination, assuming such conversion occurs on October 15, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table>In addition to the dilution presented in the tables above, non-redeeming Public Shareholders may experience additional dilution, including due to: (i) the issuance of shares of ZincFive Common Stock and securities exercisable for or convertible into shares of ZincFive Common Stock to the Legacy ZincFive Securityholders as consideration in the Business Combination; (ii) the issuance of shares of ZincFive Common Stock upon the exercise of the Public Warrants and the Private Placement Warrants; (iii) the issuance of shares of ZincFive Common Stock upon exercise of the Series A Preferred Investor Warrants; and (iv) future issuances or grants of equity or equity-linked securities pursuant to the 2026 Plan and ESPP that are expected to be adopted in connection with the Closing, assuming approval by SPKL shareholders at the Extraordinary General Meeting. Further, to the extent that the Sponsor elects to receive the repayment of the Convertible Note in Working Capital Warrants, which will be convertible on a one-for-one basis to ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive. See “Risk Factors — Risks Related to the Domestication and the Business Combination — Our shareholders will experience dilution due to the issuance of shares of ZincFive Common Stock, and securities exercisable for or convertible into shares of ZincFive Common Stock, to the Legacy ZincFive Securityholders as consideration in the Business Combination and the issuance of shares of ZincFive Common Stock to the Series A Preferred Investors in the Series A Preferred Investment,” “Information About SPKL — Sponsor Compensation,” and “Questions and Answers for Shareholders of SPKL — What equity stake will current SPKL shareholders and Legacy ZincFive Securityholders hold in ZincFive immediately after the Closing?”The foregoing disclosure is not a guarantee that the trading price of ZincFive Common Stock will not be below the IPO Price, nor is it a guarantee that ZincFive will attain any of the levels of valuation presented herein.In addition, all of the relative percentages above are for illustrative purposes only and are based upon certain assumptions, including those described in the section entitled “Frequently Used Terms — Share Calculations and Ownership Percentages.” Should one or more of the assumptions prove incorrect, actual ownership percentages may vary, potentially materially, from those described in this proxy statement/ prospectus as anticipated, believed, estimated, expected or intended. See “Unaudited Pro Forma Condensed Combined Financial Information.”Consideration to Legacy ZincFive SecurityholdersSubject to the terms and conditions set forth in the Merger Agreement, (i) each share of Legacy ZincFive Series F Stock issued and outstanding immediately prior to the First Effective Time (other than Excluded Shares and Dissenting Shares) will be automatically surrendered and retired, and each holder of shares of Legacy ZincFive Series F Stock will receive a number of shares of ZincFive Common Stock equal to (a) such holder’s Aggregate Series F Preference Amount (as defined in the Merger Agreement) divided by (b) $10.00, rounded up or down to the nearest whole share of ZincFive Common Stock (with 0.5 of a share or greater rounded up), (ii) each share of Legacy ZincFive Common Stock issued and outstanding immediately prior to the First Effective Time (after giving effect to the Conversion and the exercise of any Legacy ZincFive Warrants, but other than Excluded Shares and Dissenting Shares) will be automatically cancelled and converted into the right to receive a number of shares of ZincFive Common Stock equal to the Exchange Ratio, and (iii) each Legacy ZincFive Warrant outstanding as of immediately prior to the Merger shall expire or be exercised for the applicable number of shares of Legacy ZincFive Preferred Stock or Legacy ZincFive Common Stock, and such shares shall be canceled and converted into the right to receive the applicable consideration in respect of such shares of ZincFive Preferred Stock or ZincFive Common Stock. The following table presents the net tangible book value per share under each of: (i) the No Redemption Scenario and (ii) the Maximum Redemption Scenario, assuming various sources of material probable dilution (but excluding the direct effects of the Business Combination transaction itself).<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">IPO offering price per share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.00</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.00</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Net Tangible Book Value as of June 30, 2026, as adjusted(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 111,198,669</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 85,385,021</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">As adjusted SPKL shares outstanding(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 19,099,965</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 16,863,252</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Net tangible book value per share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.82</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.06</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Dilution per share to Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.18</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.94</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:4pt;margin-left:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. Following such redemptions, the amount remaining in the Trust Account was $ as of , 2026. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">See table below for reconciliation of net tangible book value, as adjusted.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">See table below for reconciliation of as adjusted shares.</td></tr></table>The net tangible book value as of June 30, 2026, as adjusted, excludes the effects of the Business Combination transaction and includes (i) material probable or consummated transactions and (ii) transactions that will otherwise materially affect SPKL’s net tangible book value. The adjusted net tangible book value as of June 30, 2026 is calculated as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:392.65pt;padding:0pt;"></td><td style="width:11.29pt;padding:0pt;"></td><td style="width:6.86pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:6.85pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Maximum </td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario(2)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Numerator adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL’s net tangible book value</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 16,265,169</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 16,265,169</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Anticipated transaction expenses to be incurred by SPKL(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,100,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,100,000)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Series A Preferred Investment proceeds(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 100,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 100,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Upcoming Contribution to Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 33,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 33,500</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Reimbursement of Prior Contributions to Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Redemptions from Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (25,813,648)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">Net Tangible Book Value as of June 30, 2026, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 111,198,669</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 85,385,021</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL Public Shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">SPKL Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,150,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">SPKL Insiders</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 850,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Lead Purchaser</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,500,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">First Tranche Bridge Investors</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 922,078</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 922,078</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:392.65pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investors (as-converted)(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,441,174</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,441,174</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:392.65pt;margin:0pt;padding:0pt;">As adjusted SPKL shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 19,099,965</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 16,863,252</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,236,713 Public Shares outstanding as of June 30, 2026 and assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares in connection with the Business Combination. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes Public Shareholders exercise redemption rights with respect to all Public Shares for an aggregate of approximately $25.8 million from the Trust Account based on a Redemption Price of approximately $11.54 per share, which was the approximate Redemption Price as of June 30, 2026. In connection with the Second Extension Meeting, holders of SPKL Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $ per share. In connection with the Extraordinary General Meeting, additional Public Shareholders may exercise redemption rights with respect to their Public Shares, which may result in further dilution to non-redeeming Public Shareholders. Numbers may not tie due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">SPKL’s anticipated transaction expenses include the $3,500,000 deferred underwriting commission payable to Cantor upon consummation of the Business Combination, legal, accounting and other professional fees, and other costs incurred in connection with the Business Combination. These estimates are subject to change and will be updated at the time of filing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Reflects $100 million of gross proceeds from Series A Preferred Investment, excluding the payment of $6.5 million by certain of the Series A Preferred Investors though the cancellation and conversion of their Bridge Notes in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Stock. Assumes conversion of all 10,441,174 Series A Preferred Stock into ZincFive Common Stock immediately following the Closing. Excludes 10,441,174 shares of ZincFive Common Stock issuable upon conversion of the Series A Preferred Investor Warrants.</td></tr></table> 111198669 85385021 19099965 16863252 5.82 5.06 4.18 4.94 16265169 16265169 In addition to the dilution presented in the tables above, non-redeeming Public Shareholders may experience additional dilution, including due to: (i) the issuance of shares of ZincFive Common Stock and securities exercisable for or convertible into shares of ZincFive Common Stock to the Legacy ZincFive Securityholders as consideration in the Business Combination; (ii) the issuance of shares of ZincFive Common Stock upon the exercise of the Public Warrants and the Private Placement Warrants; (iii) the issuance of shares of ZincFive Common Stock upon exercise of the Series A Preferred Investor Warrants; and (iv) future issuances or grants of equity or equity-linked securities pursuant to the 2026 Plan and ESPP that are expected to be adopted in connection with the Closing, assuming approval by SPKL shareholders at the Extraordinary General Meeting. Further, to the extent that the Sponsor elects to receive the repayment of the Convertible Note in Working Capital Warrants, which will be convertible on a one-for-one basis to ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive. The SPKL Board believes the $600,000,000 equity value ascribed to Legacy ZincFive in the Business Combination is attractive as compared to a range of valuations given to comparable companies in connection with similar transactions and public and private financings based on the factors and analysis considered as further described under “— Selection of Legacy ZincFive”. The SPKL Board believes the $600,000,000 equity value ascribed to Legacy ZincFive in the Business Combination is attractive as compared to a range of valuations given to comparable companies in connection with similar transactions and public and private financings based on the factors and analysis considered The SPKL Board also considered that Legacy ZincFive was able to secure $106.5 million in aggregate from the Series A Preferred Investors, who committed to subscribe for Series A Preferred Stock in connection with the Business Combination. The SPKL Board also considered that the Series A Preferred Investors consisted of a mix of existing Legacy ZincFive investors and investors with no prior investment in Legacy ZincFive. Redemption RightsPursuant to the Memorandum and Articles of Association, a Public Shareholder may request to redeem all or a portion of its Public Shares for cash if the Business Combination is consummated. As a holder of Public Shares, you will be entitled to receive cash for any Public Shares to be redeemed only if you:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">(A) hold Public Shares; or (B) hold Public Shares through SPKL Units and elect to separate your SPKL Units into the underlying Public Shares and Public Warrants prior to exercising your redemption rights with respect to the Public Shares;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">submit a written request to the Transfer Agent, including the legal name, phone number and address of the beneficial owner of the Public Shares for which redemption is requested, that ZincFive redeem all or a portion of your Public Shares for cash; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</td><td style="padding:0pt;">deliver your share certificates for Public Shares (if any) along with the redemption forms to the Transfer Agent, physically or electronically through DTC.</td></tr></table>Holders must complete the procedures for electing to redeem their Public Shares in the manner described above prior to 5:00 p.m., Eastern Time, on , 2026 (two business days before the initially scheduled date of the Extraordinary General Meeting) for their Public Shares to be redeemed.Each SPKL Unit issued and outstanding immediately prior to the Domestication will automatically be cancelled and each holder will be entitled, per SPKL Unit, to one share of ZincFive Common Stock and one-half of one ZincFive Warrant. Public Shareholders may elect to redeem all or a portion of the Public Shares held by them regardless of if or how they vote in respect of the Business Combination Proposal. If the Business Combination is not consummated, the Public Shares will be returned to the respective holder, broker or bank. If the Business Combination is consummated, and if a Public Shareholder properly exercises its right to redeem all or a portion of the Public Shares that it holds and timely delivers the certificates for its shares (if any) along with the redemption forms to the Transfer Agent, SPKL will effect the redemption of such Public Shares while SPKL remains a Cayman Islands exempted company. The Redemption Price, equal to a per-share price, payable in cash, equal to the pro rata portion of the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the Closing, including interest earned on the Trust Account (net of taxes paid or payable, if any), will be paid promptly following the Closing. For illustrative purposes, as of , 2026, this would have amounted to approximately $ per issued and outstanding Public Share. If a Public Shareholder exercises its redemption rights in full, then it will be electing to exchange its Public Shares for cash and will no longer own Public Shares. See the section of the proxy statement/prospectus entitled “Extraordinary General Meeting of SPKL — Redemption Rights” for a detailed description of the procedures to be followed if you wish to redeem your Public Shares for cash.Any request for redemption, once made by a holder of SPKL Class A Ordinary Shares, may not be withdrawn following the Redemption Deadline, unless the SPKL Board determines (in its sole discretion) to permit such withdrawal of a redemption request (which it may do in whole or in part).Any corrected or changed written exercise of redemption rights must be received by the Transfer Agent prior to the Redemption Deadline and, following such deadline, with SPKL’s consent, prior to the Extraordinary General Meeting. No request for redemption will be honored unless the holder’s shares have been delivered (either physically or electronically through DTC) to the Transfer Agent by 5:00 p.m., Eastern Time, on , 2026 (two business days prior to the initially scheduled date of the Extraordinary General Meeting).Notwithstanding the foregoing, without our prior consent, a Public Shareholder, together with any affiliate of such Public Shareholder or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3) of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 15% of the Public Shares sold in the IPO. Accordingly, if a Public Shareholder, alone or acting in concert or as a group, seeks to redeem more than 15% of the Public Shares sold in the IPO, then any such shares in excess of that 15% limit would not be redeemed for cash, without our prior consent.The Sponsor, officers and directors have agreed to, among other things, vote in favor of the Business Combination and waive their redemption rights in connection with the Closing with respect to any SPKL Ordinary Shares held by them. As of the Record Date, the Sponsor owns % of the issued and outstanding SPKL Ordinary Shares.Holders of SPKL Warrants will not have redemption rights with respect to the SPKL Warrants. The Sponsor, officers and directors have agreed to, among other things, vote in favor of the Business Combination and waive their redemption rights in connection with the Closing with respect to any SPKL Ordinary Shares held by them. As of the Record Date, the Sponsor owns % of the issued and outstanding SPKL Ordinary Shares. The existence of financial and personal interests of one or more of SPKL’s directors may result in a conflict of interest on the part of such directors between what they may believe is in the best interests of SPKL and its shareholders and what they may believe is best for themselves in determining to recommend that shareholders vote for the Shareholder Proposals. Prior to the IPO, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain expenses on our behalf in consideration of 6,870,130 Founder Shares, and on April 1, 2022, the Sponsor sold and transferred a total of 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. Up to 448,052 Founder Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised, and pursuant to the Letter Agreement, and up to 3,435,065 Founder Shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment.Since the IPO, the following material financing transactions have occurred or will occur in connection with the consummation of the Business Combination: (i) simultaneously with the consummation of the IPO, the Sponsor purchased an aggregate of 8,490,535 Private Placement Warrants, at a price of $1.00 per warrant in a private placement, generating total proceeds of $8,490,535; (ii) on January 28, 2025, SPKL issued the Convertible Note in the principal amount of up to $1,900,000 to the Sponsor, of which $1,900,000 is outstanding, which does not bear interest and is repayable upon the consummation of the Business Combination, with the Sponsor having the option to convert up to $1,500,000 of the outstanding principal balance into Working Capital Warrants, at a price of $1.00 per warrant upon consummation of the Business Combination; (iii) on June 25, 2025, SPKL issued the Non-Convertible Note in the principal amount of up to $2,500,000 of which $ was outstanding as of , 2026, which does not bear interest and is repayable upon the earlier of the consummation of the Business Combination and the last day that SPKL has to complete a business combination; (iv) following the approval of the First Extension at the First Extension Meeting, SPKL committed to make the First Extension Contributions into the Trust Account in an amount equal to the lesser of (A) $0.015 for each outstanding SPKL Class A Ordinary Share and (B) $55,000, up to a maximum aggregate amount of $825,000, to extend SPKL’s time period to consummate a business combination from July 11, 2025 to September 29, 2026; (v) following the approval of the Second Extension at the Second Extension Meeting, SPKL committed to make the Second Extension Contributions into the Trust Account in an amount equal to $0.015 for each outstanding SPKL Class A Ordinary Share, up to a maximum aggregate amount of $201,304, to extend SPKL’s time period to consummate a business combination from September 29, 2026 to March 29, 2027, with aggregate deposits of $ having been made into the Trust Account through , 2026; and (vi) the Series A Preferred Investment. The Non-Convertible Note, which includes the aggregate amount of the Contributions deposited into the Trust Account, and $ of the Convertible Note will be repaid upon the consummation of the Business Combination, except that, with respect to the Convertible Note, up to $1,500,000 of the outstanding principal balance may be converted at the Sponsor’s option into Working Capital Warrants with terms identical to the Private Placement Warrants at a price of $1.00 per warrant, pursuant to the Sponsor Agreement. on January 28, 2025, SPKL issued the Convertible Note in the principal amount of up to $1,900,000 to the Sponsor, of which $1,900,000 is outstanding, which does not bear interest and is repayable upon the consummation of the Business Combination, with the Sponsor having the option to convert up to $1,500,000 of the outstanding principal balance into Working Capital Warrants, at a price of $1.00 per warrant upon consummation of the Business Combination; (iii) on June 25, 2025, SPKL issued the Non-Convertible Note in the principal amount of up to $2,500,000 Set forth below is a summary of the price paid and the amount of compensation and securities received or to be received by the Sponsor in connection with the Business Combination and related transactions:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:fixed;width:100%;"><tr><td style="width:53.9pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Securities to be Received</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Other Compensation</td></tr><tr style="height:384.23pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Sponsor</td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">1,150,000 shares of ZincFive Common Stock, to be issued upon a one-for-one conversion of all of the SPKL Class A Ordinary Shares and SPKL Class B Ordinary Shares held by the Sponsor, which reflects the forfeiture of (i) 3,500,000 shares to be issued to the Lead Purchaser and (ii) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement. The Founder Shares were initially acquired by the Sponsor for a total subscription price of $25,000.(1)4,245,268 ZincFive Warrants, to be issued upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement. The Private Placement Warrants were initially acquired by the Sponsor with the closing of the IPO at a price of a $1.00 per Private Placement Warrant, for a total purchase price of $8,490,535.(2)750,000 ZincFive Warrants to be issued upon a one-for-one conversion of all of the Working Capital Warrants to be held by Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants at a price of $1.00 per warrant at the Closing, which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement.(3)</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">The Sponsor has advanced approximately $ million to SPKL under the Non-Convertible Note, which includes an aggregate of $ in Contributions deposited into the Trust Account as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, all of which will be repaid in cash.The Sponsor has advanced approximately $million to SPKL under the Convertible Note, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, of which $ will be repaid in cash.(3)$ in reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than such reimbursement.</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:12pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">On December 8, 2021, the Sponsor acquired 6,870,130 Founder Shares for a total of $25,000. Up to 448,052 of such shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, up to 3,435,065 of such shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. On July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis, resulting in 1,572,078 SPKL Class B Ordinary Shares and 4,000,000 SPKL Class A Ordinary Shares held by the Sponsor as of the date of this proxy statement/prospectus. Upon the Domestication, the Sponsor is expected to receive 1,150,000 shares of ZincFive Common Stock, with an implied aggregate market value of $ million (based upon the closing price of $ per SPKL Class A Ordinary Share on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser as a condition to the Lead Purchaser’s participation in the Series A Preferred Investment and (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Upon the Domestication, the Sponsor is expected to receive 4,245,268 ZincFive Warrants, with an implied aggregate market value of $ million (based upon the closing price of $ per Public Warrant on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Up to $1,500,000 of the amount borrowed under the Convertible Note will, in the Sponsor’s discretion, either be repaid upon the Closing or converted into Working Capital Warrants at a price of $1.00 per warrant (or any combination of repayment or conversion). Any such warrants will be identical to the Private Placement Warrants and convert into ZincFive Warrants upon the Closing, and subject to the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.” To the extent that the Sponsor elects to receive the repayment of such outstanding amounts in Working Capital Warrants, to be converted on a one-for-one basis into ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive.</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:fixed;width:100%;"><tr><td style="width:53.9pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Securities to be Received</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Other Compensation</td></tr><tr style="height:384.23pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Sponsor</td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">1,150,000 shares of ZincFive Common Stock, to be issued upon a one-for-one conversion of all of the SPKL Class A Ordinary Shares and SPKL Class B Ordinary Shares held by the Sponsor, which reflects the forfeiture of (i) 3,500,000 shares to be issued to the Lead Purchaser and (ii) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement. The Founder Shares were initially acquired by the Sponsor for a total subscription price of $25,000.(1)4,245,268 ZincFive Warrants, to be issued upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement. The Private Placement Warrants were initially acquired by the Sponsor with the closing of the IPO at a price of a $1.00 per Private Placement Warrant, for a total purchase price of $8,490,535.(2)750,000 ZincFive Warrants to be issued upon a one-for-one conversion of all of the Working Capital Warrants to be held by Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants at a price of $1.00 per warrant at the Closing, which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement.(3)</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">The Sponsor has advanced approximately $ million to SPKL under the Non-Convertible Note, which includes an aggregate of $ in Contributions deposited into the Trust Account as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, all of which will be repaid in cash.The Sponsor has advanced approximately $million to SPKL under the Convertible Note, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, of which $ will be repaid in cash.(3)$ in reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than such reimbursement.</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:12pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">On December 8, 2021, the Sponsor acquired 6,870,130 Founder Shares for a total of $25,000. Up to 448,052 of such shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, up to 3,435,065 of such shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. On July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis, resulting in 1,572,078 SPKL Class B Ordinary Shares and 4,000,000 SPKL Class A Ordinary Shares held by the Sponsor as of the date of this proxy statement/prospectus. Upon the Domestication, the Sponsor is expected to receive 1,150,000 shares of ZincFive Common Stock, with an implied aggregate market value of $ million (based upon the closing price of $ per SPKL Class A Ordinary Share on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser as a condition to the Lead Purchaser’s participation in the Series A Preferred Investment and (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Upon the Domestication, the Sponsor is expected to receive 4,245,268 ZincFive Warrants, with an implied aggregate market value of $ million (based upon the closing price of $ per Public Warrant on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Up to $1,500,000 of the amount borrowed under the Convertible Note will, in the Sponsor’s discretion, either be repaid upon the Closing or converted into Working Capital Warrants at a price of $1.00 per warrant (or any combination of repayment or conversion). Any such warrants will be identical to the Private Placement Warrants and convert into ZincFive Warrants upon the Closing, and subject to the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.” To the extent that the Sponsor elects to receive the repayment of such outstanding amounts in Working Capital Warrants, to be converted on a one-for-one basis into ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive.</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:fixed;width:100%;"><tr><td style="width:53.9pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:237.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:237.5pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Securities to be Received</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Other Compensation</td></tr><tr style="height:384.23pt;"><td style="vertical-align:top;width:53.9pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Sponsor</td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">1,150,000 shares of ZincFive Common Stock, to be issued upon a one-for-one conversion of all of the SPKL Class A Ordinary Shares and SPKL Class B Ordinary Shares held by the Sponsor, which reflects the forfeiture of (i) 3,500,000 shares to be issued to the Lead Purchaser and (ii) 922,078 shares to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement. The Founder Shares were initially acquired by the Sponsor for a total subscription price of $25,000.(1)4,245,268 ZincFive Warrants, to be issued upon a one-for-one conversion of all of the Private Placement Warrants held by the Sponsor, which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement. The Private Placement Warrants were initially acquired by the Sponsor with the closing of the IPO at a price of a $1.00 per Private Placement Warrant, for a total purchase price of $8,490,535.(2)750,000 ZincFive Warrants to be issued upon a one-for-one conversion of all of the Working Capital Warrants to be held by Sponsor, assuming full conversion of $1,500,000 of the unpaid principal balance of the Convertible Note into Working Capital Warrants at a price of $1.00 per warrant at the Closing, which reflects the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement.(3)</td><td style="vertical-align:top;width:11.1pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:237.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">The Sponsor has advanced approximately $ million to SPKL under the Non-Convertible Note, which includes an aggregate of $ in Contributions deposited into the Trust Account as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, all of which will be repaid in cash.The Sponsor has advanced approximately $million to SPKL under the Convertible Note, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, of which $ will be repaid in cash.(3)$ in reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than such reimbursement.</td></tr></table> 1150000 4245268 750000 The Sponsor has advanced approximately $ million to SPKL under the Non-Convertible Note, which includes an aggregate of $ in Contributions deposited into the Trust Account as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, all of which will be repaid in cash. The Sponsor has advanced approximately $million to SPKL under the Convertible Note, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus, of which $ will be repaid in cash. $ in reimbursement of out-of-pocket expenses incurred by the Sponsor in connection with identifying, investigating and completing an initial business combination, as of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus. In no event will the Sponsor be paid any finder’s fee, consulting fee or other compensation prior to, or for any services rendered to effectuate, the completion of the Business Combination, other than such reimbursement. <table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">On December 8, 2021, the Sponsor acquired 6,870,130 Founder Shares for a total of $25,000. Up to 448,052 of such shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option was exercised and pursuant to the Letter Agreement, up to 3,435,065 of such shares were subject to forfeiture if the Forward Purchaser exercises its right to terminate or reduce its commitment to purchase forward purchase securities pursuant to the Forward Purchase Agreement or in the event of SPKL’s liquidation and subsequent dissolution. On October 10, 2023, at the request of SPKL, Cantor informed SPKL that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Founder Shares, and such forfeited shares were cancelled by SPKL prior to the consummation of the IPO. Additionally, pursuant to the Sponsor Agreement, the Letter Agreement was amended to provide that the Sponsor will not be obligated to surrender any Founder Shares (or any SPKL Class A Ordinary Share issued upon conversion thereof) as a result of the Forward Purchaser not fulfilling its commitment under the Forward Purchase Agreement. Accordingly, no forfeiture of Founder Shares as contemplated under the Letter Agreement will occur in connection with the Business Combination regardless of whether the Forward Purchaser fulfills its commitment. On April 1, 2022, the Sponsor sold and transferred 850,000 Founder Shares to certain of SPKL’s officers and directors, at a purchase price equal to the par value per share. On July 8, 2025, in connection with the First Extension Meeting, the Sponsor converted 4,000,000 SPKL Class B Ordinary Shares into 4,000,000 SPKL Class A Ordinary Shares on a one-for-one basis, resulting in 1,572,078 SPKL Class B Ordinary Shares and 4,000,000 SPKL Class A Ordinary Shares held by the Sponsor as of the date of this proxy statement/prospectus. Upon the Domestication, the Sponsor is expected to receive 1,150,000 shares of ZincFive Common Stock, with an implied aggregate market value of $ million (based upon the closing price of $ per SPKL Class A Ordinary Share on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 3,500,000 shares of ZincFive Common Stock to be issued to the Lead Purchaser as a condition to the Lead Purchaser’s participation in the Series A Preferred Investment and (ii) 922,078 shares of ZincFive Common Stock to be issued to the First Tranche Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Upon the Domestication, the Sponsor is expected to receive 4,245,268 ZincFive Warrants, with an implied aggregate market value of $ million (based upon the closing price of $ per Public Warrant on Nasdaq on , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), which reflects the forfeiture of (i) 2,786,867 ZincFive Warrants to be reserved for issuance as stock options under the 2026 Plan and (ii) 1,458,400 ZincFive Warrants to be issued to certain of the Bridge Investors, each pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.”</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Up to $1,500,000 of the amount borrowed under the Convertible Note will, in the Sponsor’s discretion, either be repaid upon the Closing or converted into Working Capital Warrants at a price of $1.00 per warrant (or any combination of repayment or conversion). Any such warrants will be identical to the Private Placement Warrants and convert into ZincFive Warrants upon the Closing, and subject to the forfeiture of 50% of such warrants to be reserved for issuance as stock options under the 2026 Plan pursuant to the Sponsor Agreement as described in the section entitled “The Business Combination Proposal — Certain Agreements Related to the Business Combination — Sponsor Agreement.” To the extent that the Sponsor elects to receive the repayment of such outstanding amounts in Working Capital Warrants, to be converted on a one-for-one basis into ZincFive Warrants at Closing, and subsequently exercises such warrants to acquire ZincFive Common Stock, the resulting issuances of ZincFive Common Stock may result in material dilution of the non-redeeming shareholders of SPKL who become stockholders of ZincFive.</td></tr></table> The SPKL Board believes that the Business Combination Proposal and the other proposals to be presented at the Extraordinary General Meeting are in the best interest of SPKL. Accordingly, the SPKL Board unanimously recommends that its shareholders vote “FOR” the approval of the Business Combination Proposal, “FOR” the approval of the Domestication Proposal, “FOR” the approval of the Stock Issuance Proposal, “FOR” the approval of the Organizational Documents Proposal, “FOR” the approval, on an advisory basis, of each of the separate Advisory Organizational Documents Proposals, “FOR” the approval of the Incentive Plan Proposal, “FOR” the approval of the Employee Stock Purchase Plan Proposal, “FOR” the approval of the Director Election Proposal and “FOR” the approval of the Adjournment Proposal, if presented to the Extraordinary General Meeting. The following tables summarize the sources and uses for funding the Business Combination, assuming (i) none of the Public Shareholders exercise their redemption rights and (ii) the Public Shareholders exercise their redemption rights with respect to SPKL Class A Ordinary Shares, representing the maximum amount of Public Shares that can be redeemed.Where actual amounts are not known or knowable, the figures below represent SPKL’s and Legacy ZincFive’s good faith estimate based on the assumptions set forth in the notes to the tables. If the actual facts are different from these assumptions, actual amounts will be different from those below. For more information, see “Unaudited Pro Forma Condensed Combined Financial Information.”Estimated Sources and Uses of Funds for the Business Combination<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Redemption</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">($ in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Scenario</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">SPKL cash in trust(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 25.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Series A Preferred Investment proceeds(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 100.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 100.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Legacy ZincFive equity rollover(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Bridge loans(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Convertible Bridge Notes(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 6.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 6.5</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Short term loan(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5.0</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 776.1</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 750.3</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-top:3px double #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Legacy ZincFive equity rollover(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 600.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Repayment of bridge loans(7)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 38.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Repayment of short term loan(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 5.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Repayment of notes payable to Sponsor</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.8</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Illustrative fees and expenses(8)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 24.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 24.0</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Cash to balance sheet(9)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 105.4</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 79.6</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 776.1</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 750.3</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Amounts may not sum due to rounding.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">SPKL total cash in trust as of June 30, 2026.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes a Series A Preferred Investment of $100 million, excluding the payment of $6.5 million by certain Series A Preferred Investors through the cancellation and conversion of their Bridge Notes in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Includes (i) approximately 54,336,000 shares of ZincFive Common Stock issuable to holders of outstanding Legacy ZincFive Common Stock, outstanding Legacy ZincFive Preferred Stock, and outstanding Legacy ZincFive Warrants, and (ii) approximately 5,664,000 shares of ZincFive Common Stock issuable upon exercise of Exchanged ZincFive Options to be issued in exchange for outstanding Legacy ZincFive Options.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Includes (i) $27.7 million in principal amount of Bridge Notes that are not being canceled and converted in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants in the Series A Preferred Investment, (ii) $0.4 million in principal amount of a promissory note issued by Legacy ZincFive in partial satisfaction of professional fees owed, and (iii) $10.7 million in principal amount of Convertible Promissory Notes.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Represents Bridge Notes that will be canceled and converted in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants in the Series A Preferred Investment.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;">On June 10, 2026, Legacy ZincFive received total proceeds of $5 million from an unsecured promissory note with an existing investor. Legacy ZincFive repaid the principal and interest in full on July 9, 2026. In connection with the issuance of the short- term loan, ZincFive agreed to issue 500,000 warrants in the common stock of ZincFive after closing of the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(7)</td><td style="padding:0pt;">Represents repayment of principal and interest on $27.7 million in principal amount of Bridge Notes that are not being canceled and converted in exchange for shares of Series A Preferred Stock and Series A Preferred Investor Warrants in the Series A Preferred Investment.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(8)</td><td style="padding:0pt;">Represents estimated transaction fees and expenses, the actual amount of which will vary depending on actual fees and expenses incurred in connection with the Business Combination.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(9)</td><td style="padding:0pt;">The actual amount of cash will vary depending on, among other things, actual fees and expenses incurred in connection with the Business Combination.</td></tr></table> SPKL shareholders are being asked to approve the Merger Agreement and Business Combination. The discussion in this proxy statement/prospectus of the Business Combination and the principal terms of the Merger Agreement is subject to, and is qualified in its entirety by reference to, the Merger Agreement, which is attached as Annex A to this proxy statement/prospectus.You should read carefully this proxy statement/prospectus in its entirety for more detailed information concerning the Merger Agreement. Please see the section entitled “— Merger Agreement” below, for additional information and a summary of certain terms of the Merger Agreement. SPKL’s Sponsor, SLG SPAC Fund LLC, is a Delaware limited liability company. The Sponsor’s business is focused on investing in SPKL in connection with its search for an initial business combination. An affiliate of the Sponsor provides office space, utilities, secretarial support and administrative services to SPKL. The Sponsor is an affiliate of SparkLabs Group Management, LLC (“SparkLabs Group Management”), which oversees SparkLabs Group, a premier global network of startup accelerators and venture capital funds that has invested in over 650 startups (primarily technology focused) across six continents since 2013. Background of the Business CombinationSPKL is a blank check company that was incorporated as a Cayman Islands exempted company on July 12, 2021, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. SPKL’s Sponsor, SLG SPAC Fund LLC, is an affiliate of SparkLabs Group Management, which oversees SparkLabs Group, a premier global network of startup accelerators and venture capital funds that has invested in over 650 startups (primarily technology focused) across six continents since 2013.The terms of the Merger Agreement are the result of arm’s-length negotiations among SPKL and Legacy ZincFive and their respective representatives. The following discussion summarizes such negotiations and the resulting terms of the Merger Agreement, including SPKL’s target-search strategy, its evaluation of potential targets, the process through which Legacy ZincFive was selected, the negotiation and diligence process leading to execution of the Merger Agreement and the principal factors considered by the SPKL Board in approving the Business Combination and the Transactions. SPKL also considered Legacy ZincFive’s objective of completing a transaction in 2026. In SPKL’s view, this accelerated timetable compared more favorably to the expected timing risks associated with Company E. Negotiation, Due Diligence, and Approval ProcessThe following chronology summarizes the principal events in SPKL’s evaluation of Legacy ZincFive and the negotiation and approval of the Merger Agreement.On April 16, 2026, a representative of Hunter Taubman Fischer & Li LLC (“HTFL”), one of Chardan’s legal advisors, contacted a representative of SPKL to recommend an introduction to Legacy ZincFive. Legacy ZincFive had recently terminated negotiations with another SPAC for a potential de-SPAC transaction that ultimately did not proceed. While in negotiations with the other SPAC, Legacy ZincFive also engaged in negotiations from March 2026 to May 2026 with the Lead Purchaser and several other investors as potential PIPE investors, and agreed with the Lead Purchaser on the terms of a potential PIPE investment by the Lead Purchaser in May 2026. The Lead Purchaser was initially introduced to Legacy ZincFive by Cantor, Legacy ZincFive’s financial advisor and PIPE placement agent, in connection with Legacy ZincFive’s prior engagement with the other SPAC. Because Legacy ZincFive had an expected anchor investor in the PIPE from the Lead Purchaser, Legacy ZincFive offered a uniquely attractive business combination partner for SPKL.On April 16, 2026, a representative of Chardan presented Legacy ZincFive as a potential target to SPKL and shared the investor presentation (the “Investor Presentation”). Based on SPKL’s interest in learning more about Legacy ZincFive, Chardan scheduled an introductory teleconference with Legacy ZincFive’s Chief Executive Officer, Tod Higinbotham, and Co-Founder, Tim Hysell, for April 17, 2026.On April 17, 2026, Messrs. Higinbotham and Hysell presented the Investor Presentation, business plan and overall growth strategy to the SPKL management team, with representatives of Chardan also in attendance. James Rhee, Chief Executive Officer of SPKL, presented a background of SparkLabs Group and SPKL’s initiative. Both parties quickly realized the potential benefits of a business combination transaction and agreed to execute a non-disclosure agreement (“NDA”) and to open a virtual data room to facilitate further discussions. On the same date, Cooley shared drafts of the Series A Securities Purchase Agreement, the Certificate of Designation and the form of Series A Preferred Investor Warrant with the Lead Purchaser.On April 19, 2026, SPKL executed the NDA with Legacy ZincFive, and the parties held a follow-up meeting to further discuss a potential business combination and general terms of a letter of intent (“LOI”) including valuation and economic terms for SPKL. On the same date, Mr. Rhee discussed the potential de-SPAC transaction with Cantor and representatives of SPKL were granted access to the virtual data room established by Legacy ZincFive. SPKL’s management team reviewed the materials provided in the virtual data room and contacted representatives of Legacy ZincFive regarding the proposed general terms to be included in the LOI, including: (1) the transfer or forfeiture by Sponsor of a portion of SPKL shares to certain third parties, and (2) the forfeiture of a portion of the Private Placement Warrants to certain members of Legacy ZincFive management, but did not include discussions regarding a proposed value to be ascribed to Legacy ZincFive.On April 20, 2026, SPKL also received a PIPE term sheet from Legacy ZincFive based on the PIPE Legacy ZincFive had arranged for its prior consideration of a potential de-SPAC transaction, which had followed from extensive negotiations among Legacy ZincFive, the prior SPAC and the Lead Purchaser. SPKL and Legacy ZincFive management discussed the key terms for the PIPE including: (i) the conversion and exercise prices and treatment of the Series A Preferred Stock and Series A Investor Warrants under different circumstances, (ii) anti-dilution and other adjustments to the conversion and exercise prices, (iii) redemption rights, and (iv) voting, distribution and participation rights and other customary protections.On April 21, 2026, Mr. Rhee and Ivan Grlic, Co-founder and Managing Partner of SparkLabs Saudi Arabia, met with Messrs. Higinbotham and Hysell to discuss potential ways SparkLabs Group might support Legacy ZincFive for future business development in the Middle East. Mr. Rhee sent a draft LOI to Legacy ZincFive’s management for review. The draft LOI did not ascribe a value to Legacy ZincFive, but contemplated the following material terms: (1) a lock-up period during which Sponsor would not be able to trade any of its shares of ZincFive Common Stock for a 12-month period following the Closing (subject to potential early release), (2) the forfeiture of 50% of the Private Placement Warrants to certain parties identified by Legacy ZincFive, and (3) the right of SPKL to designate a Board of Directors observer of the combined company.On April 22, 2026, Legacy ZincFive delivered a revised version of the LOI to SPKL. While the draft LOI did not ascribe a value to Legacy ZincFive, it contemplated the following material terms: (1) aggregate proceeds in connection with the potential business combination, inclusive of equity PIPE investments of between $80,000,000-100,000,000, and any funds in the Trust Account following the satisfaction of redemption elections, (2) agreeing to the lock-up period applicable to Sponsor with proposed new terms governing early release of its shares of ZincFive Common Stock, (3) a condition to Legacy ZincFive’s obligation to close requiring that there be minimum gross cash proceeds of between $80-100 million from equity PIPE investments and the proceeds in the Trust, and (4) a long-term incentive equity plan and employee stock purchase program that the parties agreed would be put in place at the combined company.On April 23, 2026, Cooley shared a draft of the Merger Agreement and the PIPE documents with WSGR. Legacy ZincFive proposed the following significant terms in the Merger Agreement: (1) ascribing a price of $10.00 for each SPKL Class A Ordinary Share, (2) a right for the Legacy ZincFive Board to change its recommendation to shareholders in certain circumstances (“Legacy ZincFive Change in Recommendation”), (3) a minimum cash closing condition of $100,000,000, and (4) the approval by SPKL’s shareholders of a proposal to extend the deadline for consummating a business combination. On the same date, the Lead Purchaser shared comments on the PIPE documents with Cooley. In addition, on the same date, Legacy ZincFive consummated the initial closing of the Bridge Financing, issuing subordinate promissory notes to certain Legacy ZincFive stockholders and/or their affiliates. The initial closing of the Bridge Financing followed discussions that occurred between January 2026 and April 2026 among the Legacy ZincFive Board, management and stockholders regarding Legacy ZincFive’s need for short-term capital, and in particular a discussion on April 9, 2026 of potential terms for the Bridge Financing between Legacy ZincFive management and General Ventures, the lead investor of the Bridge Financing. Legacy ZincFive management solicited interest from existing stockholders to participate in the Bridge Financing, including by providing existing holders of Legacy ZincFive Series F Stock the opportunity to participate. In addition, prior to the initial closing of the Bridge Financing, General Ventures discussed the terms with certain other of Legacy ZincFive’s existing investors to ensure that the Bridge Financing would provide sufficient short-term capital to Legacy ZincFive.On April 24, 2026, the LOI was executed, and Legacy ZincFive’s financial advisor, Cantor, proposed the establishment of daily standing teleconferences involving representatives from the Legacy ZincFive management team for ongoing process updates and alignment on the transaction timeline. SPKL agreed to the proposal, and the daily standing teleconferences were established to continue until the Merger Agreement was signed. The teleconferences involved representatives from Legacy ZincFive, SPKL, Cantor, WSGR and Cooley. On the same date, Legacy ZincFive management team and Mr. Rhee met with an additional potential investor to discuss the investor’s interest in participating in the PIPE investment. Throughout the negotiation of the PIPE and discussions with potential PIPE investors, no valuations or other material information about the SPAC, Legacy ZincFive, or the Transaction were shared with potential PIPE investors that were not publicly disclosed in connection with the public announcement of the Business Combination.On April 26, 2026, the SPKL Board held a meeting to introduce the business combination opportunity with Legacy ZincFive and to discuss the status of negotiations with Legacy ZincFive and to assess Legacy ZincFive’s business and its potential attractiveness as a merger candidate. The valuation analysis provided by Legacy ZincFive and separately conducted by the SPKL management team, as discussed under “— Selection of Legacy ZincFive” were shared with the SPKL Board. A follow-up meeting with the SPKL Board was planned for April 30, 2026 to introduce the SPKL Board to the leadership team of Legacy ZincFive.On April 27, 2026, the first daily standing call was held. The parties reviewed the overall project plan and project management structure and established different workstreams. SPKL proposed scheduling due diligence calls regarding Legacy ZincFive’s financials, business plan, overall growth strategy and valuation.On April 28, 2026, WSGR provided comments on the draft PIPE documents initially provided by Cooley. On the same date, SPKL and Legacy ZincFive’s marketing teams held an introductory teleconference to review the overall communication plan and discuss next steps. Mr. Rhee also held a meeting with Chardan to discuss the status of the PIPE investment, and Legacy ZincFive management team and Mr. Rhee held a meeting with a potential investor to discuss an alternative financing structure to the PIPE investment.On April 30, 2026, Messrs. Higinbotham and Hysell presented the Investor Presentation, business plan and overall growth strategy to the SPKL Board. On the same date, SPKL and Legacy ZincFive held a teleconference to review and discuss Legacy ZincFive’s valuation, during which SPKL shared its valuation analysis.Also on April 30, 2026, the possibility of certain Bridge Investors, all of which were existing stockholders of Legacy ZincFive, participating in the PIPE was then discussed with, and agreed to by, the Lead Purchaser, after representatives of Legacy ZincFive and Cooley first discussed the possibility on April 12, 2026, resulting in alignment that Bridge Investors holding $6.5 million of Bridge Notes would exchange such Bridge Notes for securities in the PIPE in aggregate principal amount.On May 1, 2026, SPKL’s and certain members of Legacy ZincFive’s management team held a teleconference to review and discuss Legacy ZincFive’s financial statements and forecast model.On May 3, 2026, the SPKL management team held an internal discussion to review and discuss the current Investor Presentation. Later on the same date, WSGR delivered an updated version of the Merger Agreement to Cooley, which included the following material changes: (1) that the business principals would discuss the potential revesting of certain Founder Shares and Private Placement Warrants, (2) the payments of certain transaction fees by Legacy ZincFive, including SPKL’s legal fees, (3) Legacy ZincFive’s requirement to pay off all of its indebtedness at or prior to the Closing Date, (4) SPKL’s right to continue trading on the OTC Market prior to the consummation of the Business Combination, (5) removal of the Legacy ZincFive Change in Recommendation, (6) removal of the minimum cash closing condition of $100,000,000 and (6) a closing condition which required approval for listing of ZincFive Common Stock.On May 4, 2026, SPKL held a teleconference with the Legacy ZincFive Board to provide an overview of SPKL, its criteria for a potential business combination target, an overview of the proposed transaction, key milestones, and to address Legacy ZincFive’s initial questions. In a separate teleconference on the same date, SPKL shared an updated Investor Presentation with Cantor and Legacy ZincFive.On May 5, 2026, SPKL’s management team and Messrs. Higinbotham and Heimbigner held a follow-up teleconference on Legacy ZincFive’s financial statements and forecast model. SPKL and Legacy ZincFive also held a meeting to discuss communication plans for the announcement of the Merger Agreement. Please see the section entitled “Certain Forecasted Financial Information for Legacy ZincFive” for further information.On May 6, 2026, Messrs. Higinbotham, Hysell and Rhee met with Cantor to discuss proposed terms for financing the Transaction. Cooley sent a revised version of the Merger Agreement to WSGR, which included the following material changes: (1) a reference to a note purchase agreement between Legacy ZincFive and certain Bridge Investors, pursuant to which Legacy ZincFive could issue promissory notes and warrants to Bridge Investors (the “Bridge Financing”), (2) removal of certain transaction fees that would have been borne by Legacy ZincFive, other than the fees of WSGR, (3) ascribing an equity value for Legacy ZincFive of $600,000,000, (4) adding back the minimum cash closing condition of $100,000,000 and (5) adding back the Legacy ZincFive Change in Recommendation.On May 7, 2026, Messrs. Higinbotham, Hysell and Rhee met to discuss overall status of the Merger Agreement and proposed terms for financing the Transaction. Legacy ZincFive shared an updated financial model incorporating updated expectations for an anticipated Bridge Financing and PIPE investments. On the same date, SPKL held discussions with potential Bridge Investors regarding the Bridge Financing and the subscription by PIPE investors.On May 9, 2026, SPKL engaged Houlihan Capital, a leading independent valuation firm, to assist the SPKL Board to prepare and deliver an opinion, whether or not favorable, to the SPKL Board as to whether, as of the date of such opinion, the transaction was fair from a financial point of view to the unaffiliated shareholders of SPKL.On May 11, 2026, SPKL and Legacy ZincFive held a teleconference. They completed the final review of the Investor Presentation and confirmed the implied equity value calculations. The parties also discussed the timeline for Legacy ZincFive to obtain the audited financial statements that would be required to be included in the registration statement of which this proxy statement/prospectus forms a part.On May 12, 2026, SPKL, Houlihan Capital and WSGR held a due diligence teleconference. Following the teleconference, Houlihan Capital shared a formal request list for the due diligence documentation required to proceed with its engagement.On May 13, 2026, SPKL and Legacy ZincFive held a teleconference to discuss the information required by Houlihan Capital in connection with Houlihan Capital’s Fairness Opinion analysis. On the same date, SPKL, Legacy ZincFive and Cantor met to discuss proposed terms for financing the Transaction.On May 14, 2026, Houlihan Capital conducted a diligence teleconference with Legacy ZincFive management to review inputs required for the fairness opinion. SPKL, Legacy ZincFive, CBIZ CPAs, P.C. (“CBIZ”) and KPMG held a working session on the requirements for Legacy ZincFive’s audited financial statements, SPKL and WSGR held a conference call to discuss legal workstreams and the status of due diligence, and SPKL held a follow-up teleconference with Houlihan Capital to address outstanding data requests and refine the engagement scope. On the same date, SPKL, Legacy ZincFive and Cantor conducted a session to refine the transaction timeline and milestones for the filing of the registration statement.Later on May 14, 2026, WSGR sent a revised version of the Merger Agreement to Cooley, which included the following material changes: (1) removal of the Legacy ZincFive Change in Recommendation, and (2) making the fees and expenses payable to Houlihan Capital a transaction expense to be borne by Legacy ZincFive.On May 15, 2026, SPKL met with Houlihan Capital to discuss status of the Fairness Opinion and the timeline for completion. On the same date, SPKL met with Legacy ZincFive and Cantor to discuss potential timelines for the S-4 filing.On May 16, 2026, Houlihan Capital sent a follow-up inquiry, requesting certain additional information. SPKL coordinated with Legacy ZincFive leadership and legal counsel to gather the corresponding responses and documentation.On May 17, 2026, Cooley sent a revised version of the Merger Agreement to WSGR, which included a “drop-dead” date of nine months following Closing.On May 18, 2026, SPKL, Legacy ZincFive, Cooley, WSGR and Cantor conducted a walkthrough of the Investor Presentation. SPKL coordinated diligence responses to Houlihan Capital on Series A Preferred Investor Warrants and certain indebtedness of Legacy ZincFive that may become payable in connection with the Closing. SPKL and Legacy ZincFive also reviewed the pro forma capitalization of the combined company and confirmed Houlihan Capital’s internal committee presentation.On May 19, 2026, SPKL met with Houlihan Capital to discuss status of the Fairness Opinion and completion timeline. WSGR sent a revised version of the Merger Agreement to Cooley, which included a “drop-dead” date of twelve months following Closing. Messrs. Higinbotham, Hysell and Rhee met to discuss overall status of the Merger Agreement and financing of the Transaction.On May 22, 2026, the SPKL Board held a meeting with representatives of WSGR to review the draft Merger Agreement, the Ancillary Documents and transaction checklist. Messrs. Higinbotham, Hysell and Rhee met to discuss overall status of the Merger Agreement and financing of the Transaction.On May 26, 2026, Cooley sent revised versions of the Merger Agreement and Sponsor Agreement to WSGR, and WSGR circulated the revised Merger Agreement and Sponsor Agreement to SPKL, flagging key negotiation points, including treatment of the Bridge Financing, representations and warranties of SPKL, covenants of Legacy ZincFive between signing of the Merger Agreement and Closing, a “drop-dead” date of nine months following Closing, Sponsor’s working capital loan conversions and forfeiture of Legacy ZincFive securities that Sponsor would have otherwise been entitled to in connection with the Closing.On May 27, 2026, WSGR presented a summary of key legal diligence findings to the SPKL management based on its review of Legacy ZincFive.On May 31, 2026, SPKL received feedback from the Lead Purchaser’s counsel on the Certificate of Designation and Securities Purchase Agreement, which included a cap on the issuance of additional shares of Series A Preferred Stock, certain revisions allowing for the Series A Preferred Stock to participate with common stock in the winding up of the combined company, a cap on the number of unrestricted shares at Closing in consideration of Nasdaq’s listing rules requiring a minimum number of round lot holders and public float, and lock-up release mechanisms, including a requirement that any waiver of the 12-month lockup would require the prior consent of the Lead Purchaser. In evaluating the Business Combination, the SPKL Board consulted with SPKL’s management and SPKL’s financial and legal advisors. On June 10, 2026, the SPKL Board unanimously: (i) determined that it was advisable and in the best interests of SPKL and its shareholders for SPKL to enter into the Merger Agreement, the Ancillary Documents, and the Series A Preferred Investment Agreements; (ii) approved the Transactions; and (iii) recommended that the SPKL shareholders approve the Shareholder Proposals.The SPKL Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors it considered in reaching their respective determinations. Members of the SPKL Board viewed their decisions as being based on all of the information available and the factors presented to and considered by each of them. In addition, individual directors may have given different weight to different factors. This explanation of the SPKL Board’s reasons for the Business Combination and other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed in the section entitled “Cautionary Note Regarding Forward-Looking Statements.”The SPKL Board considered a number of factors pertaining to the Business Combination as generally supporting its decision to enter into the Merger Agreement, the Ancillary Documents and the Series A Preferred Investment Agreements and the Transactions, including the following factors:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Size of the Total Addressable Market. Legacy ZincFive operates in the immediate power solutions market, serving data center, artificial intelligence infrastructure, defense and critical infrastructure applications.</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Differentiated Technology Platform. Legacy ZincFive’s proprietary nickel-zinc battery technology provides a differentiated immediate power solution with advantages in safety, sustainability and performance as compared to conventional lead-acid and lithium-ion alternatives.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Compelling Industry Tailwinds. Demand for reliable and sustainable immediate power solutions is expected to grow significantly, driven by the rapid expansion of data centers and AI infrastructure, increasing power density requirements, and growing regulatory and sustainability pressure on operators to reduce reliance on lead-acid and lithium-ion technologies.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Attractive Valuation. The SPKL Board believes the $600,000,000 equity value ascribed to Legacy ZincFive in the Business Combination is attractive as compared to a range of valuations given to comparable companies in connection with similar transactions and public and private financings based on the factors and analysis considered as further described under “— Selection of Legacy ZincFive”.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Secure Financing. The SPKL Board also considered that Legacy ZincFive was able to secure $106.5 million in aggregate from the Series A Preferred Investors, who committed to subscribe for Series A Preferred Stock in connection with the Business Combination. The SPKL Board also considered that the Series A Preferred Investors consisted of a mix of existing Legacy ZincFive investors and investors with no prior investment in Legacy ZincFive.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Industry-Leading Management Team. Legacy ZincFive is managed by an experienced leadership team with deep expertise in battery technology, power electronics and the data center and defense markets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Strategic Fit and Post-Closing Support. The SPKL Board considered the potential strategic benefits of SPKL’s and SparkLabs Group’s international relationships, technology ecosystem, capital- markets experience and business-development network. The SPKL Board believed these resources could assist ZincFive with its future geographic expansion, strategic partnerships, customer introductions and financing initiatives.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Fairness Opinion of the Financial Advisor to the SPKL Board. The SPKL Board considered the financial analyses reviewed by Houlihan Capital with the SPKL Board as well as the oral opinion of Houlihan Capital rendered to the SPKL Board on June 10, 2026, as to the fairness, from a financial point of view, of the Business Combination to the unaffiliated shareholders of SPKL. Houlihan Capital subsequently confirmed its opinion in writing. A copy of the Fairness Opinion is attached as Annex M to this proxy statement/prospectus.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Modification in Recommendation. As more fully described under the section entitled “The Business Combination Proposal,” pursuant to the Merger Agreement, the SPKL Board may withdraw, amend, qualify or modify its recommendation to SPKL shareholders that they vote in favor of the SPKL Stockholder Matters at any time prior to, but not after, the Domestication if it concludes in good faith, after consultation with its outside legal advisors and financial advisors, that the failure to make such a Modification in Recommendation would be a breach of fiduciary duties under applicable law.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Lock-Up. Subject to certain limited and customary exceptions with respect to permitted transfers, Legacy ZincFive Securityholders will be subject to a 180-day lock-up (12 months in the case of affiliates of ZincFive) in respect of the ZincFive Common Stock and other ZincFive securities issued to them as consideration in the Business Combination, which will provide important stability to the combined company. However, if the VWAP of ZincFive Common Stock equals or exceeds $12.00 for any 20 trading days within any 30 trading day period commencing 180 days after the Resale Registration Statement becomes effective, then the lock-up will expire.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Due Diligence. SPKL and its advisors, including WSGR, conducted a diligence review of Legacy ZincFive and its businesses and operations, including review of relevant material agreements and discussions with Legacy ZincFive management and Legacy ZincFive’s financial and legal advisors.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Accelerated Timeline. The SPKL Board favorably viewed Legacy ZincFive’s objective of completing a transaction in 2026, compared against Company E’s inability to complete a de-SPAC until late 2027, which posed a risk for SPKL including from its March 29, 2027 deadline to complete the transaction under its organizational documents.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Shareholder Approval. In connection with the Business Combination, SPKL’s Public Shareholders have the option to: (i) remain shareholders of the combined company; (ii) sell their Public Shares; or (iii) redeem their Public Shares for the Redemption Price, pursuant to the terms of SPKL’s organizational documents.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Negotiated Transaction. The financial and other terms and conditions of the Merger Agreement, the Ancillary Documents and the Series A Securities Purchase Agreement are reasonable and were the product of arm’s-length negotiations between SPKL and Legacy ZincFive.</td></tr></table><div style="margin-top:12pt;"></div> In evaluating the Business Combination, the SPKL Board consulted with SPKL’s management and SPKL’s financial and legal advisors. On June 10, 2026, the SPKL Board unanimously: (i) determined that it was advisable and in the best interests of SPKL and its shareholders for SPKL to enter into the Merger Agreement, the Ancillary Documents, and the Series A Preferred Investment Agreements; (ii) approved the Transactions; and (iii) recommended that the SPKL shareholders approve the Shareholder Proposals.The SPKL Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors it considered in reaching their respective determinations. Members of the SPKL Board viewed their decisions as being based on all of the information available and the factors presented to and considered by each of them. In addition, individual directors may have given different weight to different factors. This explanation of the SPKL Board’s reasons for the Business Combination and other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed in the section entitled “Cautionary Note Regarding Forward-Looking Statements.” The SPKL Board considered the financial analyses reviewed by Houlihan Capital with the SPKL Board as well as the oral opinion of Houlihan Capital rendered to the SPKL Board on June 10, 2026, as to the fairness, from a financial point of view, of the Business Combination to the unaffiliated shareholders of SPKL. Houlihan Capital subsequently confirmed its opinion in writing. A copy of the Fairness Opinion is attached as Annex M to this proxy statement/prospectus. The SPKL Board also considered a variety of risks and uncertainties and other potentially negative factors concerning the Business Combination, including the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Limited Operating History and Related Business Risks. The SPKL Board considered the risks to successful implementation of Legacy ZincFive’s long-term business plan and strategy in light of its operating history as a private company. Such risks included: (i) the risk that commercialization of Legacy ZincFive’s products at scale may be delayed or may not occur as anticipated, including risks that increasing customer demand may not be satisfied, product quality and reliability may not be sufficiently maintained, and the challenges of introducing new products and managing operational complexity associated with rapid growth; (ii) that Legacy ZincFive has incurred net losses since inception and may not be able to obtain necessary financing on terms favorable to it, or at all, whether in connection with the Business Combination or otherwise; (iii) risks relating to evolving technological standards and competition from incumbent and emerging power solutions providers, including lithium-ion and other battery technologies; (iv) macroeconomic and geopolitical risks, including risks to Legacy ZincFive’s supply chain and the impact of tariffs on components sourced from overseas markets; (v) risks associated with customer concentration, dependence on continued adoption of nickel-zinc technology, the timing and size of customer orders, lengthy qualification and purchasing cycles, backlog conversion, working-capital requirements and the timing of large deployments, each of which could result in variable revenue, cash-flow and quarterly financial performance.</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Absence of Discounted Cash Flow Analysis. Legacy ZincFive did not provide financial forecasts relating to Legacy ZincFive in a form that permitted a discounted cash flow analysis to be performed. As such, no such analysis was performed with respect to Legacy ZincFive.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Intellectual Property Risks. The value of the intellectual property associated with Legacy ZincFive’s technology is based in part on Legacy ZincFive’s ability to use, protect and enforce its patents and other proprietary rights, which is not guaranteed and the inability to do so may expose Legacy ZincFive to the possible loss of competitive advantage.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Benefits May Not Be Achieved. The risk that the potential benefits of the Business Combination may not be fully achieved or may not be achieved within the expected timeframe.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Redemption Risk. The risk that a significant number of SPKL shareholders elect to redeem their Public Shares prior to the consummation of the Business Combination pursuant to SPKL’s organizational documents, thereby reducing the amount of cash available to ZincFive following the consummation of the Business Combination, which could adversely affect ZincFive or reduce the benefits to SPKL’s shareholders of the Business Combination. The SPKL Board noted in particular that, as of June 30, 2026, the aggregate amount on deposit in the Trust Account was approximately $25.8 million, representing a redemption price of approximately $11.54 per Public Share, and that the Available Closing SPAC Cash condition of $100,000,000 under the Merger Agreement is expected to be satisfied primarily through the proceeds of the Series A Preferred Stock Investment rather than the Trust Account.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Conflicts of Interest. The SPKL Board considered the conflicts of interest described under the section entitled “The Business Combination Proposal — Certain Interests of SPKL’s Directors and Officers and Others in the Business Combination,” including the Sponsor’s interest in completing the Business Combination to avoid the forfeiture of its investment in SPKL, the economic benefit to the Sponsor from the waiver of the Forward Purchase Agreement forfeiture obligation in connection with the ZincFive Business Combination specifically, and the consulting and board service fees payable to SPKL’s officers and directors.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Closing Conditions. The fact that completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within SPKL’s control, including the approval of Legacy ZincFive’s stockholders, and the consummation of the Series A Preferred Stock Investment.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Listing Risks. The challenges associated with preparing Legacy ZincFive, a private company, for the applicable disclosure and requisite internal controls, listing and audit requirements, corporate governance, and investor relations, to which ZincFive will be subject as a publicly traded company on a Stock Exchange, as well as associated compliance costs and the potential diversion of management resources from business operations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Transaction Approvals and SEC Review. Completion of the Business Combination is subject to required corporate and stockholder approvals, the effectiveness of the registration statement filed with the SEC and other applicable regulatory requirements. The review process could result in delays, additional disclosure obligations or changes to the anticipated transaction timetable.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Litigation. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Fees and Expenses. The fees and expenses associated with completing the Business Combination, including the $3,500,000 deferred underwriting commission payable to Cantor upon consummation.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Other Risks. Various other risks associated with the business of Legacy ZincFive, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/prospectus.</td></tr></table><div style="margin-top:12pt;"></div> Houlihan Capital SPKL selected Houlihan Capital to act as its financial advisor based on Houlihan Capital’s qualifications, expertise and reputation, and its knowledge of, and involvement in, similar transactions in the industry in which Legacy ZincFive operates. Fairness Opinion of Houlihan CapitalOn June 10, 2026, Houlihan Capital rendered its oral opinion to the SPKL Board, which was reaffirmed by delivery of the Fairness Opinion, to the effect that, as of the date of the Fairness Opinion and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Houlihan Capital, as set forth in Fairness Opinion, the Business Combination is fair, from a financial point of view, to the unaffiliated shareholders of SPKL.The full text of the Fairness Opinion is attached as Annex M and incorporated by reference into this proxy statement/prospectus in its entirety. The Fairness Opinion sets forth, among other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Houlihan Capital in rendering the Fairness Opinion. All shareholders of SPKL are urged to, and should, read the Fairness Opinion carefully and in its entirety. The Fairness Opinion was directed to the SPKL Board and addressed only that the Business Combination is fair, from a financial point of view, to the unaffiliated shareholders of SPKL, as of the date of the Fairness Opinion. Houlihan Capital expressed no opinion as to the fairness of any portion or aspect of the Business Combination to the holders of any class of securities, creditors or other constituencies of Legacy ZincFive or any one class or group of Legacy ZincFive’s securityholders. The Fairness Opinion did not address any other aspect or implications of the Business Combination and does not constitute an opinion, advice or recommendation as to whether to proceed with the Business Combination, or as to any aspect of the SPKL Board’s recommendation to its shareholders with respect to the adoption of the Business Combination, how any shareholder of SPKL should vote with respect to such adoption, or the statutory or other method by which SPKL is seeking such vote. In addition, the Fairness Opinion did not in any manner address the prices at which ZincFive Common Stock would trade following the consummation of the Business Combination or at any time. Houlihan Capital is under no obligation to update, revise, reaffirm or withdraw the Fairness Opinion, or otherwise comment on or consider events occurring after the date of the Fairness Opinion. The summary of the Fairness Opinion set forth in this proxy statement/ prospectus is qualified in its entirety by reference to the full text of the Fairness Opinion attached as Annex M hereto.For purposes of rendering the Fairness Opinion, Houlihan Capital, among other things:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Held discussions with certain members of SPKL and Legacy ZincFive management regarding the Business Combination, the business of Legacy ZincFive, and the future outlook for Legacy ZincFive;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed information provided by SPKL and Legacy ZincFive including, but not limited to:</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:46.8pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Non-binding letter of intent between SPKL and Legacy ZincFive, dated April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:46.8pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Draft Agreement and Plan of Merger and Reorganization by and among SPKL, Merger Sub I, Merger Sub II and Legacy ZincFive, dated May 17, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:46.8pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Draft PIPE financing documents, including the draft Certificate of Designation, draft form of Series A Preferred Investor Warrant, and draft Series A Securities Purchase Agreement;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:46.8pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive audited financial statements for the years ended December 31, 2023 through 2024, unaudited financial statements for the year ended December 31, 2025, and the last twelve months (“LTM”) period ended March 31, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:46.8pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive’s second quarter 2026 investor presentation, dated May 13, 2026; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:46.8pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">SPKL’s SEC filings;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed the industry in which Legacy ZincFive operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Developed indications of value for Legacy ZincFive using generally accepted valuation methodologies; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed certain other relevant, publicly available information, including economic, industry, and Legacy ZincFive specific information.</td></tr></table><div style="margin-top:12pt;"></div>In addition, Houlihan Capital had discussions with both Legacy ZincFive management and SPKL management concerning the material terms of the Business Combination and Legacy ZincFive’s business and operations, assets, present condition and future prospects, and undertook such other studies, analyses and investigations as Houlihan Capital deemed relevant, necessary or appropriate.In rendering the Fairness Opinion, Houlihan Capital relied upon and assumed, without independent verification, the accuracy, completeness, and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by Houlihan Capital. Houlihan Capital further relied upon the assurances and representations from SPKL management that they were unaware of any facts that would make the information provided to Houlihan Capital incomplete or misleading in any material respect for the purposes of Houlihan Capital rendering the Fairness Opinion. Houlihan Capital did not assume responsibility for any independent verification of this information, nor did it assume any obligation to verify this information. Nothing came to Houlihan Capital’s attention in the course of the engagement which led Houlihan Capital to believe that (i) any information provided to Houlihan Capital or assumptions made by Houlihan Capital were insufficient or inaccurate in any material respect or (ii) it was unreasonable for Houlihan Capital to use and rely upon such information or make such assumptions. For the avoidance of doubt, SPKL management directed Houlihan Capital to rely on the Forecast (as defined below) in preparation of the Fairness Opinion. To the knowledge of SPKL, the Forecast represented Legacy ZincFive management’s good faith assessment of Legacy ZincFive’s future performance assuming the closing of the Business Combination, for the periods stated therein, as of the date such Forecast was prepared. As of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), Legacy ZincFive management has affirmed to SPKL that the Forecast continues to reflect the views of Legacy ZincFive’s management regarding Legacy ZincFive’s future performance. There is no information that has come to the attention of SPKL management, as of the date of the Fairness Opinion, that would cause SPKL to believe that Houlihan Capital should not rely upon the Forecast, taking into account the assumptions incorporated therein. Houlihan Capital had no role whatsoever in the preparation of the Forecast, nor was Houlihan Capital asked to provide an outside “reasonableness review” of the Forecast. Further, SPKL did not engage Houlihan Capital to audit or otherwise validate any of the Forecast’s underlying inputs and assumptions. Except as described above and elsewhere in this section, neither SPKL, Sponsor, Legacy ZincFive, nor any of their respective affiliates imposed any limitation on the scope of Houlihan Capital’s investigation or on the procedures Houlihan Capital followed in rendering the Fairness Opinion, and none of them instructed Houlihan Capital as to the valuation approaches or methodologies to be employed, the guideline public companies to be selected, the valuation multiples to be applied, or the findings, conclusions or recommendations to be reached.In arriving at the Fairness Opinion, Houlihan Capital did not make an independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of Legacy ZincFive or SPKL, nor was Houlihan Capital furnished with any such evaluations or appraisals (except as stated herein). The Fairness Opinion, which is attached as Annex M hereto, is therefore necessarily based upon financial, market, economic, and other conditions, and circumstances as they exist and have been disclosed, and can be evaluated, as of June 10, 2026, without independent verification. Houlihan Capital was not requested to opine as to, and the Fairness Opinion does not address, the tax, accounting, or legal consequences of the Business Combination to either SPKL, its security holders, or any other party. Houlihan Capital relied as to all legal, tax and accounting matters on advice of SPKL management and its third-party legal, tax and accounting advisors. Houlihan Capital understood and assumed that SPKL has obtained or will obtain such advice as it deems necessary or appropriate from qualified legal, tax, accounting, environmental, regulatory, and other professionals.The following is a summary of the material financial and comparative analyses that Houlihan Capital deemed to be appropriate for the Business Combination that were reviewed with the SPKL Board in connection with delivering the Fairness Opinion. The summary of Houlihan Capital’s financial analyses described below is not a complete description of the analyses underlying its Fairness Opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to summary description. false Houlihan Capital did not assume responsibility for any independent verification of this information, nor did it assume any obligation to verify this information. Nothing came to Houlihan Capital’s attention in the course of the engagement which led Houlihan Capital to believe that (i) any information provided to Houlihan Capital or assumptions made by Houlihan Capital were insufficient or inaccurate in any material respect or (ii) it was unreasonable for Houlihan Capital to use and rely upon such information or make such assumptions. For the avoidance of doubt, SPKL management directed Houlihan Capital to rely on the Forecast (as defined below) in preparation of the Fairness Opinion. To the knowledge of SPKL, the Forecast represented Legacy ZincFive management’s good faith assessment of Legacy ZincFive’s future performance assuming the closing of the Business Combination, for the periods stated therein, as of the date such Forecast was prepared. As of , 2026, the most recent practicable date prior to the date of this proxy statement/prospectus), Legacy ZincFive management has affirmed to SPKL that the Forecast continues to reflect the views of Legacy ZincFive’s management regarding Legacy ZincFive’s future performance. There is no information that has come to the attention of SPKL management, as of the date of the Fairness Opinion, that would cause SPKL to believe that Houlihan Capital should not rely upon the Forecast, taking into account the assumptions incorporated therein. Houlihan Capital had no role whatsoever in the preparation of the Forecast, nor was Houlihan Capital asked to provide an outside “reasonableness review” of the Forecast. Further, SPKL did not engage Houlihan Capital to audit or otherwise validate any of the Forecast’s underlying inputs and assumptions. Except as described above and elsewhere in this section, neither SPKL, Sponsor, Legacy ZincFive, nor any of their respective affiliates imposed any limitation on the scope of Houlihan Capital’s investigation or on the procedures Houlihan Capital followed in rendering the Fairness Opinion, and none of them instructed Houlihan Capital as to the valuation approaches or methodologies to be employed, the guideline public companies to be selected, the valuation multiples to be applied, or the findings, conclusions or recommendations to be reached. Summary of Financial AnalysesIn assessing whether the Business Combination is fair, from a financial point of view, to the unaffiliated shareholders of SPKL, Houlihan Capital compared the price per share at which the unaffiliated shareholders may redeem their shares against the fair market value per share pro forma for the Business Combination calculated by Houlihan Capital. After considering the primary approaches that are traditionally used to appraise a business, as well as commonly used techniques and methods available under each approach, Houlihan Capital decided based on an assessment of company-specific factors and available market data to utilize the guideline public company analysis under the market approach in estimating the value range for the fair market value per share of SPKL pro forma for the Business Combination. Houlihan Capital did not utilize the adjusted book value approach because Legacy ZincFive operates as a going concern; did not utilize the comparable transactions method because it was unable to identify a sufficiently robust set of reasonably comparable transactions with sufficient publicly available data; and did not utilize the income approach, including the discounted cash flow method, because a detailed multi-year forecast of sufficient length was not available. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by Houlihan Capital, the tables must be read together with the text of each summary.Guideline Public Company AnalysisHoulihan Capital searched the universe of publicly traded companies for companies with operations that are similar to Legacy ZincFive and identified nine reasonably similar public companies. In selecting guideline public companies, Houlihan Capital searched for companies with similar business operations, size, prospects for growth, profitability, and risk. Among other things, Legacy ZincFive’s business model, product lines, geography, market position, and growth profile make it unique such that there are no perfectly comparable public companies. The guideline public company peer group relied upon by Houlihan Capital therefore includes companies that individually exhibit some of the traits of Legacy ZincFive and collectively encapsulate certain factors that make Legacy ZincFive unique. The guideline public company peer group relied upon by Houlihan Capital is presented in the table below.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:124.2pt;padding:0pt;"></td><td style="width:12.75pt;padding:0pt;"></td><td style="width:124.2pt;padding:0pt;"></td><td style="width:12.65pt;padding:0pt;"></td><td style="width:266.2pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Ticker</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Name</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Industry</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Battery Manufacturing</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:AMPX</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Amprius Technologies, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqCM:ELVA</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Electrovaya Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqGS:ENVX</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Enovix Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqCM:EOSE</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Eos Energy Enterprises, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:SES</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">SES AI Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqGS:SLDP</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Solid Power, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Automotive Parts and Equipment</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">Data Center Service Providers and Diversified Energy Storage Providers</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:ENS</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">EnerSys</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:NVT</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">nVent Electric plc</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:VRT</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Vertiv Holdings Co</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr></table>The guideline public companies used by Houlihan Capital were those that in Houlihan Capital’s determination most closely resembled Legacy ZincFive in terms of operating and risk characteristics as of the date of Houlihan Capital’s analysis. It was not possible to identify guideline public companies with characteristics identical to Legacy ZincFive. Many of Legacy ZincFive’s primary competitors have distinct corporate structures, business models, and geographies, or are not publicly listed. As a result, it was not possible to use every direct competitor as a basis for a comparable company analysis to determine an indicated value. Therefore, Houlihan Capital identified guideline public companies that are broadly similar to Legacy ZincFive, but, again, cannot be considered identical to Legacy ZincFive. Houlihan Capital notes that this is common practice in the professional valuation industry and is considered a generally accepted valuation methodology, since pure-play comparable public companies can rarely be identified.The selection of a valuation multiple is largely a qualitative exercise that is informed by quantitative measures. In selecting the multiples to apply, Houlihan Capital reviewed the growth expectations, risk, and margins (as captured by EBITDA margin) of Legacy ZincFive and the guideline public companies. Based on this information and other factors, Houlihan Capital used professional judgment to select multiples that reflect the relative comparability of Legacy ZincFive to the guideline public companies. Houlihan Capital considered applying multiples of revenues, EBITDA, net income, and book value; however, based on Legacy ZincFive’s and the peer group’s business model, Houlihan Capital concluded, using its professional judgment, that multiples of revenue were the most applicable in this instance. In valuing Legacy ZincFive, Houlihan Capital applied revenue multiples to the historical latest-twelve-month period ending March 31, 2026, and the forecasted year ended December 31, 2026 (“FY2026”) considering that Legacy ZincFive was expected to reach a more mature stage in future years beyond the forecast period. The Forecast as relied upon by Houlihan Capital is as shown below:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:379.3pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:50.85pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:50.95pt;padding:0pt;"></td><td style="width:2pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:379.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:379.3pt;margin:0pt;padding:0pt;">($, millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Low</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">High</td><td style="vertical-align:bottom;white-space:nowrap;width:2pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:379.3pt;background:#cceeff;margin:0pt;padding:0pt;">FY2026 Revenue </td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.85pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">90</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">105</td><td style="vertical-align:bottom;white-space:nowrap;width:2pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr></table></div>Houlihan Capital calculated multiples of enterprise value (“EV”) to LTM and FY2026 revenue for the guideline public companies. Houlihan Capital then applied the multiples to the following metrics, respectively:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Historical LTM revenue for the twelve-month period ended March 31, 2026, based on preliminary unaudited financial statements provided by Legacy ZincFive management; and,</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Forecasted FY2026 revenue per the Forecast.</td></tr></table><div style="margin-top:12pt;"></div>The valuation multiples, as of June 10, 2026, observed within Houlihan Capital’s guideline public company analysis, based on data obtained from S&P Capital IQ, are summarized in the following table.Guideline Public Company Analysis — Valuation Multiples as of June 10, 2026<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:299.15pt;padding:0pt;"></td><td style="width:10.7pt;padding:0pt;"></td><td style="width:114.15pt;padding:0pt;"></td><td style="width:10.7pt;padding:0pt;"></td><td style="width:47.3pt;padding:0pt;"></td><td style="width:10.7pt;padding:0pt;"></td><td style="width:47.3pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">EV/Revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">EV/Revenue</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:299.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Ticker</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Company Name</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">LTM</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">FY 2026</td></tr><tr style="height:14.14pt;"><td style="vertical-align:bottom;width:299.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Battery Manufacturing</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:AMPX</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Amprius Technologies, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">27.24x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">18.58x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqCM:ELVA</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Electrovaya Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">7.04x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">5.38x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqGS:ENVX</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Enovix Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">42.33x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">35.91x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqCM:EOSE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Eos Energy Enterprises, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">18.30x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">9.56x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:SES</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">SES AI Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">10.44x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">7.00x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqGS:SLDP</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Solid Power, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">25.68x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">52.22x</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">Data Center Service Providers and Diversified Energy Storage Providers</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:ENS</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">EnerSys</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.41x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.34x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:NVT</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">nVent Electric plc</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">6.47x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">5.60x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:VRT</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Vertiv Holdings Co</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">10.33x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">8.07x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Max</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">42.33x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">52.22x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">75th Percentile</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">25.68x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">18.58x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Mean</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">16.69x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">16.07x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Median</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">10.44x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">8.07x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">25th Percentile</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">7.04x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">5.60x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Min</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.41x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.34x</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>Source: S&P Capital IQ, as of June 10, 2026.In general, Legacy ZincFive compares favorably to the guideline public companies with regard to revenue growth. Legacy ZincFive’s 2026 low case revenue growth rate of 34.7% is generally aligned with the guideline public companies and near the median of the guideline public companies, while Legacy ZincFive’s 2026 high case revenue growth rate of 57.0% is generally above the guideline public companies. Houlihan Capital also noted that Legacy ZincFive’s 2025 revenue growth rate of 83.2% was between the median and 75th percentile of the Battery Manufacturing guideline public companies and higher than all of the Data Center Service Providers and Diversified Energy Storage Providers guideline public companies. Houlihan Capital also noted that Legacy ZincFive compares unfavorably to certain guideline public companies on a profitability basis.Certain factors suggest that Legacy ZincFive would trade at a premium to the guideline public companies, and other factors indicate it would trade at a discount. Ultimately, Houlihan Capital applied high and low LTM and FY2026 Revenue multiples as detailed below. Based on the public company trading data and the considerations noted above, Houlihan Capital selected an LTM multiple of 12.0x and a FY2026 multiple of 9.0x for the low case, which are around the 25th percentile of the Battery Manufacturing guideline public companies and the median of all the guideline public companies. For the high case, Houlihan Capital selected an LTM multiple of 16.0x and a FY2026 multiple of 10.0x, which are near the midpoint of the 25th percentile and median of the Battery Manufacturing guideline public companies and near the mean and median of all the guideline public companies. As a result, Houlihan Capital selected the following multiples to apply to its guideline public company analysis:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:377.3pt;padding:0pt;"></td><td style="width:11.95pt;padding:0pt;"></td><td style="width:55.95pt;padding:0pt;"></td><td style="width:11.9pt;padding:0pt;"></td><td style="width:55.9pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;margin:0pt;padding:0pt;">EV / Revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;margin:0pt;padding:0pt;">EV / Revenue</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Low Case)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(High Case)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:377.3pt;background:#cceeff;margin:0pt;padding:0pt;">LTM Multiples</td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">12.0x</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">16.0x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;">FY 2026 Multiples</td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;margin:0pt;padding:0pt;">9.0x</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;margin:0pt;padding:0pt;">10.0x</td></tr></table></div>Houlihan Capital calculated the product of the respective selected multiples stated above to determine a range of indicated enterprise values for Legacy ZincFive. This range was formed using the midpoint of the Low selections and midpoint of the High selections. It is common and generally accepted practice for financial advisors to develop a range of indicated values in this manner to account for the fact that it is difficult, if not impossible, to place an exact value on a company. The range of indicated values for Legacy ZincFive resulting from Houlihan Capital’s guideline public company analysis is presented in the following table:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:325.4pt;"><tr><td style="width:13.9pt;padding:0pt;"></td><td style="width:44.45pt;padding:0pt;"></td><td style="width:9pt;padding:0pt;"></td><td style="width:81pt;padding:0pt;"></td><td style="width:1pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:1pt;padding:0pt;"></td><td style="width:15.55pt;padding:0pt;"></td><td style="width:42.1pt;padding:0pt;"></td><td style="width:9pt;padding:0pt;"></td><td style="width:75.15pt;padding:0pt;"></td><td style="width:17.2pt;padding:0pt;"></td><td style="width:8.05pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:13.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="3" style="vertical-align:bottom;width:134.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="6" style="vertical-align:bottom;white-space:normal;width:167.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td colspan="4" style="vertical-align:bottom;width:148.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="3" style="vertical-align:bottom;width:24.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="4" style="vertical-align:bottom;width:143.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td colspan="1" style="margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td colspan="11" style="vertical-align:bottom;width:300.15pt;margin:0pt;padding:0pt;">Indicated Fair Market Value of</td><td colspan="2" style="margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td colspan="11" style="vertical-align:bottom;width:300.15pt;margin:0pt;padding:0pt;">Enterprise Range</td><td colspan="2" style="margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td colspan="11" style="vertical-align:bottom;width:300.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(millions)</td><td colspan="2" style="margin:0pt;padding:0pt;"></td></tr><tr style="height:9.69pt;"><td colspan="4" style="vertical-align:bottom;width:148.35pt;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">Low</td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:9pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:normal;width:142.8pt;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">High</td><td colspan="2" style="margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td colspan="2" style="vertical-align:bottom;width:58.35pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:9pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:81pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">784.6</td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:9pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:normal;width:58.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;width:75.15pt;margin:0pt;padding:0pt;">1,031.1</td><td colspan="2" style="margin:0pt;padding:0pt;"></td></tr></table>Houlihan Capital believes that this valuation methodology produced a range of indicated fair market values for the enterprise value of Legacy ZincFive that supports its overall conclusion within the broader context of its entire analysis.To determine the indicated fair market value of ZincFive’s equity pro forma for the Business Combination, Houlihan Capital started with the implied enterprise value of Legacy ZincFive (calculated in accordance with the analysis described above), subtracted PIPE preference (in the low case), subtracted projected transaction expenses related to the Business Combination, subtracted rollover and net bridge debt, subtracted SPKL debt, added the cash expected to be raised from various funding sources (including an assumed (i) projected cash from the Trust Account after redemptions and (ii) additional financing to be raised of $100.0 million), and finally subtracted Houlihan Capital’s calculated value of the SPKL Public Warrants, sponsor warrants, and Series A Preferred Investor Warrants.Houlihan Capital calculated an equity value range for ZincFive on a pro forma basis between approximately $9.06 per share and $12.27 per share of ZincFive Common Stock. Houlihan Capital searched the universe of publicly traded companies for companies with operations that are similar to Legacy ZincFive and identified nine reasonably similar public companies. In selecting guideline public companies, Houlihan Capital searched for companies with similar business operations, size, prospects for growth, profitability, and risk. Among other things, Legacy ZincFive’s business model, product lines, geography, market position, and growth profile make it unique such that there are no perfectly comparable public companies. The guideline public company peer group relied upon by Houlihan Capital therefore includes companies that individually exhibit some of the traits of Legacy ZincFive and collectively encapsulate certain factors that make Legacy ZincFive unique. The guideline public company peer group relied upon by Houlihan Capital is presented in the table below.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:124.2pt;padding:0pt;"></td><td style="width:12.75pt;padding:0pt;"></td><td style="width:124.2pt;padding:0pt;"></td><td style="width:12.65pt;padding:0pt;"></td><td style="width:266.2pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Ticker</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Name</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Industry</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Battery Manufacturing</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:AMPX</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Amprius Technologies, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqCM:ELVA</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Electrovaya Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqGS:ENVX</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Enovix Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqCM:EOSE</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Eos Energy Enterprises, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:SES</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">SES AI Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NasdaqGS:SLDP</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Solid Power, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Automotive Parts and Equipment</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">Data Center Service Providers and Diversified Energy Storage Providers</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:ENS</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">EnerSys</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:NVT</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">nVent Electric plc</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:124.2pt;margin:0pt;padding:0pt;">NYSE:VRT</td><td style="vertical-align:bottom;white-space:nowrap;width:12.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:124.2pt;margin:0pt;padding:0pt;">Vertiv Holdings Co</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:266.2pt;margin:0pt;padding:0pt;">Electrical Components and Equipment</td></tr></table>The guideline public companies used by Houlihan Capital were those that in Houlihan Capital’s determination most closely resembled Legacy ZincFive in terms of operating and risk characteristics as of the date of Houlihan Capital’s analysis. It was not possible to identify guideline public companies with characteristics identical to Legacy ZincFive. Many of Legacy ZincFive’s primary competitors have distinct corporate structures, business models, and geographies, or are not publicly listed. As a result, it was not possible to use every direct competitor as a basis for a comparable company analysis to determine an indicated value. Therefore, Houlihan Capital identified guideline public companies that are broadly similar to Legacy ZincFive, but, again, cannot be considered identical to Legacy ZincFive. Houlihan Capital notes that this is common practice in the professional valuation industry and is considered a generally accepted valuation methodology, since pure-play comparable public companies can rarely be identified.The selection of a valuation multiple is largely a qualitative exercise that is informed by quantitative measures. In selecting the multiples to apply, Houlihan Capital reviewed the growth expectations, risk, and margins (as captured by EBITDA margin) of Legacy ZincFive and the guideline public companies. Based on this information and other factors, Houlihan Capital used professional judgment to select multiples that reflect the relative comparability of Legacy ZincFive to the guideline public companies. Houlihan Capital considered applying multiples of revenues, EBITDA, net income, and book value; however, based on Legacy ZincFive’s and the peer group’s business model, Houlihan Capital concluded, using its professional judgment, that multiples of revenue were the most applicable in this instance. In valuing Legacy ZincFive, Houlihan Capital applied revenue multiples to the historical latest-twelve-month period ending March 31, 2026, and the forecasted year ended December 31, 2026 (“FY2026”) considering that Legacy ZincFive was expected to reach a more mature stage in future years beyond the forecast period. The Forecast as relied upon by Houlihan Capital is as shown below:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:379.3pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:50.85pt;padding:0pt;"></td><td style="width:9.95pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:50.95pt;padding:0pt;"></td><td style="width:2pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:379.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:379.3pt;margin:0pt;padding:0pt;">($, millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Low</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">High</td><td style="vertical-align:bottom;white-space:nowrap;width:2pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:379.3pt;background:#cceeff;margin:0pt;padding:0pt;">FY2026 Revenue </td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.85pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">90</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">105</td><td style="vertical-align:bottom;white-space:nowrap;width:2pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr></table></div>Houlihan Capital calculated multiples of enterprise value (“EV”) to LTM and FY2026 revenue for the guideline public companies. Houlihan Capital then applied the multiples to the following metrics, respectively:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Historical LTM revenue for the twelve-month period ended March 31, 2026, based on preliminary unaudited financial statements provided by Legacy ZincFive management; and,</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Forecasted FY2026 revenue per the Forecast.</td></tr></table><div style="margin-top:12pt;"></div>The valuation multiples, as of June 10, 2026, observed within Houlihan Capital’s guideline public company analysis, based on data obtained from S&P Capital IQ, are summarized in the following table.Guideline Public Company Analysis — Valuation Multiples as of June 10, 2026<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:299.15pt;padding:0pt;"></td><td style="width:10.7pt;padding:0pt;"></td><td style="width:114.15pt;padding:0pt;"></td><td style="width:10.7pt;padding:0pt;"></td><td style="width:47.3pt;padding:0pt;"></td><td style="width:10.7pt;padding:0pt;"></td><td style="width:47.3pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">EV/Revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">EV/Revenue</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:299.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Ticker</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Company Name</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">LTM</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">FY 2026</td></tr><tr style="height:14.14pt;"><td style="vertical-align:bottom;width:299.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Battery Manufacturing</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:AMPX</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Amprius Technologies, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">27.24x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">18.58x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqCM:ELVA</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Electrovaya Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">7.04x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">5.38x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqGS:ENVX</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Enovix Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">42.33x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">35.91x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqCM:EOSE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Eos Energy Enterprises, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">18.30x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">9.56x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:SES</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">SES AI Corporation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">10.44x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">7.00x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NasdaqGS:SLDP</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Solid Power, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">25.68x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">52.22x</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">Data Center Service Providers and Diversified Energy Storage Providers</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:ENS</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">EnerSys</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.41x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.34x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:NVT</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">nVent Electric plc</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">6.47x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">5.60x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;">NYSE:VRT</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Vertiv Holdings Co</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">10.33x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">8.07x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Max</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">42.33x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">52.22x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">75th Percentile</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">25.68x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">18.58x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Mean</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">16.69x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">16.07x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Median</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">10.44x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">8.07x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">25th Percentile</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">7.04x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">5.60x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:299.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:114.15pt;margin:0pt;padding:0pt;">Min</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.41x</td><td style="vertical-align:bottom;white-space:nowrap;width:10.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:47.3pt;margin:0pt;padding:0pt;">2.34x</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>Source: S&P Capital IQ, as of June 10, 2026.In general, Legacy ZincFive compares favorably to the guideline public companies with regard to revenue growth. Legacy ZincFive’s 2026 low case revenue growth rate of 34.7% is generally aligned with the guideline public companies and near the median of the guideline public companies, while Legacy ZincFive’s 2026 high case revenue growth rate of 57.0% is generally above the guideline public companies. Houlihan Capital also noted that Legacy ZincFive’s 2025 revenue growth rate of 83.2% was between the median and 75th percentile of the Battery Manufacturing guideline public companies and higher than all of the Data Center Service Providers and Diversified Energy Storage Providers guideline public companies. Houlihan Capital also noted that Legacy ZincFive compares unfavorably to certain guideline public companies on a profitability basis.Certain factors suggest that Legacy ZincFive would trade at a premium to the guideline public companies, and other factors indicate it would trade at a discount. Ultimately, Houlihan Capital applied high and low LTM and FY2026 Revenue multiples as detailed below. Based on the public company trading data and the considerations noted above, Houlihan Capital selected an LTM multiple of 12.0x and a FY2026 multiple of 9.0x for the low case, which are around the 25th percentile of the Battery Manufacturing guideline public companies and the median of all the guideline public companies. For the high case, Houlihan Capital selected an LTM multiple of 16.0x and a FY2026 multiple of 10.0x, which are near the midpoint of the 25th percentile and median of the Battery Manufacturing guideline public companies and near the mean and median of all the guideline public companies. As a result, Houlihan Capital selected the following multiples to apply to its guideline public company analysis:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:377.3pt;padding:0pt;"></td><td style="width:11.95pt;padding:0pt;"></td><td style="width:55.95pt;padding:0pt;"></td><td style="width:11.9pt;padding:0pt;"></td><td style="width:55.9pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;margin:0pt;padding:0pt;">EV / Revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;margin:0pt;padding:0pt;">EV / Revenue</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Low Case)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(High Case)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:377.3pt;background:#cceeff;margin:0pt;padding:0pt;">LTM Multiples</td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">12.0x</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">16.0x</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:377.3pt;margin:0pt;padding:0pt;">FY 2026 Multiples</td><td style="vertical-align:bottom;white-space:nowrap;width:11.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.95pt;margin:0pt;padding:0pt;">9.0x</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.9pt;margin:0pt;padding:0pt;">10.0x</td></tr></table></div>Houlihan Capital calculated the product of the respective selected multiples stated above to determine a range of indicated enterprise values for Legacy ZincFive. This range was formed using the midpoint of the Low selections and midpoint of the High selections. It is common and generally accepted practice for financial advisors to develop a range of indicated values in this manner to account for the fact that it is difficult, if not impossible, to place an exact value on a company. The range of indicated values for Legacy ZincFive resulting from Houlihan Capital’s guideline public company analysis is presented in the following table: true Houlihan Capital, a Financial Industry Regulatory Authority (FINRA) member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. Neither Houlihan Capital, nor any of its principals or affiliates, has any ownership or other beneficial interests in any party to the Merger Agreement or any of their affiliates and has provided no previous investment banking or consulting services to any party to the Merger Agreement or any of their affiliates. There is no current agreement between Houlihan Capital, its principals, or affiliates and any party to the Merger Agreement or any of their affiliates providing for the provision of future services by Houlihan Capital, its principals, or any of its affiliates to or for the benefit of any party to the Merger Agreement or any of their affiliates. 150000 The Forecast was prepared by Legacy ZincFive management for the 2026 budget and the periodically updated forecast for its own use in managing Legacy ZincFive’s business prior to being provided to Houlihan Capital for use in rendering its Fairness Opinion. SPKL has included the prospective financial information in the Forecast in the tables below to give its shareholders access to certain previously non-public information regarding Legacy ZincFive because such information was considered by the SPKL Board for purposes of evaluating and approving the Business Combination. Legacy ZincFive management true <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Revenue growth of approximately 28% to 38% as compared to fiscal year 2025. Of the $90 million to $105 million in total revenue forecasted for fiscal year 2026, Legacy ZincFive management estimated that approximately 77% of the revenue forecasted for 2026 was attributable to the contracted revenue backlog as of December 31, 2025. Legacy ZincFive management also considered Legacy ZincFive’s high historical retention rate, its history of being able to expand its presence </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">within its existing customers, and its sales pipeline with new and existing customers at the time, but no assurance can be provided that historical trends will continue in future periods.</td></tr></table><div style="margin-top:12pt;"></div>The Forecast does not take into account various macroeconomic conditions that may impact actual results.The following table sets forth the projected financial information in the Forecast:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:391.5pt;padding:0pt;"></td><td style="width:9.3pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:40.25pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:40.25pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:391.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Low</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:45.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">High</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:391.5pt;background:#cceeff;margin:0pt;padding:0pt;">FY2026 Revenue (millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:40.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:40.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">105</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:391.5pt;margin:0pt;padding:0pt;">FY 2026 Revenue Growth Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:40.25pt;margin:0pt;padding:0pt;">34.7</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;width:5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:40.25pt;margin:0pt;padding:0pt;">57.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr></table></div> <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Revenue growth of approximately 28% to 38% as compared to fiscal year 2025. Of the $90 million to $105 million in total revenue forecasted for fiscal year 2026, Legacy ZincFive management estimated that approximately 77% of the revenue forecasted for 2026 was attributable to the contracted revenue backlog as of December 31, 2025. Legacy ZincFive management also considered Legacy ZincFive’s high historical retention rate, its history of being able to expand its presence </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">within its existing customers, and its sales pipeline with new and existing customers at the time, but no assurance can be provided that historical trends will continue in future periods.</td></tr></table><div style="margin-top:12pt;"></div>The Forecast does not take into account various macroeconomic conditions that may impact actual results. 90000000 105000000 0.347 0.57 When you consider the recommendation of the Legacy ZincFive Board in favor of approval of the Business Combination Proposal, you should keep in mind that certain of Legacy ZincFive’s directors and officers have interests in the Business Combination that may be different from, or in addition to, those of Legacy ZincFive’s Securityholders. The Legacy ZincFive Board was aware of such interests during its deliberations on the merits of the Business Combination Proposal and in deciding to recommend that Legacy ZincFive Securityholders submit written consents in favor of the Business Combination Proposal. The expected accounting treatment of the Business Combination is dependent upon which entity in the Business Combination is considered the accounting acquirer. A combining entity can be considered an accounting acquirer in one scenario and an accounting acquiree in another.The Business Combination is expected to be accounted for as a reverse recapitalization in accordance with GAAP because Legacy ZincFive has been determined to be the accounting acquirer under both the No Redemption Scenario and the Maximum Redemption Scenario presented. Under this method of accounting, SPKL, which is the legal acquirer, will be treated as the accounting acquiree for financial reporting purposes and Legacy ZincFive, which is the legal acquiree, will be treated as the accounting acquirer for financial reporting purposes. Accordingly, the consolidated assets, liabilities and results of operations of Legacy ZincFive will become the historical financial statements of ZincFive, and SPKL’s assets, liabilities and results of operations will be consolidated with ZincFive’s beginning on the acquisition date. For accounting purposes, the financial statements of ZincFive will represent a continuation of the financial statements of Legacy ZincFive with the Business Combination being treated as the equivalent of Legacy ZincFive issuing stock for the net assets of SPKL, accompanied by a recapitalization. The net assets of SPKL will be stated at historical costs, which are expected to approximate fair value, and no goodwill or other intangible assets will be recorded. Operations prior to the Business Combination will be presented as those of Legacy ZincFive in future reports of ZincFive.Legacy ZincFive was determined to be the accounting acquirer under both the No Redemption Scenario and the Maximum Redemption Scenario presented based on evaluation of the following facts and circumstances:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive stockholders comprise a relative majority of greater than 70% of the voting power of ZincFive under both the redemption scenarios;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive will have the ability to nominate a majority of the members of the board of directors of ZincFive;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive’s operations prior to the Business Combination comprise the only ongoing operations of ZincFive;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive’s senior management will comprise the senior management of ZincFive;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The ongoing operations of Legacy ZincFive will become the operations of ZincFive; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Legacy ZincFive’s headquarters will become ZincFive’s headquarters.</td></tr></table><div style="margin-top:9pt;"></div> When the Domestication is completed, the rights of stockholders of ZincFive will be governed by Delaware law, including the DGCL, rather than by the laws of the Cayman Islands. Certain differences exist between the DGCL and the Companies Act that will alter certain of the rights of shareholders of SPKL and affect the powers of the ZincFive Board and management following the Domestication.Shareholders should consider the following summary comparison of the laws of the Cayman Islands, on the one hand, and the DGCL, on the other. This comparison is not intended to be complete and is qualified in its entirety by reference to the DGCL and the Companies Act.The owners of a Delaware corporation’s shares are referred to as “stockholders.” For purposes of language consistency, in certain sections of this proxy statement/prospectus, SPKL may continue to refer to the share owners of ZincFive as “shareholders.”<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style="height:23.24pt;"><td style="vertical-align:top;width:139.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Applicable Legislation</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">General Corporation Law of the State of Delaware</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">The Companies Act (As Revised) of the Cayman Islands</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:195.48pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">General Vote Required for Combinations with Interested Stockholders/Shareholders</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Generally, under Section 203 of the DGCL, a corporation may not engage in a “business combination” with an “interested stockholder” for a period of three years after the time of the transaction in which the person became an interested stockholder, unless the corporation opts out of the statutory provision or the other statutory exceptions are met, or if the transaction is approved by the affirmative vote of at least 662∕3% of the outstanding voting stock which is not owned by the interested stockholder. For these purposes, the term “business combination” includes mergers, asset sales and other similar transactions with an interested stockholder, and “interested stockholder” generally means a holder of 15% or more of the corporation’s voting stock.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">No similar provision</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:275.97pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Appraisal Rights</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Generally, a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger, consolidation, conversion, transfer, domestication or continuance. Stockholders of a publicly traded corporation do, however, generally have appraisal rights in connection with such a transaction if they are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, to accept for their shares anything except: (a) shares or depository receipts of the corporation surviving or resulting from such transaction; (b) shares of stock or depository receipts that will be either listed on a national securities exchange or held of record by more than 2,000 holders; (c) cash </td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Under the Companies Act, minority shareholders that dissent to a merger are entitled to be paid the fair market value of their shares, which, if necessary, may ultimately be determined by the courts of the Cayman Islands.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style=""><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">in lieu of fractional shares or fractional depository receipts described in (a) and (b) above; or (d) any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in (a), (b) and (c) above.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:252.97pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Requirements for Stockholder/ Shareholder Approval</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Subject to the certificate of incorporation, stockholder approval of mergers, a sale of all or substantially all the assets of the corporation, dissolution and amendments of the company’s certificate of incorporation require a majority of outstanding shares; unless otherwise specified in the corporation’s certificate of incorporation or bylaws, most other stockholder approvals require the affirmative vote of a majority of the shares present and entitled to vote on the subject matter, provided a quorum is present. The Proposed Bylaws will provide that unless a different or minimum vote is provided by law or by applicable stock exchange rules, or by the Proposed Certificate of Incorporation or the Proposed Bylaws, in all matters other than the election of directors, the affirmative vote of a majority of the voting power of the shares cast affirmatively or negatively will be the act of the stockholders, and directors shall be elected by plurality vote.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Subject to the articles of association, matters which require shareholder approval, whether under the Companies Act or the company’s articles of association, are determined (subject to quorum requirements, the Companies Act, applicable law and the relevant articles of association) by ordinary resolution, being the approval of the holders of a majority of the shares, who, being present in person, virtually or proxy and entitled to vote, vote at the meeting of shareholders or by “special resolution” (such as the amendment of the company’s constitutional documents), being the approval of the holders of at least two-thirds of the shares who, being present in person, virtually or by proxy and entitled to vote, vote at the meeting of shareholders.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:183.98pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Requirement for Quorum</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Quorum is a majority of the voting power of the shares issued and outstanding and entitled to vote at a meeting unless otherwise set in the constitutional documents, but cannot be less than one-third of the voting power of the shares entitled to vote at the meeting. The Proposed Bylaws will provide that the holders of a majority of the voting power of ZincFive’s capital stock issued and outstanding and entitled to vote at a meeting of stockholders, present in person or represented by proxy, will constitute a quorum for the transaction of business at all meetings of the stockholders, unless otherwise required by law, the Proposed Certificate of Incorporation or the Proposed Bylaws.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Quorum is set in the company’s memorandum and articles of association. SPKL’s Memorandum and Articles of Association provide that a quorum requires one or more shareholders present in person or by proxy holding not less than one-third of the issued and outstanding shares entitled to vote.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:126.48pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Stockholder/Shareholder Consent to Action Without Meeting</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Unless otherwise provided in the certificate of incorporation, stockholders may act by written consent. The Proposed Certificate of Incorporation will provide that subject to the rights of holders of ZincFive Preferred Stock, after the Closing, any action required or </td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Shareholder action by written resolutions (whether unanimous or otherwise) may be permitted by the articles of association. The articles of association may provide that shareholders may not act by written resolutions.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style=""><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">permitted to be taken by stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:45.99pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Inspection of Books and Records</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business, subject to satisfying certain statutory requirements.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Shareholders generally do not have any rights to inspect or obtain copies of the register of members or other corporate records of a company.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:149.48pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Stockholder/Shareholder Lawsuits</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">A stockholder may bring a derivative suit subject to procedural requirements.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company only in certain limited circumstances (e.g., where a company acts or proposes to act illegally or ultra vires (beyond the scope of its authority); the act complained of, although not ultra vires, could be effected if duly authorized by a special resolution that has not been obtained; and those who control the company are perpetrating a “fraud on the minority”).</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:321.97pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Removal of Directors</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation with a classified board, stockholders may effect such removal only for cause; or (2) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board. The Proposed Certificate of Incorporation will provide that, subject to the rights of the holders of any one or more series of preferred stock to remove directors elected by such series of preferred stock, any individual director or the entire board of directors may be removed from office at any time, but only for cause, and only by the affirmative vote of the holders of at least 66-2/3% of the voting power of all the then-outstanding shares of ZincFive’s capital stock entitled to vote generally at an election of directors, voting together as a single class.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">A company’s memorandum and articles of association may provide that a director may be removed for any or no reason and that, in addition to shareholders, boards may be granted the power to remove a director.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style="height:103.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Number of Directors</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">The number of directors is fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall be made only by amendment of the certificate of incorporation. The Proposed Certificate of Incorporation will provide that the number of directors that shall constitute the Board shall be fixed exclusively by the Board.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Subject to the memorandum and articles of association, the board may increase the size of the board and fill any vacancies.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:45.99pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Classified or Staggered Boards</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Classified boards are permitted. ZincFive’s certificate of incorporation will provide for the classification of the Board into three classes, effective upon the Closing.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Classified boards are permitted.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:91.99pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Fiduciary Duties of Directors</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Directors must exercise a duty of care and duty of loyalty, including good faith to the corporation and its stockholders.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">A director owes fiduciary duties to a company, including to exercise loyalty, honesty and good faith to the company as a whole. In addition to fiduciary duties, directors owe a duty of care, diligence and skill. Such duties are owed to the company but may be owed directly to creditors or shareholders in certain limited circumstances.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:437.96pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Indemnification of Directors and Officers</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">A corporation is generally permitted to indemnify any person who was or is a party to any proceeding because such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe their conduct was unlawful. If the action was brought by or on behalf of the corporation, no indemnification is made for judgments, fines or amounts paid in settlement, and no indemnification shall be made in respect of expenses when a person is adjudged liable to the corporation unless a court determines such person is fairly and reasonably entitled to indemnity for expenses the court deems proper.Additionally, under the DGCL, a corporation must indemnify its present or former directors and officers against expenses (including attorneys’ fees) actually and reasonably </td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">A Cayman Islands exempted company generally may indemnify its directors or officers, except with regard to fraud or willful default.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style=""><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">incurred to the extent that the officer or director has been successful on the merits or otherwise in defense of any action, suit or proceeding on account of being a director, officer, employee or agent of the corporation or serving at the request of the corporation as a director, officer, employee or agent of another corporation or other entity.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:137.98pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Limited Liability of Directors and Officers</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">The DGCL permits the limiting or eliminating of the monetary liability of a director or officer to a corporation or its stockholders, except with regard to breaches of duty of loyalty, acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or for any transaction involving an improper personal benefit, or for directors involving unlawful stock repurchases or dividends, or for officers involving any action by or in the right of the corporation.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Liability of directors may be limited, except with regard to their own fraud or willful default.</td></tr></table> When the Domestication is completed, the rights of stockholders of ZincFive will be governed by Delaware law, including the DGCL, rather than by the laws of the Cayman Islands. Certain differences exist between the DGCL and the Companies Act that will alter certain of the rights of shareholders of SPKL and affect the powers of the ZincFive Board and management following the Domestication.Shareholders should consider the following summary comparison of the laws of the Cayman Islands, on the one hand, and the DGCL, on the other. This comparison is not intended to be complete and is qualified in its entirety by reference to the DGCL and the Companies Act.The owners of a Delaware corporation’s shares are referred to as “stockholders.” For purposes of language consistency, in certain sections of this proxy statement/prospectus, SPKL may continue to refer to the share owners of ZincFive as “shareholders.”<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style="height:23.24pt;"><td style="vertical-align:top;width:139.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Applicable Legislation</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">General Corporation Law of the State of Delaware</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">The Companies Act (As Revised) of the Cayman Islands</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:195.48pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">General Vote Required for Combinations with Interested Stockholders/Shareholders</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Generally, under Section 203 of the DGCL, a corporation may not engage in a “business combination” with an “interested stockholder” for a period of three years after the time of the transaction in which the person became an interested stockholder, unless the corporation opts out of the statutory provision or the other statutory exceptions are met, or if the transaction is approved by the affirmative vote of at least 662∕3% of the outstanding voting stock which is not owned by the interested stockholder. For these purposes, the term “business combination” includes mergers, asset sales and other similar transactions with an interested stockholder, and “interested stockholder” generally means a holder of 15% or more of the corporation’s voting stock.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">No similar provision</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:275.97pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Appraisal Rights</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Generally, a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger, consolidation, conversion, transfer, domestication or continuance. Stockholders of a publicly traded corporation do, however, generally have appraisal rights in connection with such a transaction if they are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, to accept for their shares anything except: (a) shares or depository receipts of the corporation surviving or resulting from such transaction; (b) shares of stock or depository receipts that will be either listed on a national securities exchange or held of record by more than 2,000 holders; (c) cash </td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Under the Companies Act, minority shareholders that dissent to a merger are entitled to be paid the fair market value of their shares, which, if necessary, may ultimately be determined by the courts of the Cayman Islands.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style=""><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">in lieu of fractional shares or fractional depository receipts described in (a) and (b) above; or (d) any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in (a), (b) and (c) above.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:252.97pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Requirements for Stockholder/ Shareholder Approval</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Subject to the certificate of incorporation, stockholder approval of mergers, a sale of all or substantially all the assets of the corporation, dissolution and amendments of the company’s certificate of incorporation require a majority of outstanding shares; unless otherwise specified in the corporation’s certificate of incorporation or bylaws, most other stockholder approvals require the affirmative vote of a majority of the shares present and entitled to vote on the subject matter, provided a quorum is present. The Proposed Bylaws will provide that unless a different or minimum vote is provided by law or by applicable stock exchange rules, or by the Proposed Certificate of Incorporation or the Proposed Bylaws, in all matters other than the election of directors, the affirmative vote of a majority of the voting power of the shares cast affirmatively or negatively will be the act of the stockholders, and directors shall be elected by plurality vote.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Subject to the articles of association, matters which require shareholder approval, whether under the Companies Act or the company’s articles of association, are determined (subject to quorum requirements, the Companies Act, applicable law and the relevant articles of association) by ordinary resolution, being the approval of the holders of a majority of the shares, who, being present in person, virtually or proxy and entitled to vote, vote at the meeting of shareholders or by “special resolution” (such as the amendment of the company’s constitutional documents), being the approval of the holders of at least two-thirds of the shares who, being present in person, virtually or by proxy and entitled to vote, vote at the meeting of shareholders.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:183.98pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Requirement for Quorum</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Quorum is a majority of the voting power of the shares issued and outstanding and entitled to vote at a meeting unless otherwise set in the constitutional documents, but cannot be less than one-third of the voting power of the shares entitled to vote at the meeting. The Proposed Bylaws will provide that the holders of a majority of the voting power of ZincFive’s capital stock issued and outstanding and entitled to vote at a meeting of stockholders, present in person or represented by proxy, will constitute a quorum for the transaction of business at all meetings of the stockholders, unless otherwise required by law, the Proposed Certificate of Incorporation or the Proposed Bylaws.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Quorum is set in the company’s memorandum and articles of association. SPKL’s Memorandum and Articles of Association provide that a quorum requires one or more shareholders present in person or by proxy holding not less than one-third of the issued and outstanding shares entitled to vote.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:126.48pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Stockholder/Shareholder Consent to Action Without Meeting</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Unless otherwise provided in the certificate of incorporation, stockholders may act by written consent. The Proposed Certificate of Incorporation will provide that subject to the rights of holders of ZincFive Preferred Stock, after the Closing, any action required or </td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Shareholder action by written resolutions (whether unanimous or otherwise) may be permitted by the articles of association. The articles of association may provide that shareholders may not act by written resolutions.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style=""><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">permitted to be taken by stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:45.99pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Inspection of Books and Records</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business, subject to satisfying certain statutory requirements.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Shareholders generally do not have any rights to inspect or obtain copies of the register of members or other corporate records of a company.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:149.48pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Stockholder/Shareholder Lawsuits</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">A stockholder may bring a derivative suit subject to procedural requirements.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company only in certain limited circumstances (e.g., where a company acts or proposes to act illegally or ultra vires (beyond the scope of its authority); the act complained of, although not ultra vires, could be effected if duly authorized by a special resolution that has not been obtained; and those who control the company are perpetrating a “fraud on the minority”).</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:321.97pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Removal of Directors</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation with a classified board, stockholders may effect such removal only for cause; or (2) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board. The Proposed Certificate of Incorporation will provide that, subject to the rights of the holders of any one or more series of preferred stock to remove directors elected by such series of preferred stock, any individual director or the entire board of directors may be removed from office at any time, but only for cause, and only by the affirmative vote of the holders of at least 66-2/3% of the voting power of all the then-outstanding shares of ZincFive’s capital stock entitled to vote generally at an election of directors, voting together as a single class.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">A company’s memorandum and articles of association may provide that a director may be removed for any or no reason and that, in addition to shareholders, boards may be granted the power to remove a director.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style="height:103.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Number of Directors</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">The number of directors is fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall be made only by amendment of the certificate of incorporation. The Proposed Certificate of Incorporation will provide that the number of directors that shall constitute the Board shall be fixed exclusively by the Board.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Subject to the memorandum and articles of association, the board may increase the size of the board and fill any vacancies.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:45.99pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Classified or Staggered Boards</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Classified boards are permitted. ZincFive’s certificate of incorporation will provide for the classification of the Board into three classes, effective upon the Closing.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Classified boards are permitted.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:91.99pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Fiduciary Duties of Directors</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">Directors must exercise a duty of care and duty of loyalty, including good faith to the corporation and its stockholders.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">A director owes fiduciary duties to a company, including to exercise loyalty, honesty and good faith to the company as a whole. In addition to fiduciary duties, directors owe a duty of care, diligence and skill. Such duties are owed to the company but may be owed directly to creditors or shareholders in certain limited circumstances.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:437.96pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Indemnification of Directors and Officers</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">A corporation is generally permitted to indemnify any person who was or is a party to any proceeding because such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe their conduct was unlawful. If the action was brought by or on behalf of the corporation, no indemnification is made for judgments, fines or amounts paid in settlement, and no indemnification shall be made in respect of expenses when a person is adjudged liable to the corporation unless a court determines such person is fairly and reasonably entitled to indemnity for expenses the court deems proper.Additionally, under the DGCL, a corporation must indemnify its present or former directors and officers against expenses (including attorneys’ fees) actually and reasonably </td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">A Cayman Islands exempted company generally may indemnify its directors or officers, except with regard to fraud or willful default.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:139.2pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:187.9pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:187.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:139.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:187.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cayman Islands</th></tr><tr style=""><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">incurred to the extent that the officer or director has been successful on the merits or otherwise in defense of any action, suit or proceeding on account of being a director, officer, employee or agent of the corporation or serving at the request of the corporation as a director, officer, employee or agent of another corporation or other entity.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:137.98pt;"><td style="vertical-align:top;width:139.2pt;margin:0pt;padding:0pt;">Limited Liability of Directors and Officers</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.9pt;margin:0pt;padding:0pt;">The DGCL permits the limiting or eliminating of the monetary liability of a director or officer to a corporation or its stockholders, except with regard to breaches of duty of loyalty, acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or for any transaction involving an improper personal benefit, or for directors involving unlawful stock repurchases or dividends, or for officers involving any action by or in the right of the corporation.</td><td style="vertical-align:top;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:187.8pt;margin:0pt;padding:0pt;">Liability of directors may be limited, except with regard to their own fraud or willful default.</td></tr></table> The following is a discussion of the material U.S. federal income tax consequences of the Mergers to ZincFive, Legacy ZincFive and U.S. and Non-U.S. Holders (each as defined below, and together, “Holders”) of Legacy ZincFive shares that exchange such shares in the Mergers for ZincFive Common Stock and Holders of ZincFive shares. This summary is based upon current provisions of the Code, existing Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, all in effect as of the date hereof and all of which are subject to differing interpretations or change. Any such change or differing interpretation, which may be retroactive, could alter the tax consequences to Legacy ZincFive stockholders from the following summary. This discussion assumes that the Mergers will be consummated in accordance with the Merger Agreement and as described in this proxy statement/prospectus.This discussion applies only to stockholders who hold their Legacy ZincFive shares as “capital assets” within the meaning of Section 1221 of the Code (generally, property held for investment) and does not purport to address all U.S. federal income tax consequences relevant to Holders of Legacy ZincFive shares, including any alternative minimum tax consequences or the Medicare contribution tax on certain net investment income, any U.S. federal non-income tax consequences of the Mergers, including estate or gift tax consequences, or any state, local, non-U.S. or other tax consequences of the Mergers. In addition, it does not address consequences relevant to Legacy ZincFive stockholders that are subject to particular U.S. or non-U.S. tax rules, including, without limitation, to Legacy ZincFive stockholders that are:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">banks, financial institutions or financial services entities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">broker-dealers;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">taxpayers that are subject to, or who elect to apply, the mark-to-market accounting rules under Section 475 of the Code;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">tax-exempt entities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">governments or agencies or instrumentalities of such governments or agencies;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">insurance companies;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">regulated investment companies or real estate investment trusts;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">partnerships (including entities or arrangements treated as partnerships for U.S. federal income tax purposes) or other pass-through entities (including S Corporations), and investors therein;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">U.S. expatriates or former long-term residents of the United States;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">except as specifically provided below, persons that actually or constructively own five percent or more (by vote or value) of Legacy ZincFive’s shares;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">persons that acquired their Legacy ZincFive shares pursuant to an exercise of employee options, in connection with employee share incentive plans or otherwise as compensation;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">persons that hold or sell their Legacy ZincFive shares as part of a straddle, constructive sale, hedge, synthetic security, wash sale, conversion or other integrated or similar transaction or risk reduction strategy;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">U.S. Holders (as defined below) the functional currency of which is not the U.S. dollar;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">persons subject to special tax accounting rules as a result of any item of gross income with respect to Legacy ZincFive shares being taken into account in an “applicable financial statement” (as defined in the Code); or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">“specified foreign corporations” (including “controlled foreign corporations”), “passive foreign investment companies” or corporations that accumulate earnings to avoid U.S. federal income tax.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">persons who elect to apply the provisions of Section 1400Z-2 of the Code to any gains realized in the Merger;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">persons holding Legacy ZincFive shares in connection with a trade or business conducted outside the U.S.; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">persons holding Legacy ZincFive shares as qualified small business stock under Section 1202 of the Code or as Section 1244 stock.</td></tr></table><div style="margin-top:12pt;"></div> Pursuant to the Proposed Bylaws, the Sponsor Agreement and the Letter Agreement, the Sponsor is and will be restricted in its ability to transfer, assign, or sell its securities, as summarized in the table below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:124.2pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:124.2pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:124.2pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:135pt;padding:0pt;"></td></tr><tr style="height:46.24pt;"><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Subject Securities</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Expiration Date</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:124.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Natural Persons and Entities Subject to Restrictions</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:135pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exceptions to Transfer Restrictions</th></tr><tr style="height:57.74pt;"><td style="vertical-align:top;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Shares of ZincFive Common Stock to be held by the Sponsor following conversion of Founder Shares at Closing</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">One year from Closing </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:135pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Certain customary permitted transfers, including transfers to certain affiliates, members, partners, family members, or for estate planning purposes. </td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:218.48pt;"><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Additionally, the transfer restrictions will expire if, after 180 days from Closing, the VWAP of ZincFive Common Stock equals or exceeds $12.00 per share (as such amount may be adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for 20 of 30 consecutive trading days commencing 180 days after the date the Resale Registration Statement initially becomes effective The ZincFive Board may also determine to waive, amend, or repeal the transfer restrictions in its sole discretion. </td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:91.99pt;"><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;">ZincFive Warrants (and any ZincFive Common Stock underlying such warrants) to be held by the Sponsor following conversion of Private Placement Warrants and Working Capital Warrants at Closing</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;">30 days after Closing </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:124.2pt;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Certain customary permitted transfers, including transfers to certain affiliates, members, partners, family members, or for estate planning purposes. </td></tr></table> One year from Closing Sponsor Certain customary permitted transfers, including transfers to certain affiliates, members, partners, family members, or for estate planning purposes.Additionally, the transfer restrictions will expire if, after 180 days from Closing, the VWAP of ZincFive Common Stock equals or exceeds $12.00 per share (as such amount may be adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for 20 of 30 consecutive trading days commencing 180 days after the date the Resale Registration Statement initially becomes effectiveThe ZincFive Board may also determine to waive, amend, or repeal the transfer restrictions in its sole discretion. 30 days after Closing Sponsor Certain customary permitted transfers, including transfers to certain affiliates, members, partners, family members, or for estate planning purposes. <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">duty to act in good faith in what the director or officer believes to be in the best interests of the Company as a whole;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">directors should not improperly fetter the exercise of future discretion;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">duty to exercise powers fairly as between different sections of shareholders;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">duty not to put themselves in a position in which there is a conflict between their duty to the Company and their personal interests; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">duty to exercise independent judgment.</td></tr></table><div style="margin-top:12pt;"></div> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:75.6pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:162pt;padding:0pt;"></td><td style="width:10.79pt;padding:0pt;"></td><td style="width:162pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:108.01pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:75.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Individual</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:162pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:162pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity’s Business</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:108pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Affiliation</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:75.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">James Rhee</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">SparkLabs Group(1)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Startup accelerator and venture capital</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Partner </td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;">Kurtis Jang</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">SparkLabs Group(1)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Startup accelerator and venture capital</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Partner</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">AIG Insurance Korea</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Insurance</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:34.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;">Ho Min (Jimmy) Kim</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">SparkLabs Group(1)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Startup accelerator and venture capital </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Partner, CEO SparkLabs Korea Director</td></tr><tr style="height:22.99pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Dong Yang Namasan Enterprise</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Engineering</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:22.99pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;">Cuong Viet Do</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">BioVie</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Biotechnology</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">President, CEO and Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">MSP Therapeutics</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Biotechnology</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Seneca Therapeutics</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Biotechnology</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Curve OS</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Fintech</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;">Willy Lan</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Cambium Grove Capital(1) </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Asset management</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Partner</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Magnolia Grove Unlimited</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Asset management</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;">Tony Ling</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">SparkLabs Taipei(1)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Startup accelerator</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Venture Partner</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;">Catherine Mohr</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Intuitive Surgical, Inc.</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Surgical robotics </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Vice President, Strategy</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Intuitive Foundation </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Nonprofit organization </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">President</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Carta Healthcare </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Healthcare technology </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director </td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Aroa Biosurgery</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Medical devices</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director </td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:75.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Avisi Technologies</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:162pt;margin:0pt;padding:0pt;">Medical technology</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:108pt;margin:0pt;padding:0pt;">Director </td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:8.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes certain of its funds, other affiliates and portfolio companies.</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:164.65pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td><td style="width:18.25pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td><td style="width:18.25pt;padding:0pt;"></td><td style="width:13.4pt;padding:0pt;"></td><td style="width:53.6pt;padding:0pt;"></td><td style="width:10.05pt;padding:0pt;"></td><td style="width:18.25pt;padding:0pt;"></td><td style="width:13.39pt;padding:0pt;"></td><td style="width:37.21pt;padding:0pt;"></td><td style="width:10.04pt;padding:0pt;"></td><td style="width:35.2pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:177.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">After the Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:160.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Before the Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">No Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:82.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Maximum Redemption</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">SPKL</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">SPKL</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Shares of</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;">Shares of</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">Class A</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">Class B</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">ZincFive</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;">ZincFive</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">Ordinary</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;">% of</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;">Ordinary</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;">% of</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Common</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;">% of</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;">Common</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;">% of</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:164.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Name and Address of Beneficial Owner</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:34.74pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Directors and Executive Officers of SPKL Before the Business Combination(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">James Rhee</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 250,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Ho Min (Jimmy) Kim</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Kurtis Jang</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Cuong Viet Do</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Shin-Bae Kim</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Willy Lan</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Tony Ling</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Catherine Mohr</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">All Directors and Executive Officers as a Group (eight individuals)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 850,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Directors and Executive Officers of ZincFive After the Business Combination(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Tod Higinbotham</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Martin Heimbigner</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Mathew C. Segal</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Steven C. Jennings</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Jerry Allison</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Tim Hysell</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Steven Berkenfeld</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Daniel Doimo</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Rick Fezell</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Other Five Percent Holders</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">SLG SPAC Fund LLC (the Sponsor)(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 4,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 1,572,078</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.2pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">HGC Investment Management Inc.(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 950,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:23.66pt;"><td style="vertical-align:bottom;width:164.65pt;margin:0pt;padding:0pt;">Entities affiliated with AQR Capital Management(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> 633,999</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:12.82pt;"><td style="vertical-align:bottom;width:164.65pt;background:#cceeff;margin:0pt;padding:0pt;">Mizuho Financial Group, Inc.(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 436,195</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:37.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:35.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:8.0pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">*</td><td style="padding:0pt;">Less than one percent.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Unless otherwise indicated, the business address of each of SPKL’s directors and officers is c/o Spark I Acquisition Corporation, 3790 El Camino Real, Unit #570, Palo Alto, CA 94306.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">SLG SPAC Fund LLC, the Sponsor, is the record holder of such shares. The sole managing member of the Sponsor is SparkLabs Group Management, of which Bernard Moon is a managing member and may be deemed the beneficial owner of such shares. The business address of the Sponsor is c/o Spark I Acquisition Corporation, 3790 El Camino Real, Unit #570, Palo Alto, CA 94306.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Based on information provided by HGC Investment Management Inc. (“HCG Management”), a company incorporated under the laws of Canada, which serves as the investment manager to The HGC Fund LP, an Ontario limited partnership (together with HCG Management, “HCG”), on a Schedule 13G filed with the SEC on February 14, 2024. As of December 31, 2023, HCG reported an aggregate beneficial ownership of 950,000 SPKL Class A Ordinary Shares with sole voting and dispositive power over 950,000 SPKL Class A Ordinary Shares. The principal business address for HCG Management is 1073 Yonge Street, 2nd Floor, Toronto, Ontario M4W 2L2, Canada.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Based on information provided by AQR Capital Management, LLC, AQR Capital Management Holdings, LLC and AQR Arbitrage, LLC (collectively, “AQR”) on a Schedule 13G filed with the SEC on August 6, 2025. As of July 31, 2025. AQR reported an aggregate beneficial ownership of 633,999 SPKL Class A Ordinary Shares with shared voting and dispositive power over 633,999 SPKL Class A Ordinary Shares. The principal business address for each of these entities is One Greenwich Plaza, Suite 140, Greenwich, Connecticut 06830. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC. AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC. </td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Based on information provided by Mizuho Financial Group, Inc. (“Mizuho”) on Schedule 13G filed with the SEC on February 12, 2026. As of December 31, 2025, Mizuho reported aggregate beneficial ownership of 436,195 SPKL Class A Ordinary Shares with sole voting and dispositive power over 436,195 SPKL Class A Ordinary Shares. The principal business address of Mizuho is 1-5-5, Otemachi, Chiyoda-ku, Tokyo, 100-8176, Japan. </td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;">Unless otherwise indicated, the business address of each of ZincFive’s directors and officers is c/o ZincFive, Inc. 20050 SW 112th Ave, Tualatin, OR 97062.</td></tr></table> SLG SPAC Fund LLC (the Sponsor)

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NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND GOING CONCERNSpark I Acquisition Corporation (the “Company”) was incorporated in the Cayman Islands on July 12, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.As of December 31, 2025, the Company had not commenced any operations. All activity for the period from July 12, 2021 (inception) through December 31, 2025 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and since closing the Initial Public Offering, a search for a business combination candidate. The Company will not generate any operating revenues until after the completion an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.The registration statement for the Company’s Initial Public Offering was declared effective on September 29, 2023. On October 11, 2023, the Company consummated its Initial Public Offering of 10,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $100,000,000, which is discussed in Note 3, and the sale of 8,490,535 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in private placements to SLG SPAC Fund LLC (the “Sponsor”) that closed simultaneously with the Initial Public Offering.The Company incurred offering costs of $6,590,678, including underwriting fees of $2,000,000, deferred underwriting fees of $3,500,000 (see Note 6) and other costs of $1,090,678.On October 10, 2023, the underwriter informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by the Company prior to the consummation of the Initial Public Offering.The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Initial Public Offering, management has agreed that $10.05 per Unit sold in the Initial Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.The Company has provided the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to the Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires a resolution be passed by a majority of the holders of ordinary shares as, being entitled to do so, vote in person or by proxy at a general meeting of the Company, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment.If the Company has not completed a Business Combination by September 29, 2026 (the “Combination Period”), or the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.05 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor have it independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available for the Company’s initial business combination and redemptions could be reduced to less than $10.05 per public share. In such event, the Company may not be able to complete its initial business combination, and the investors would receive such lesser amount per share in connection with any redemption of their public shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.On June 25, 2025, the Sponsor agreed to make monthly deposits, each in an amount equal to the lesser of (i) $0.015 for each outstanding Class A ordinary share, par value $0.0001 per share, of the Company and (ii) $55,000, up to a maximum aggregate amount of $825,000, directly to the Company’s trust account in order to extend the Company’s time period to consummate a business combination. As of December 31, 2025, the Company deposited $201,305 into the trust account.On July 8, 2025, the Company held an extraordinary general meeting of shareholders where the Company’s shareholders approved the proposal to amend the Company’s amended and restated memorandum and articles of association to extend the date by which the Company has to consummate a business combination from July 11, 2025 to September 29, 2026.In connection with the July 8, 2025 extraordinary general meeting of shareholders, the Sponsor agreed to convert 4,000,000 Class B ordinary shares of the Company into 4,000,000 Class A ordinary shares of the Company.In connection with the July 8, 2025 extraordinary general meeting of shareholders, holders of 7,763,287 Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.93 per share, for an aggregate redemption amount of approximately $84.8 million. As a result, approximately $84.8 million was removed from the Trust Account to redeem such shares. Following the redemption, there was 2,236,713 Class A Ordinary Shares held by public shareholders outstanding and 6,236,713 total Class A Ordinary Shares issued and outstanding, including Class A Ordinary Shares issued to the Sponsor in the conversion. Upon payment of the redemption, approximately $24.4 million remained in the Trust Account prior to any contribution made by the Sponsor.Liquidity and Capital ResourcesAs of December 31, 2025, the Company had $112,295 in its operating bank account, $25,164,437 in its trust account, and a working capital deficit of $3,654,185.Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). However, the Company has future obligations to management, consultants, and directors that will likely extinguish the cash balance within approximately a year from the filing date of the December 31, 2025 Form 10- K.In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements—Going Concern, the Company was formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities on or before September 29, 2026. There is no assurance that the Company will obtain the necessary approvals or raise the additional capital it needs to fund its business operations and complete any business combination prior to September 29, 2026, if at all. The Company also has no approved plan in place to extend the business combination deadline beyond September 29, 2026, and lacks the capital resources needed to fund operations and complete any business combination, even if the deadline to complete a business combination is extended to a later date. Management has determined that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. No adjustments have been made to the carrying amounts of assets or liabilities. The Company’s Sponsor, officers and directors may, but are not obligated to, loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital.Risks and UncertaintiesVarious social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. The Iran war has resulted in higher oil prices and created concerns about economic recession. Tariffs imposed by the U.S. presidential administration caused geopolitical tension and higher prices of goods throughout the global economy. Sanctions imposed by the U.S. and other countries in connection with hostilities between Russia and Ukraine and tensions between China and Taiwan have caused additional financial market volatility and affected the global economy. Concerns over persistent inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility and could adversely affect the Company’s ability to complete a business combination and could have a material adverse effect on the value of the Company’s securities. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.The impact of these conflicts on the world economy is not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.

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Emerging Growth CompanyThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of EstimatesThe preparation of the financial statement in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement.Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Offering Costs Associated with the Initial Public OfferingOffering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. For the year ended December 31, 2023, offering costs of $364,639 associated with the Class A ordinary shares were charged to shareholders’ deficit upon the completion of the Initial Public Offering. There were no offering costs recognized for the year ended December 31, 2025.

364639

Class A Ordinary Shares Subject to Possible RedemptionAs discussed in Note 3, all of the 10,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including shares of Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. In connection with the extraordinary general meeting of shareholders, on July 9, 2025 public shareholders holding 7,763,287 Class A ordinary shares elected to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $84,840,616, or $10.92 per share, was removed from the Trust Account in connection with the redemption in order to pay such holders. Accordingly, at December 31, 2025 and 2024, the 2,236,713 and 10,000,000, respectively, Class A ordinary shares subject to possible redemption in the amount of $25,164,437 and $106,926,172 at redemption value per Public Share are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. For the year ended, December 31, 2025 and 2024, the Company recorded measurement adjustments of $3,078,881 and $5,248,662, respectively, to increase to redemption value.As of December 31, 2025 and 2024, the amount of Class A ordinary shares reflected on the balance sheets are reconciled in the following table:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:397.85pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.8pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:12.45pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, December 31, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 101,677,510</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,248,662</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 106,926,172</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;">10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 3,078,881</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;">Redemption of Class A ordinary Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (84,840,616)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,763,287)</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 25,164,437</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td></tr></table>

10000000

5000001

7763287

84840616

10.92

2236713

10000000

25164437

106926172

3078881 5248662

As of December 31, 2025 and 2024, the amount of Class A ordinary shares reflected on the balance sheets are reconciled in the following table:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:397.85pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.8pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:12.45pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, December 31, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 101,677,510</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,248,662</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 106,926,172</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;">10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 3,078,881</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:397.85pt;margin:0pt;padding:0pt;">Redemption of Class A ordinary Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (84,840,616)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,763,287)</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:397.85pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 25,164,437</td><td style="vertical-align:bottom;white-space:nowrap;width:12.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td></tr></table>

101677510

10000000

5248662

106926172

10000000

3078881 -84840616 -7763287

25164437

2236713

Class B to Class A Share ConversionDuring the year ended December 31, 2025, 4,000,000 shares of Class B ordinary shares were converted into Class A ordinary shares in accordance with the Company’s governing documents. The conversion did not alter the rights, preferences, or privileges of the shares. As a result, the transaction was accounted for as an equity reclassification, with the carrying amount of Class B shares transferred to Class A shares. No gain or loss was recognized in connection with the conversion. The total number of issued and outstanding shares and total shareholders’ equity was not affected by the conversion.

4000000

Net Income per Ordinary ShareThe Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the year. Weighted average shares were not reduced for the effect of an aggregate of 3,435,065 Class A and Class B nonredeemable ordinary shares that were subject to forfeiture depending on the amount of the proceeds received under the forward purchase agreement described below or in the event of the Company’s winding up and subsequent dissolution. The Company applies the two-class method in calculating earnings per share. The remeasurement adjustment associated with the redeemable Class A Ordinary Shares is excluded from earnings per share as the redemption value approximates fair value.The calculation of diluted net income per ordinary share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering and (ii) the Private Placement. As of December 31, 2025 and 2024, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and subsequently share in the earnings of the Company.The following table reflects the calculation of basic and diluted net income per ordinary share.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.9pt;padding:0pt;"></td><td style="width:12.5pt;padding:0pt;"></td><td style="width:7.85pt;padding:0pt;"></td><td style="width:49.8pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:50.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;margin:0pt;padding:0pt;">For the Year</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;">For the Year</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;margin:0pt;padding:0pt;">Ended</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;">Ended</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;">December 31, </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> 145,133</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 1,918,436</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,277,876</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A redeemable ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.19</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Class A and B non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> 148,467</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 1,232,035</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A and B non-redeemable ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.19</td></tr></table>

3435065

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.9pt;padding:0pt;"></td><td style="width:12.5pt;padding:0pt;"></td><td style="width:7.85pt;padding:0pt;"></td><td style="width:49.8pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:50.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;margin:0pt;padding:0pt;">For the Year</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;">For the Year</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;margin:0pt;padding:0pt;">Ended</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;">Ended</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;">December 31, </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> 145,133</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 1,918,436</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,277,876</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A redeemable ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.19</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Class A and B non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> 148,467</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 1,232,035</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.9pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.9pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A and B non-redeemable ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.19</td></tr></table>

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Income TaxesThe Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.

Concentration of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account.

250000

Cash and Cash EquivalentsThe Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2025 or 2024.

Investments held in Trust AccountAt December 31, 2025 and 2024, the Company had $25,164,437 and $106,926,172 in investments held in the Trust Account, respectively. The Company’s portfolio of investments held in the Trust Account are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act.Investments held in Trust Account are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. Fair values of these investments are determined by Level 1 input utilizing quoted prices (unadjusted) in active markets for identical assets.)

25164437

106926172

Fair Value of Financial InstrumentsThe fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheets, primarily due to their short-term nature.

Fair Value MeasurementsFair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</td></tr></table><div style="margin-top:12pt;"></div>In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Derivative Financial InstrumentsThe Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Warrant InstrumentsThe Company accounts for the Public Warrants and the Private Placement Warrants issued in connection with the Initial Public Offering and the Private Placement in accordance with the guidance contained in FASB ASC 815, “Derivatives and Hedging”. Under ASC 815-40 the Public Warrants and the Private Placement Warrants meet the criteria for equity treatment and as such will be recorded in shareholders’ deficit. If the warrants no longer meet the criteria for equity treatment, they will record as a liability and remeasured each period with changes recorded in the statements of operations.

Recent Accounting StandardsIn November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires disclosures of certain disaggregated income statement expense captions into specified categories within the footnotes to the financial statements. The requirements of the ASU are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact ASU No. 2024-03 will have on its condensed financial statements.Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Recently Adopted Accounting StandardsIn August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020 - 06, Debt - Debt with Conversion and Other Options (Subtopic 470 - 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815 - 40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020 - 06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity - linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020 - 06 on January 1, 2024. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023 - 07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. ASU 2023 - 07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted ASU 2023 - 07 on January 1, 2024. The amendments have been applied retrospectively to all prior periods presented in the financial statements. See Note 10 for further information.In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 on January 1, 2025 utilizing the prospective method. Adoption of the ASU did not impact the Company’s financial statements or disclosures. NOTE 3 — INITIAL PUBLIC OFFERINGPursuant to the Initial Public Offering, the Company offered for sale 10,000,000 Units at a price of $10.00 per Unit. Each Unit will consist of one share of Class A ordinary shares and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 8). 10000000

11.5

NOTE 4 — PRIVATE PLACEMENTSSimultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,490,535 Private Placement Warrants at a price of $1.00 per Private Placement Warrant ($8,490,535) from the Company in a private placement. Each Private Placement Warrant is exercisable to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 8). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain exceptions.

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NOTE 5 — RELATED PARTIESFounder SharesOn December 8, 2021, the Sponsor received 6,870,130 of the Company’s Class B ordinary shares (the “Founder Shares”) in exchange for a payment $25,000 of offering costs made on behalf of the Company.On April 1, 2022, the Sponsor transferred a total of 850,000 Class B ordinary shares to certain of the Company’s officers and directors. These 850,000 shares are not subject to forfeiture in the event the forward purchaser elects to terminate or reduce its commitment to purchase the agreed forward purchase securities pursuant to the forward purchase agreement (see Note 6). Management has determined that the fair market value for the Founder Shares ($4,564,500 or $5.37 per share) should be disclosed as unrecognized, non-employee, equity-based compensation as of the transfer date. The non-employee, equity-based compensation component of these transactions will be recognized at the time of a business combination, if any.On October 10, 2023, the underwriter informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by the Company prior to the consummation of the Initial Public Offering.3,435,065 Founder Shares are subject to forfeiture immediately prior to the closing of the Company’s initial business combination depending on the amount of the proceeds received under the forward purchase agreement, or in the event of our liquidation and subsequent dissolution. The number of the Founder Shares outstanding, which includes 3,435,065 Class A and Class B ordinary shares issued in connection with the forward purchase agreement.The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $11.50 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their shares of ordinary shares for cash, securities or other property.On July 8, 2025, the Sponsor agreed to convert 4,000,000 Class B ordinary shares of the Company into 4,000,000 Class A ordinary shares of the Company.General and Administrative ServicesCommencing on August 1, 2021, the Company has agreed to pay the Sponsor a total of $300,000 for office space, utilities and secretarial and administrative support for up to 36 months. For the years ended December 31, 2025 and 2024, administrative support fees expense was $0 and $34,330, respectively.Working Capital LoansIn order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. 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.Convertible Note Payable – SponsorOn January 28, 2025, the Company issued a convertible unsecured promissory note (the “Note”) in the principal amount of up to $1,900,000 to the Sponsor, of which $700,000 was advanced during the year ended December 31, 2025 and $840,000 was advanced during the year ended December 31, 2024. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination. If the Company does not complete a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the Sponsor shall have the option, but not the obligation, to convert all or a portion of up to $1,500,000 of the unpaid principal balance of the Note into that number of warrants to purchase one Class A ordinary share, $0.0001 par value per share, of the Company (the “Working Capital Warrants”) equal to the principal amount of the Note so converted divided by $1.00. The terms of the Working Capital Warrants will be identical to the terms of the warrants issued by the Company to the Sponsor in a private placement that took place simultaneously with the Company’s initial public offering. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. As of December 31, 2025 and December 31, 2024, the amount outstanding on this Note was $1,540,000 and $840,000, respectively.Note Payable – SponsorOn June 25, 2025, the Company issued a non-convertible unsecured promissory note (the “Second Note”) in the principal amount of up to $2,500,000 to the Sponsor. The Second Note does not bear interest and is repayable upon the earlier of the consummation of the Company’s initial business combination and the last day that the Company has to complete a business combination. As of December 31, 2025, the Company borrowed $1,700,000 under the Second Note.Related Party LoansOn March 29, 2024, the Sponsor advanced the Company $3,500 for working capital purposes. The advances are non-interest bearing and are due on demand. This related party transaction is included on the accompanying balance sheets as a related party payable.

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NOTE 6 — COMMITMENTS AND CONTINGENCIESRegistration RightsThe holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.Underwriting AgreementThe Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 1,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On October 10, 2023, the underwriter informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by the Company prior to the consummation of the Initial Public Offering.The Company paid the underwriters a cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, the underwriters is entitled to a deferred fee of $0.35 per Unit, or $3,500,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.Forward Purchase AgreementSparkLabs Group Management, LLC (“forward purchaser”), an accredited institutional investor affiliated with the Sponsor, has entered into a forward purchase agreement with the Company that provides for the purchase by the forward purchaser of forward purchase units for an aggregate purchase price of at least $115,000,000 in a private placement to close concurrently with the closing of our initial business combination. The forward purchaser may purchase less than $115,000,000 worth of forward purchase units in accordance with the terms of the forward purchase agreement. In addition, the forward purchaser may terminate its commitment under the forward purchase agreement at any time before the closing of the Company’s initial business combination. Accordingly, if the forward purchaser exercises its right to terminate its commitment to purchase any forward purchase securities, the Company will not receive any of the amount of proceeds under the forward purchase agreement and all of the 3,435,065 Class A and Class B ordinary shares will then be forfeited prior to the closing of the Company’s initial business combination.The obligations under the forward purchase agreement will not depend on whether any Class A ordinary shares are redeemed by the Public Shareholders. The forward purchase shares will be identical to the shares of Class A ordinary stock included in the Units being sold in the Initial Public Offering, except that they will be subject to transfer restrictions and registration rights.

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NOTE 7 — SHAREHOLDERS’ DEFICITPreferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2025 and 2024, there were no preference shares issued or outstanding.Class A Ordinary Shares — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. On July 9, 2025, the Sponsor converted 4,000,000 Class B ordinary shares into Class A ordinary shares. Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the Trust Account as a result of their ownership of any Class A ordinary shares issued upon conversion of the Founder Shares. As of December 31, 2025 and December 31, 2024 there were 4,000,000 and 0 Class A ordinary shares issued and outstanding, respectively (excluding 2,236,713 and 10,000,000 Class A ordinary shares subject to possible redemption, respectively) of which up to 3,435,065 shares are subject to forfeiture immediately prior to the closing of our initial business combination depending on the amount of the proceeds received under the forward purchase agreement or in the event of our liquidation and subsequent dissolution.Class B Ordinary Shares — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of December 31, 2025 and 2024, there were 2,422,078 and 6,422,078 shares of Class B ordinary shares issued and outstanding, respectively. Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of ordinary shares, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as otherwise required by law. In connection with our initial business combination, we may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of the Initial Public Offering.The Founder Shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, at most 23% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total converted Class A ordinary shares to be sold pursuant to the forward purchase agreement. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

5000000

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0.23 NOTE 8 — WARRANTSThere were 13,490,535 warrants outstanding as of December 31, 2025 and 2024, which consists of 8,490,535 private and 5,000,000 public warrants. Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.The Company will not be obligated to deliver any shares of Class A ordinary share pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A ordinary shares is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary share is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.Redemption of Warrants When the Price per Share of Class A ordinary share Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">in whole and not in part;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">at a price of $0.01 per Public Warrant;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.</td></tr></table><div style="margin-top:12pt;"></div>If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.In addition, if (x) the Company issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at a Newly Issued Price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by its board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of its initial business combination on the date of the completion of its initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

13490535

8490535

5000000

P30D

P12M

P5Y

0 20 60

0.01 P30D P30D

10 20

9.2

0.60 9.2 1.15 18 1.80

NOTE 9 — FAIR VALUE MEASUREMENTSThe following table presents information about the Company’s assets and liabilities that are measured at fair value at December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:258.2pt;padding:0pt;"></td><td style="width:11.7pt;padding:0pt;"></td><td style="width:54.9pt;padding:0pt;"></td><td style="width:11.7pt;padding:0pt;"></td><td style="width:7.4pt;padding:0pt;"></td><td style="width:54.9pt;padding:0pt;"></td><td style="width:11.7pt;padding:0pt;"></td><td style="width:54.9pt;padding:0pt;"></td><td style="width:11.7pt;padding:0pt;"></td><td style="width:7.4pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:258.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:258.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.9pt;margin:0pt;padding:0pt;">December 31,</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:258.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:258.2pt;background:#cceeff;margin:0pt;padding:0pt;">Assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:258.2pt;margin:0pt;padding:0pt;">Investments held in Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.4pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"> 25,164,437</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.9pt;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:11.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.4pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 106,926,172</td></tr></table>Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. During the years ended December 31, 2025 and 2024, there were no transfers into or out of Level 3.In accordance with the Company’s investment management trust agreement, investments held in trust consist only of money market mutual funds invested solely in direct U.S. treasury obligations, which is considered a Level 1 measurement. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

25164437

106926172

NOTE 10 – SEGMENT INFORMATIONASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.The Company is a blank check company formed for the purpose of effecting a Business Combination. As of December 31, 2025, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the investments held in the Trust Account.The Company’s CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.When evaluating the Company’s primary measure of performance and making key decisions regarding resource allocation, the CODM reviews several key metrics, which include the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:307.6pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:307.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:307.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:116.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the Year Ended </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:307.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.2pt;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.2pt;margin:0pt;padding:0pt;">December 31, </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:307.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:307.6pt;background:#cceeff;margin:0pt;padding:0pt;">Loss from operations</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,585,208)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,098,195)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:307.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:307.6pt;background:#cceeff;margin:0pt;padding:0pt;">Total other income</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,878,808</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,248,666</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:307.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:307.6pt;background:#cceeff;margin:0pt;padding:0pt;">Net income</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 293,600</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,150,471</td></tr></table>

2585208

2098195

2878808

5248666

293600

3150471

NOTE 11 — SUBSEQUENT EVENTSThe Company evaluated subsequent events and transactions that occurred after the balance sheet date through March 30, 2026, the date that the financial statements were issued. Based upon this review, other than discussed below, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.On January 27, 2026, the Company received a letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with Nasdaq Listing Rule 5620(a), which requires companies listed on Nasdaq to hold an annual meeting of shareholders within twelve months of the end of the company’s fiscal year. On February 25, 2026, the Company held its Annual Meeting and as such has since received confirmation from Nasdaq that the Company is in compliance with Nasdaq Listing Rule 5620(a).

401642

112295

102237

81072

503879

193367

25813648

25164437

26317527

25357804

2078858

604052

73500

3500

2500000 1700000

1900000

1540000

6552358

3847552

3500000

10052358

7347552

2236713

11.54

11.25

25813648

25164437

0.0001

5000000

0.0001

500000000

4000000

2236713

400

0.0001

50000000

2422078

242

-9549121

-7154827

-9548479

-7154185

26317527

25357804

179940

285650

339880

555300

1697094

478217

1853113

785932

1877034

763867

2192993

1341232

226144

1126449

447907

2246142

226145

1126450

447909

2246144

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NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND GOING CONCERNSpark I Acquisition Corporation (the “Company”) was incorporated in the Cayman Islands on July 12, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.As of June 30, 2026, the Company had not commenced any operations. All activity for the period from July 12, 2021 (inception) through June 30, 2026 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and since closing the Initial Public Offering, a search for a business combination candidate. The Company will not generate any operating revenues until after the completion an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.The registration statement for the Company’s Initial Public Offering was declared effective on September 29, 2023. On October 11, 2023, the Company consummated its Initial Public Offering of 10,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $100,000,000, which is discussed in Note 3, and the sale of 8,490,535 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in private placements to SLG SPAC Fund LLC (the “Sponsor”) that closed simultaneously with the Initial Public Offering.The Company incurred offering costs of $6,590,678, including underwriting fees of $2,000,000, deferred underwriting fees of $3,500,000 (see Note 6) and other costs of $1,090,678.On October 10, 2023, the underwriter informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by the Company prior to the consummation of the Initial Public Offering.The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Initial Public Offering, management has agreed that $10.05 per Unit sold in the Initial Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.The Company has provided the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to the Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires a resolution be passed by a majority of the holders of ordinary shares as, being entitled to do so, vote in person or by proxy at a general meeting of the Company, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment.If the Company has not completed a Business Combination by September 29, 2026 (the “Combination Period”), or the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.05 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor have it independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available for the Company’s initial business combination and redemptions could be reduced to less than $10.05 per public share. In such event, the Company may not be able to complete its initial business combination, and the investors would receive such lesser amount per share in connection with any redemption of their public shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.On June 25, 2025, the Sponsor agreed to make monthly deposits, each in an amount equal to the lesser of (i) $0.015 for each outstanding Class A ordinary share, par value $0.0001 per share, of the Company and (ii) $55,000, up to a maximum aggregate amount of $825,000, directly to the Company’s trust account in order to extend the Company’s time period to consummate a business combination. For the six months ended, June 30, 2026 and 2025, the Company deposited $201,304 and $0 into the trust account.On July 8, 2025, the Company held an extraordinary general meeting of shareholders where the Company’s shareholders approved the proposal to amend the Company’s amended and restated memorandum and articles of association to extend the date by which the Company has to consummate a business combination from July 11, 2025 to September 29, 2026.In connection with the July 8, 2025 extraordinary general meeting of shareholders, the Sponsor agreed to convert 4,000,000 Class B ordinary shares of the Company into 4,000,000 Class A ordinary shares of the Company.In connection with the July 8, 2025 extraordinary general meeting of shareholders, holders of 7,763,287 Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $10.93 per share, for an aggregate redemption amount of approximately $84.8 million. As a result, approximately $84.8 million was removed from the Trust Account to redeem such shares. Following the redemption, there was 2,236,713 Class A Ordinary Shares held by public shareholders outstanding and 6,236,713 total Class A Ordinary Shares issued and outstanding, including Class A Ordinary Shares issued to the Sponsor in the conversion. Upon payment of the redemption, approximately $24.4 million remained in the Trust Account prior to any contribution made by the Sponsor.On May 14, 2026, the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company is not in compliance with Listing Rule 5450(a)(2) (the “Minimum Total Holders Rule”), which requires the Company to have at least 400 “Total Holders” (defined as both beneficial holders and holders of record) of the Company’s ordinary shares for continued listing on the Nasdaq Global Market. The Notice is only a notification of deficiency, not of imminent delisting, and has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Global Market. The Notice stated that that Company has 45 days to submit a plan to regain compliance with the Minimum Total Holders Rule. The Company submitted a compliance plan on June 29, 2026 for Nasdaq to review. If Nasdaq accepts the Company’s plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Minimum Total Holders Rule. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. The Company has been in contact with a represenatative at Nasdaq and considers the issue remediated.On June 11, 2026 (the “Signing Date”), the Company entered into an Agreement and Plan of Merger and Reorganization (as it may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”), by and among the Company, Spark I Acquisition Corporation Sub I Inc., a Delaware corporation (“Merger Sub I”), Spark I Acquisition Corporation Sub II LLC, a Delaware limited liability company (“Merger Sub II” and together with Merger Sub I, the “Merger Subs”), and ZincFive, Inc., a Delaware corporation (“ZincFive”). The transactions contemplated by the Merger Agreement are referred to as the “Business Combination.” The Company, Merger Sub I, Merger Sub II and ZincFive are each individually referred to as a “Party” and, collectively, as the “Parties.” In connection with the Closing, the Company will change its name to “ZincFive, Inc.”The Merger Agreement and the Business Combination were unanimously approved by the boards of directors of each of the Company, Merger Sub I and ZincFive and by the managing member of Merger Sub II.The Business Combination is expected to close in the second half of 2026 following the receipt of the required approval of the Company’s shareholders and the fulfillment of other customary closing conditions that are set forth in the Merger Agreement.Subject to obtaining the required shareholder approvals and at least one day prior to the time of the closing of the Business Combination (the “Closing,” and the date on which the Closing occurs, the “Closing Date”), the Company will deregister as a Cayman Islands exempted company and transfer by way of continuation to and domesticate as a corporation incorporated under the laws of the State of Delaware (the “Domestication” and such company after the Domestication, “New ZincFive”). In connection with the Domestication, the Company will file with the Secretary of State of the State of Delaware a certificate of incorporation (the “Charter”), which sets forth the rights and preferences of the equity interests of New ZincFive, and adopt bylaws (the “Bylaws”) of New ZincFive.Immediately prior to the Domestication, each of the holders of the then issued and outstanding Class B ordinary shares of the Company will cause each Cayman Class B Share to be converted, on a one-for-one basis, into a Class A ordinary share of the Company. In connection with the Domestication: (i) each of the then issued and outstanding Cayman Class A Shares will convert automatically, on a one-for-one basis, into a share of common stock, par value $0.0001 per share, of New ZincFive (the “New ZincFive Common Stock”); (ii) each of the then issued and outstanding warrants representing the right to purchase one Cayman Class A Share (each, a “Cayman Purchaser Warrant”) will convert automatically into a warrant to acquire one share of New ZincFive Common Stock pursuant to the related warrant agreement (each warrant, a “New ZincFive Warrant”); and (iii) each of the then issued and outstanding units of the Company will be canceled and each holder thereof will be entitled to one share of New ZincFive Common Stock and one-half of one New ZincFive Warrant. The conversion of the (w) Cayman Class B Shares to Cayman Class A Shares, (x) Cayman Class A Shares to New ZincFive Common Stock, (y) Cayman Purchaser Warrants to New ZincFive Warrants and (z) units of the Company to New ZincFive Common Stock and New ZincFive Warrants are collectively referred to as the “Delaware Conversion.”Sponsor AgreementConcurrently with the execution of the Merger Agreement, the Company entered into the Sponsor Agreement (the “Sponsor Agreement”) with ZincFive, the Sponsor, certain stockholders of the Company (together with the Sponsor, the “Insiders”) and, solely for purposes of the Letter Agreement Amendment (as defined below), Ho Min (Jimmy) Kim, Chief Financial Officer of the Company (the “Non-Shareholder Insider”). Under the terms of the Sponsor Agreement, the Insiders agreed to, among other things: (i) vote in favor of adoption of the the Company Stockholder Matters; (ii) vote against any Acquisition Transaction (as defined in the Merger Agreement) and any merger agreement or merger other than the Merger Agreement and the Business Combination; (iii) vote against any change in the business, management or board of directors of the Company (other than in connection with the the Company Stockholder Matters or pursuant to the Merger Agreement or ancillary agreements); and (iv) vote against any proposal, action or agreement that would: (A) impede, interfere, frustrate, prevent or nullify any provision of the Sponsor Agreement, the Merger Agreement or the Business Combination; (B) result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of the Company under the Merger Agreement; (C) result in any of the closing conditions of the Merger Agreement not being fulfilled; (D) result in a breach of any covenant, representation or warranty or other obligation or agreement of the Sponsor in the Sponsor Agreement; or (E) change in any manner the dividend policy or capitalization of, including the voting rights of any class of capital stock of, the Company. Each officer and director of the Company previously entered into a letter agreement with the Company in connection with the Company’s initial public offering, pursuant to which they agreed to vote any the Company ordinary shares held by them in favor of the Business Combination. If at any time following the Signing Date and until the termination of the Merger Agreement, the board of directors of the Company effect a Modification of Recommendation, then the obligations to vote or consent in accordance with the foregoing clauses (i)-(iv) will automatically be deemed to be modified such that the Sponsor will vote or provide its consent with respect to its Sponsor Securities (as defined below) in the same proportion to the votes cast or consent provided, as applicable, by the holders of the Cayman Class A Shares.Pursuant to the Sponsor Agreement, during the period commencing on the Signing Date until the earliest of (a) termination of the Merger Agreement, (b) the liquidation of the Company, (c) the first anniversary of the Closing Date and (d) the date upon which the volume-weighted average price (“VWAP”) of New ZincFive Common Stock equals or exceeds $12.00 per share for any twenty (20) trading days within any thirty (30) trading day period commencing any time that is one hundred eighty (180) days after the date that a registration statement (the “Resale Registration Statement”) covering the resale of Registrable Securities (as defined in the A&R Registration Rights Agreement) initially becomes effective, the Insiders will not (subject to limited and customary exceptions): (i) sell, offer to sell, contract or agree to sell, hypothecate or pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to, 2,000,000 Cayman Class B Shares owned by the Insiders as of the Signing Date, the Cayman Class A Shares issued or issuable upon the Delaware Conversion with respect to such shares, and the New ZincFive Common Stock issued or issuable upon the Delaware Conversion with respect to such shares (together, the “Sponsor Securities”); (ii) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of any Sponsor Securities, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise; (iii) take any action in furtherance of any of the matters described in the foregoing clauses (i) or (ii); or (iv) publicly announce any intention to effect any transaction specified in the foregoing clauses (i) or (ii).Pursuant to the Sponsor Agreement, but subject to the consummation of the Business Combination, the Insiders agreed to waive all anti-dilution rights with respect to the rate that the Cayman Class B Shares convert into the Cayman Class A Shares in connection with the transactions contemplated by the Merger Agreement.In addition, pursuant to the Sponsor Agreement, (a) Sponsor may elect to convert up to $1,500,000 of the aggregate amount outstanding under any Working Capital Loans (as defined in the Merger Agreement) into Cayman Purchaser Warrants, (b) Sponsor agreed to forfeit, immediately following the Closing and subject to the occurrence of the Closing, (x) 3,500,000 shares of the Company Common Stock, (y) 922,078 shares of the Company Common Stock for issuance to certain of the Bridge Investors (as defined below) and (z) 1,458,400 New ZincFive Warrants for issuance to certain of the Bridge Investors, and (c) Sponsor agreed to forfeit, immediately following the Closing, 2,786,867 New ZincFive Warrants and 50% of any New ZincFive Warrants issued as a result of the conversion of Working Capital Loans for issuance as stock options pursuant to the New ZincFive Equity Incentive Plan (as defined in the Merger Agreement).The Sponsor Agreement also amends that certain letter agreement, dated as of October 5, 2023 (the “Letter Agreement” and such amendment, the “Letter Agreement Amendment”), by and among SPKL, the Insiders and the Non-Shareholder Insider, pursuant to which the Sponsor agreed to surrender a number of Cayman Class B Shares (including any Cayman Class A Shares issued upon conversion of Cayman Class B Shares) in certain circumstances. As a result of the Letter Agreement Amendment, effective immediately prior to the First Merger, the Sponsor will not be obligated to surrender any Cayman Class B Shares (or Cayman Class A Shares issued upon conversion of Cayman Class B Shares) if the Forward Purchaser (as defined in the Letter Agreement) does not purchase $115,000,000 worth of securities in accordance with that certain forward purchase agreement, dated as of October 5, 2023, by and between the Company and the Forward Purchaser. If the Merger Agreement is terminated for any reason, the Letter Agreement Amendment will be void and of no force and effect.Series A Preferred Stock InvestmentsIn connection with the transactions contemplated by the Merger Agreement, on the Signing Date, the Company and ZincFive entered into a Securities Purchase Agreement (the “Series A SPA”) with certain institutional and accredited investors (the “Series A Preferred Stock Investors”). Pursuant to the Series A SPA, the Series A Preferred Stock Investors agreed, among other things, to purchase, concurrently with the Closing, an aggregate of 10,441,174 shares of New ZincFive’s 12.0% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share (the “New ZincFive Series A Preferred Stock”), having the rights, preferences and privileges set forth in the Certificate of Designation of Preferences, Rights and Limitations of 12.0% Series A Cumulative Convertible Preferred Stock (the “Certificate of Designation”) and, for each Series A Preferred Stock Investor, a warrant to purchase a number of shares of New ZincFive Common Stock equal to the number of shares into which such shares of New ZincFive Common Stock underlying such investor’s Series A Preferred Stock are initially convertible (a “Series A Preferred Investor Warrant”), for an aggregate purchase price of $106.5 million (the “Series A Preferred Stock Investments”). Each share of New ZincFive Series A Preferred Stock will have a stated value of $12.00 (the “Stated Value”). Certain Series A Preferred Stock Investors who provided $6.5 million of interim financing to ZincFive in the form of secured promissory notes (the “Bridge Notes” and such Series A Preferred Stock Investors, the “Bridge Investors”) will pay the purchase price through the cancellation and conversion of such Series A Preferred Stock Investors’ Bridge Notes in exchange for shares of New ZincFive Series A Preferred Stock and Series A Preferred Investor Warrants.As a condition to the closing of Alyeska Master Fund, L.P.’s (the “Lead Purchaser”) Series A Preferred Stock Investment, the Company will issue an aggregate of 3,500,000 shares of New ZincFive Common Stock to the Lead Purchaser or the Company or ZincFive will cause stockholders of the Company or ZincFive to assign an aggregate of 3,500,000 shares of New ZincFive Common Stock to the Lead Purchaser.Liquidity and Capital ResourcesAs of June 30, 2026, the Company had $401,642 in its operating bank account, $25,813,648 in its trust account, and a working capital deficit of $6,048,479.Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). However, the Company has future obligations to management, consultants, and directors that will likely extinguish the cash balance within approximately a year from the filing date of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements—Going Concern, the Company was formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities on or before September 29, 2026. There is no assurance that the Company will obtain the necessary approvals or raise the additional capital it needs to fund its business operations and complete any business combination prior to September 29, 2026, if at all. The Company also has no approved plan in place to extend the business combination deadline beyond September 29, 2026, and lacks the capital resources needed to fund operations and complete any business combination, even if the deadline to complete a business combination is extended to a later date. Management has determined that the liquidity condition and timing of liquidation raises substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. No adjustments have been made to the carrying amounts of assets or liabilities. The Company’s Sponsor, officers and directors may, but are not obligated to, loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital.Risks and UncertaintiesVarious social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. The Iran war has resulted in higher oil prices and created concerns about economic recession. Tariffs imposed by the U.S. presidential administration caused geopolitical tension and higher prices of goods throughout the global economy. Sanctions imposed by the U.S. and other countries in connection with hostilities between Russia and Ukraine and tensions between China and Taiwan have caused additional financial market volatility and affected the global economy. Concerns over persistent inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility and could adversely affect the Company’s ability to complete a business combination and could have a material adverse effect on the value of the Company’s securities. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.The impact of these conflicts on the world economy is not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.

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NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the accompanying unaudited condensed consolidated financial statements do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of Management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 30, 2025. The interim results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future periods.Emerging Growth CompanyThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.Principles of ConsolidationThe accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, the Merger Subs. The subsidiaries were formed solely for the purpose of completing an initial Business Combination and have had no operating activity since inception. All significant intercompany balances and transactions have been eliminated in consolidation.Offering Costs Associated with the Initial Public OfferingOffering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received.Class A Ordinary Shares Subject to Possible RedemptionAs discussed in Note 3, all of the 10,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including shares of Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. Accordingly, at June 30, 2026 and December 31, 2025, the 2,236,713 Class A ordinary shares subject to possible redemption in the amount of $25,813,648 and $25,164,437 at redemption value per Public Share are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. For the six months ended June 30, 2026 and 2025, the Company recorded measurement adjustments of $649,211 and $2,246,142, respectively, to increase to redemption value.As of June 30, 2026 and 2025, the amount of Class A ordinary shares reflected on the balance sheet are reconciled in the following table:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.5pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.5pt;padding:0pt;"></td><td style="width:60.15pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:54.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 106,926,172</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;white-space:nowrap;width:396.5pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,246,142</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, June 30, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 109,172,314</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 25,164,437</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,236,713</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 649,211</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, June 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 25,813,648</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td></tr></table>Class B to Class A Share ConversionAs of December 31, 2025, 4,000,000 shares of Class B ordinary shares were converted into Class A ordinary shares in accordance with the Company’s governing documents. The conversion did not alter the rights, preferences, or privileges of the shares. As a result, the transaction was accounted for as an equity reclassification, with the carrying amount of Class B shares transferred to Class A shares. No gain or loss was recognized in connection with the conversion. The total number of issued and outstanding shares and total shareholders’ equity was not affected by the conversion.Net Income (Loss) per Ordinary ShareThe Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. Weighted average shares were not reduced for the effect of an aggregate of 3,435,065 Class A and Class B nonredeemable ordinary shares that were subject to forfeiture depending on the amount of the proceeds received under the forward purchase agreement described below or in the event of the Company’s winding up and subsequent dissolution. The Company applies the two-class method in calculating earnings per share. The remeasurement adjustment associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.The calculation of diluted income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering and (ii) the Private Placement. As of June 30, 2026 and 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and subsequently share in the earnings of the Company.The following table reflects the calculation of basic and diluted net income (loss) per ordinary share.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.75pt;padding:0pt;"></td><td style="width:12.35pt;padding:0pt;"></td><td style="width:7.75pt;padding:0pt;"></td><td style="width:50.5pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.75pt;padding:0pt;"></td><td style="width:50.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:128.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the six months ended</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;margin:0pt;padding:0pt;">June 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;margin:0pt;padding:0pt;">June 30,</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 551,034</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 999,399</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.10</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 353,878</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 641,822</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.10</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.5pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:131.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the six months ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (450,785)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 551,034</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (1,294,299)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 353,878</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.5pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:131.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (426,453)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 220,790</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (1,224,436)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 141,793</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td></tr></table>Income TaxesThe Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.Concentration of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account.Cash and Cash EquivalentsThe Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2026 and December 31, 2025.Investments held in Trust AccountAt June 30, 2026 and December 31, 2025, the Company had $25,813,648 and $25,164,437 in investments held in the Trust Account, respectively. The Company’s portfolio of investments held in the Trust Account are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act.Investments held in Trust Account are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. Fair values of these investments are determined by Level 1 input utilizing quoted prices (unadjusted) in active markets for identical assets.Fair Value of Financial InstrumentsThe fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheets, primarily due to their short-term nature.Fair Value MeasurementsFair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</td></tr></table><div style="margin-top:12pt;"></div>In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.Derivative Financial InstrumentsThe Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.Warrant InstrumentsThe Company accounts for the Public Warrants and the Private Placement Warrants issued in connection with the Initial Public Offering and the Private Placement in accordance with the guidance contained in FASB ASC 815, “Derivatives and Hedging”. Under ASC 815-40 the Public Warrants and the Private Placement Warrants meet the criteria for equity treatment and as such will be recorded in shareholders’ deficit. If the warrants no longer meet the criteria for equity treatment, they will record as a liability and remeasured each period with changes recorded in the statement of operations.Recent Accounting StandardsIn November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires disclosures of certain disaggregated income statement expense captions into specified categories within the footnotes to the financial statements. The requirements of the ASU are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact ASU No. 2024-03 will have on its condensed consolidated financial statements.Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Basis of PresentationThe accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the accompanying unaudited condensed consolidated financial statements do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of Management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 30, 2025. The interim results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future periods.

Emerging Growth CompanyThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Principles of ConsolidationThe accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, the Merger Subs. The subsidiaries were formed solely for the purpose of completing an initial Business Combination and have had no operating activity since inception. All significant intercompany balances and transactions have been eliminated in consolidation.

Class A Ordinary Shares Subject to Possible RedemptionAs discussed in Note 3, all of the 10,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including shares of Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. Accordingly, at June 30, 2026 and December 31, 2025, the 2,236,713 Class A ordinary shares subject to possible redemption in the amount of $25,813,648 and $25,164,437 at redemption value per Public Share are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. For the six months ended June 30, 2026 and 2025, the Company recorded measurement adjustments of $649,211 and $2,246,142, respectively, to increase to redemption value.As of June 30, 2026 and 2025, the amount of Class A ordinary shares reflected on the balance sheet are reconciled in the following table:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.5pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.5pt;padding:0pt;"></td><td style="width:60.15pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:54.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 106,926,172</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;white-space:nowrap;width:396.5pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,246,142</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, June 30, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 109,172,314</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 25,164,437</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,236,713</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 649,211</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, June 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 25,813,648</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td></tr></table>

10000000

5000001

2236713

25813648

25164437

649211 2246142

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.5pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.5pt;padding:0pt;"></td><td style="width:60.15pt;padding:0pt;"></td><td style="width:11.1pt;padding:0pt;"></td><td style="width:54.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 106,926,172</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;white-space:nowrap;width:396.5pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,246,142</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, June 30, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 109,172,314</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 25,164,437</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,236,713</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Plus:</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:396.5pt;margin:0pt;padding:0pt;">Remeasurement adjustment on redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 649,211</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:396.5pt;background:#cceeff;margin:0pt;padding:0pt;">Class A ordinary shares subject to possible redemption, June 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:60.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 25,813,648</td><td style="vertical-align:bottom;white-space:nowrap;width:11.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td></tr></table>

106926172

10000000

2246142

109172314

10000000

25164437

2236713

649211

25813648

2236713

Class B to Class A Share ConversionAs of December 31, 2025, 4,000,000 shares of Class B ordinary shares were converted into Class A ordinary shares in accordance with the Company’s governing documents. The conversion did not alter the rights, preferences, or privileges of the shares. As a result, the transaction was accounted for as an equity reclassification, with the carrying amount of Class B shares transferred to Class A shares. No gain or loss was recognized in connection with the conversion. The total number of issued and outstanding shares and total shareholders’ equity was not affected by the conversion.

4000000

Net Income (Loss) per Ordinary ShareThe Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. Weighted average shares were not reduced for the effect of an aggregate of 3,435,065 Class A and Class B nonredeemable ordinary shares that were subject to forfeiture depending on the amount of the proceeds received under the forward purchase agreement described below or in the event of the Company’s winding up and subsequent dissolution. The Company applies the two-class method in calculating earnings per share. The remeasurement adjustment associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.The calculation of diluted income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering and (ii) the Private Placement. As of June 30, 2026 and 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and subsequently share in the earnings of the Company.The following table reflects the calculation of basic and diluted net income (loss) per ordinary share.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.75pt;padding:0pt;"></td><td style="width:12.35pt;padding:0pt;"></td><td style="width:7.75pt;padding:0pt;"></td><td style="width:50.5pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.75pt;padding:0pt;"></td><td style="width:50.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:128.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the six months ended</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;margin:0pt;padding:0pt;">June 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;margin:0pt;padding:0pt;">June 30,</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 551,034</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 999,399</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.10</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 353,878</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 641,822</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.10</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.5pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:131.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the six months ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (450,785)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 551,034</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (1,294,299)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 353,878</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.5pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:131.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (426,453)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 220,790</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (1,224,436)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 141,793</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td></tr></table>

3435065

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.75pt;padding:0pt;"></td><td style="width:12.35pt;padding:0pt;"></td><td style="width:7.75pt;padding:0pt;"></td><td style="width:50.5pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.75pt;padding:0pt;"></td><td style="width:50.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:128.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the six months ended</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;margin:0pt;padding:0pt;">June 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;margin:0pt;padding:0pt;">June 30,</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:58.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 551,034</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 999,399</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.10</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income, as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 353,878</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;margin:0pt;padding:0pt;"> 641,822</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.75pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:398.75pt;margin:0pt;padding:0pt;">Basic and diluted net income per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.10</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.5pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:131.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the six months ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (450,785)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 551,034</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (1,294,299)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 353,878</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.20)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.06</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:396.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.5pt;padding:0pt;"></td><td style="width:12.54pt;padding:0pt;"></td><td style="width:7.9pt;padding:0pt;"></td><td style="width:51.51pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:131.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class A Redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (426,453)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 220,790</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,236,713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,000,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class A Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Class B Non-redeemable ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Numerator: Allocation of net income (loss), as adjusted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> (1,224,436)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;margin:0pt;padding:0pt;"> 141,793</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:396.1pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator: Basic and diluted weighted average shares outstanding</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,422,078</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:396.1pt;margin:0pt;padding:0pt;">Basic and diluted net income (loss) per Class B Ordinary Share</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.19)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:51.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.02</td></tr></table>

551034

999399

10000000

0.06

0.1

353878

641822

6422078

0.06

0.1

-450785

551034

2236713

10000000

-0.2

0.06

-1294299

353878

6422078

-0.2

0.06

-426453

220790

2236713

10000000

-0.19

0.02

-1224436

141793

6422078

-0.19

0.02

Income TaxesThe Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.

250000

Investments held in Trust AccountAt June 30, 2026 and December 31, 2025, the Company had $25,813,648 and $25,164,437 in investments held in the Trust Account, respectively. The Company’s portfolio of investments held in the Trust Account are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act.Investments held in Trust Account are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. Fair values of these investments are determined by Level 1 input utilizing quoted prices (unadjusted) in active markets for identical assets.

25813648

25164437

Derivative Financial InstrumentsThe Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Recent Accounting StandardsIn November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires disclosures of certain disaggregated income statement expense captions into specified categories within the footnotes to the financial statements. The requirements of the ASU are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact ASU No. 2024-03 will have on its condensed consolidated financial statements.Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

NOTE 3 — INITIAL PUBLIC OFFERINGPursuant to the Initial Public Offering, the Company sold 10,000,000 Units at a price of $10.00 per Unit. Each Unit will consist of one share of Class A ordinary shares and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 8). 10000000

11.5

NOTE 4 — PRIVATE PLACEMENTSSimultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,490,535 Private Placement Warrants at a price of $1.00 per Private Placement Warrant ($8,490,535) from the Company in a private placement. Each Private Placement Warrant is exercisable to purchase one share of Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain exceptions.

8490535

11.5

P30D

NOTE 5 — RELATED PARTIESFounder SharesOn December 8, 2021, the Sponsor received 6,870,130 of the Company’s Class B ordinary shares (the “Founder Shares”) in exchange for a payment $25,000 of offering costs made on behalf of the Company.On April 1, 2022, the Sponsor transferred a total of 850,000 Class B ordinary shares to certain of the Company’s officers and directors. These 850,000 shares are not subject to forfeiture in the event the forward purchaser elects to terminate or reduce its commitment to purchase the agreed forward purchase securities pursuant to the forward purchase agreement (see Note 6). Management has determined that the fair market value for the Founder Shares ($4,564,500 or $5.37 per share) should be disclosed as unrecognized, non-employee, equity-based compensation as of the transfer date. The non-employee, equity-based compensation component of these transactions will be recognized at the time of a business combination, if any.On October 10, 2023, the underwriter informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by the Company prior to the consummation of the Initial Public Offering.3,435,065 Founder Shares are subject to forfeiture immediately prior to the closing of the Company’s initial business combination depending on the amount of the proceeds received under the forward purchase agreement, or in the event of our liquidation and subsequent dissolution. The number of the Founder Shares outstanding, which includes 3,435,065 Class B ordinary shares issued in connection with the forward purchase agreement.The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $11.50 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their shares of ordinary shares for cash, securities or other property.On July 8, 2025, the Sponsor agreed to convert 4,000,000 Class B ordinary shares of the Company into 4,000,000 Class A ordinary shares of the Company.Working Capital LoansIn order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. 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.Convertible Note Payable - SponsorOn January 28, 2025, the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $1,900,000 to the Sponsor, of which $700,000 was advanced as of December 31, 2025 and $840,000 was advanced as of December 31, 2024. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination. If the Company does not complete a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the Sponsor shall have the option, but not the obligation, to convert all or a portion of up to $1,500,000 of the unpaid principal balance of the Note into that number of warrants to purchase one Class A ordinary share, $0.0001 par value per share, of the Company (the “Working Capital Warrants”) equal to the principal amount of the Note so converted divided by $1.00. The terms of the Working Capital Warrants will be identical to the terms of the warrants issued by the Company to the Sponsor in a private placement that took place simultaneously with the Company’s initial public offering. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. As of June 30, 2026 and December 31, 2025, the amount outstanding on this Note was $1,900,000 and $1,540,000, respectively.Note Payable – SponsorOn June 25, 2025, the Company issued a non – convertible unsecured promissory note (the “Second Note”) in the principal amount of up to $2,500,000 to the Sponsor. The Second Note does not bear interest and is repayable upon the earlier of the consummation of the Company’s initial business combination and the last day that the Company has to complete a business combination. As of June 30, 2026 and December 31, 2025, the Company borrowed $2,500,000 and $1,700,000, respectively under the Second Note.Related Party LoansOn March 29, 2024, the Sponsor advanced the Company $3,500 for working capital purposes. On May 13, 2026, the Sponsor advanced an additional $70,000 to the Company for working capital purposes. These advances are non-interest bearing and are due on demand. These related party transaction are included on the accompanying balance sheets as a related party payable. As of June 30, 2026 and December 31, 2025, the Company borrowed $73,500 and $3,500, respectively under the related party payable.

6870130

25000

850000 850000 4564500 5.37 448052

0.0001

3435065

11.5

P20D P30D

4000000

1500000

1900000

700000

840000

1500000

0.0001

1900000 1540000

2500000

1700000

3500

70000

73500

3500

NOTE 6 — COMMITMENTS AND CONTINGENCIESRegistration RightsThe holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.Underwriting AgreementThe Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 1,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On October 10, 2023, the underwriter informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by the Company prior to the consummation of the Initial Public Offering.The Company paid the underwriters a cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, the underwriters is entitled to a deferred fee of $0.35 per Unit, or $3,500,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.Forward Purchase AgreementSparkLabs Group Management, LLC (“forward purchaser”), an accredited institutional investor affiliated with the Sponsor, has entered into a forward purchase agreement with the Company that provides for the purchase by the forward purchaser of forward purchase units for an aggregate purchase price of at least $115,000,000 in a private placement to close concurrently with the closing of our initial business combination. The forward purchaser may purchase less than $115,000,000 worth of forward purchase units in accordance with the terms of the forward purchase agreement. In addition, the forward purchaser may terminate its commitment under the forward purchase agreement at any time before the closing of the Company’s initial business combination. Accordingly, if the forward purchaser exercises its right to terminate its commitment to purchase any forward purchase securities, the Company will not receive any of the amount of proceeds under the forward purchase agreement and all of the 3,435,065 Class B ordinary shares will then be forfeited prior to the closing of the Company’s initial business combination.The obligations under the forward purchase agreement will not depend on whether any Class A ordinary shares are redeemed by the Public Shareholders. The forward purchase shares will be identical to the shares of Class A ordinary shares included in the Units being sold in the Initial Public Offering, except that they will be subject to transfer restrictions and registration rights.

P45D 1500000

448052

0.0001

0.2

2000000

0.35 3500000

115000000

3435065

NOTE 7 — SHAREHOLDERS’ DEFICITPreferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2026 and December 31, 2025, there were no preference shares issued or outstanding.Class A Ordinary Shares — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. On July 9, 2025, the Sponsor converted 4,000,000 Class B ordinary shares into Class A ordinary shares. Notwithstanding the conversions, such holders will not be entitled to receive any monies held in the Trust Account as a result of their ownership of any Class A ordinary shares issued upon conversion of the Founder Shares. As of June 30, 2026 and December 31, 2025 there were 4,000,000 Class A ordinary shares issued and outstanding (excluding 2,236,713 Class A ordinary shares subject to possible redemption) of which up to 3,435,065 shares are subject to forfeiture immediately prior to the closing of our initial business combination depending on the amount of the proceeds received under the forward purchase agreement or in the event of our liquidation and subsequent dissolution.Class B Ordinary Shares — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of June 30, 2026 and December 31, 2025, there were 2,422,078 shares of Class B ordinary shares issued and outstanding. Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of ordinary shares, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as otherwise required by law. In connection with our initial business combination, we may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of the Initial Public Offering.The Founder Shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if we do not consummate an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, at most 23% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total converted Class A ordinary shares to be sold pursuant to the forward purchase agreement. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

5000000

0.0001

500000000

0.0001

one

4000000

2236713

3435065 3435065

50000000

0.0001

one

2422078

0.23 NOTE 8 — WARRANTSThere were 13,490,535 warrants outstanding as of June 30, 2026 and December 31, 2025 which consists of 8,490,535 private and 5,000,000 public warrants. Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.The Company will not be obligated to deliver any shares of Class A ordinary share pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A ordinary shares is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary share is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.Redemption of Warrants When the Price per Share of Class A ordinary share Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">in whole and not in part;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">at a price of $0.01 per Public Warrant;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.</td></tr></table><div style="margin-top:12pt;"></div>If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.In addition, if (x) the Company issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at a Newly Issued Price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by its board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of its initial business combination on the date of the completion of its initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

13490535

8490535

5000000

P30D

P12M

P5Y

0 20 60

0.01 P30D P30D

10 20

9.2

0.60 9.2 1.15 18 1.80

NOTE 9 — FAIR VALUE MEASUREMENTSThe following table presents information about the Company’s assets and liabilities that are measured at fair value at June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:258.3pt;padding:0pt;"></td><td style="width:11.79pt;padding:0pt;"></td><td style="width:55pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:7.46pt;padding:0pt;"></td><td style="width:54.95pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:54.95pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:7.45pt;padding:0pt;"></td><td style="width:54.85pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:258.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:258.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.4pt;margin:0pt;padding:0pt;">June 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">December 31,</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:258.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:258.3pt;background:#cceeff;margin:0pt;padding:0pt;">Assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:258.3pt;margin:0pt;padding:0pt;">Investments held in Trust Account</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55pt;margin:0pt;padding:0pt;">1</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;margin:0pt;padding:0pt;"> 25,813,648</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54.95pt;margin:0pt;padding:0pt;">1</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.85pt;margin:0pt;padding:0pt;"> 25,164,437</td></tr></table>Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. During the six months ended June 30, 2026 and 2025, there were no transfers into or out of Level 3.In accordance with the Company’s investment management trust agreement, investments held in trust consist only of money market mutual funds invested solely in direct U.S. treasury obligations, which is considered a Level 1 measurement. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

25813648

25164437

NOTE 10 — SEGMENT INFORMATIONASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.The Company is a blank check company formed for the purpose of effecting a Business Combination. As of June 30, 2026, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the investments held in the Trust Account.The Company’s CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.When evaluating the Company’s primary measure of performance and making key decisions regarding resource allocation in order to ensure sufficient capital to complete an initial business combination and meet working capital requirements, the CODM reviews several key metrics, which include the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:279.85pt;padding:0pt;"></td><td style="width:10.4pt;padding:0pt;"></td><td style="width:6.25pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:10.5pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:10.5pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:10.5pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:121.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the Six Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:117.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the Three Months Ended </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.45pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.8pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:279.85pt;background:#cceeff;margin:0pt;padding:0pt;">Loss from operations</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,192,993)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,341,232)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,877,034)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (763,867)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:279.85pt;background:#cceeff;margin:0pt;padding:0pt;">Total other income</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 447,909</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,246,144</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 226,145</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,126,450</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:279.85pt;background:#cceeff;margin:0pt;padding:0pt;">Net income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (1,745,084)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 904,912</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (1,650,889)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 362,583</td></tr></table>

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:279.85pt;padding:0pt;"></td><td style="width:10.4pt;padding:0pt;"></td><td style="width:6.25pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:10.5pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:10.5pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td><td style="width:10.5pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:121.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the Six Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:117.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the Three Months Ended </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.45pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.8pt;margin:0pt;padding:0pt;">June 30, </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:279.85pt;background:#cceeff;margin:0pt;padding:0pt;">Loss from operations</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,192,993)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,341,232)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,877,034)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (763,867)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:279.85pt;background:#cceeff;margin:0pt;padding:0pt;">Total other income</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 447,909</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,246,144</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 226,145</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,126,450</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:279.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:279.85pt;background:#cceeff;margin:0pt;padding:0pt;">Net income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (1,745,084)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 904,912</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (1,650,889)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 362,583</td></tr></table>

-2192993

-1341232

-1877034

-763867

447909

2246144

226145

1126450

-1745084

904912

-1650889

362583

certain Founder Shares held by the Sponsor at the Closing will be subject to certain vesting and forfeiture provisions as set forth in the Sponsor Agreement and (ii) the Sponsor will not transfer its Founder Shares or its Cayman SPAC Units for a period (the “Founder Share Lock-up Period”) ending on the earlier of (A) the first anniversary of the Closing Date, and (B) the date upon which the VWAP of SPAC Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any twenty (20) Trading Days within any thirty (30) Trading Day period commencing any time that is one hundred fifty (150) days after the Closing Date; Sponsor SLG SPAC Fund LLC Financing Transactions. Prior to and, if mutually agreed by the Parties, following the date hereof, the Parties shall use their commercially reasonable efforts to obtain commitments from one or more investors for a private financing (collectively, the “PIPE Investments”) pursuant to the terms of one or more subscription agreements (collectively, the “PIPE Subscription Agreements”), the terms of which will be mutually agreed by the Company and SPAC, with such private placement to be consummated prior to or substantially concurrently with the consummation of the Transactions. June 10, 2026Board of Directors Spark I Acquisition Corporation 3790 El Camino Real, Unit #570 Palo Alto, CA 94306Ladies and Gentlemen:Houlihan Capital, LLC (“Houlihan Capital”) understands that Spark I Acquisition Corp. (the “Client”, “SPAC” or “Spark”) is contemplating a business combination (the “Transaction”) with ZincFive, Inc. a Delaware corporation, together with its affiliates (collectively, “ZincFive” or the “Target”), as described in the a non-binding letter of intent (“LOI”) between the SPAC and the Target dated as of April 24, 2026. The LOI and definitive agreements for the Transaction, including the Business Combination Agreement (the “Business Combination Agreement”), contemplate a transaction structure pursuant to which the Target will merge with a wholly owned subsidiary of the SPAC (“Merger Sub I” (after the SPAC has domesticated out of the Cayman Islands and into the State of Delaware so as to become a Delaware corporation (the “Surviving Company”)), immediately after which the surviving corporation would then merge with and into Merger Sub II which would continue as the public company after the Transaction is consummated (the “Closing”), operating the business of the Target. The definitive agreements also reflect that the total consideration (“Transaction Consideration”) expected to be delivered to Target security holders at the Closing (assuming the occurrence thereof) will consist of a number of newly-issued Surviving Company securities reflecting a value attributed to the Target of $600.0 million, with each Surviving Company share to be valued for such purpose at an amount equal to $10.00 at the Closing.Pursuant to an engagement letter dated May 9, 2026, the Board of Directors of the SPAC (the “Board”) engaged Houlihan Capital as its financial advisor to render a written opinion (the “Opinion”), whether or not favorable, as to whether, as of the date of such Opinion, the Transaction is fair, from a financial point of view to the unaffiliated shareholders of the SPAC.In completing our analysis for purposes of the Opinion set forth herein, Houlihan Capital’s investigation included, among other things, the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Held discussions with certain members of SPAC and Target management (“SPAC Management” and “Target Management” respectively) regarding the Transaction, the business of Target, and the future outlook for Target;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Review of information provided by Client and Target including, but not limited to:</td></tr></table><div style="margin-top:10pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Non-binding letter of intent between Spark and ZincFive, dated April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Draft Agreement and Plan of Merger and Reorganization by and among Spark I Acquisition Corporation, Merger Sub I, Merger Sub II and ZincFive, Inc., dated as of May 17, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Draft PIPE financing documents, including the draft Certificate of Designation, Common Stock Purchase Warrant, and Securities Purchase Agreement;</td></tr></table><div style="margin-top:10pt;"></div>200 West Madison Suite 2150 Chicago, IL 60606Tel: 312.450.8600 Fax: 312.277.7599www.houlihan.com<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">ZincFive audited financial statements for the years ended December 31, 2023, through 2024, and unaudited financial statements for the year ended December 31, 2025, and the last twelve months (“LTM”) period ended March 31, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">ZincFive’s Q2 2026 investor presentation, dated May 13, 2026; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Company’s SEC filings;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed the industry in which Target operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Developed indications of value for Target using generally accepted valuation methodologies; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed certain other relevant, publicly available information, including economic, industry, and Target specific information.</td></tr></table><div style="margin-top:12pt;"></div>Our analyses contained herein are confidential and addressed to, and provided exclusively for use by, the Board. Our written opinion may be used (i) by the Board in evaluating the Transaction, (ii) in disclosure materials to shareholders of the SPAC, (iii) in filings with the U.S. Securities and Exchange Commission (the “SEC”) (including the filing of the fairness opinion and the data and analysis presented by Houlihan Capital to the Board), and (iv) in any litigation pertaining to matters relating to the Transaction and covered in the Opinion.No opinion, counsel, or interpretation was intended or should be inferred with respect to matters that require legal, regulatory, accounting, insurance, tax, or other similar professional advice. Furthermore, the Opinion does not address any aspect of the Board’s recommendation to its shareholders with respect to the adoption of the Transaction or how any shareholder of the SPAC should vote with respect to such adoption or the statutory or other method by which the SPAC is seeking such vote in accordance with the terms of the Transaction, applicable law, and the SPAC’s organizational instruments.This Opinion is delivered to each recipient subject to the conditions, scope of engagement, limitations and understandings set forth in the Opinion and subject to the understanding that the obligations of Houlihan Capital and any of its affiliates in the Transaction are solely corporate obligations, and no officer, director, principal, employee, affiliate, or member of Houlihan Capital or their successors or assigns shall be subjected to any personal liability whatsoever (other than for intentional misconduct, fraud, or gross negligence), nor will any such claim be asserted by or on behalf of you or your affiliates against any such person with respect to the Opinion other than Houlihan Capital.We have relied upon and assumed, without independent verification, the accuracy, completeness, and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by us and have assumed such accuracy and completeness for purposes of rendering an opinion. In addition, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of the SPAC or Target, nor, except as stated herein, have we been furnished with any such evaluation or appraisal. We have further relied upon the assurances and representations from SPAC management that they are unaware of any facts that would make the information provided to us to be incomplete or misleading in any material respect for the purposes of the Opinion. SPAC Management has represented: (i) that it directed Houlihan Capital to rely on certain forecasted financial information prepared by Target Management (the “Forecast”); (ii) the Forecast, to the knowledge of the SPAC, represent ZincFive management’s good faith estimates of the projected future financial performance of the business of ZincFive, assuming the consummation of the proposed Business Combination, for the periods stated therein, as of the date such Forecasts were prepared; (iii) there is no information that has come to the attention of the SPAC Management, as of the date of this letter, that would cause the SPAC to believe that Houlihan Capital should not rely upon the Forecast, taking into account the assumptions incorporated therein; (iv) Houlihan Capital had no role whatsoever in the preparation of the Forecast; (v) Houlihan Capital was not asked to provide an outside “reasonableness review” of the Forecast; and (vi) the SPAC did not engage Houlihan Capital to audit or otherwise validate any of the underlying inputs and assumptions incorporated into the Forecasts. We have not assumed responsibility for any independent verification of this information, nor have we assumed any obligation to verify this information. Nothing has come to our attention in the course of this engagement which would lead us to believe that (i) any information provided to us or assumptions made by us are insufficient or inaccurate in any material respect or (ii) it is unreasonable for us to use and rely upon such information or make such assumptions.Several analytical methodologies have been employed herein, and no one method of analysis should be regarded as critical to the overall conclusion reached. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. In arriving at the Opinion, Houlihan Capital did not attribute any particular weight to any single analysis or factor, but instead, made certain qualitative and subjective judgments as to the significance and relevance of each analysis and factor relative to all other analyses and factors performed and considered by us and in the context of the circumstances of the Transaction. Accordingly, Houlihan Capital believes that its analyses must be considered as a whole, because considering any portion of such analyses and factors, without considering all analyses and factors in their entirety, could create a misleading or incomplete view of the process underlying, and used by Houlihan Capital as support for, the conclusion set forth in the Opinion.Our only opinion is the formal written opinion Houlihan Capital has expressed as to whether, as of the date hereof, the Transaction is fair from a financial point of view to the unaffiliated shareholders of the SPAC. The Opinion does not constitute a recommendation to proceed with the Transaction. Houlihan Capital was not requested to opine as to, and the Opinion does not address, the (i) underlying business decision of the SPAC, its shareholders, or any other party to proceed with or effect the proposed Transaction, (ii) financial fairness of any aspect of the proposed Transaction not expressly addressed in the Opinion, (iii) terms of the Transaction (except with respect to financial fairness), including, without limitation, the closing conditions and any of the other provisions thereof, (iv) fairness of any portion or aspect of the proposed Transaction to the holders of any securities, creditors, or other constituencies of the SPAC, or any other party, other than those set forth in the Opinion, (v) relative corporate or other merits of the proposed Transaction as compared to any alternative business strategies that might exist for the SPAC, or (vi) tax, accounting, or legal consequences of the proposed Transaction to either the SPAC, its shareholders, or any other party.In our analysis and in connection with the preparation of the Opinion, Houlihan Capital has made numerous assumptions with respect to industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the Transaction. Houlihan Capital’s Opinion is necessarily based upon market, economic and other conditions that exist and can be evaluated as of the date of the Opinion. Houlihan Capital is under no obligation to update, revise, reaffirm or withdraw the Opinion, or otherwise comment on or consider events occurring after the date of the Opinion.Houlihan Capital, a Financial Industry Regulatory Authority (FINRA) member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. Neither Houlihan Capital, nor any of its principals or affiliates, has any ownership or other beneficial interests in any party to the Transaction or any of their affiliates and has provided no previous investment banking or consulting services to any party to the Transaction or any of their affiliates. There is no current agreement between Houlihan Capital, its principals, or affiliates and any party to the Transaction or any of their affiliates providing for the provision of future services by Houlihan Capital, its principals, or any of its affiliates to or for the benefit of any party to the Transaction or any of their affiliates. Houlihan Capital was not requested to and did not (i) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Transaction or any alternatives to the proposed Transaction, (ii) negotiate or recommend the terms of the proposed Transaction, or (iii) advise the Board with respect to alternatives to the proposed Transaction. Houlihan Capital’s compensation is not contingent upon the completion of the Transaction. Pursuant to the engagement arrangement among the SPAC, the Target, and Houlihan Capital, the fees payable to Houlihan Capital in connection with the fairness opinion are to be paid by the Target. Notwithstanding the Target’s payment of such fees, Houlihan Capital was engaged solely by the SPAC in connection with the fairness opinion engagement. The Target did not direct or supervise the work performed by Houlihan Capital and had no authority over the analyses conducted or conclusions reached by Houlihan Capital in rendering its opinion. The Target’s involvement was limited to initial organizational discussions regarding the fee payment arrangement and customary management diligence and information-sharing interactions and did not include participation in Houlihan Capital’s analytical process, preparation of the opinion, or the conclusions reflected therein. The Board approved Houlihan Capital’s engagement and was aware of the fee arrangement.In an engagement letter dated May 9, 2026, the Target has agreed to indemnify Houlihan Capital for certain specified matters in connection with Houlihan Capital’s services relating to the Opinion.As of the date hereof, it is Houlihan Capital’s opinion that the Transaction is fair, from a financial point of view to the unaffiliated shareholders of the SPAC. The Opinion was unanimously approved by the Fairness Opinion Committee of Houlihan Capital.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:264.05pt;padding:0pt;"></td><td style="width:275.95pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:264.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:275.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:264.05pt;margin:0pt;padding:0pt;">Respectfully submitted,</td><td style="vertical-align:bottom;width:275.95pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:264.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:275.95pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:264.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">/s/ Houlihan Capital, LLC</td><td style="vertical-align:bottom;width:275.95pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:264.05pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Houlihan Capital, LLC</td><td style="vertical-align:bottom;width:275.95pt;margin:0pt;padding:0pt;"></td></tr></table> Pursuant to an engagement letter dated May 9, 2026, the Board of Directors of the SPAC (the “Board”) engaged Houlihan Capital as its financial advisor to render a written opinion (the “Opinion”), whether or not favorable, as to whether, as of the date of such Opinion, the Transaction is fair, from a financial point of view to the unaffiliated shareholders of the SPAC.In completing our analysis for purposes of the Opinion set forth herein, Houlihan Capital’s investigation included, among other things, the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Held discussions with certain members of SPAC and Target management (“SPAC Management” and “Target Management” respectively) regarding the Transaction, the business of Target, and the future outlook for Target;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Review of information provided by Client and Target including, but not limited to:</td></tr></table><div style="margin-top:10pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Non-binding letter of intent between Spark and ZincFive, dated April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Draft Agreement and Plan of Merger and Reorganization by and among Spark I Acquisition Corporation, Merger Sub I, Merger Sub II and ZincFive, Inc., dated as of May 17, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Draft PIPE financing documents, including the draft Certificate of Designation, Common Stock Purchase Warrant, and Securities Purchase Agreement;</td></tr></table><div style="margin-top:10pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">ZincFive audited financial statements for the years ended December 31, 2023, through 2024, and unaudited financial statements for the year ended December 31, 2025, and the last twelve months (“LTM”) period ended March 31, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">ZincFive’s Q2 2026 investor presentation, dated May 13, 2026; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Company’s SEC filings;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed the industry in which Target operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Developed indications of value for Target using generally accepted valuation methodologies; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Reviewed certain other relevant, publicly available information, including economic, industry, and Target specific information.</td></tr></table><div style="margin-top:12pt;"></div> No opinion, counsel, or interpretation was intended or should be inferred with respect to matters that require legal, regulatory, accounting, insurance, tax, or other similar professional advice. Furthermore, the Opinion does not address any aspect of the Board’s recommendation to its shareholders with respect to the adoption of the Transaction or how any shareholder of the SPAC should vote with respect to such adoption or the statutory or other method by which the SPAC is seeking such vote in accordance with the terms of the Transaction, applicable law, and the SPAC’s organizational instruments.We have relied upon and assumed, without independent verification, the accuracy, completeness, and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by us and have assumed such accuracy and completeness for purposes of rendering an opinion. In addition, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of the SPAC or Target, nor, except as stated herein, have we been furnished with any such evaluation or appraisal. We have further relied upon the assurances and representations from SPAC management that they are unaware of any facts that would make the information provided to us to be incomplete or misleading in any material respect for the purposes of the Opinion. SPAC Management has represented: (i) that it directed Houlihan Capital to rely on certain forecasted financial information prepared by Target Management (the “Forecast”); (ii) the Forecast, to the knowledge of the SPAC, represent ZincFive management’s good faith estimates of the projected future financial performance of the business of ZincFive, assuming the consummation of the proposed Business Combination, for the periods stated therein, as of the date such Forecasts were prepared; (iii) there is no information that has come to the attention of the SPAC Management, as of the date of this letter, that would cause the SPAC to believe that Houlihan Capital should not rely upon the Forecast, taking into account the assumptions incorporated therein; (iv) Houlihan Capital had no role whatsoever in the preparation of the Forecast; (v) Houlihan Capital was not asked to provide an outside “reasonableness review” of the Forecast; and (vi) the SPAC did not engage Houlihan Capital to audit or otherwise validate any of the underlying inputs and assumptions incorporated into the Forecasts. We have not assumed responsibility for any independent verification of this information, nor have we assumed any obligation to verify this information. Nothing has come to our attention in the course of this engagement which would lead us to believe that (i) any information provided to us or assumptions made by us are insufficient or inaccurate in any material respect or (ii) it is unreasonable for us to use and rely upon such information or make such assumptions.Our only opinion is the formal written opinion Houlihan Capital has expressed as to whether, as of the date hereof, the Transaction is fair from a financial point of view to the unaffiliated shareholders of the SPAC. The Opinion does not constitute a recommendation to proceed with the Transaction. Houlihan Capital was not requested to opine as to, and the Opinion does not address, the (i) underlying business decision of the SPAC, its shareholders, or any other party to proceed with or effect the proposed Transaction, (ii) financial fairness of any aspect of the proposed Transaction not expressly addressed in the Opinion, (iii) terms of the Transaction (except with respect to financial fairness), including, without limitation, the closing conditions and any of the other provisions thereof, (iv) fairness of any portion or aspect of the proposed Transaction to the holders of any securities, creditors, or other constituencies of the SPAC, or any other party, other than those set forth in the Opinion, (v) relative corporate or other merits of the proposed Transaction as compared to any alternative business strategies that might exist for the SPAC, or (vi) tax, accounting, or legal consequences of the proposed Transaction to either the SPAC, its shareholders, or any other party.Houlihan Capital was not requested to and did not (i) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Transaction or any alternatives to the proposed Transaction, (ii) negotiate or recommend the terms of the proposed Transaction, or (iii) advise the Board with respect to alternatives to the proposed Transaction. Houlihan Capital’s compensation is not contingent upon the completion of the Transaction. As of the date hereof, it is Houlihan Capital’s opinion that the Transaction is fair, from a financial point of view to the unaffiliated shareholders of the SPAC. The Opinion was unanimously approved by the Fairness Opinion Committee of Houlihan Capital.