Based on the provided financial report articles, the title of the article is likely to be: "Quarterly Report (Form 10-Q) for the quarterly period ended June 30, 2026" This is a standard title for a quarterly financial report filed with the Securities and Exchange Commission (SEC) by publicly traded companies.
Based on the provided financial report articles, the title of the article is likely to be: "Quarterly Report (Form 10-Q) for the quarterly period ended June 30, 2026" This is a standard title for a quarterly financial report filed with the Securities and Exchange Commission (SEC) by publicly traded companies.
The report presents the financial statements of PECE for the quarter ended June 30, 2026. The company reported a net loss of $[amount] and a total stockholders’ deficit of $[amount]. The company’s cash and cash equivalents decreased by $[amount] to $[amount] during the quarter. The company’s common stock and additional paid-in capital increased by $[amount] and $[amount], respectively, due to the issuance of shares in connection with the company’s initial public offering (IPO) and private placement. The company’s retained earnings decreased by $[amount] due to the net loss. The company’s total assets and total liabilities were $[amount] and $[amount], respectively, as of June 30, 2026. The company’s IPO and private placement raised $[amount] and $[amount], respectively, during the quarter.
Overview
We are a blank check company incorporated as a Cayman Islands exempted company with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While our search for a target business will not be limited to a particular geographic region, we intend to focus on businesses throughout Asia, excluding China.
We have not yet selected a specific business combination target, and we have not initiated any substantive discussions with any potential target. We plan to use the cash proceeds from our initial public offering (IPO) and private placements, as well as debt and equity financing, to complete our initial business combination.
Results of Operations
We have not engaged in any operations or generated any revenues to date. Our activities since inception have been limited to organizational tasks and preparations for the IPO. After the IPO, we expect to incur increased expenses as a public company and in conducting due diligence on potential business combination candidates.
For the three months ended June 30, 2026, we incurred $118,157 in formation and operating costs, generated $204,863 in interest income, and reported a net income of $86,706. For the six months ended June 30, 2026, we incurred $174,553 in formation and operating costs, generated $204,872 in interest income, and reported a net income of $30,319.
Liquidity and Capital Resources
On May 26, 2026, we completed our IPO of 6,000,000 units at $10.00 per unit, raising $60,300,000 which was placed in a trust account. We also sold 262,500 private placement units at $10.00 per unit in a private placement.
Prior to our initial business combination, we have approximately $400,000 in proceeds held outside the trust account, which we intend to use for identifying and evaluating target businesses, due diligence, travel, and other expenses. We believe we have sufficient funds to operate our business prior to the initial business combination, but may need to raise additional financing to complete the transaction or if we are required to redeem a significant number of our public shares.
Related Party Transactions
Please refer to Note 5 - Related Party Transactions in the financial statements for details on our related party transactions.
Deferred Offering Costs
We have complied with the requirements of ASC 340-10-S99-1 relating to deferred offering costs, which are legal, accounting, advisory, and other costs directly related to our IPO that were charged to shareholders’ equity upon completion of the offering.
Other Contractual Obligations
We have entered into the following contractual agreements:
Registration Rights: The holders of our founder shares, EBC founder shares, and private placement units will be entitled to registration rights, allowing them to demand the registration of their securities for resale, subject to certain limitations.
Business Combination Marketing Agreement: We have engaged EBC as an advisor to assist with our initial business combination, for which they will receive a service fee equal to 3.5% of the gross IPO proceeds and 1.0% of the total consideration payable in the initial business combination.
Accounting Service Agreement: We have engaged Ascendant Global Advisors Inc., an affiliate of Casper Holding LP, to provide quarterly and annual financial reporting services at a fixed quarterly rate of $5,250.
Administration Fee: Casper Holding LP is allowed to charge us an allocable share of its overhead, up to $10,000 per month, to compensate for our use of its office, utilities, and personnel.
Critical Accounting Policies and Estimates
We have not identified any critical accounting policies or estimates, and all significant accounting policies are described in Note 2 of the financial statements.
Recent Accounting Standards
Management does not believe that any recently issued, but not yet effective, accounting standards would have a material effect on our financial statements if currently adopted.