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E9 Non-accelerated Filer true true false true true New Iceland Arctic Acquisition Sponsor LLC Sponsor 3593750 25000 0.006957 3593750 468750 We have until the date that is 12 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve to consummate our initial business combination. If we anticipate that we may be unable to consummate our initial business combination within such 12 months, we may seek shareholder approval to amend our amended and restated memorandum and articles of association to extend the date by which we must consummate our initial business combination. P12M true <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 1pt solid; text-align: center">As of June 30, 2026</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Offering Price of $10.00 per Unit</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">25% of Maximum Redemption</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">50% of Maximum Redemption</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">75% of Maximum Redemption</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Maximum Redemption</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid">NTBV</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NTBV</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Difference between NTBV and Offering Price</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NTBV</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Difference between NTBV and Offering Price</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NTBV</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Difference between NTBV and Offering Price</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NTBV</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Difference between NTBV and Offering Price</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="34" style="text-align: center">Assuming Full Exercise of Over-Allotment Option</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">6.08</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">5.36</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">4.64</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">4.31</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">5.69</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">2.64</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">7.36</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">(0.39</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">10.39</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="35" style="text-align: center">Assuming No Exercise of Over-Allotment Option</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right">6.07</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4.66</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4.29</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5.71</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.64</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">7.36</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(0.38</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">10.38</td> <td> </td></tr> </table> true Initial Business Combination We are not presently engaged in, and we will not engage in, any substantive commercial business for an indefinite period of time following this offering. We intend to utilize cash derived from the proceeds of this offering and the private placement units, as well as our equity, debt or a combination of these, in effecting a business combination which has not yet been identified. Accordingly, investors in this offering are investing without first having an opportunity to evaluate the specific merits or risks of any one or more business combinations. A business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but which desires to establish a public trading market for its shares, while avoiding what it may deem to be adverse consequences of undertaking a public offering itself, which may include time delays related to legal, regulatory and market uncertainty, significant expense and loss of voting control. In the alternative, we may seek to consummate a business combination with a company that may be financially unstable or in its early stages of development or growth. While we may also seek to effect simultaneous business combinations with more than one target business, we expect that we will seek to effect only a single business combination if we believe that limited resources and time constraints would meaningfully inhibit our ability to close multiple combinations simultaneously. We will either (1) seek shareholder approval of our initial business combination at a meeting called for such purpose at which shareholders may seek to redeem all or a portion of their public shares, regardless of whether they abstain, vote for or against or vote at all with respect to the proposed business combination, or (2) provide our shareholders with the opportunity to sell their shares to us by means of a tender offer without a shareholder vote, in each case for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net of permitted withdrawals), subject to the limitations described herein. The decision as to whether we will seek shareholder approval of our proposed business combination or allow shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. Unlike other blank check companies which require shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and related redemptions of public shares for cash upon consummation of such initial business combinations even when a vote is not required by law, we will have the flexibility to avoid such shareholder vote and allow our shareholders to sell their shares pursuant to the tender offer rules of the SEC. In that case, we will file tender offer documents with the SEC, which will contain substantially the same financial and other information about the initial business combination as is required under the SEC’s proxy rules. If we seek shareholder approval of our initial business combination, we will consummate our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law and our amended and restated memorandum and articles of association, or a special resolution under Cayman Islands law and our amended and restated memorandum and articles of association, to the extent that such business combination is structured as a statutory merger or consolidation with another company under Cayman Islands law. We will have until the date that is 12 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve to consummate an initial business combination. If we are unable to consummate an initial business combination within such time period, we will, as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest earned on the funds held in the trust account, net of permitted withdrawals, and 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 public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law and as further described herein, and then seek to liquidate and dissolve. We expect the pro rata redemption price to be approximately $10.00 per Class A ordinary share (regardless of whether or not the underwriter exercises its over-allotment option), without taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able to distribute such amounts due to potential claims of creditors, which may take priority over the claims of our public shareholders. If we anticipate that we may be unable to consummate our initial business combination within such 12 months, we may seek shareholder approval to amend our amended and restated memorandum and articles of association to extend the date by which we must consummate our initial business combination. If we determine not to or are unable to extend the time period to consummate our initial business combination or fail to obtain shareholder approval to extend the completion window, our Sponsor’s investment in our founder shares, our private placement units (and any underlying securities) may be worthless. Our initial business combination must occur with one or more target businesses that together have a fair market value of at least 80% of the assets held in the trust account (excluding any deferred underwriting commissions and taxes payable on interest earned) at the time of the agreement to enter into the initial business combination. The fair market value of the target or targets will be determined by our board of directors based upon one or more standards generally accepted by the financial community (such as actual and potential sales, earnings, cash flow and/or book value). Even though our board of directors will rely on generally accepted standards, our board of directors will have discretion to select the standards employed. In addition, the application of the standards generally involves a substantial degree of judgment. Accordingly, investors will be relying on the business judgment of our board of directors in evaluating the fair market value of the target or targets. The proxy solicitation materials or tender offer documents used by us in connection with any proposed transaction will provide public shareholders with our analysis of the fair market value of the target business, as well as the basis for our determinations. If our board of directors is not able independently to determine the fair market value of the target business or businesses, we may, in our sole discretion, obtain an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions on the type of target business we are seeking to acquire, with respect to the satisfaction of such criteria. However, unless we consummate our initial business combination with an affiliated entity, our board of directors is not required to obtain an opinion from an independent investment banking firm or another independent entity that the price we are paying is fair to our shareholders from a financial point of view. As described below adjacent to the caption “- The Offering - Offering proceeds to be held in the trust account,” the Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the sale of the units must be deposited in a trust account. Of the $103,780,000 (or $119,080,000 if the underwriter’s over-allotment option is exercised in full) gross proceeds we will receive from this offering and the sale of the private placement units, an aggregate of $100,000,000 (or $10.00 per unit), or $115,000,000 (or $10.00 per unit) if the underwriter’s over-allotment option is exercised in full, will be placed in a segregated trust account located in the United States and established by Continental Stock Transfer & Trust Company acting as trustee pursuant to an agreement to be signed on the date of this prospectus. The funds in the trust account will be invested only in specified U.S. government treasury bills or in specified money market funds or in an interest-bearing demand deposit account. We currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business or businesses. We may, however, structure our initial business combination where we merge directly with the target business or where we acquire less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target 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”). Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital of a target. In this case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% fair market value test, as described above. As more fully discussed in “Management - Conflicts of Interest,” if any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. Certain of our directors currently have, and any of our officers or directors may in the future have, certain relevant fiduciary duties or contractual obligations. In addition, our Sponsor, officers and directors may participate in the formation of, or become an officer or director of, any other blank check company prior to completion of our initial business combination. As a result, our Sponsor, officers or directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank check company with which they may become involved. In such event, such companies may present additional conflicts of interest in pursuing an acquisition target. However, we do not believe that any potential conflicts would materially affect our ability to complete our initial business combination. We will have until the date that is 12 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve to consummate an initial business combination. If we are unable to consummate an initial business combination within such time period, we will, as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest earned on the funds held in the trust account, net of permitted withdrawals, and 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 public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law and as further described herein, and then seek to liquidate and dissolve. We expect the pro rata redemption price to be approximately $10.00 per Class A ordinary share (regardless of whether or not the underwriter exercises its over-allotment option), without taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able to distribute such amounts due to potential claims of creditors, which may take priority over the claims of our public shareholders.If we anticipate that we may be unable to consummate our initial business combination within such 12 months, we may seek shareholder approval to amend our amended and restated memorandum and articles of association to extend the date by which we must consummate our initial business combination. true As of the date of this prospectus, such persons and entities they control own membership interests in our Sponsor representing an economic interest in 3,593,750 founder shares, and the Sponsor will purchase, pursuant to a subscription agreement to be entered into, an aggregate of 178,000 private placement units (assuming no exercise of the underwriter’s over-allotment option). Members of our advisory board – Richard A. Meringolo and Denny Weinberg – are expected to acquire membership interests in our Sponsor following the completion of this offering. No other person has a direct or indirect material interest in our Sponsor. None of the non-managing members of our Sponsor will have any rights to control our Sponsor or to vote or dispose of any securities held by our Sponsor, or participate in the direction or management of our company. In addition, in order to facilitate our initial business combination or for any other reason determined by our Sponsor in its sole discretion, our Sponsor may surrender or forfeit, transfer or exchange our founder shares, private placement units or any of our other securities, including for no consideration, as well as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities. We may also issue Class A ordinary shares upon conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions as set forth therein. Directors and Executive Officers Upon closing of this offering, our Board of Directors and Executive Officers will consist of the following individuals: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; width: 30%; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: justify">Name</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Age</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 58%; text-align: justify">Position</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding: 0pt; text-align: justify">Halldor Thorsteinsson</td> <td> </td> <td style="padding: 0pt; text-align: center">41</td> <td> </td> <td style="padding: 0pt; text-align: justify">Chief Executive Officer; Member of the Board of Directors</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding: 0pt; text-align: justify">J. Heath Cardie, CFA</td> <td> </td> <td style="padding: 0pt; text-align: center">55</td> <td> </td> <td style="padding: 0pt; text-align: justify">Chief Financial Officer; Chair of the Board of Directors</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding: 0pt; text-align: justify">Lu Zhou</td> <td> </td> <td style="padding: 0pt; text-align: center">41</td> <td> </td> <td style="padding: 0pt; text-align: justify">Chief Investment Officer</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding: 0pt; text-align: justify">Christy Albeck</td> <td> </td> <td style="padding: 0pt; text-align: center">71</td> <td> </td> <td style="padding: 0pt; text-align: justify">Independent Director, Chair of the Audit Committee</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding: 0pt; text-align: justify">Andrew E. Geist</td> <td> </td> <td style="padding: 0pt; text-align: center">60</td> <td> </td> <td style="padding: 0pt; text-align: justify">Independent Director</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding: 0pt; text-align: justify">Ragnar Rafnsson</td> <td> </td> <td style="padding: 0pt; text-align: center">46</td> <td> </td> <td style="padding: 0pt; text-align: justify">Independent Director</td></tr> </table> Halldor Thorsteinsson Halldor Thorsteinsson will serve as a member of our Board of Directors and Chief Executive Officer upon the closing of this offering. Mr. Thorsteinsson is an attorney and Managing Director of New Iceland Advisors, a firm focused on connecting U.S. institutional investors with investment opportunities in Iceland and the Arctic region, a position he has held since July 2023. He also serves as a partner at AM Praxis, one of Iceland’s oldest law firms, where he has practiced since January 2015, advising local and international clients on corporate law, mergers and acquisitions, and cross-border transactions. Mr. Thorsteinsson is also a co-founder and co-owner of GlacierShares ehf., the sponsor of the GlacierShares Nasdaq Iceland ETF (Nasdaq: GLCR), the first U.S.-listed single-country ETF focused on Iceland’s equity market, launched in 2025. He holds an LL.M. in International Economic and Business Law from Kyushu University (Japan) and a Master’s Degree in Law from Bifröst University (Iceland). He is a member of the Icelandic Bar Association. We believe Mr. Thorsteinsson’s expertise in cross-border transactions, Nordic capital markets, and international corporate law qualifies him as our Chief Executive Officer and member of our Board of Directors. J. Heath Cardie J. Heath Cardie will serve as the Chief Financial Officer and Chair of the Board of Directors upon the closing of this offering. Mr. Cardie is the founder and Managing Director of New Iceland Advisors, a firm focused on providing U.S. institutional investors with access to alternative investment opportunities in Iceland, a position he has held since July 2023. He is also a co-founder and co-owner of GlacierShares ehf., the sponsor of the GlacierShares Nasdaq Iceland ETF (Nasdaq: GLCR), launched on Nasdaq in 2025. Since December 2000, Mr. Cardie has served as President and Co-Founder of Carner Services, a private equity investment company with holdings across the equipment leasing, recycling, commercial storage, and manufacturing industries, through which he has completed 14 direct private equity transactions. Previously, Mr. Cardie served as Director of Private Equity at Watershed Investment Consultants, Inc., an institutional investment consulting firm with approximately $3 billion in assets under advisement, from October 2002 to May 2016. Mr. Cardie holds a Master of Science in Finance from the University of Colorado and a Bachelor of Science in Business Administration from Ambassador University. He has held the Chartered Financial Analyst (CFA) designation since 1997 and holds FINRA Series 82 and Series 63 licenses. We believe Mr. Cardie’s more than three decades of experience in private equity, institutional investment consulting, and alternative asset management qualifies him to serve on our Board of Directors. Lu Zhou Lu Zhou will serve as our Chief Investment Officer upon the closing of this offering. Ms. Zhou is the founder and Chief Executive Officer of Vanquour Wealth Management, an investment advisory firm affiliated with the Royal Bank of Canada Clearing & Custody, a position she has held since November 2021. Ms. Zhou leads Vanquour in providing bespoke wealth management strategies for multi-family offices, including asset allocation, alternative investments, cross-border investments, and multi-generational wealth transfer. She also serves as Managing Director of Global Access CSG, a role she has held since April 2014, through which she has raised hundreds of millions of dollars for large-scale industrial projects, including financing for New York State’s largest gigafactory. In 2010, Ms. Zhou addressed the 62nd Session of the United Nations General Assembly on Public-Private Partnerships. Ms. Zhou holds a Master of Science in International Relations from New York University and a Bachelor of Science in Business Administration from the State University of New York at Albany. We believe Ms. Zhou’s extensive background in investment management, private equity, and international capital markets qualifies her as our Chief Investment Officer. Christy Albeck Christy Albeck will serve as a member of our Board of Directors and the Chair of the Audit Committee upon the closing of this offering. Ms. Albeck founded Albeck Advisors in 2025, through which she provides consulting and CFO services to public and private companies. Ms. Albeck currently serves as Chief Financial Officer of IB Acquisition Corp., a special purpose acquisition company listed on the Nasdaq Stock Market. Previously, Ms. Albeck was a partner at Calabrese Consulting, LLC, following the 2022 sale of her firm, Albeck Financial Services, which she founded in 1986 and grew over four decades from a sole proprietorship into a global consulting firm with offices in Houston, New York, Beijing, Shanghai, and Shenzhen. Albeck Financial Services provided outsourced accounting, CFO, and SEC reporting services to private companies and companies conducting initial public offerings on U.S. exchanges, including an Asia Pacific practice serving Asian companies accessing U.S. capital markets. Beginning in 2019, Albeck Financial Services expanded into the SPAC market, providing consulting and advisory services to more than 125 active SPACs. Ms. Albeck holds a Bachelor of Science in Accountancy from the University of Houston. We believe Ms. Albeck’s more than 35 years of experience in accounting, SEC reporting, CFO services, and special purpose acquisition company advisory qualifies her to serve on our Board of Directors. Andrew E. Geist Upon the closing of the offering, Andrew E. Geist will serve as an Independent Director on the Board of Directors of the Company. Mr. Geist brings more than 38 years of experience as a proven business entrepreneur and executive. Mr. Geist served as Senior Vice President at Gogo, Inc. (Nasdaq: GOGO), a provider of inflight connectivity solutions for the business aviation market, from 1997 until February 2026. As a founding member of Gogo’s leadership team, Mr. Geist played a pivotal role in establishing and scaling the Company’s Business Aviation division from inception into a global market leader and publicly traded enterprise. During his tenure, Mr. Geist led global commercial sales and marketing, customer service and technical support, product management, sales engineering, and new business development. He directed worldwide commercial operations encompassing new-aircraft original equipment manufacturer  relationships, authorized dealer and distributor networks, large fractional and charter aircraft operator accounts, military and government programs, and strategic business partnerships. Mr. Geist also participated in early capital formation initiatives and supported a large-scale merger and acquisition transaction. Prior to joining Gogo, Mr. Geist founded and led several ventures within the private aerospace sector, serving as Founder, Cofounder, and Managing Director. His ventures included companies specializing in ultrasonic aircraft inspection technologies, global aircraft parts distribution, 1031 tax exchange services, and aviation insurance brokerage. Mr. Geist holds a Bachelor of Science in Aerospace Science, with a Minor in Business Management and Administration, from Metropolitan State University of Denver. He also holds Federal Aviation Administration Commercial Pilot and Certified Flight Instructor Certifications for multi- and single-engine aircraft and instruments, and Property and Casualty licenses. The Board believes that Mr. Geist’s proven extensive experience in executive leadership, global commercial operations, and scaling businesses from startup through public offering qualifies him to serve as an Independent Director on our Board. Ragnar Rafnsson Upon the closing of the offering, Ragnar Rafnsson will serve as an Independent Director on the Board of Directors of the Company. Mr. Rafnsson has nearly two decades of experience in corporate finance, transaction advisory and investments in Iceland. He is a Partner at KAOS Partners, a Reykjavík corporate advisory and investment firm he co-founded in 2025, where he leads operational and corporate advisory assignments alongside the firm’s own investment projects, with particular activity across the energy, seafood, tourism and technology sectors. Mr. Rafnsson served as a Partner at Deloitte in Iceland from 2023 to 2025. Before that he spent eleven years with EY Iceland, where he was appointed Partner in 2020 and led the firm’s Transaction Advisory Services practice from 2019, advising clients on mergers and acquisitions, valuations, due diligence and transaction execution. He joined EY as a Senior Manager in 2013. Earlier in his career he spent six years at PricewaterhouseCoopers in Iceland, latterly as Manager of Financial Advisory Services. Mr. Rafnsson has also served as a court-appointed valuation expert in Iceland. Mr. Rafnsson earned a Bachelor of Science in Financial Engineering from Reykjavík University, where he also taught project finance. The Board believes that Mr. Rafnsson’s work across the Icelandic transaction market, from valuation and due diligence to deal execution, gives him direct insight into the ownership structures, financial profiles and transaction readiness of the Icelandic businesses that the Company is targeting and qualifies him to serve as an Independent Director on our Board. Other Staff Gunnar Sveinn Magnússon Gunnar Sveinn Magnússon will serve on the staff of New Iceland Advisors LLC and as our Director of Investor Relations and Impact in Iceland. Gunnar Sveinn Magnússon has more than 20 years of experience across banking, international finance, professional services, and sustainable investment. Most recently, Mr. Magnússon served as Partner and Head of Climate & Sustainability at Deloitte Iceland and as a member of Deloitte’s Nordic Climate & Sustainability leadership team. In that role, he advised companies and financial institutions on sustainable finance, climate strategy, carbon markets, ESG regulation and reporting, and related investment matters. Prior to joining Deloitte, he was Partner and Head of Climate Change and Sustainability Services at EY Iceland. From 2017 to 2021, Mr. Magnússon served in senior roles at Íslandsbanki, first as Head of Investor Relations and later as Sustainability Manager. He helped develop and implement the bank’s sustainability strategy and Sustainable Financing Framework. During his tenure, Íslandsbanki became the first Icelandic bank to issue a sustainable bond, completing a €300 million offering in November 2020. Before joining Íslandsbanki, Mr. Magnússon spent approximately six years with the International Monetary Fund in Washington, D.C., where he worked in technical assistance financing, donor relations and fund management. Earlier in his career, he worked as an economist and project manager for the European Commission in Brussels and in investment management at Landsbanki. Mr. Magnússon holds a Master of Science degree from the London School of Economics and Political Science and a bachelor’s degree from Gonzaga University. He also holds Icelandic securities qualifications. He has served on the boards of Festa, Iceland’s center for sustainability, and the International Carbon Registry, which he helped establish in 2021, and currently serves on the Board of the Golf Union of Iceland. His extensive experience in international finance, capital markets, sustainable investment and Icelandic business provides him with a broad perspective on investment opportunities and economic development in Iceland and the Nordic region. Advisory Board In addition to our Board of Directors and executive officers, we have established an Advisory Board. The Advisory Board is completely advisory in nature, and its members have no authority to make decisions or take actions on behalf of the Company. Members of the Advisory Board are not directors or officers of the Company and owe no fiduciary duties to the Company or its shareholders. The Advisory Board may provide guidance and recommendations to our management team regarding potential business combination targets and strategic matters, but all decisions and actions remain solely within the authority of our Board of Directors and executive officers. The Advisory Board currently consists of Richard A. Meringolo and Denny Weinberg, each of whom will also be an investor in the Sponsor following the completion of this offering. Richard A. Meringolo Richard A. Meringolo will serve on the Advisory Board of the company and will be an investor in the Sponsor following the completion of this offering. Mr. Meringolo has provided strategic transformation and capital raising consulting services through Narragansett Capital & Advisory, LLC since 2021. Mr. Meringolo served as a Board Member, Senior Executive Vice President, and Chief Credit Officer of TCF Financial Corporation, a $50 billion regional bank headquartered in Detroit, Michigan, from 2020 to 2021, where he served on the Executive Committee as Chair of the Allowance for Credit Losses Committee and Co-Chair of the Audit, Strategic Planning, Corporate Development, Asset Liability, and Capital Planning Committees. Before joining TCF, Mr. Meringolo held senior leadership positions at NatWest Group (formerly Royal Bank of Scotland), a $1.5 trillion asset global bank, serving in London from 2013 to 2018, including as Managing Director and Global Head of Leveraged Finance and, prior, as Chief Risk Officer of the Global Restructuring Division and Global Head of Credit for the Commercial Real Estate Finance portfolio, where he served on the Executive Committee with oversight responsibility for a $750 billion global loan book. Earlier in his career, Mr. Meringolo served as Executive Vice President at Citizens Financial Group, where he held leadership of the Commercial Real Estate Finance, Sponsor Finance, and Private Equity Banking businesses from 2009 to 2013. Mr. Meringolo holds a Master of Business Administration in Finance from Boston College Graduate School of Management and a Bachelor of Arts in Economics from Middlebury College. We believe Mr. Meringolo’s more than 35 years of experience in banking, credit risk management, leveraged finance, and public company board service qualifies him to serve on the Advisory Board. Denny Weinberg Denny will serve on the Advisory Board of the company and will be an investor in the Sponsor following the completion of this offering. Mr. Weinberg is a business executive and advisor with nearly four decades of experience across Fortune 100 companies, venture-backed technology startups, and corporate turnarounds. He began his career as Chief Engineer with CTX Systems, responsible for multiple U.S. patents in electronic control systems, before transitioning to management consulting at Touche Ross & Co. (now Deloitte Consulting) from 1981 to 1986. In 1986, Mr. Weinberg as Executive Vice President joined a new leadership team at Blue Cross of California that executed one of the most significant turnarounds and subsequently the largest IPO in the managed care industry at the time, creating WellPoint, Inc. (now Elevance Health, Inc.), one of the nation’s largest health benefits companies, where he served until 2006. Mr. Weinberg subsequently co-founded and served as Chief Executive Officer of Hixme and Granular, two technology-enabled services companies. He has served on the boards of directors of four publicly traded companies, including Dole Food Company, Inc. and Salem Communications Corporation, where he also served as Chairman of the Audit Committee, as well as Health Management, Inc. and WellPoint, Inc. Mr. Weinberg holds a Bachelor of Science in Engineering from the University of Missouri. We believe Mr. Weinberg’s extensive experience in corporate governance, public company board service, healthcare, technology, and turnaround management qualifies him to serve on our Advisory Board. We believe this combination of experience, established relationships and understanding of both the Icelandic corporate landscape and international capital markets provides us with a differentiated platform for sourcing, evaluating and executing our initial business combination. The past performance of the members of our management team or their affiliates is not a guarantee that we will be able to identify a suitable candidate for our initial business combination or of success with respect to any business combination we may consummate. We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest (which interest will be net of permitted withdrawals), divided by the number of then issued and outstanding public shares, subject to the limitations described herein or any greater net tangible asset or cash requirement that may be contained in the agreement relating to our initial business combination. Manner of conducting redemptions: We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, the initial business combination, all or a portion of their public shares upon the completion of our initial business combination either (1) in connection with a general meeting called to approve the business combination or (2) without a shareholder vote by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement. Asset acquisitions and share purchases would not typically require shareholder approval, while direct mergers with our company and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated memorandum and articles of association would require shareholder approval. We currently intend to conduct redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law or stock exchange rule or we choose to conduct redemptions pursuant to the tender offer rules of the SEC for business or other reasons. Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units must be deposited in a trust account. Of the gross proceeds of this offering and the sale of the private placement units, a total of $100,000,000 (or $115,000,000 if the underwriter’s over-allotment option is exercised in full), will be placed in a segregated trust account (the “Trust Account”) located in the United States and established by Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S. government treasury bills, notes and bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act and which invest solely in U.S. Treasuries or be held in an interest bearing demand deposit account. Except for all interest income that may be released to us for permitted withdrawals, none of the funds held in the Trust Account will be released from the Trust Account until the earlier of: (1) the completion of our initial business combination within the required time period; (2) our redemption of 100% of the outstanding public shares if we have not completed an initial business combination within 12 months from the closing of this offering; and (3) the redemption of any public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) in a manner that would affect the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the required time period or (B) with respect to any other material provision relating to our pre-business combination activity and related shareholders’ rights. The net proceeds held in the trust account may be used as consideration to pay the sellers of a target business with which we ultimately complete our initial business combination. If our initial business combination is paid for using shares or debt securities, or not all of the funds released from the trust account are used for payment of the purchase price in connection with our business combination, we may apply the cash released from the trust account that is not applied to the purchase price for general corporate purposes, including for maintenance or expansion of operations of acquired businesses, the payment of principal or interest due on indebtedness incurred in consummating the initial business combination, to fund the purchase of other companies or for working capital. We believe that amounts not held in the Trust Account will be sufficient to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while we may begin preliminary due diligence of a target business in connection with an indication of interest, we intend to undertake in-depth due diligence, depending on the circumstances of the relevant prospective acquisition, only after we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms of our initial business combination. However, if our estimate of the costs of undertaking in-depth due diligence and negotiating our initial business combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. In this event, we could seek such additional capital through loans or additional investments from members of our Sponsor or an affiliate of our Sponsor or our executive officers and directors, but such members of our management team are not under any obligation to advance funds to, or invest in, us. 0.90 100000000 10 6.08 5.36 4.64 4.31 5.69 2.64 7.36 -0.39 10.39 6.07 5.34 4.66 4.29 5.71 2.64 7.36 -0.38 10.38 For each of the redemption scenarios above, the NTBV was calculated as follows: <table cellpadding="0" style="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font-size: 7pt; vertical-align: bottom"> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">No Redemptions</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">25% of Maximum Redemptions</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">50% of Maximum Redemptions</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">75% of Maximum Redemptions</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maximum Redemptions</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom"> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Without Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">With Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Without Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">With Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Without Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">With Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Without Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">With Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Without Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">With Over-Allotment</td> <td style="font-size: 7pt; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; width: 22.5%; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Public offering price</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; width: 0.25%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; width: 7%; border-bottom: Black 1pt solid; text-align: right">10.00</td> <td style="font-size: 7pt; width: 0.25%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Net tangible book deficit before this offering</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.05</td> <td style="font-size: 7pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Increase attributable to public shareholders</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">6.12</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">6.13</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">5.39</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">5.41</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">4.34</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">4.36</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">2.69</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">2.69</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(0.33</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(0.34</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Pro forma net tangible book value after this offering</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">6.07</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">6.08</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">5.34</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">5.36</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">4.29</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">4.31</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2.64</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2.64</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.38</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(0.39</td> <td style="font-size: 7pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Dilution to public shareholders</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">3.93</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">3.92</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">4.66</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">4.64</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">5.71</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">5.69</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">7.36</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">7.36</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">10.38</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">10.39</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Percentage of dilution to public shareholders</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">39.33</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">39.22</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">46.56</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">46.45</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">57.05</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">56.94</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">73.64</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">73.55</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">103.84</td> <td style="font-size: 7pt; text-align: left">%</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">103.85</td> <td style="font-size: 7pt; text-align: left">%</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-indent: -9pt; padding-left: 9pt">Numerator:</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Net tangible book deficit before this offering</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">(172,079</td> <td style="font-size: 7pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Net proceeds from this offering and the sale of the private placement units</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">100,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">115,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">100,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">115,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">100,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">115,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">100,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">115,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">100,750,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left">$</td> <td style="font-size: 7pt; text-align: right">115,750,000</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Plus: Offering costs accrued for or paid in advance, excluded from tangible book value</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">185,000</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Less: Deferred underwriting commissions</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,000,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,450,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,000,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,450,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,000,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,450,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,000,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,450,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,000,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(3,450,000</td> <td style="font-size: 7pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Less: Over-allotment liability</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(102,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(102,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(102,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(102,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(102,000</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Less: Amounts paid for redemptions</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">—</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">—</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(25,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(28,750,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(50,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(57,500,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(75,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(86,250,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(100,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(115,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">97,660,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">112,312,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">72,660,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">83,562,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">47,660,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">54,812,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">22,660,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">26,062,921</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(2,339,079</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(2,687,079</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-indent: -9pt; padding-left: 9pt">Denominator:</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right"> </td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Ordinary shares outstanding prior to this offering</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">3,593,750</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Ordinary shares forfeited if over-allotment is not exercised</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(468,750</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(468,750</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(468,750</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(468,750</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">(468,750</td> <td style="font-size: 7pt; text-align: left">)</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">—</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Class A ordinary shares included in the units offered</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">10,000,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">11,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">10,000,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">11,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">10,000,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">11,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">10,000,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">11,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">10,000,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">11,500,000</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Class A ordinary shares included in the rights offered</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,875,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,875,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,875,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,875,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,500,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">2,875,000</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Class A ordinary shares included in the private placement units</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">378,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">408,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">378,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">408,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">378,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">408,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">378,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">408,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">378,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">408,000</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Class A ordinary shares included in the private placement rights</td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">94,500</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">102,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">94,500</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">102,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">94,500</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">102,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">94,500</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">102,000</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">94,500</td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt"> </td> <td style="font-size: 7pt; text-align: left"> </td> <td style="font-size: 7pt; text-align: right">102,000</td> <td style="font-size: 7pt; text-align: left"> </td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: White"> <td style="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Less: Shares subject to redemption</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">—</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">—</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(2,500,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(2,875,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(5,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(5,750,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(7,500,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(8,625,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(10,000,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td> <td style="font-size: 7pt; padding-bottom: 1pt"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 1pt solid; text-align: right">(11,500,000</td> <td style="font-size: 7pt; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">16,097,500</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">18,478,750</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">13,597,500</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">15,603,750</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">11,097,500</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">12,728,750</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">8,597,500</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">9,853,750</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">6,097,500</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 7pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-size: 7pt; border-bottom: Black 2.5pt double; text-align: right">6,978,750</td> <td style="font-size: 7pt; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 10 10 10 10 10 10 10 10 10 10 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 6.12 6.13 5.39 5.41 4.34 4.36 2.69 2.69 -0.33 -0.34 6.07 6.08 5.34 5.36 4.29 4.31 2.64 2.64 -0.38 -0.39 3.93 3.92 4.66 4.64 5.71 5.69 7.36 7.36 10.38 10.39 -172079 -172079 -172079 -172079 -172079 -172079 -172079 -172079 -172079 -172079 100750000 115750000 100750000 115750000 100750000 115750000 100750000 115750000 100750000 115750000 185000 185000 185000 185000 185000 185000 185000 185000 185000 185000 -3000000 -3450000 -3000000 -3450000 -3000000 -3450000 -3000000 -3450000 -3000000 -3450000 -102000 0 -102000 0 -102000 0 -102000 0 -102000 0 0 0 -25000000 -28750000 -50000000 -57500000 -75000000 -86250000 -100000000 -115000000 97660921 112312921 72660921 83562921 47660921 54812921 22660921 26062921 -2339079 -2687079 3593750 3593750 3593750 3593750 3593750 3593750 3593750 3593750 3593750 3593750 -468750 0 -468750 0 -468750 0 -468750 0 -468750 0 10000000 11500000 10000000 11500000 10000000 11500000 10000000 11500000 10000000 11500000 2500000 2875000 2500000 2875000 2500000 2875000 2500000 2875000 2500000 2875000 378000 408000 378000 408000 378000 408000 378000 408000 378000 408000 94500 102000 94500 102000 94500 102000 94500 102000 94500 102000 0 0 -2500000 -2875000 -5000000 -5750000 -7500000 -8625000 -10000000 -11500000 16097500 18478750 13597500 15603750 11097500 12728750 8597500 9853750 6097500 6978750 Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial business combination. Following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations. Pursuant to a letter agreement to be entered with us, each of our Sponsor, directors and officers has agreed to restrictions on its ability to transfer, assign, or sell the founder shares and private placement units. The Sponsor has provided a working capital loan to us in the aggregate amount of up to $400,000 for the payment of expenses. As of June 30, 2026, $205,000 was outstanding under such working capital loan, with $195,000 remaining available for future borrowings. In addition, in order to finance transaction costs in connection with an intended initial business combination, our Sponsor, executive officers, directors, or their affiliates may, but are not obligated to, loan us funds as may be required, which we refer to as working capital loans. At the option of the Sponsor, up to $200,000 in principal of these working capital loans entered into after the offering may be repaid in loan units. <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 16%; padding-left: 9pt; text-indent: -9pt">Subject Securities</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 23%; text-align: center">Expiration Date or End of Contractual Obligation Period</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 20%; text-align: center">Natural Persons and Entities Subject to Restrictions</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 38%; text-align: center">Exceptions to Transfer Restrictions</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt">Founder Shares</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">The earlier of (A) 180 days after the date of the consummation of our initial business combination; or (B) subsequent to the business combination (x) the date on which the highest reported trading price of our Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-day trading period immediately preceding such date, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction after our initial business combination which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> New Iceland Arctic Acquisition Sponsor LLC</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Transfers permitted (a) to (1) the Sponsor’s members, (2) the directors or officers of us, the Sponsor, or the Sponsor’s members, (3) any affiliates or family members of the directors or officers of us, the Sponsor, or the Sponsor’s members, (4) any members or partners of the Sponsor, the Sponsor’s members, or their respective affiliates, or any affiliates of the Sponsor, or the Sponsor’s members, or any employees of such affiliates; (b) in the case of an individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) in the case of a trust by distribution to one or more permissible beneficiaries of such trust; (f) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement, in connection with an extension of the completion window or in connection with the consummation of a business combination at prices no greater than the price at which the securities were originally purchased; (g) to us for no value for cancellation in connection with the consummation of the initial business combination; (h) in the event of our liquidation prior to our consummation of our initial business combination; (i) by virtue of the laws of the Cayman Islands, the Sponsor’s limited liability company agreement, upon dissolution of such Sponsor; and (j) in the event that, subsequent to our consummation of an initial business combination, we complete a liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt">Private Placement Units and underlying securities</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">30 days after the completion of our initial business combination</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> New Iceland Arctic Acquisition Sponsor LLC</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Same as above.</td></tr> </table> The earlier of (A) 180 days after the date of the consummation of our initial business combination; or (B) subsequent to the business combination (x) the date on which the highest reported trading price of our Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-day trading period immediately preceding such date, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction after our initial business combination which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. New Iceland Arctic Acquisition Sponsor LLC Transfers permitted (a) to (1) the Sponsor’s members, (2) the directors or officers of us, the Sponsor, or the Sponsor’s members, (3) any affiliates or family members of the directors or officers of us, the Sponsor, or the Sponsor’s members, (4) any members or partners of the Sponsor, the Sponsor’s members, or their respective affiliates, or any affiliates of the Sponsor, or the Sponsor’s members, or any employees of such affiliates; (b) in the case of an individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) in the case of a trust by distribution to one or more permissible beneficiaries of such trust; (f) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement, in connection with an extension of the completion window or in connection with the consummation of a business combination at prices no greater than the price at which the securities were originally purchased; (g) to us for no value for cancellation in connection with the consummation of the initial business combination; (h) in the event of our liquidation prior to our consummation of our initial business combination; (i) by virtue of the laws of the Cayman Islands, the Sponsor’s limited liability company agreement, upon dissolution of such Sponsor; and (j) in the event that, subsequent to our consummation of an initial business combination, we complete a liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement. Under Cayman Islands law, directors and officers owe the following fiduciary duties: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">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 cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">duty not to improperly fetter the exercise of future discretion;</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">duty to exercise authority for the purpose for which it is conferred and duty to exercise powers fairly as between different sections of shareholders;</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">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 cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">duty to exercise independent judgment.</td></tr> </table> In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge, skill and experience which that director has. Investors should be aware of the following potential conflicts of interest: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business activities.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">In the course of their other business activities, our Sponsor, officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to our company as well as the other entities with which they are affiliated. However, our officers and directors have agreed to present to us all suitable target business opportunities, subject to any fiduciary or contractual obligations.</td></tr> </table> <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font: 12pt Arial, Helvetica, Sans-Serif">●</td> <td style="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify">Each of the holders of the founder shares and private placement units has agreed that his, her or its founder shares and private placement shares, as applicable, will be subject to transfer restrictions and that he, she or it will not sell or transfer such shares until the applicable forfeiture provisions no longer apply. Holders of founder shares and private placement shares will agree to waive their redemption rights with respect to their founder shares and private placement shares, as applicable, (i) in connection with the consummation of a business combination, (ii) in connection with a shareholder vote to amend our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window (excluding any exercise of the underwriter’s over-allotment option), and (iii) if we fail to consummate a business combination within the completion window or if we liquidate prior to the expiration of the completion window. Our Sponsor, officers and directors will also agree to waive their redemption rights with respect to public shares in connection with the actions described in clauses (i) and (ii) above. However, our Sponsor, officers and directors will be entitled to redemption rights with respect to any public shares held by them if we fail to consummate a business combination or liquidate within the completion window. To the extent our holders of founder shares or private placement shares transfer any of these securities to certain permitted transferees, such permitted transferees will agree, as a condition to such transfer, to waive these same redemption rights. If we do not complete our initial business combination within the completion window, the portion of the proceeds of the sale of the private placement units placed into the trust account will be used to fund the redemption of our public shares. There will be no redemption rights or liquidating distributions from the trust account with respect to the founder shares or private placement units (and any underlying securities), which may become worthless if we do not consummate an initial business combination within the completion window (excluding any exercise of the underwriter’s over-allotment option). Except as described under “Principal Shareholders - Transfers of Founder Shares and Placement Units”, the founder shares, private placement units and their underlying securities will not be transferable, assignable or salable.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Members of our management team and our independent directors will directly or indirectly own founder shares and/or private placement units following this offering and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">In the event our Sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">We are not prohibited from pursuing an initial business combination with a company that is affiliated with our Sponsor, officers or directors, or completing the business combination through a joint venture or other form of shared ownership with our Sponsor, officers or directors; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business combination.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Our Sponsor, officers and directors may participate in the formation of, or become an officer or director of, any other blank check company prior to completion of our initial business combination. As a result, our Sponsor, officers or directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank check company with which they may become involved. Our board of directors will review any potential conflicts of interest on a case-by-case basis in accordance with our conflict of interest procedures described in “Related Party Policy” below.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Unless we consummate our initial business combination, our executive officers, directors and Sponsor will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount of available proceeds not deposited in the trust account.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The founder shares and private placement units (and any underlying securities) will be released from their respective lock-up restrictions only if a business combination is successfully completed, and the private placement warrants will expire worthless if a business combination is not consummated.</td></tr> </table> For the foregoing reasons, our board of directors may have a conflict of interest in determining whether a particular target business is appropriate to effect a business combination with the Company. S-1/A Limited Liability Company 0002148245 true