Summary and Analysis of Key Points

Overview Eureka Acquisition Corp. is a blank check company formed in the Cayman Islands on June 13, 2023, with the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, or reorganization with one or more businesses or entities, primarily focusing on opportunities in Asia. The company has not yet selected a target business for its initial business combination.

Financial Performance

• For the three months ended December 31, 2024, the company had a net income of $542,018, which consisted of interest income from the trust account of $694,056, partially offset by general and administrative expenses of $152,038.
• For the three months ended December 31, 2023, the company had a net loss of $56,819, all of which consisted of formation and operating expenses.
• As of December 31, 2024, the company had $552,031 of cash and a working capital of $532,436.

Liquidity and Capital Resources

• The company intends to use the net proceeds from its initial public offering (IPO), including the funds held in the trust account, to acquire a target business and pay related expenses.
• Over the next 12 months, the company will use the funds held outside of the trust account to identify and evaluate prospective acquisition candidates, perform due diligence, and negotiate and consummate the business combination.
• The company may need to obtain additional financing to consummate the initial business combination or to meet its obligations if cash on hand is insufficient.
• The company’s management has determined that the mandatory liquidation, should a business combination not occur, and potential subsequent dissolution, raises substantial doubt about the company’s ability to continue as a going concern.

Contractual Obligations and Off-Balance Sheet Arrangements

• The company does not have any long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities as of December 31, 2024.
• The company has entered into several agreements with financial advisors to identify and consult on potential acquisition targets, but the company has determined that the possibility of a business combination with any potential target identified by a financial advisor is not probable.
• The company has no off-balance sheet financing arrangements.

Accounting Estimates and Recent Pronouncements

• The company has not identified any critical accounting estimates.
• The company is evaluating the impact of recently issued accounting standards, including ASU No. 2023-07 on segment reporting and ASU 2023-09 on income tax disclosures, but does not expect a material impact on its financial statements.

Outlook The company’s ability to continue as a going concern is dependent on its successful completion of a business combination within the required timeframe. If the company is unable to do so, it will trigger an automatic winding up, dissolution, and liquidation, which raises substantial doubt about its ability to continue as a going concern. The company’s future success is closely tied to its ability to identify and acquire a suitable target business.