net income $6.4M. SPAC nears June 2026 deadline with cash, raises going-concern doubt

Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~1 min read

Key Changes

• high

  Management now discloses substantial doubt about continuing as a going concern, citing $505k working capital deficit, only $30k cash on hand, and mandatory liquidation if no deal closes by June 24, 2026.

  MD&A: Going Concern verify on EDGAR →
• high

  Cash outside trust plunged 93% from $438k to $30k over the year despite drawing $200k from a new up to $2M sponsor promissory note secured in August 2025.

  Notes: Liquidity verify on EDGAR →
• medium

  Trust account grew to $181.7M from $174.4M, earning $7.3M in dividends during 2025; company swung to $6.4M net income from $71k loss in 2024.

  MD&A: Results of Operations verify on EDGAR →