Overview

We are a blank check company formed in 2025 for the purpose of completing a business combination with one or more businesses. We have not engaged in any operations or generated any revenue to date. Our activities have been limited to organizational tasks, preparing for our initial public offering (IPO), and identifying potential target companies for a business combination.

Results of Operations

For the three months ended June 30, 2026, we had a net income of $1,844,612, which consisted of $2,003,552 in interest earned on marketable securities held in our trust account, offset by $158,940 in general and administrative costs.

For the six months ended June 30, 2026, we had a net income of $2,757,808, which consisted of $3,489,882 in interest earned on marketable securities, a $41,900 change in the over-allotment liability, offset by $393,600 in compensation expense and $380,374 in general and administrative costs.

Liquidity, Capital Resources and Going Concern

As of June 30, 2026, we had $644,214 in cash and a working capital surplus of $937,597. Our only source of liquidity prior to the IPO was an initial purchase of shares by our sponsor and loans from the sponsor.

On January 22, 2026, we completed our IPO of 20,000,000 units at $10 per unit, generating gross proceeds of $200,000,000. Simultaneously, we sold 5,000,000 private placement warrants to our sponsor for $5,000,000. On January 26, 2026, we sold an additional 2,500,000 units pursuant to the underwriters’ over-allotment option, generating $25,000,000 in gross proceeds, along with 375,000 additional private placement warrants for $375,000.

After the IPO and over-allotment, a total of $225,000,000 was placed in our trust account. We incurred $9,571,416 in transaction costs, including underwriting fees and other offering costs.

For the six months ended June 30, 2026, we used $413,714 in net cash for operating activities. As of June 30, 2026, we had $228,489,882 in marketable securities held in the trust account, including $3,489,882 in interest income.

Our liquidity condition raises substantial doubt about our ability to continue as a going concern within one year after the financial statements are issued. We intend to complete a business combination before the end of the completion window, but there is no assurance we will be able to do so. If we are unable to raise additional capital, we may need to take measures to conserve liquidity, such as curtailing operations or suspending the pursuit of a transaction.

Off-Balance Sheet Arrangements and Contractual Obligations

We have no off-balance sheet arrangements as of June 30, 2026. Our only significant contractual obligation is an agreement to pay our sponsor $10,000 per month for office space, utilities, and administrative support until the completion of our initial business combination or our liquidation.

The underwriters of our IPO are entitled to a 1.5% cash underwriting discount, as well as a 2.5% deferred underwriting fee payable from the trust account upon the closing of our initial business combination, provided the trust account contains at least $70 million.

Critical Accounting Estimates

As of June 30, 2026, we did not have any critical accounting estimates to disclose.

Net Income per Class B Ordinary Share

The company has two classes of shares, Class A and Class B. Net income is shared pro rata between the two classes, and net income per Class B ordinary share is computed by dividing net income by the weighted average number of Class B shares outstanding.