OCLT
OCLTCIK 0002137679
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OCLT, a blank check company, prices $100M IPO of 10M units at $10 each; founder shares 30% post-offering
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OceanLight SPAC files $100M IPO with going-concern doubt and heavy insider dilution
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Latest financial statements
From 10-Q filed Oct 2, 2026 (period ending Aug 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Statement of Operations (Unaudited)
| Description | Three months ended August 31, 2026 |
|---|---|
| General and administrative expenses | 63,007 |
| Loss from operations | (63,007) |
| Other income: | |
| Interest income Bank | 10 |
| Interest earned on investments held in Trust Account | 216,257 |
| Total other income | 216,267 |
| Net income | 153,260 |
| Weighted average shares outstanding, ordinary shares subject to possible redemption basic and diluted | 2,396,739 |
| Basic and diluted net income per share, ordinary shares subject to possible redemption | 0.02 |
| Weighted average shares outstanding, non-redeemable ordinary shares basic and diluted | 5,030,226 |
| Basic and diluted net income per share, non-redeemable ordinary shares | 0.02 |
Condensed Balance Sheets
| Description | August 31, 2026 (Unaudited) | May 31, 2026 (Audited) |
|---|---|---|
| Assets: | ||
| Current Assets | ||
| Cash | 522,130 | - |
| Prepaid expenses | 87,752 | - |
| Prepaid expenses related party | 235,371 | - |
| Total Current Assets | 845,253 | - |
| Investments held in Trust Account | 115,216,257 | - |
| Deferred offering costs | - | 25,000 |
| Total Assets | 116,061,510 | 25,000 |
| Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) | ||
| Current Liabilities | ||
| Accrued offering costs | 75,000 | 25,000 |
| Accrued expenses | 8,878 | 4,141 |
| Total Current Liabilities | 83,878 | 29,141 |
| Commitments and Contingencies – see Note 6 | ||
| Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 11,500,000 shares subject to possible redemption | 115,216,257 | - |
| Shareholders’ Equity (Deficit) | ||
| Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 5,382,250 shares and 4,933,500 (1) shares issued and outstanding as of August 31, 2026 and May 31, 2026, respectively (excluding 11,500,000 shares subject to possible redemption) | 538 | 493 |
| Subscription receivable | - | (25,000) |
| Additional paid-in capital | 611,718 | 24,507 |
| Retained earnings (Accumulated deficit) | 149,119 | (4,141) |
| Total Shareholders’ Equity (Deficit) | 761,375 | (4,141) |
| Total Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) | 116,061,510 | 25,000 |
Condensed Statement of Cash Flows (Unaudited)
| Description | Three months ended August 31, 2026 |
|---|---|
| Net income | 153,260 |
| Adjustments to reconcile net income to net cash used in operating activities: | |
| Interest earned on investments held in Trust Account | (216,257) |
| Changes in operating assets and liabilities: | |
| Prepaid expenses | (87,752) |
| Prepaid administrative expenses related party | (182,977) |
| Advance related party | (52,394) |
| Accrued expenses | 4,736 |
| Net cash used in operating activities | (381,384) |
| Cash Flows from Investing Activities: | |
| Purchase of investments held in Trust Account | (115,000,000) |
| Net cash used in investing activities | (115,000,000) |
| Cash Flows from Financing Activities: | |
| Proceeds from initial public offering and over-allotment | 115,000,000 |
| Proceeds from private placement units | 2,187,500 |
| Proceeds from related-party advances | 800,000 |
| Repayment of related-party advances | (809,632) |
| Payment of underwriting commissions | (575,000) |
| Payment of offering costs | (699,354) |
| Net cash provided by financing activities | 115,903,514 |
| Net change in cash | 522,130 |
| Cash, beginning of period | - |
| Cash, end of period | 522,130 |
| Supplemental disclosure of noncash investing and financing activities: | |
| Accretion of ordinary shares subject to possible redemption to redemption value | 8,789,003 |
| Non-cash issuance of representative shares to underwriter | 365,421 |
| Settlement of subscription receivable through related-party advance | 25,000 |
| Offering costs paid by Sponsor on behalf of the Company | 34,633 |
| Offering costs included in accrued offering costs | 75,000 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗