Summary and Analysis of Key Points

Overview Columbus Acquisition Corp. is a blank check company incorporated in the Cayman Islands in January 2024. The company’s purpose is to enter into a merger, share exchange, asset acquisition, share purchase, recapitalization, or similar business combination with one or more businesses or entities. The company completed its initial public offering (IPO) in January 2025, raising $60 million by selling 6 million units at $10 per unit. Each unit consists of one ordinary share and one right to receive one-seventh of one ordinary share upon completion of the initial business combination.

Financial Performance Since its IPO, Columbus Acquisition Corp. has not engaged in any operations or generated any revenue. The company’s only activities have been organizational and related to the IPO. For the three months ended March 31, 2025, the company reported net income of $149,799, which consisted of $403,733 in interest income from the trust account, partially offset by $253,934 in general and administrative expenses.

Liquidity and Capital Resources As of March 31, 2025, the company had $894,161 in cash and a working capital of $871,816. The company intends to use the net proceeds from the IPO, including the funds held in the trust account, to acquire a target business and pay related expenses. If the company’s estimates of the costs of due diligence and negotiating a business combination are less than the actual amount needed, it may have insufficient funds to operate prior to the business combination. The company may need to obtain additional financing to complete the business combination or if it is required to redeem a significant number of public shares.

The company has until January 22, 2026 to consummate the initial business combination, after which it will trigger an automatic winding up, dissolution, and liquidation. Management has determined that the potential mandatory liquidation raises substantial doubt about the company’s ability to continue as a going concern.

Strengths and Weaknesses The company’s key strength is the $60 million in proceeds from its IPO, which provides it with significant resources to identify and acquire a suitable target business. However, the company’s lack of operations and revenue, as well as the uncertainty around its ability to complete a business combination within the required timeframe, are potential weaknesses.

Outlook The company’s future success will depend on its ability to identify and acquire a suitable target business within the required timeframe. If it fails to do so, the company will be required to liquidate, which would likely result in a loss for investors. The company’s management will need to carefully manage its resources and expenses to maximize the chances of completing a successful business combination.