Summary and Analysis of the Key Points

Overview The report provides an overview of a blank check company, also known as a special purpose acquisition company (SPAC), that was incorporated in the Cayman Islands on January 9, 2025. The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses that the company has not yet identified. The company may pursue an acquisition opportunity in any business or industry and intends to use cash, shares, debt, or a combination of these to complete the business combination.

Results of Operations The company has not engaged in any operations or generated any revenues to date. Its activities have been limited to organizational tasks, preparing for the initial public offering (IPO), and identifying a target company for a business combination. The company expects to continue to incur significant costs in the pursuit of its acquisition plans, but it cannot assure that its plans to complete a business combination will be successful.

Liquidity and Capital Resources Prior to the IPO, the company’s only source of liquidity was an initial purchase of Class B ordinary shares by the sponsor and loans from the sponsor. After the IPO, the company raised $150 million through the sale of 15 million units at $10 per unit, and an additional $5 million through the sale of 500,000 private placement units to the sponsor, CCM, and Seaport. The funds from the IPO and private placement have been placed in a trust account, and the company intends to use these funds to complete its business combination. The company may also need to obtain additional financing to complete the business combination or to redeem a significant number of its public shares.

Off-Balance Sheet Arrangements and Contractual Obligations The company has no off-balance sheet arrangements and its only contractual obligation is an agreement to pay $25,000 per month for office space, utilities, and administrative support, which will cease upon the completion of the initial business combination or the liquidation of the company. The company also granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the IPO price less the underwriting discounts.

Critical Accounting Estimates As of March 31, 2025, the company did not have any critical accounting estimates to disclose.

Strengths and Weaknesses Strengths:

• The company has a significant amount of capital raised through the IPO and private placement, which provides it with the resources to pursue a business combination.
• The company has a flexible mandate to pursue a business combination in any industry, which gives it a wide range of potential acquisition targets.

Weaknesses:

• The company has not yet identified a target business for a potential acquisition, which creates uncertainty about its future plans and the likelihood of completing a successful business combination.
• The company will incur significant costs in the pursuit of its acquisition plans, which could impact its financial resources and profitability.

Outlook The company’s future success will depend on its ability to identify and complete a successful business combination. If the company is unable to do so, it may be forced to liquidate and return the funds in its trust account to its shareholders. The company’s management will need to carefully evaluate potential acquisition targets and negotiate favorable terms to ensure a successful transaction that creates value for shareholders.