Financial Performance Overview

The company is a blank check company incorporated in the Cayman Islands on April 19, 2022, with the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company has not engaged in any operations or generated any revenues to date, as its activities have been limited to organizational tasks and preparations for the Initial Public Offering (IPO).

Revenue and Profit Trends

• For the three months ended March 31, 2025, the company had a net income of $1,483,074, which consists of dividends earned on marketable securities held in the Trust Account of $1,830,482, partially offset by general and administrative costs of $347,408.
• For the three months ended March 31, 2024, the company had no earnings.

Strengths and Weaknesses

Strengths:

• The company has successfully completed its IPO, raising $172,500,000 in gross proceeds.
• The company has $176,180,828 in investments held in the Trust Account as of March 31, 2025, which it intends to use to complete its business combination.
• The company has the ability to draw on the Working Capital Loans to alleviate any going concern issues.

Weaknesses:

• The company has not yet identified a target business for its business combination and may not be able to complete a successful transaction.
• The company may have insufficient funds to operate its business prior to completing a business combination if the actual costs are higher than expected.
• The company may need to obtain additional financing to complete a business combination or to redeem a significant number of public shares, which could result in the issuance of additional securities or incurring debt.

Outlook and Future Prospects

The company’s future prospects are largely dependent on its ability to identify and complete a successful business combination. The company has until June 24, 2026, to complete a business combination, and if it is unable to do so, it will be required to liquidate.

The company’s management believes that the funds currently available may not be sufficient to sustain operations for a reasonable period of time, which raises substantial doubt about the company’s ability to continue as a going concern. However, the company has the ability to draw on the Working Capital Loans to alleviate this issue.

Overall, the company’s financial performance and future prospects are highly uncertain at this stage, as it has not yet identified a target business for its business combination.