Tavia SPAC burns through cash, swings to working capital deficit, now needs new funding

Filed March 16, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~1 min read

Key Changes

• high

  Working capital swung from $169K surplus to $1.1M deficit as cash fell from $914K to $230K; management now says it must raise additional funds for next 12 months, reversing prior year's assessment.

  MD&A: Liquidity verify on EDGAR →
• high

  Company consumed $674K cash in operations during 2025 despite $3.6M net income, reflecting non-cash trust account interest; burn rate now visible over full year.

  Notes: Operating Cash Flow view on EDGAR →
• medium

  Secured $300K non-interest loan from underwriter EBC in February 2026, due upon business combination or liquidation; note may go unpaid if outside-trust funds are insufficient at liquidation.

  Business: EBC Promissory Note verify on EDGAR →