UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended ~~September~~March 3031, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-42993

Leapfrog Acquisition Corporation

(Exact Name or Registrant as Specified in Its Charter)

Cayman Islands		N/A
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

350 Springfield Avenues, Suite 200
Summit, New Jersey 07901
(Address of principal executive offices)

(201) 379-4200

(Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant	LFACU	The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share	LFAC	The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50	LFACW	The Nasdaq Stock Market LLC

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Exchange Act). Yes ☒ No ☐

As of ~~November~~May 713, ~~2025~~2026, there were 2314,~~660~~375,000 Class A ordinary shares, $0.0001 par value and 74,~~666~~791,667 Class B ordinary shares, $0.0001 par value, issued and outstanding.

LEAPFROG ACQUISITION CORPoration FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER~~March 3031, ~~2025~~2026

TABLE OF CONTENTS

		Page
Part I – Financial Information		1
Item 1. Financial Statements		1
Condensed Balance Sheet as of September 30, 2025 (Unaudited)		1
Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025		1
Condensed Statements of Operations for the Three Months Ended September 30, 2025 and the Period from June 20, 2025 (Inception) through September 30, 2025 (Unaudited)		2
Condensed Statement of Operations for the Three Months Ended March 31, 2026 (Unaudited)		2
Condensed Statements of Changes in Shareholder’s Deficit for the Three Months Ended September 30, 2025 and the Period from June 20, 2025 (Inception) through September 30, 2025 (Unaudited)		3
Condensed Statement of Changes in Shareholders’ Deficit for the Three Months Ended March 31, 2026 (Unaudited)		3
Condensed Statement of Cash Flows for the Period from June 20, 2025 (Inception) through September 30, 2025 (Unaudited)		4
Condensed Statement of Cash Flows for the Three Months Ended March 31, 2026 (Unaudited)		4
Notes to Condensed Financial Statements		5
Notes to Condensed Financial Statements (Unaudited)		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 3. Quantitative and Qualitative Disclosures About Market Risk		2122
Item 4. Controls and Procedures		2122
Part II – Other Information		23
Item 1. Legal Proceedings		2223
Item 1A. Risk Factors		2223
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		2223
Item 3. Defaults Upon Senior Securities		2223
Item 4. Mine Safety Disclosures		2223
Item 5. Other Information		2223
Item 6. Exhibits		2324
Part III Signatures		2425

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

LEAPFROG ACQUISITION CORPORATION

CONDENSED BALANCE ~~SHEET~~SHEETS

SEPTEMBER 30, 2025

	March 31, 2026			December 31, 2025
	(Unaudited)
Assets

Current Assets
Cash	$	1,010,279		$	1,395,995
Prepaid expenses		63,750			3,228
Prepaid insurance, current portion		93,782			93,782

Total Current Assets		1,167,811			1,493,005

Prepaid insurance, non-current portion		63,409			86,854
Cash held in Trust Account		145,338,085			144,087,613

Total Assets	$	146,569,305		$	145,667,472

LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT

Current Liabilities
Accounts payable and accrued expenses	$	14,539		$	217,300
Due to Sponsor		37,500			7,500

Total Current Liabilities		52,039			224,800

Deferred underwriting fee		5,031,250			5,031,250

Total Liabilities		5,083,289			5,256,050

Commitments and Contingencies (Note 6)

Class A ordinary shares, $0.0001 par value; 14,375,000 shares subject to possible redemption at $10.11 and $10.02 per share as of March 31, 2026 and December 31, 2025, respectively		145,338,085			144,087,613

Shareholders' deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		-			-
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 472,500 shares issued and outstanding (excluding 14,375,000 shares subject to possible redemption)		47			47
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 4,791,667 shares issued and outstanding		479			479
Additional paid-in capital		-			-
Accumulated deficit		(3,852,595	)		(3,676,717	)

Total Shareholders' Deficit		(3,852,069	)		(3,676,191	)

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	$	146,569,305		$	145,667,472

~~(UNAUDITED)~~The accompanying notes are an integral part of these unaudited condensed financial statements.

ASSETS
Non-Current Assets
Deferred offering costs	$	295,429
Total Assets	$	295,429
LIABILITIES AND SHAREHOLDER’S DEFICIT
Current Liabilities
Accrued expenses	$	34,889
Accrued offering costs		221,305
Promissory note – related party		75,124
Total Current Liabilities		331,318
Commitments and Contingencies (Note 6)
Shareholder’s Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		-
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding		-
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 4,791,667 shares issued and outstanding(1)		479
Additional paid-in capital		24,521
Accumulated deficit		(60,889	)
Total Shareholder’s Deficit		(35,889	)
TOTAL LIABILITIES AND SHAREHOLDER’S DEFICIT	$	295,429

~~(1)~~Table Includes up to 625,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On December 8, 2025, the underwriters exercised their over-allotment option in full as part of ~~the closing of the Initial Public Offering. As such, the 625,000 Class B Ordinary Shares are no longer subject to forfeiture (see Note 5).~~Contents

~~The accompanying~~LEAPFROG ~~notes~~ACQUISITION ~~are an integral part of these unaudited condensed financial statements.~~CORPORATION

1CONDENSED STATEMENT OF OPERATIONS

~~Table~~FOR ofTHE ~~Contents~~THREE MONTHS ENDED MARCH 31, 2026

~~LEAPFROG ACQUISITION CORPORATION~~(UNAUDITED)

CONDENSED STATEMENTS OF OPERATIONS

General and administrative expenses	$	175,878
Loss from operations		(175,878	)

Other income
Interest earned on cash held in Trust Account		1,250,472

Net income	$	1,074,594

Basic and diluted weighted average ordinary shares outstanding, redeemable ordinary shares		14,375,000
Basic and diluted net income per share, redeemable ordinary shares	$	0.05
Basic and diluted weighted average ordinary shares outstanding, non-redeemable ordinary shares		5,264,167
Basic and diluted net income per share, non-redeemable ordinary shares	$	0.05

~~(UNAUDITED)~~The accompanying notes are an integral part of these unaudited condensed financial statements.

	For the Three Months Ended September 30, 2025			For the Period from June 20, 2025 (Inception) through September 30, 2025
General and administrative expenses	$	60,889		$	60,889
Net loss	$	(60,889	)	$	(60,889	)
Weighted average Class B ordinary shares outstanding, basic and diluted(1)(2)		4,166,667			4,166,667
Basic and diluted net loss per Class B ordinary share	$	(0.01	)	$	(0.01	)

(1)	Excludes up to 625,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On December 8, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 625,000 Class B ordinary shares are no longer subject to forfeiture (see Note 5).
(2)	Gives retroactive effect to the cancellation of the Initial Share and issuance of the Founder Shares on August 6, 2025 (see Note 7).

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~~The accompanying~~LEAPFROG ~~notes~~ACQUISITION ~~are an integral part of these unaudited condensed financial statements.~~CORPORATION

2CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT

~~Table~~FOR ofTHE ~~Contents~~THREE MONTHS ENDED MARCH 31, 2026

~~LEAPFROG ACQUISITION CORPORATION~~(UNAUDITED)

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S DEFICIT

	Class A Ordinary Shares				Class B Ordinary Shares				Additional Paid-in		Accumulated			Total Shareholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance – January 1, 2026		472,500	$	47		4,791,667	$	479	$	-	$	(3,676,717	)	$	(3,676,191	)
Subsequent remeasurement of ordinary shares subject to possible redemption		-		-		-		-		-		(1,250,472	)		(1,250,472	)
Net income		-		-		-		-		-		1,074,594			1,074,594
Balance – March 31, 2026		472,500	$	47		4,791,667	$	479	$	-	$	(3,852,595	)	$	(3,852,069	)

~~FOR THE~~The ~~THREE~~accompanying ~~MONTHS~~notes ~~ENDED~~are ~~SEPTEMBER~~an ~~30,~~integral ~~2025~~part ~~AND~~of these ~~THE~~unaudited ~~PERIOD~~condensed ~~FROM~~financial ~~JUNE 20, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025~~statements.

~~(UNAUDITED)~~3

	Class A Ordinary Shares				Class B Ordinary Shares				Additional Paid-in		Accumulated			Total Shareholder’s
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance – June 20, 2025 (inception)		-	$	-		-	$	-	$	-	$	-		$	-
Net loss		-		-		-		-		-		-			-
Balance – June 30, 2025		-		-		-		-		-		-			-
Class B ordinary shares issued to Sponsor(1)		-		-		4,791,667		479		24,521		-			25,000
Net loss		-		-		-		-		-		(60,889	)		(60,889	)
Balance – September 30, 2025		-	$	-		4,791,667	$	479	$	24,521	$	(60,889	)	$	(35,889	)

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~~(1)~~LEAPFROG ~~Includes~~ACQUISITION up to 625,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On December 8, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 625,000 Class B Ordinary Shares are no longer subject to forfeiture (see Note 5).CORPORATION

~~The accompanying~~CONDENSED ~~notes~~STATEMENT ~~are~~OF anCASH ~~integral part of these unaudited condensed financial statements.~~FLOWS

3FOR THE THREE MONTHS ENDED MARCH 31, 2026

~~Table of Contents~~(UNAUDITED)

LEAPFROG ACQUISITION CORPORATION

Cash flows from operating activities:

Net income	$	1,074,594
Adjustment to reconcile net income to net cash used in operating activities:
Interest earned on cash held in Trust Account		(1,250,472	)

Changes in operating assets and liabilities:
Prepaid expenses		(60,522	)
Prepaid insurance		23,445
Accounts payable and accrued expenses		(202,761	)
Due to sponsor		30,000
Net cash used in operating activities		(385,716	)

Cash - beginning of period		1,395,995

Cash - end of period	$	1,010,279

~~CONDENSED~~The accompanying notes are an integral part of ~~STATEMENT~~these OFunaudited ~~CASH~~condensed ~~FLOWS~~financial statements.

~~FOR THE PERIOD FROM JUNE 20, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025~~4

Cash flows from operating activities:
Net loss	$	(60,889	)
Adjustment to reconcile net loss to net cash used in operating activities:
Expenses paid by the Sponsor:		26,000
Changes in operating assets and liabilities:
Accrued expenses		34,889
Net cash used in operating activities		-
Net change in cash		-
Cash - Beginning of period		-
Cash - End of period	$	-
Supplemental disclosure of noncash financing activities:
Expenses paid by Sponsor in exchange for issuance of Founder Shares	$	25,000
Expenses and deferred offering costs paid by the Sponsor	$	75,124
Deferred offering costs included in accrued offering costs	$	221,305

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~~The accompanying~~LEAPFROG ~~notes~~ACQUISITION ~~are an integral part of these unaudited condensed financial statements.~~CORPORATION

4NOTES TO CONDENSED FINANCIAL STATEMENTS

~~Table~~MARCH of31, ~~Contents~~2026

~~LEAPFROG ACQUISITION CORPORATION~~(UNAUDITED)

~~NOTES TO~~Note ~~CONDENSED~~1 ~~FINANCIAL~~— ~~STATEMENTS~~Organization and Business Operations

~~Note~~Leapfrog Acquisition Corporation (the “Company”) is a 1blank —check ~~Organization~~company ~~and~~incorporated as a Cayman Islands exempted company on June 20, 2025. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business ~~Operations~~Combination”).

~~Leapfrog Acquisition~~The ~~Corporation (the “~~Company”) is aan ~~blank~~emerging ~~check~~growth company ~~incorporated~~and, as ~~a Cayman Islands exempted company on June 20~~such, ~~2025.~~the ~~The~~ Company is ~~was~~subject ~~incorporated~~to ~~for~~all ~~the purpose~~ of ~~effecting~~the arisks ~~merger,~~associated ~~amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination~~ with ~~one~~emerging orgrowth ~~more businesses (the “Business Combination”)~~companies. The Company has not selected any specific Business Combination target,. ~~and~~The ~~the~~ Company ~~has~~is not, ~~nor~~limited ~~has~~to ~~anyone~~a onparticular ~~its behalf, engaged in any substantive discussions, directly~~ or ~~indirectly,~~geographic ~~with~~region ~~any~~for ~~Business~~purposes ~~Combination~~of ~~target~~consummating ~~with~~a ~~respect to an initial~~ Business Combination ~~with the Company~~.

As of ~~September 30~~March 31, ~~2025~~2026, the Company had not commenced any operations. All activity for the period from June 20, 2025 (inception) through ~~September 30~~March 31, ~~2025~~2026 relates to the Company’s formation, ~~and~~its initial public offering (the “Initial Public Offering”), which is described below, and its efforts to identify a Business Combination target. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. ~~The~~ The Company may generate non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s Initial Public Offering was declared effective on December 4, 2025. On December 8, 2025, the Company consummated the Initial Public Offering of 14,375,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), which includes the full exercise by the underwriters of their over-allotment option in the amount of 1,875,000 Units, at $10.00 per Unit, generating gross proceeds of $143,750,000. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”).

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 472,500 units including 37,500 additional units as the underwriters’ over-allotment option was exercised in full (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, in a private placement (the “Private Placement”) to the Company’s sponsor, Leapfrog Partners, LLC (the “Sponsor”), and BTIG, LLC, the representative of the underwriters, generating gross proceeds of $4,725,000. Each Private Placement Unit consists of one Class A ordinary share and one-half of one redeemable warrant (the “Private Placement Warrants” and together with the Public Warrants, the “Warrants”). Each whole Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

Of the 472,500 Private Placement Units, the Sponsor purchased 328,750 Private Placement Units, and BTIG purchased 143,750 Private Placement Units. Out of the aggregate amount of $4,725,000, the amount of $2,940,000 was added to the proceeds from the Initial Public Offering held in the Trust Account (as defined below) and the amount of $1,785,000 was transferred to the operating bank account.

Transaction costs amounted to $8,293,874, consisting of $2,875,000 of cash underwriting fees, $5,031,250 of deferred underwriting commissions which will be paid on the consummation of the initial Business Combination, and $387,624 of other offering costs.

Upon the closing of the Initial Public Offering and the Private Placement, $143,750,000 ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (the “Trust Account”) with Odyssey Transfer and Trust Company acting as trustee and invested only in U.S. government treasury obligations, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earliest of (i) the completion of an initial Business Combination, (ii) the redemption of the Public Shares if the Company is unable to complete an initial Business Combination within the Completion Window (defined below), subject to applicable law, and (iii) the redemption of the Public Shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to modify the substance or timing of obligation to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the Completion Window (defined below) or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity. The proceeds deposited in the Trust Account could become subject to the claims of creditors, if any, which could have priority over the claims of public shareholders.

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The Company’s board of directors has broad discretion in determining the fair market value of a target business. While the Company generally must acquire a target with a fair market value of at least 80% of the Trust Account assets, this requirement does not apply if the Company is delisted from Nasdaq. An independent third-party valuation is only required if the board cannot make this determination or if the target is affiliated with insiders. The Company expects to acquire 100% of a target’s equity or assets but may acquire less or merge directly with the target. The transaction must result in the Company owning at least 50% of the target’s voting securities or gaining control sufficient to avoid classification as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its Class A ordinary shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer.

All of the Class A ordinary shares sold as part of the units in ~~this~~the Initial ~~offering~~Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with liquidation, if there is a shareholder vote or tender offer in connection with initial Business Combination and in connection with certain amendments to second amended and restated memorandum and articles of association. In accordance with U.S. Securities and Exchange Commission (“SEC”) guidance on redeemable equity instruments, which has been codified in Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Accordingly, all of the Public Shares were presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. Given that the Class A ordinary shares sold as part of the units in the ~~offering~~Initial Public Offering were issued with other freestanding instruments, the initial carrying value of Class A ordinary shares classified as temporary equity were the allocated proceeds determined in accordance with ASC 470-20. The resulting discount to the initial carrying value of temporary equity was accreted upon the closing of the Initial Public Offering such that the carrying value was equal the redemption value on such date. The accretion or remeasurement is recognized as a reduction to retained earnings, or in the absence of retained earnings, additional paid-in capital. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

Each public shareholder may elect to redeem their Public Shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction. In addition, initial shareholders, directors and executive officers have entered into a letter agreement, pursuant to which they have agreed to waive their redemption rights with respect to any Founder Shares (as defined below), Private Shares and Public Shares held by them in connection with the completion of a Business Combination.

Notwithstanding the foregoing redemption rights, the Company’s amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), is restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without the prior consent of the Company.

The Company has determined not to have a minimum net tangible asset requirement to consummate any Business Combination which could be subject to Rule 419 promulgated under the Securities Act (defined in Note 2). Moreover, if the Company seeks to consummate an initial Business Combination with a target business that imposes any type of working capital closing condition or requires the Company to have a minimum amount of funds available from the Trust Account upon consummation of such initial Business Combination, its net tangible asset threshold may limit the Company’s ability to consummate such initial Business Combination (as the Company may be required to have a lesser number of shares redeemed) and may force the Company to seek third-party financing which may not be available on terms acceptable to the Company or at all. As a result, the Company may not be able to consummate such an initial Business Combination and the Company may not be able to locate another suitable target within the applicable time period, if at all.

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If the Company is unable to consummate the initial Business Combination within 24 months (which can be extended) from the Closing of the Initial Public Offering (the “Completion Window”), the Company will, (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (net of taxes payable and less interest to pay dissolution expenses up to $100,000) divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve. However, the Company may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of the Public Shareholders. In the event of liquidation and subsequent dissolution, the warrants will expire and will be worthless.

Going Concern Consideration

As of ~~September 30, 2025, the Company had a working capital deficit~~ of ~~$331,318.~~March ~~As of December 8~~31, ~~2025~~2026, ~~after consummation of~~ the ~~Initial Public Offering, the~~ Company had $1,~~395~~010,~~995~~ 279 in its operating bank account and a working capital surplus of $1,~~390~~115,~~659~~772. The Company has incurred and expects to continue to incur significant costs as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination. Such costs will be incurred prior to generating any operating revenues. Management plans to complete a Business Combination before the mandatory liquidation date and anticipates that the Company will have sufficient liquidity to fund its operations until then. However, there is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Completion Window or that liquidity will be sufficient to fund operations. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) ASC 205-40, “Presentation of Financial Statements — Going Concern,” ~~management concluded that the liquidity condition raises substantial doubt about~~ ~~the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.~~ Management has determined that, pursuant to the proceeds received from the Initial Public Offering, it has access to funds that ~~alleviates the substantial~~allow ~~doubt about~~ the Company’s ~~ability~~ to continue as a going concern.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC.

Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s ~~prospectus~~latest ~~for~~audited ~~its~~financial ~~Initial Public~~statements ~~Offering~~included asin ~~filed~~its ~~with~~Annual ~~the~~Report ~~SEC~~ on ~~December~~Form 10-K ~~5, 2025, as well as~~ for the ~~Company’s~~year ~~Current~~ended ~~Report~~December on31, ~~Form 8-K~~2025, as filed with the SEC on ~~December~~March 820, ~~2025~~2026. The interim results for the ~~period~~three ~~from~~months ~~June~~ended ~~20,~~March ~~2025 (inception) through September 30~~31, ~~2025,~~ 2026 are not necessarily indicative of the results to be expected for the ~~period~~full year ending December 31, ~~2025~~2026 or for any future periods.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

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Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of these unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting ~~periods~~period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,010,279 and $1,395,995 in cash as of March 31, 2026 and December 31, 2025, respectively. The Company had no cash ~~or cash~~ equivalents as of ~~September 30~~March 31, 2026 or December 31, 2025.

~~Deferred Offering~~Cash ~~Costs~~Held in Trust Account

~~Deferred offering~~At ~~costs~~March ~~consist~~31, of2026 ~~legal~~ and ~~other~~December costs (including underwriting discounts and commissions) incurred through the balance sheet date that are directly related to the Initial Public Offering. The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A31, ~~“Expenses of Offering.” The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants~~2025, ~~using~~ the ~~residual method by allocating~~ ~~Initial~~cash ~~Public~~held ~~Offering~~in ~~proceeds first to assigned value of~~ the ~~warrants~~Trust ~~and~~Account ~~then~~amounted to ~~the Class A ordinary shares. Offering costs allocated to the Public Shares will be charged to temporary equity~~$145,338,085 and ~~offering costs allocated to the Public Warrants and the Private Placement Units will be charged to shareholder’s deficit as the Public Warrants and the Private Placement Warrants~~$144,087,613, ~~after management’s evaluation~~respectively, ~~will~~which beis ~~accounted~~being ~~for~~held ~~under~~in ~~equity~~an ~~treatment.~~interest-bearing ~~Should the Initial Public Offering prove to be unsuccessful, these deferred~~deposit ~~costs,~~account asat ~~well~~a asbank ~~additional~~until ~~expenses~~the toearlier beof ~~incurred,~~consummation ~~will be charged to operations. As~~ of ~~September 30, 2025,~~ the Company’s ~~had~~initial ~~deferred offering~~Business ~~costs~~Combination ofand ~~$295,429~~liquidation.

8Concentration of Credit Risk

~~Table~~Financial instruments that potentially subject the Company to concentrations of ~~Contents~~credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

~~Fair Value~~Offering ~~Measurements~~Costs Associated with the Initial Public Offering

~~Fair~~Offering costs consisted principally of legal and other costs (including ~~value~~underwriting isdiscounts ~~defined~~and ascommissions) incurred that are directly related to the ~~price~~Initial ~~that~~Public ~~would~~Offering. beThe ~~received~~Company ~~for~~complies ~~sale~~with the requirements of anASC ~~asset~~340-10-S99-1 orand ~~paid~~SEC ~~for~~Staff ~~transfer~~Accounting ofBulletin a(“SAB”) ~~liability~~Topic in5A, an“Expenses ~~orderly~~of ~~transaction~~Offering.” The Company applied this guidance to allocate Initial Public Offering proceeds from the Units between ~~market~~Class ~~participants~~A atordinary shares and warrants, using the ~~measurement~~residual ~~date.~~method ~~GAAP~~by ~~establishes~~allocating aInitial ~~three-tier~~Public ~~fair~~Offering ~~value~~proceeds ~~hierarchy,~~first ~~which~~to ~~prioritizes~~assigned value of the ~~inputs used~~warrants inand ~~measuring~~then ~~fair~~to ~~value~~the Class A ordinary shares. ~~The~~Offering ~~hierarchy~~costs ~~gives~~allocated to the ~~highest~~Public ~~priority~~Shares towere ~~unadjusted~~charged ~~quoted~~to ~~prices~~temporary inequity, ~~active~~and ~~markets~~offering ~~for~~costs ~~identical~~allocated ~~assets~~to the orPublic ~~liabilities~~Warrants ~~(Level~~and 1the ~~measurements)~~Private Placement Units were charged to shareholders’ deficit as the Public Warrants and the ~~lowest~~Private ~~priority~~Placement Warrants, toafter ~~unobservable~~management’s ~~inputs~~evaluation, ~~(Level~~are 3accounted ~~measurements).~~for ~~These~~under ~~tiers~~equity ~~include:~~treatment.

~~● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;~~8

●Table ~~Level~~of 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; andContents

●Fair ~~Level~~Value 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.Measurements

~~In some~~Fair ~~circumstances,~~value is defined as the ~~inputs~~price ~~used~~that towould ~~measure~~be ~~fair~~received ~~value~~for ~~might~~sale of bean ~~categorized~~asset ~~within~~or ~~different~~paid ~~levels~~for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy., ~~In those~~which ~~instances,~~prioritizes the inputs used in measuring fair value. ~~measurement~~The ishierarchy ~~categorized~~gives inthe ~~its~~highest ~~entirety~~priority to unadjusted quoted prices in ~~the~~active ~~fair~~markets ~~value~~for ~~hierarchy~~identical ~~based~~assets onor ~~the~~liabilities ~~lowest~~(Level ~~level~~1 ~~input that~~measurements) isand ~~significant~~the lowest priority to ~~the~~unobservable inputs ~~fair~~(Level ~~value~~3 ~~measurement~~measurements). These tiers include:

~~Income Taxes~~● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

~~The Company~~● ~~follows~~Level ~~the asset and liability method of accounting for income taxes under ASC 740~~2, ~~“Income~~defined ~~Taxes.”~~as ~~Deferred~~inputs ~~tax assets~~other ~~and~~than ~~liabilities~~quoted ~~are~~prices ~~recognized~~in ~~for~~active ~~the~~markets ~~estimated~~that future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are ~~measured using~~either ~~enacted~~directly ~~tax~~or ~~rates~~indirectly ~~expected~~observable tosuch ~~apply~~as toquoted ~~taxable~~prices ~~income~~for insimilar ~~the~~instruments ~~years~~ in ~~which~~active ~~those~~markets ~~temporary~~or ~~differences~~quoted ~~are~~prices ~~expected~~for toidentical ~~be recovered~~ or ~~settled.~~similar ~~The~~instruments ~~effect on deferred tax assets and liabilities of a change~~ in ~~tax~~markets ~~rates is recognized in income in the period~~ that ~~is included in the enactment date. Valuation allowances~~ are ~~established,~~not ~~when~~active; ~~necessary, to reduce deferred tax assets to the amount expected to be realized.~~and

~~ASC 740~~● ~~prescribes~~Level a3, ~~recognition~~defined ~~threshold~~as ~~and~~unobservable ainputs ~~measurement~~in ~~attribute~~which ~~for~~little ~~the financial statement recognition and measurement of tax positions taken~~ or ~~expected~~no tomarket bedata ~~taken in a tax return. For those benefits to be recognized~~exists, atherefore ~~tax~~requiring ~~position~~an ~~must~~entity ~~be more likely than not~~ to ~~be sustained~~develop ~~upon~~its ~~examination~~own byassumptions, ~~taxing~~such ~~authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits~~ as ~~income~~valuations ~~tax~~derived ~~expense.~~from ~~There~~valuation ~~were~~techniques noin ~~unrecognized~~which ~~tax~~one ~~benefits~~or ~~and~~more ~~no amounts accrued for interest and penalties as of September 30, 2025. The Company is currently not aware of any issues under review that could result in~~ significant ~~payments,~~inputs ~~accruals,~~ or ~~material deviation~~significant ~~from~~value ~~its~~drivers ~~position~~are unobservable.

~~There is~~In ~~currently~~some nocircumstances, ~~taxation~~the ~~imposed~~inputs onused ~~income~~to bymeasure ~~the~~fair ~~government~~value might be categorized within different levels of the ~~Cayman~~fair ~~Islands~~value hierarchy. In ~~accordance~~those ~~with~~instances, ~~Cayman~~the ~~income~~fair ~~tax~~value ~~regulations,~~measurement is categorized in ~~income~~its ~~taxes~~entirety ~~are~~in ~~not~~the ~~levied~~fair value hierarchy based on the ~~Company.~~lowest ~~Consequently,~~level ~~income~~input ~~taxes~~that ~~are~~is ~~not~~significant ~~reflected~~to in the ~~Company’s~~fair ~~unaudited~~value ~~condensed financial statements~~measurement.

~~Class A~~Income ~~Ordinary Shares Subject to Possible Redemption~~Taxes

The ~~Public~~ ~~Shares~~Company ~~will~~follows ~~contain~~the aasset ~~redemption~~and ~~feature~~liability ~~which~~method ~~allows for the redemption~~ of ~~such~~accounting ~~Public~~for income ~~Shares~~taxes inunder ~~connection~~ASC ~~with the Company’s liquidation~~740, if“Income ~~there~~Taxes.” isDeferred atax ~~shareholder~~assets ~~vote~~and inliabilities ~~connection~~are ~~with~~recognized ~~certain~~for ~~amendments to~~ the ~~Company’s~~estimated ~~amended~~future ~~and restated memorandum~~tax ~~and~~consequences ~~articles~~attributable ofto ~~association,~~differences orbetween ifthe ~~there~~financial isstatement acarrying ~~shareholder~~amounts ~~vote~~of orexisting ~~tender~~assets ~~offer~~and inliabilities ~~connection~~and ~~with~~their respective ~~the~~tax ~~Company’s initial Business Combination~~bases. InDeferred ~~accordance~~tax ~~with~~assets ~~ASC~~and ~~480-10-S99,~~liabilities ~~the~~are ~~Company~~measured ~~will~~using ~~classify~~enacted ~~Public~~tax ~~Shares~~rates ~~subject~~expected to ~~redemption~~apply ~~outside~~to oftaxable ~~permanent~~income ~~equity~~in as the ~~redemption~~years ~~provisions are not solely within the control of the Company. The Company will recognize changes~~ in ~~redemption~~which ~~value immediately~~those astemporary ~~they~~differences ~~occur~~are ~~and~~expected ~~will adjust the carrying value of redeemable shares~~ to ~~equal~~be ~~the~~recovered ~~redemption~~or ~~value at the end of each reporting period~~settled. ~~Immediately~~The ~~upon~~effect ~~the~~on ~~closing~~deferred oftax ~~the~~assets ~~Initial~~and ~~Public Offering, the Company will recognize the accretion from initial book value~~liabilities toof ~~redemption~~a ~~amount value. The~~ change in ~~the~~tax ~~carrying~~rates ~~value~~is ofrecognized ~~redeemable shares will result~~ in ~~charges~~income ~~against additional paid-~~in ~~capital (to~~ the ~~extent~~period ~~available)~~that ~~and~~is ~~accumulated~~included ~~deficit.~~in ~~Accordingly, upon completion of~~ the ~~Initial~~enactment ~~Public~~date. ~~Offering,~~Valuation ~~Class~~allowances Aare ~~ordinary shares~~established, ~~subject~~when necessary, to ~~possible~~reduce ~~redemption~~deferred ~~will~~tax beassets ~~presented~~to ~~at redemption value as temporary equity, outside of~~ the ~~shareholder’s~~amount ~~deficit section~~expected ofto ~~the~~be ~~Company’s balance sheet~~realized.

9ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2026 or December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position.

~~Table~~There is currently no taxation imposed on income by the government of ~~Contents~~the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements.

~~Warrant Instruments~~Class A Ordinary Shares Subject to Possible Redemption

The ~~Company~~ ~~will~~Public ~~account~~Shares contain a redemption feature which allows for the redemption of such Public ~~Warrants~~Shares ~~and~~in ~~Private~~connection ~~Placement~~with ~~Warrants~~the ~~issued~~Company’s liquidation, if there is a shareholder vote in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the ~~Initial~~Company classifies Public ~~Offering~~Shares ~~and~~subject to ~~the~~redemption ~~Private~~outside ~~Placement~~of inpermanent ~~accordance~~equity ~~with~~as the ~~guidance~~redemption ~~contained~~provisions inare ~~FASB~~not ~~ASC~~solely ~~Topic~~within ~~815,~~the ~~“Derivatives~~control ~~and~~of ~~Hedging”~~the Company. ~~Accordingly, the~~The Company ~~evaluated~~recognizes changes in redemption value immediately as they occur and will ~~classify~~adjust the ~~warrant~~carrying ~~instruments~~value ~~under~~of ~~equity~~redeemable ~~treatment~~shares atto ~~their~~equal ~~assigned~~the redemption value ~~relative~~at ~~fair~~the ~~values~~end of each reporting period. ~~There were no~~ Immediately upon the closing of the Initial Public ~~Warrants~~Offering, orthe ~~Private~~Company ~~Warrants~~recognized ~~outstanding~~the asaccretion from initial book value to redemption amount value. The change in the carrying value of ~~September~~redeemable ~~30,~~shares ~~2025~~will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

~~Net Loss~~Accordingly, ~~per~~at March 31, 2026 and December 31, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s condensed balance Bsheets, ~~Ordinary~~as ~~Share~~reconciled in the following table:

The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per Class B ordinary share is computed by dividing net loss by the weighted average number of Class B ordinary shares outstanding during the period, excluding Class B ordinary shares subject to forfeiture. As of September 30, 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per Class B per ordinary share is the same as basic loss per Class B ordinary share for the periods presented.

Particular	Amount
Gross proceeds	$	143,750,000
Less: Proceeds allocated to public warrants		(2,824,688	)
Less: Ordinary share issuance cost		(8,118,430	)
Add: Remeasurement of carrying value to redemption value		10,943,118
Ordinary shares subject to possible redemption, December 8, 2025		143,750,000
Add: Subsequent remeasurement of carrying value to redemption value		337,613
Ordinary shares subject to possible redemption, December 31, 2025		144,087,613
Add: Subsequent remeasurement of carrying value to redemption value		1,250,472
Ordinary shares subject to possible redemption, March 31, 2026	$	145,338,085

~~Recent Accounting Pronouncements~~9

InTable November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on June 20, 2025, inception.Contents

InWarrant December 2023, the FASB issued ASU 023-09, “Income Taxes (ASC Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its unaudited condensed financial statements and disclosures.Instruments

~~Management does~~The ~~not~~Company ~~believe~~has ~~that~~accounted ~~any~~for ~~other~~the ~~recently~~Public Warrants and Private Placement Warrants issued, ~~but~~in ~~not~~connection ~~yet~~with ~~effective,~~the ~~accounting~~Initial ~~standards,~~Public ifOffering ~~currently~~and ~~adopted,~~the ~~would~~Private ~~have~~Placement ain ~~material~~accordance with the guidance contained in ~~effect~~FASB onASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company’s ~~unaudited~~evaluated ~~condensed~~and ~~financial~~classified ~~statements~~the warrant instruments under equity treatment at their assigned value. As of March 31, 2026 and December 31, 2025, there were 7,187,500 Public Warrants and 236,250 Private Placement Warrants outstanding.

~~Note 3~~Net —Income ~~Initial~~per ~~Public~~Ordinary ~~Offering~~Share

InThe Company complies with accounting and disclosure ~~the~~requirements ~~Initial~~of ~~Public~~FASB ~~Offering~~ASC onTopic ~~December 8~~260, ~~2025,~~“Earnings ~~the~~Per ~~Company~~Share.” ~~sold 14,375,000~~The ~~Units,~~statement ~~which~~of operations includes ~~the~~a ~~full~~presentation ~~exercise~~of byincome ~~the~~per ~~underwriters~~redeemable ofshare ~~their~~and ~~over~~income per non-~~allotment~~redeemable ~~option~~share infollowing the ~~amount~~two-class method of ~~1,875,000 Units~~ atincome aper ~~purchase~~share. ~~price~~In oforder ~~$10.00 per~~to ~~Unit.~~determine ~~Each~~the net ~~Unit~~income ~~consists~~attributable ofto ~~one~~both ~~Public~~the ~~share~~redeemable shares and ~~one~~ non-~~half~~redeemable ofshares, ~~one~~the ~~redeemable~~Company ~~Public~~first ~~Warrant.~~considered ~~Each~~the ~~whole~~undistributed ~~Public~~income ~~Warrant~~allocable to ~~entitles~~both the ~~holder~~redeemable ~~to purchase~~shares ~~one~~and ~~Class A~~non-redeemable ~~ordinary~~shares ~~share~~and atthe aundistributed ~~price~~income ofis ~~$11.50 per~~calculated ~~share,~~using ~~subject~~the tototal ~~adjustment~~net income less any dividends paid. ~~Each~~The ~~Public~~Company ~~Warrant~~then ~~will~~allocated ~~become exercisable~~the 30undistributed ~~days~~income ~~after~~ratably based on the ~~completion~~weighted average number of ~~the~~shares ~~initial~~outstanding between ~~Business~~the ~~Combination~~redeemable and ~~will~~non-redeemable ~~expire~~shares. ~~five~~The ~~years~~calculation ~~after~~of diluted net income per share does not consider the ~~completion~~effect of the ~~initial~~ ~~Business~~Public ~~Combination,~~Warrants or ~~earlier~~Private Placement Warrants since the exercise of the warrants is contingent upon ~~redemption~~the oroccurrence ~~liquidation~~of a future event.

10At March 31, 2026, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the period presented.

~~Table~~The following table reflects the calculation of ~~Contents~~basic and diluted net income per ordinary share (in dollars, except per share amounts):

Note 4 — Private Placement

	For the Three Months Ended March 31, 2026
	Redeemable			Non-Redeemable
Particulars	Shares			Shares
Weighted-average shares outstanding		14,375,000			5,264,167
Ownership percentage		73	%		27	%
Numerators:
Allocation of net income	$	786,555		$	288,039

Denominators:
Weighted-average shares outstanding		14,375,000			5,264,167
Basic and diluted net income per share	$	0.05		$	0.05

~~Simultaneously with~~Recent ~~the~~Accounting closing of the Initial Public Offering, the Sponsor and BTIG, LLC purchased an aggregate of 472,500 Private Placement Units at a price of $10.00 per Private Placement Unit), or $4,725,000 in the aggregate, in a private placement. Of those 472,500 Private Placement Units, the Sponsor purchased 328,750 Private Placement Units at a price of $10.00 and BTIG, LLC purchased 143,750 Private Placement Units at a price of $10.00 with the underwriters paying for their units via a reduction in the cash underwriting discount due from the Company. Each Private Placement Unit consists of one Class A ordinary share and one-half of one Private Placement Warrant. Each whole Private Placement Warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.Standards

~~Of the~~Management ~~Private~~does ~~Placement~~not ~~Units~~believe ~~purchased~~that byany ~~the Sponsor~~recently issued, ~~non-managing~~but ~~sponsor~~not ~~investors~~yet ~~have indirectly purchased~~effective, ~~through~~accounting ~~the purchase of non-managing sponsor membership interests~~standards, anif ~~aggregate~~currently ~~of 260~~adopted,~~000~~ ~~units~~would ,have at a ~~price~~material ofeffect $10.00 per unit, for an aggregate purchase price of $2,600,000. An agreement with the non-managing investors was entered into directly with the Sponsor entity and it makes reference to the Private Placement Units and Founder Shares of the Company. The interests and units associated in the agreement are supported on ~~one for one basis with~~ the Company’s ~~underlying~~unaudited condensed ~~Private~~financial ~~Placement Units and Founder Shares~~statements.

~~Each Private~~Note ~~Placement~~3 ~~Unit~~— ~~is identical to the Units sold in the~~ Initial Public Offering, except that that it is not be redeemable, transferable, assignable or salable by the Sponsor or underwriters until 30 days after the completion of the initial Business Combination, except transfers permitted (a) to officers, directors, advisors or consultants, any affiliate or family member of any of the officers, directors, advisors or consultants, any members or partners of the Sponsor or their affiliates and funds and accounts advised by such members or partners, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement, in connection with an extension of the Completion Window or in connection with the consummation of a Business Combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) pro rata distributions from the Sponsor to its respective members, partners or shareholders pursuant to the Sponsor’s limited liability company agreement or other charter documents; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (h) in the event of liquidation prior to consummation of initial Business Combination; (i) in the event that, subsequent to consummation of an initial Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; or (j) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (a) through (g); provided, however, that in the case of clauses (a) through (g) and clause (j) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreements.

~~Note~~In the Initial Public Offering on December 8, 2025, the Company 5sold 14,375,000 —Units, ~~Related~~which ~~Party~~includes ~~Transactions~~the full exercise by the underwriters of their over-allotment option in the amount of 1,875,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one Public Share and one-half of one redeemable Public Warrant. Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Each Public Warrant will become exercisable 30 days after the completion of the initial Business Combination and will expire five years after the completion of the initial Business Combination, or earlier upon redemption or liquidation.

~~Founder Shares~~10

~~On August~~Table ~~6, 2025, the Sponsor purchased 4,791,667 Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price~~ of $25,000, or approximately $0.005 per share. The Sponsor has not forfeited any of the 625,000 Founder Shares subject to forfeiture as the over-allotment option was exercised in full by the underwriters. The Sponsor collectively owns, on an as-converted basis, 25% of the Company’s issued and outstanding Public Shares and Founder Shares after the Initial Public Offering.Contents

~~The Founder~~Note ~~Shares~~4 ~~are~~— ~~identical~~Private ~~to the ordinary shares included in the Units being sold in the Initial Public Offering, except that:~~Placement

●Simultaneously with the ~~Founder~~closing ~~Shares~~of ~~are~~the ~~subject~~Initial toPublic ~~certain~~Offering, ~~transfer~~the Sponsor ~~restrictions;~~and BTIG, LLC purchased an aggregate of 472,500 Private Placement Units, including underwriters’ over-allotment of 37,500 units, at a price of $10.00 per Private Placement Unit, or $4,725,000 in the aggregate, in a private placement. Of those 472,500 Private Placement Units, the Sponsor purchased 328,750 Private Placement Units, including underwriters’ over-allotment exercise of 18,750 units, at a price of $10.00 and BTIG, LLC purchased 143,750 Private Placement Units, including underwriters’ over-allotment exercise of 18,750 units, at a price of $10.00 with the underwriters paying for their units via a reduction in the cash underwriting discount due from the Company. Each Private Placement Unit consists of one Class A ordinary share and one-half of one Private Placement Warrant. Each whole Private Placement Warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

●Of the Private Placement Units purchased by the Sponsor, non-managing sponsor investors have indirectly purchased, through the purchase of non-managing sponsor membership interests, an aggregate of 260,000 units (including underwriters’ over-allotment exercise of 18,750 units), at a price of $10.00 per unit, for an aggregate purchase price of $2,600,000. An agreement with the non-managing investors was entered into directly with the Sponsor entity and it makes reference to the Private Placement Units and Founder Shares (as defined in Note 5) of the Company. The interests and units associated in the agreement are ~~entitled~~supported toon ~~registration~~one ~~rights~~for one basis with the Company’s underlying Private Placement Units and Founder Shares.

11Each Private Placement Unit is identical to the Units sold in the Initial Public Offering, except that that it is not be redeemable, transferable, assignable or salable by the Sponsor or underwriters until 30 days after the completion of the initial Business Combination, except transfers permitted (a) to officers, directors, advisors or consultants, any affiliate or family member of any of the officers, directors, advisors or consultants, any members or partners of the Sponsor or their affiliates and funds and accounts advised by such members or partners, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement, in connection with an extension of the Completion Window or in connection with the consummation of a Business Combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) pro rata distributions from the Sponsor to its respective members, partners or shareholders pursuant to the Sponsor’s limited liability company agreement or other charter documents; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (h) in the event of liquidation prior to consummation of initial Business Combination; (i) in the event that, subsequent to consummation of an initial Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; or (j) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (a) through (g); provided, however, that in the case of clauses (a) through (g) and clause (j) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreements.

~~Table~~Note of5 ~~Contents~~— Related Party Transactions

~~The Sponsor, officers and directors have entered into a letter agreement, pursuant to which they have agreed to (i) waive their redemption rights with respect to their~~ Founder Shares, Private Placement Shares and Public Shares in connection with the completion of an initial Business Combination; (ii) waive their redemption rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection with a shareholder vote to approve an amendment to a post-offering amended and restated memorandum and articles of association (a) to modify the substance or timing of the obligation to allow redemption in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the Completion Window or (b) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares and Private Placement Shares if the Company fails to complete an initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete an initial Business Combination within the prescribed time frame; and (iv) vote any Founder Shares and Private Placement Shares held by them and any Public Shares purchased during or after the Initial Public Offering (including in open market and privately negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination transaction) in favor of an initial Business Combination.

~~The Founder~~On ~~Shares~~August ~~will~~6, ~~automatically~~2025, ~~convert~~the ~~into~~Sponsor purchased 4,791,667 Class AB ordinary shares ~~concurrently~~(the ~~with~~“Founder orShares”) ~~immediately~~for ~~following~~an ~~the~~aggregate ~~consummation~~purchase price of ~~the~~ ~~initial~~$25,000, ~~Business~~or ~~Combination~~approximately or$0.005 ~~earlier~~per atshare. ~~the~~The ~~option~~Sponsor has not forfeited any of the ~~holder~~625,000 onFounder aShares ~~one~~subject to forfeiture as the over-~~for-one~~allotment ~~basis,~~option ~~subject~~was toexercised ~~adjustment~~in ~~for~~full ~~share~~by ~~subdivisions,~~the underwriters. ~~share~~The ~~capitalizations~~Sponsor collectively owns, ~~reorganizations~~on an as-converted basis, ~~recapitalizations~~25% ~~and~~of the ~~like,~~Company’s issued and ~~subject~~outstanding toPublic ~~further~~Shares ~~adjustment~~and asFounder Shares ~~provided~~after ~~herein~~the Initial Public Offering.

~~In the~~The ~~case~~Founder ~~that~~Shares ~~additional Class A ordinary shares, or any other equity-linked securities,~~ are ~~issued~~identical ~~or deemed issued in excess of the amounts sold in the Initial Public Offering and related~~ to ~~or in connection with~~ the ~~closing of the initial Business Combination, the ratio at which Class B~~ ordinary shares ~~convert~~included ~~into Class A ordinary shares will be adjusted (unless the holders of a majority of the~~in ~~outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that~~ the ~~number~~ ofUnits ~~Class~~being Asold ~~ordinary shares issuable upon conversion of all Class B ordinary shares will equal,~~ in the ~~aggregate, 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the~~ Initial Public Offering ~~(including any Class A ordinary shares issued pursuant to the underwriters’ over-allotment option and excluding the Class A ordinary shares that are included within the private units)~~, ~~plus~~except (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private units issued to the Sponsor or any of its affiliates or to the Company’s officers or directors upon conversion of Working Capital Loans (as defined below)) minus (iii) any redemptions of Class A ordinary shares by Public Shareholders in connection with an initial Business Combination and any Class A ordinary shares redeemed by Public Shareholders in connection with any amendment to the amended and restated memorandum and articles of association made prior to the consummation of the initial Business Combination (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to the rights of holders of Class A ordinary shares or pre-business combination activity; provided that ~~such conversion of Founder Shares will never occur on a less than one-for-one basis.~~:

~~With certain~~● ~~limited exceptions,~~ the Founder Shares are ~~not transferable, assignable or saleable (except to the Company’s officers and directors and other persons or entities affiliated with the Sponsor, each of whom will be~~ subject to ~~the~~certain ~~same~~ transfer restrictions~~) until~~; the earlier of (A) six months after the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30 days after the initial Business Combination, and (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

12● the Founder Shares are entitled to registration rights.

~~Table of Contents~~11

~~Administrative Services~~Table ~~Agreement~~of Contents

The ~~Company~~ Sponsor, officers and directors have entered into ana letter agreement, pursuant ~~commencing~~to onwhich they have agreed to (i) waive their redemption rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection with the ~~effective~~completion ~~date~~of an initial Business Combination; (ii) waive their redemption rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection with a shareholder vote to approve an amendment to a post-offering amended and restated memorandum and articles of association (a) to modify the ~~Initial~~substance ~~Public~~or ~~Offering~~timing ~~through~~of the ~~earlier~~obligation to allow redemption in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the Completion Window or (b) with respect to any other material provisions relating to shareholders’s ~~consummation~~rights ofor apre-initial Business Combination oractivity; ~~its~~(iii) ~~liquidation~~waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares and Private Placement Shares if the Company fails to complete an initial Business Combination within the Completion Window, ~~whereby~~although they will be entitled to liquidating distributions from the ~~Sponsor~~Trust ~~provides~~Account ~~office~~with ~~space~~respect to any Public Shares they hold if the Company fails to complete an initial Business Combination within the prescribed time frame; and ~~administrative~~(iv) vote any Founder Shares and ~~support~~Private ~~services~~Placement Shares held by them and any Public Shares purchased during or after the Initial Public Offering ~~for~~(including ~~$10~~in open market and privately negotiated transactions,~~000~~ ~~per~~aside ~~month.~~from Asshares they may purchase in compliance with the requirements of ~~September 30,~~Rule ~~2025,~~14e-5 under the ~~Company~~Exchange ~~had~~Act, which would not ~~incurred~~be ~~any~~voted ~~fees~~in ~~for~~favor ~~these~~of ~~services~~approving the Business Combination transaction) in favor of an initial Business Combination.

~~Promissory~~The Founder Shares will automatically convert into Class A ordinary ~~Note~~shares —concurrently ~~Related~~with ~~Party~~or immediately following the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant to the underwriters’ over-allotment option and excluding the Class A ordinary shares that are included within the private units), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private units issued to the Sponsor or any of its affiliates or to the Company’s officers or directors upon conversion of Working Capital Loans (as defined below)) minus (iii) any redemptions of Class A ordinary shares by Public Shareholders in connection with an initial Business Combination and any Class A ordinary shares redeemed by Public Shareholders in connection with any amendment to the amended and restated memorandum and articles of association made prior to the consummation of the initial Business Combination (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to the rights of holders of Class A ordinary shares or pre-business combination activity; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

~~On August~~With 21certain limited exceptions, ~~2025~~the Founder Shares are not transferable, assignable or saleable (except to the Company’s ~~issued~~officers anand ~~unsecured~~directors ~~promissory~~and ~~note~~other topersons or entities affiliated with the Sponsor, each ~~(the~~of ~~“Promissory~~whom ~~Note”),~~will ~~pursuant~~be subject to ~~which~~ the ~~Company~~same ~~may~~transfer ~~borrow~~restrictions) upuntil tothe anearlier ~~aggregate~~of ~~principal~~(A) ~~amount~~six months after the completion of upthe initial Business Combination or earlier if, subsequent to ~~$300~~the initial Business Combination,~~000.~~ ~~The~~the ~~Promissory~~closing ~~Note~~price isof ~~non-interest-bearing~~the ~~and~~Class ~~payable~~A ordinary shares onequals ~~the~~or ~~earlier~~exceeds of$12.00 per share (i)as ~~March~~adjusted 31for share subdivisions, ~~2026~~share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30 days after the initial Business Combination, and (iiB) the ~~consummation~~date following the completion of the ~~Initial~~initial ~~Public~~Business ~~Offering~~Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

During the period from June 20, 2025 (inception) through September 30, 2025, the Company borrowed $75,124 under the Promissory Note, including $1,000 transferred from due to related party, resulting in an outstanding balance of $75,124 as of September 30, 2025.12

~~Upon the~~Table ~~closing~~ of the Initial Public Offering on December 8, 2025, the Company repaid the outstanding balance of $75,124 from the proceeds not held in the Trust Account, resulting in no amounts outstanding under the Promissory Note, which became due upon the closing of the Initial Public Offering.Contents

~~Due to~~Administrative ~~Related~~Services ~~Party~~Agreement

~~The Sponsor~~Commencing ~~pays~~on ~~certain~~December ~~formation~~8, ~~operating~~2025, orthe ~~deferred~~Company ~~offering~~agreed to ~~costs~~pay onan ~~behalf~~affiliate of the ~~Company.~~Sponsor ~~These~~a ~~amounts~~monthly ~~are~~fee ~~due~~of on$10,000 for ~~demand~~office space, utilities, secretarial support and ~~non-interest~~administrative ~~bearing~~support. ~~During~~This ~~the~~arrangement ~~period~~will ~~from~~terminate ~~June~~upon ~~20,~~the ~~2025~~earlier ~~(inception)~~of ~~through~~the ~~September~~completion ~~30,~~of ~~2025,~~a ~~the~~Business ~~Sponsor~~Combination ~~paid~~or ~~$26,000~~the ondistribution ~~behalf~~ of the ~~Company,~~Trust ofAccount ~~which~~to ~~$25,000~~the ~~was~~public ~~paid~~shareholders. inFor ~~exchange~~the ~~for~~three ~~the~~months ~~issuance~~ended ofMarch ~~the~~31, ~~Founder~~2026, ~~Shares~~the ~~and~~Company incurred $130,000 in ~~was~~fees ~~transferred~~for tothese ~~the~~services, with ~~Promissory~~related ~~Note~~amounts of $37,500 ~~resulting in~~and no$7,500 ~~balances~~included in due to ~~related~~Sponsor ~~party~~in the accompanying balance sheets as of ~~September~~March 3031, 2026 and December 31, 2025, respectively.

~~Working~~In addition, the Sponsor, officers and directors, ~~Capital~~or ~~Loans~~any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers or directors of the Company or their affiliates. Any such payments prior to an initial Business Combination will be made from working capital or funds held outside the Trust Account.

~~In order~~Promissory toNote ~~finance~~— ~~transaction~~Related costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest basis (the “Working Capital Loans”). If the Company completes an initial Business Combination, it would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use amounts held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,200,000 of such loans may be convertible into private units of the post-Business Combination entity at a price of $10.00 per unit at the option of the applicable lender. Such units would be identical to the private units. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2025, no Working Capital Loans were outstanding.Party

On August 21, 2025, the Company issued a promissory note to the Sponsor, pursuant to which the Sponsor agreed to loan the Company up to an aggregate of $300,000 to be used for the payment of costs related to the Initial Public Offering (the “Promissory Note”). The Promissory Note is non-interest bearing, unsecured and due on the 6earlier —of ~~Commitments~~March 31, 2026 or the completion of the Initial Public Offering. During the period from June 20, 2025 (inception) through December 8, 2025, the Company borrowed $75,124 under the Promissory Note, including $1,000 transferred from due to related party. On December 8, 2025, upon the closing of the Initial Public Offering, the Company repaid the then outstanding balance, $75,124, and ~~Contingencies~~the Promissory Note is no longer available to be drawn upon.

~~Risks and~~Due ~~Uncertainties~~to Related Party

The ~~U.S.~~Sponsor ~~and~~pays ~~global~~certain ~~markets~~formation, ~~are~~operating ~~facing~~or ~~volatility~~deferred offering ~~due~~costs toon behalf of the ~~Russia-Ukraine~~Company. ~~war~~Those ~~and~~amounts ~~the~~are ~~Israel~~due on demand and non-~~Hamas~~interest ~~conflict~~bearing. ~~These~~During ~~events~~the myperiod ~~disrupt~~from ~~supply~~June ~~chains~~20, ~~increase~~2025 ~~cyber~~(inception) through ~~threats~~December ~~and~~8, ~~cause~~2025, ~~commodity price~~the ~~swings.~~Sponsor ~~Sanctions~~paid ~~and~~$26,000 ~~geopolitical~~on ~~tensions~~behalf ~~could~~of ~~destabilize~~the ~~financial~~Company, ~~markets.~~of ~~U.S~~which ~~tariffs~~$25,000 ~~and~~was ~~trade~~paid ~~uncertainties~~in ~~may~~exchange ~~raise~~for ~~business~~the issuance of ~~costs~~the Founder Shares and ~~reduce~~$1,000 ~~margins.~~was ~~The~~transferred ~~overall~~to ~~impact~~the onPromissory ~~operations~~Note, ~~liquidity~~resulting ~~and~~in ~~potential~~no ~~Business~~balances ~~Combinations~~due ~~remains~~to ~~uncertain~~related party as of March 31, 2026 or December 31, 2025.

~~Any of~~Working ~~the~~Capital above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.Loans

13In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest basis (the “Working Capital Loans”). If the Company completes an initial Business Combination, it would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use amounts held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,200,000 of such loans may be convertible into private units of the post-Business Combination entity at a price of $10.00 per unit at the option of the applicable lender. Such units would be identical to the private units. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2026 and December 31, 2025, no Working Capital Loans were outstanding.

~~Table of Contents~~13

~~Registration Rights~~Table of Contents

~~The holders~~Note of6 ~~the~~— ~~(i) Founder~~Commitments ~~Shares, which were issued in a private placement prior to the closing of this offering, (ii) Private Placement Units (~~and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) and (iii) Private Placement Units (and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) that may be issued upon conversion of Working Capital Loans, have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of an initial Business Combination pursuant to a registration rights agreement signed on December 4, 2025.Contingencies

~~Pursuant~~Registration to the registration rights agreement and assuming $1,200,000 of Working Capital Loans are converted into private units, the Company will be obligated to register up to 5,680,417 Class A ordinary shares. The number of Class A ordinary shares includes (i) 4,791,667 Class A ordinary shares to be issued upon conversion of the Founder Shares, (ii) 472,500 Class A ordinary shares underlying the Private Placement Units, (iii) 236,250 Class A ordinary shares underlying the Private Warrants, (iv) 120,000 Class A ordinary shares underlying the units issued upon conversion of Working Capital Loans, and (v) 60,000 Class A ordinary shares underlying the warrants associated with the units issued upon conversion of Working Capital Loans.Rights

The holders of ~~these~~the ~~securities~~(i) ~~are~~Founder ~~entitled to~~Shares, ~~make~~which upwere toissued ~~three~~in ~~demands,~~a ~~excluding~~private placement ~~short~~prior ~~form~~to ~~demands,~~the ~~that~~closing of the ~~Company~~Initial ~~register~~Public ~~such~~Offering, ~~securities.~~(ii) InPrivate ~~addition,~~Placement Units (including the ~~holders~~component ~~have~~securities ~~certain~~as well ~~“piggy-back”~~as ~~registration~~any ~~rights~~securities ~~with~~underlying ~~respect~~those tocomponent ~~registration~~securities), ~~statements~~which ~~filed~~were ~~subsequent~~issued toin a Private Placement simultaneously with the ~~completion~~closing of the anInitial ~~initial Business~~Public ~~Combination.~~Offering ~~Notwithstanding~~and ~~anything~~(iii) toprivate ~~the~~placement-equivalent ~~contrary,~~units (including the ~~underwriters~~component ~~may~~securities ~~only~~as ~~make~~well aas ~~demand~~any onsecurities underlying ~~one~~those ~~occasion~~component ~~and~~securities) ~~only~~that ~~during the~~may ~~five-year~~be ~~period~~issued ~~beginning~~upon onconversion ~~the~~of ~~effective~~Working ~~date~~Capital ofLoans ~~the~~will have registration ~~statement~~rights ofto ~~which~~require the ~~this~~Company ~~prospectus~~to ~~forms~~register a ~~part.~~sale Inof ~~addition,~~ any of the ~~underwriters~~Company’s ~~may~~securities ~~participate~~held inby athem ~~“piggy-back”~~and ~~registration~~any ~~only~~other ~~during~~securities of the ~~seven-year~~Company ~~period~~acquired by ~~beginning~~them onprior to the ~~effective date~~consummation of the ~~registration~~initial ~~statement~~Business ofCombination ~~which~~pursuant ~~this~~to ~~prospectus forms~~ a ~~part.~~registration ~~The~~rights ~~Company~~agreement ~~will~~to ~~bear~~be ~~the~~signed ~~expenses~~prior to ~~incurred~~or inon ~~connection with~~ the ~~filing~~effective date of ~~any~~the ~~such~~Initial ~~registration~~Public ~~statements~~Offering.

~~Underwriting~~Pursuant to the registration rights agreement and assuming $1,200,000 ~~Agreement~~of Working Capital Loans are converted into private units, the Company will be obligated to register up to 5,680,417 Class A ordinary shares. The number of Class A ordinary shares includes (i) 4,791,667 Class A ordinary shares to be issued upon conversion of the Founder Shares, (ii) 472,500 Class A ordinary shares underlying the Private Placement Units, (iii) 236,250 Class A ordinary shares underlying the Private Warrants, (iv) 120,000 Class A ordinary shares underlying the units issued upon conversion of Working Capital Loans, and (v) 60,000 Class A ordinary shares underlying the warrants associated with the units issued upon conversion of Working Capital Loans.

The ~~Company~~ ~~granted~~holders ~~the underwriters a 45-day option from the date~~ of ~~the~~these ~~Initial~~securities ~~Public~~are ~~Offering~~entitled to ~~purchase~~make up to anthree ~~additional 1~~demands,~~875,000 units~~ toexcluding ~~cover~~short ~~over-allotments~~form demands, ifthat ~~any.~~the OnCompany ~~December~~register 5,such ~~2025~~securities. In addition, the ~~underwriters~~holders ~~elected~~have tocertain ~~fully~~“piggy-back” registration ~~exercise~~rights ~~their~~with ~~over-allotment~~respect ~~option~~ to ~~purchase an~~registration ~~additional 1,875,000 Units~~statements atfiled asubsequent ~~price~~to the completion of ~~$10.00 per~~an ~~Unit~~initial Business Combination.

~~The underwriters~~Notwithstanding ~~were~~anything ~~entitled~~ to athe ~~cash~~contrary, ~~underwriting~~the ~~discount~~underwriters ~~of $0.20~~may ~~per~~only make ~~Unit~~a ordemand ~~$2,875,000~~on inone occasion and only during the ~~aggregate,~~five-year ~~paid~~period ~~upon~~beginning on the ~~closing~~ effective date of the ~~Initial~~registration ~~Public~~statement ~~Offering~~of which this prospectus forms a part. In addition, the underwriters ~~are~~may ~~entitled~~participate toin a ~~deferred~~“piggy-back” ~~fee~~registration ofonly ~~$0.35~~during ~~per~~the seven-year ~~Unit,~~period orbeginning ~~$5,031,250~~on in the ~~aggregate,~~ ~~payable~~effective todate ~~BTIG,~~of ~~LLC~~the ~~from~~registration ~~the~~statement ~~amounts~~of ~~held~~which inthis ~~the~~prospectus ~~Trust~~forms ~~account~~a ~~only~~part. ~~upon~~The ~~the~~Company ~~completion~~will bear ofthe anexpenses ~~initial~~incurred ~~Business~~in ~~Combination, subject~~connection towith the ~~terms~~filing of ~~the~~any ~~underwriting~~such ~~agreement~~registration statements.

~~Note 7~~Underwriting ~~— Shareholder’s Deficit~~Agreement

~~Preference Shares —~~On ~~The~~December ~~Company is authorized to issue 1~~8,~~000,000~~ ~~preference shares~~2025, ~~$0.0001~~the ~~par~~underwriters ~~value, with such designations, voting~~exercised ~~and~~their ~~other~~over-allotment ~~rights~~option ~~and~~in ~~preferences~~full asto ~~may~~purchase be1,875,000 ~~determined~~additional ~~from~~Units ~~time~~at ~~to time by~~ the ~~Company’s~~Initial ~~board~~Public ofOffering ~~directors.~~price, Asless ofthe ~~September 30,~~underwriting ~~2025,~~discounts ~~there~~and ~~were no preference shares issued or outstanding~~commissions.

~~Class A~~The ~~Ordinary~~underwriters ~~Shares —~~were ~~The~~entitled ~~Company~~to isa ~~authorized~~cash tounderwriting ~~issue~~discount ~~200~~of $0.20 per Unit,~~000~~ or $2,875,000 ~~Class~~in Athe ~~ordinary~~aggregate, ~~shares~~paid ~~with~~upon ~~$0.0001~~the ~~par~~closing ~~value~~of the Initial Public Offering. AsIn addition, the underwriters are entitled to a deferred fee of ~~September~~$0.35 30per Unit, ~~2025~~or $5,031,250 ~~there~~in ~~were~~the noaggregate, ~~Class~~payable Ato ~~ordinary~~the ~~shares~~underwriters ~~issued~~from orthe ~~outstanding~~amounts held in the Trust account only upon the completion of an initial Business Combination, subject to the terms of the underwriting agreement.

14Risks and Uncertainties

~~Table~~United States and global markets are experiencing significant volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of ~~Contents~~conflict in Iran and the Middle East and Southwest Asia. Recent hostilities between the United States, Israel and Iran have caused significant disruption to the normal flow of oil and refined petroleum products, with consequent price rises and associated economic volatility.

~~Class B~~These ~~Ordinary~~events ~~Shares —~~may ~~The~~disrupt ~~Company~~supply ~~is authorized to issue 20~~chains,~~000,000~~ ~~Class~~increase Bcyber ~~ordinary~~threats ~~shares~~and cause ~~with~~commodity ~~$0.0001~~price ~~par value~~swings. OnSanctions ~~August 6,~~and ~~2025,~~geopolitical antensions ~~aggregate~~could ofdestabilize ~~4,791,667~~financial ~~Founder Shares were issued to the Sponsor for an aggregate purchase price of $25,000, or approximately $0~~markets.~~005~~ ~~per share~~U.S Astariffs ~~of September 30, 2025, there were 4,791,667 Class B ordinary shares issued~~ and ~~outstanding,~~trade ~~of which 625,000 shares~~uncertainties ~~were~~may ~~subject~~raise tobusiness ~~forfeiture~~costs toand ~~the~~reduce ~~Company~~margins. byThe ~~the~~overall ~~Sponsor~~impact ~~for~~on nooperations, ~~consideration~~liquidity toand ~~the~~potential ~~extent~~Business ~~that~~Combinations ~~the underwriters’ over-allotment option~~remains ~~was not exercised in full or in part (exercised in full on December 8, 2025)~~uncertain.

~~Prior to~~Any ~~the consummation~~ of the ~~initial~~above-mentioned ~~Business Combination~~factors, ~~only~~or ~~holders~~any ofother ~~Class~~negative Bimpact ~~ordinary shares will (i) have the right to vote~~ on ~~the~~ ~~appointment~~the ~~and~~global ~~removal~~economy, ofcapital ~~directors~~markets ~~and~~or ~~(ii)~~other begeopolitical ~~entitled~~conditions toresulting ~~vote~~from onongoing ~~continuing~~conflicts ~~the~~and ~~Company~~subsequent insanctions aor ~~jurisdiction outside the Cayman Islands.~~related ~~Holders~~actions, ofcould ~~the~~adversely ~~Class~~affect ~~A ordinary shares will not be entitled to vote on these matters during such time. These provisions of~~ the Company’s ~~amended~~ ~~and~~search ~~restated~~for ~~memorandum~~an ~~and~~initial ~~articles~~Business ofCombination ~~association~~and ~~may~~any ~~only~~target bebusiness ~~amended~~with ifwhich ~~approved by a special resolution passed by~~ the ~~affirmative~~ ~~vote~~Company ofmay ~~the~~ultimately ~~holders~~consummate ~~representing~~an ~~at least 90% of the issued Class B ordinary shares. With respect to any other matter submitted to a vote of its shareholders, including any vote in connection with the~~ initial Business Combination~~, except as required by law, holders of the Founder Shares and holders of the Class A ordinary shares will vote together as a single class, with each share entitling the holder to one vote~~.

~~The Class~~Note B7 ~~ordinary~~— shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to the CompanyShareholders’s ~~amended and restated memorandum and articles of association (see Note 5 for related disclosure).~~Deficit

~~Warrants~~ Preference Shares — AsThe ofCompany ~~September~~is 30authorized to issue 1,000,000 ~~2025~~preference shares, ~~there~~$0.0001 ~~were~~par novalue, ~~Public~~with ~~Warrants~~such ordesignations, ~~Private~~voting ~~Placement~~and ~~Warrants~~other ~~issued~~rights orand ~~outstanding.~~preferences Onas ~~December~~may be determined 8,from ~~2025,~~time ~~7,187,500~~to ~~Public~~time ~~Warrants~~by ~~and~~the ~~236,250~~Company’s ~~Private~~board ~~Placement~~of ~~Warrants~~directors. ~~were~~As ~~issued~~of asMarch ~~part~~31, of2026 ~~the~~and ~~Initial~~December ~~Public~~31, ~~Offering~~2025, ~~and~~there ~~Private~~were no preference shares ~~Placement,~~issued ~~respectively~~or outstanding.

~~The gross~~Class ~~proceeds~~A ofOrdinary ~~the~~Shares ~~Initial~~— ~~Public~~The Company ~~Offering~~is ~~were~~authorized ~~allocated~~ to ~~the~~issue ~~Public~~200,000,000 ~~Warrants~~Class ~~based~~A onordinary ~~fair~~shares ~~value,~~ with $~~2,824,688~~0.0001 ~~recorded~~par ~~in shareholders’~~value. ~~deficit~~As ~~related~~of toMarch ~~the~~31, ~~Public~~2026 ~~Warrants~~and on December 831, 2025., there ~~The~~were ~~warrants~~472,500 ~~are~~Class ~~not~~A ~~remeasured~~ordinary toshares ~~fair~~issued ~~value~~and onoutstanding, aexcluding ~~recurring basis~~14,375,000 Class A ordinary shares subject to possible redemption.

~~For~~Class ~~Public~~B ~~Warrants,~~Ordinary ~~each~~Shares ~~whole~~— ~~warrant~~The Company ~~entitles~~is ~~the~~authorized ~~registered holder~~ to ~~purchase~~issue ~~one~~20,000,000 Class AB ordinary ~~share~~shares atwith ~~a price of~~ $110.500001 ~~per~~par ~~share,~~value. ~~subject~~On toAugust ~~adjustment~~6, ~~at any time commencing on the date that is 30 days after the completion of the initial Business Combination~~2025, ~~provided that the Company has~~ an ~~effective~~aggregate ~~registration~~of ~~statement~~4,791,667 ~~under~~Founder ~~the~~Shares ~~Securities~~was ~~Act~~issued ~~covering~~to the ~~Class~~Sponsor Afor ~~ordinary~~an ~~shares~~aggregate ~~issuable~~purchase ~~upon~~price ~~exercise~~ of ~~the~~$25,000, ~~warrants and a current prospectus relating to them is available (~~or ~~permit~~approximately ~~holders~~$0.005 toper ~~exercise~~share. ~~their~~As ~~warrants~~of onMarch ~~a cashless basis under the circumstances specified in the warrant~~31, ~~agreement)~~2026 and ~~such~~December ~~shares are registered~~31, ~~qualified or exempt from registration under the securities~~2025, orthere ~~blue~~were ~~sky~~4, ~~laws of the state of residence of the holder. Pursuant to the warrant agreement~~791,667 ~~a warrant holder may exercise its warrants only for a whole number of~~ Class AB ordinary shares. ~~This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be~~ issued ~~upon separation of the units~~ and ~~only whole warrants will trade~~outstanding. Accordingly, unless warrant holders purchase at least two units, holders will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of the initial Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to satisfying obligations described below with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.14

~~The~~Table ~~Company has agreed that, as soon as practicable after the closing~~ of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement of which the prospectus forms a part or a new registration statement covering the registration under the Securities Act of the Class A ordinary shares issuable upon exercise of the warrants and thereafter will use its commercially reasonable efforts to cause the same to become effective within 60 business days following the initial Business Combination and to maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60) business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement.Contents

15Prior to the consummation of the initial Business Combination, only holders of Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands. Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the Company’s amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of the holders representing at least 90% of the issued Class B ordinary shares. With respect to any other matter submitted to a vote of its shareholders, including any vote in connection with the initial Business Combination, except as required by law, holders of the Founder Shares and holders of the Class A ordinary shares will vote together as a single class, with each share entitling the holder to one vote.

~~Table~~The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of ~~Contents~~the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to the Company’s amended and restated memorandum and articles of association (see Note 5 for related disclosure).

~~Once the~~Warrants ~~warrants~~— ~~become~~On ~~exercisable~~December 8, ~~the~~2025, ~~Company~~7,187,500 ~~may~~Public ~~redeem~~Warrants and 236,250 Private Placement Warrants were issued as part of the ~~outstanding~~Initial ~~warrants:~~Public Offering and Private Placement, respectively.

●The gross proceeds of the Initial Public Offering were allocated to the Public Warrants based on fair value, with $2,824,688 recorded in ~~whole~~shareholders’ ~~and~~deficit related to the Public Warrants on December 8, 2025. The warrants are not inremeasured ~~part;~~to fair value on a recurring basis.

●For Public Warrants, each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $011.0150 per ~~warrant;~~share, ~~upon~~subject ato ~~minimum~~adjustment, ofat any time commencing on the date that is 30 days’ ~~prior~~after ~~written~~the ~~notice~~completion of ~~redemption~~the initial Business Combination, provided that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or permit holders to exercise their warrants on a cashless basis under the ~~“30-day~~circumstances ~~redemption~~specified ~~period”~~in the warrant agreement); and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless warrant holders purchase at least two units, holders will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of the initial Business Combination or earlier upon redemption or liquidation.

●The ~~if,~~Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and ~~only~~will ~~if,~~have no obligation to settle such warrant exercise unless a registration statement under the ~~closing~~Securities ~~price~~Act ofwith respect to the Class A ordinary shares ~~equals~~underlying orthe ~~exceeds~~warrants ~~$18.00~~is ~~per~~then ~~share~~effective ~~(as~~and ~~adjusted~~a ~~for~~prospectus ~~share~~relating thereto ~~splits~~is current, ~~share~~subject ~~dividends,~~to ~~reorganizations,~~satisfying ~~recapitalizations~~obligations ~~and~~described below with respect to registration. No warrant will be exercisable and the ~~like)~~Company ~~for~~will ~~any~~not 20be ~~trading~~obligated ~~days~~to ~~within~~issue a ~~30-trading~~Class ~~day~~A ~~period~~ordinary ~~commencing~~share atupon ~~least~~exercise 30of ~~days~~a ~~after~~warrant ~~completion~~unless ofthe ~~initial~~Class ~~Business~~A ~~Combination~~ordinary ~~and~~share ~~ending~~issuable upon ~~three~~such ~~business~~warrant ~~days~~exercise ~~before~~has ~~the~~been ~~Company~~registered, ~~sends~~qualified or deemed to be exempt under the ~~notice~~securities laws of ~~redemption~~the tostate of residence of the ~~warrant~~registered ~~holders~~holder of the warrants.

The Company has agreed that, as soon as practicable after the closing of the initial Business Combination, it will ~~not~~use ~~redeem~~its commercially reasonable efforts to file with the ~~warrants~~SEC asa ~~described~~post-effective ~~above~~amendment to ~~unless~~an existing registration statement or a new registration statement covering the registration under the Securities Act ~~covering the issuance~~ of the Class A ~~Ordinary~~ordinary ~~Shares~~shares issuable upon exercise of the warrants isand ~~then~~thereafter ~~effective~~will ~~and~~use aits ~~current~~commercially ~~prospectus~~reasonable ~~relating~~efforts to ~~those~~cause ~~Class~~the same Ato ~~Ordinary~~become ~~Shares~~effective iswithin ~~available~~60 ~~throughout~~business days following the ~~measurement~~initial ~~period.~~Business IfCombination and ~~when~~to ~~the~~maintain ~~warrants~~a ~~become~~current ~~redeemable~~prospectus byrelating to the ~~Company,~~Class itA ~~may~~ordinary ~~not exercise~~shares ~~its~~issuable ~~redemption~~upon ~~right~~exercise ifof the ~~issuance~~warrants ofexpire ~~Class~~or Aare ~~Ordinary~~redeemed, ~~Shares~~as ~~upon~~specified ~~exercise~~in of the ~~warrants~~warrant isagreement. If ~~not~~a ~~exempt~~registration ~~from~~statement ~~registration or~~covering ~~qualification~~the ~~under~~Class ~~applicable~~A ~~state~~ordinary ~~blue~~shares ~~sky~~issuable ~~laws~~upon orexercise of the ~~Company~~warrants is ~~unable~~not toeffective ~~effect~~by ~~such~~the ~~registration~~sixtieth (60) orbusiness ~~qualification.~~day ~~The~~after ~~Company will~~the ~~use~~closing ~~its~~of ~~commercially~~the ~~reasonable~~initial ~~efforts~~Business toCombination, ~~register~~warrant orholders ~~qualify~~may, until such ~~Ordinary~~time ~~Shares~~as ~~under~~there ~~the~~is ~~blue~~an ~~sky~~effective registration ~~laws~~statement ofand ~~the~~during ~~state~~any ofperiod ~~residence in~~when ~~those~~the ~~states~~Company inwill ~~which~~have ~~the~~failed ~~warrants~~to ~~were~~maintain ~~offered~~an byeffective ~~the~~registration ~~Company~~statement, inexercise warrants ~~this~~on ~~offering.~~a ~~The~~“cashless ~~Company~~basis” ~~has~~in ~~established~~accordance ~~the~~with ~~last~~Section 3(a)(9) of the ~~redemption criterion~~Securities ~~discussed~~Act ~~above~~or toanother ~~prevent~~exemption. aNotwithstanding the ~~redemption~~above, ~~call~~if ~~unless~~Class ~~there~~A isordinary shares are at the time of ~~the~~any ~~call~~exercise of a ~~significant~~warrant ~~premium~~not tolisted ~~the~~on ~~warrant~~a ~~exercise price.~~national Ifsecurities ~~the~~exchange ~~foregoing~~such that ~~conditions~~they ~~are~~satisfy ~~satisfied and~~ the ~~Company~~definition ~~issues~~of a ~~notice~~“covered ofsecurity” ~~redemption~~under Section 18(b)(1) of the ~~warrants~~Securities Act, ~~each~~the ~~warrant~~Company ~~holder~~may, ~~will~~at beits ~~entitled to exercise his~~option, ~~her~~require orholders ~~its~~of ~~warrant~~public ~~prior~~warrants towho ~~the~~exercise ~~scheduled~~their ~~redemption~~warrants ~~date.~~to ~~However,~~do ~~the~~so ~~price~~on ofa ~~the~~“cashless ~~Class~~basis” Ain ~~ordinary~~accordance ~~shares~~with ~~may~~Section ~~fall~~3(a)(9) ~~below~~of the ~~$18.00~~Securities ~~redemption~~Act ~~trigger price (as adjusted for share subdivisions~~and, ~~share~~in ~~capitalizations,~~the ~~reorganizations,~~event ~~recapitalizations and~~ the ~~like)~~Company asso ~~well~~elects, asit ~~the~~will ~~$11.50~~not ~~warrant~~be ~~exercise~~required ~~price~~to ~~after~~file ~~the~~or ~~redemption~~maintain ~~notice~~in iseffect a ~~issued~~registration statement.

~~The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.~~15

~~The Company~~Table ~~assessed the Public Warrants and the Private Placement Warrants to determine whether they should be classified as equity or liability instruments. This assessment was based on an evaluation~~ of the specific terms of each instrument and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instrument is freestanding financial instruments pursuant to ASC 480 meets the definition of a liability pursuant to ASC 480, and whether the instrument meets all of the requirements for equity classification under ASC 815, including whether the instrument is indexed to the Company’s own common stock, among other conditions for equity classification. Pursuant to such evaluation, both the Public Warrants and the Private Placement Warrants will be classified in shareholder’s deficit.Contents

16Once the warrants become exercisable, the Company may redeem the outstanding warrants:

~~Table~~● ofin ~~Contents~~whole and not in part;

~~Note 8~~● —at ~~Segment~~a ~~Information~~price of $0.01 per warrant; upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

~~ASC Topic~~● ~~280~~if, ~~“Segment~~and ~~Reporting~~only if,” ~~establishes~~the ~~standards~~closing ~~for~~price ~~companies~~of tothe ~~report~~Class inA ~~their~~ordinary ~~financial~~shares ~~statement~~equals ~~information~~or ~~about operating~~exceeds ~~segments,~~$18.00 ~~products,~~per ~~services~~share (as adjusted for share splits, ~~geographic~~share ~~areas~~dividends, reorganizations, recapitalizations and ~~major~~the ~~customers.~~like) ~~Operating~~for ~~segments~~any ~~are~~20 ~~defined~~trading asdays ~~components~~within ofa an30-trading ~~enterprise for~~day ~~which~~period ~~separate~~commencing ~~financial~~at ~~information~~least is30 ~~available~~days ~~that~~after iscompletion ~~regularly~~of ~~evaluated~~initial byBusiness Combination and ending three business days before the Company’s ~~CODM,~~sends orthe ~~group,~~notice inof ~~deciding how~~redemption to ~~allocate~~the ~~resources~~warrant ~~and assess performance~~holders.

The Company’s ~~CODM~~will ~~has~~not ~~been~~redeem ~~identified~~the warrants as described above unless a registration statement under the ~~Chief~~Securities ~~Executive~~Act ~~Officer~~covering the issuance of the Class A Ordinary Shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A Ordinary Shares is available throughout the measurement period. If and when the warrants become redeemable by the Company, ~~who~~it ~~reviews~~may not exercise its redemption right if the ~~operating~~issuance ~~results~~of ~~for~~Class A Ordinary Shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company asis unable to effect such registration or qualification. The Company will use its commercially reasonable efforts to register or qualify such Ordinary Shares under the blue sky laws of the state of residence in those states in which the warrants were offered by the Company in this offering. The Company has established the last of the redemption criterion discussed above to prevent a ~~whole~~redemption call unless there is at the time of the call a significant premium to ~~make~~the ~~decisions~~warrant ~~about~~exercise ~~allocating~~price. ~~resources~~If the foregoing conditions are satisfied and ~~assessing~~the ~~financial~~Company ~~performance~~issues a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. ~~Accordingly~~However, ~~management~~the ~~has~~price ~~determined~~of ~~that~~the Class A ordinary shares may fall below the ~~Company~~$18.00 redemption trigger ~~only~~price ~~has~~(as ~~one~~adjusted ~~operating~~for ~~segment~~share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

The ~~CODM~~ ~~assesses~~Private ~~performance~~Placement ~~for~~Warrants ~~the~~are ~~single~~identical ~~segment and decides how~~ to ~~allocate resources based on net income or loss that also is reported on~~ the ~~statement~~Public ~~of operations as net income or loss. The measure of segment assets is reported on the balance sheet as total assets.~~Warrants ~~When~~underlying ~~evaluating~~ the ~~Company’s~~Units ~~performance~~sold ~~and making key decisions regarding resource allocation, the CODM reviews several key metrics, which include net income or loss comprised of interest and dividends earned on cash and investments held~~ in ~~Trust Account (after~~ the Initial Public Offering~~) and general and administrative expenses~~.

	September 30,
	2025
Deferred offering costs	$	295,429

The Company assessed the Public Warrants and the Private Placement Warrants to determine whether they should be classified as equity or liability instruments. This assessment was based on an evaluation of the specific terms of each instrument and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instrument is freestanding financial instruments pursuant to ASC 480 meets the definition of a liability pursuant to ASC 480, and whether the instrument meets all of the requirements for equity classification under ASC 815, including whether the instrument is indexed to the Company’s own common stock, among other conditions for equity classification. Pursuant to such evaluation, both the Public Warrants and the Private Placement Warrants have been classified in shareholders’ deficit.

	For the Three Months Ended September 30,		For the Period from June 20, 2025 (Inception) through September 30,
	2025		2025
General and administrative expenses	$	60,889	$	60,889

Note 8 --- Fair Value Measurements

The ~~key~~ ~~measure~~fair value of ~~segment profit or loss reviewed by~~ the ~~CODM~~Public isWarrants ~~net income or loss, which is comprised of interest and dividends earned~~issued ~~on cash and investments held~~ in ~~Trust Account (after~~ the Initial Public Offering) ~~and~~was ~~general~~$2,824,688, ~~and~~or ~~administrative expenses~~$0.39 ~~Net~~per ~~income or~~Public ~~loss~~Warrant. isThe ~~reviewed~~fair ~~and~~value ~~monitored~~of by the ~~CODM~~Public toWarrants ~~manage~~was ~~and~~determined ~~forecast~~using a ~~cash~~call tooption ~~ensure~~pricing ~~enough~~analysis ~~capital~~under isthe ~~available~~Black-Scholes tomodel ~~complete~~(Level ~~a Business Combination within the Completion Window~~3). The ~~CODM~~Public ~~reviews~~Warrants ~~interest~~issued ~~and dividends earned on cash and investments held~~ in ~~Trust Account (after~~ the Initial Public Offering) tohave been ~~measure~~classified ~~and~~within ~~monitor~~shareholders’ ~~shareholder~~deficit ~~value~~ and ~~determine~~will ~~the~~not ~~most~~require ~~effective~~remeasurement ~~strategy~~after ofissuance. ~~investment with~~The ~~the~~following ~~Trust~~table ~~Account~~presents ~~funds while maintaining compliance with~~ the quantitative ~~trust~~information ~~agreement.~~regarding ~~The~~market ~~CODM~~assumptions ~~reviews~~used ~~general~~in ~~and~~the ~~administrative~~valuation ~~expenses to~~of ~~manage,~~the ~~maintain~~Public ~~and~~Warrants ~~enforce~~issued ~~all~~in ~~contractual~~the ~~agreements~~Initial toPublic ~~ensure~~Offering as ~~costs~~of ~~are~~December ~~aligned~~8, ~~with all agreements and the budget.~~2025:

Note 9 — Subsequent Events

Traded price of Unit	$	10.00
Expected term to initial Business Combination (years)		1.5
Probability of initial Business Combination		30	%
Risk-free rate		3.86	%

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, other than as noted below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.16

~~On December~~Table ~~8, 2025, the Company consummated the Initial Public Offering~~ of ~~14,375,000~~ Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 1,875,000 Units, at $10.00 per Unit, generating gross proceeds of $143,750,000. Each Unit consists of one Public Share and one-half of one redeemable Public Warrant.Contents

~~Simultaneously with~~Note ~~the~~9 ~~closing~~— ofSegment the Initial Public Offering, the Company consummated the sale of 328,750 Private Placement Units, at a price of $10.00 per Unit, in a Private Placement to the Company’s Sponsor, and the sale of 143,750 Private Placement Units, at a price of $10.00 per Unit, to BTIG, LLC, the representative of the underwriters, generating gross proceeds of $4,725,000. Each Private Placement Unit consists of one Class A ordinary share and one-half of one Private Placement Warrant.Information

~~On December~~ASC 8Topic 280, ~~2025~~“Segment Reporting,” ~~following~~establishes ~~the~~standards for ~~Initial~~companies ~~Public~~to ~~Offering~~report in their financial statement information about operating segments, products, services, geographic areas, and major ~~the~~customers. ~~sale~~Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the ~~Private~~Company’s ~~Placement~~chief ~~Units,~~operating adecision ~~total~~maker of(“CODM”), ~~$143~~or group,~~750,000 was placed~~ in ~~the~~deciding ~~Trust~~how ~~Account~~to allocate resources and assess performance.

The ~~underwriters~~ ~~were~~Company’s ~~entitled~~CODM tohas abeen ~~cash~~identified ~~underwriting~~as ~~discount~~the ~~of $0.20~~Chief ~~per Unit or $2~~Executive Officer,~~875,000~~ inwho ~~the~~reviews ~~aggregate, paid upon~~ the ~~closing of~~operating ~~the~~results ~~Initial~~for ~~Public Offering. In addition,~~ the ~~underwriters~~Company ~~are~~as ~~entitled to~~ a ~~deferred~~whole ~~fee~~to ofmake ~~$0.35~~decisions ~~per~~about ~~Unit,~~allocating orresources ~~$5,031,250~~and inassessing ~~the~~financial ~~aggregate,~~performance. ~~payable to BTIG~~Accordingly, ~~LLC~~management ~~from~~has ~~the~~determined ~~amounts~~that ~~held in~~ the ~~Trust~~Company ~~Account~~ only ~~upon~~has ~~the~~one ~~completion~~operating ~~of an initial Business Combination~~segment.

~~On December~~The 8,CODM ~~2025,~~assesses performance for the ~~total~~single ~~outstanding~~segment ~~borrowings~~and ofdecides ~~$75,124 under~~how to ~~the~~allocate ~~Promissory~~resources ~~Note~~based ~~have~~on ~~been~~net ~~paid~~income ~~simultaneously~~or ~~with~~loss that also is reported on the ~~closing~~statement of operations as net income or loss. The measure of segment assets is reported on the ~~Initial~~balance ~~Public~~sheet ~~Offering~~as total assets. ~~Borrowings~~When ~~under~~evaluating the ~~Promissory~~Company’s ~~Note~~performance ~~are~~and nomaking ~~longer~~key ~~available~~decisions regarding ~~subsequent~~resource toallocation, the ~~consummation~~CODM reviews several key metrics, which include net income or loss comprised of ~~the~~interest ~~Initial~~and dividends ~~Public~~earned ~~Offering~~on cash and investments held in Trust Account and general and administrative expenses.

	March 31, 2026		December 31, 2025

Cash	$	1,010,279	$	1,395,995
Cash held in Trust Account	$	145,338,085	$	144,087,613

Table of Contents

	For the Three Months
	Ended
	March 31, 2026

Interest earned on cash held in Trust Account	$	1,250,472
General and administrative expenses	$	175,878

~~Item~~The key measure of segment profit or loss reviewed by the CODM is 2net income or loss, which is comprised of interest and dividends earned on cash and investments held in Trust Account and general and administrative expenses. ~~Management’s~~Net ~~Discussion~~income or loss is reviewed and ~~Analysis~~monitored ofby ~~Financial~~the ~~Condition~~CODM to manage and ~~Results~~forecast ofcash ~~Operations~~to ensure enough capital is available to complete a Business Combination within the Completion Window.

~~References in~~The ~~this~~CODM ~~report~~reviews ~~(the~~interest ~~“Quarterly~~and ~~Report”)~~dividends toearned ~~“we,”~~on ~~“us”~~cash ~~or the “Company” refer to Leapfrog Acquisition Corporation. References to our “management” or our “management team” refer to our officers~~ and ~~directors,~~investments ~~references~~held toin ~~the~~Trust ~~“Sponsor”~~Account ~~refer~~ to ~~LeapFrog~~measure ~~Partners LLC,~~ and ~~references~~monitor toshareholder ~~“BTIG”~~value ~~refers to BTIG, LLC. The following discussion~~ and ~~analysis~~determine of the ~~Company’s~~most ~~financial~~effective ~~condition~~strategy ~~and results~~ of ~~operations~~investment ~~should be read in conjunction~~ with the ~~financial~~Trust Account ~~statements~~funds ~~and~~while ~~the~~maintaining ~~notes~~compliance ~~thereto~~with ~~contained~~the ~~elsewhere~~trust inagreement. ~~this~~The ~~Quarterly~~CODM ~~Report.~~reviews ~~Certain~~general ~~information~~and ~~contained~~administrative inexpenses ~~the~~to manage, ~~discussion~~maintain and ~~analysis~~enforce ~~set~~all ~~forth~~contractual ~~below~~agreements ~~includes~~to ~~forward-looking~~ensure ~~statements~~costs ~~that~~are ~~involve~~aligned ~~risks~~with all agreements and ~~uncertainties~~the budget.

~~Special~~ Note ~~Regarding~~10 ~~Forward-Looking~~— ~~Statements~~Subsequent Events

~~This Quarterly~~The ~~Report~~Company ~~includes~~evaluated ~~“forward-looking~~subsequent ~~statements”~~events ~~within the meaning of Section 27A of the Securities Act of 1933~~ and ~~Section 21E~~transactions ~~of the Exchange Act~~ that ~~are not historical facts and involve risks and uncertainties that could cause actual results~~occurred toafter ~~differ~~the ~~materially~~balance ~~from~~sheet ~~those~~date ~~expected~~up and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our ability to ~~complete an initial business combination (a “Business Combination”),~~ the ~~Company’s~~date ~~financial~~that ~~position, business strategy and~~ the ~~plans~~unaudited ~~and~~condensed ~~objectives~~financial ofstatements ~~management~~were ~~for future operations, are forward-looking statements~~issued. ~~Words~~Based ~~such~~upon asthis ~~“expect~~review,” ~~“believe,” “anticipate,” “intend,” “estimate,”~~the ~~“seek”~~Company ~~and~~did ~~variations~~not ~~and similar words and expressions are intended to~~ identify ~~such~~any ~~forward-looking~~subsequent ~~statements. Such forward-looking statements relate to future~~ events orthat ~~future~~would ~~performance,~~have ~~but~~required ~~reflect~~adjustment ~~management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance~~ or ~~results~~disclosure ~~to differ materially from the events, performance and results discussed~~ in the ~~forward-looking~~unaudited ~~statements.~~condensed ~~For information identifying important factors that could cause actual results to~~financial ~~differ materially from those anticipated in the forward-looking~~ statements~~, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering (the “Initial Public Offering”) filed with the U~~.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

~~Overview~~ 17

~~We are~~Table ~~a blank check company incorporated in the Cayman Islands on June 20, 2025, 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 (the “Business Combination”). We intend to effectuate our Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Units, our shares, debt or a combination of cash, shares and debt.Contents

~~We expect~~Item to2. ~~continue~~Management’s toDiscussion ~~incur~~and ~~significant~~Analysis ~~costs in the pursuit~~ of ~~our~~Financial ~~acquisition~~Condition ~~plans.~~and WeResults ~~cannot~~of ~~assure you that our plans to complete a Business Combination will be successful.~~Operations

~~Recent~~References in this report (the “Quarterly Report”) to ~~Developments~~“we,” “us” or the “Company” refer to Leapfrog Acquisition Corporation. References to our “management” or our “management team” refer to our officers and directors, references to the “Sponsor” refer to LeapFrog Partners LLC, and references to “BTIG” refers to BTIG, LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

~~On December~~Special 4,Note ~~2025,~~Regarding ~~the registration statement on Form S~~Forward-~~1 (File No. 333-290036) (the ”Registration Statement”)~~Looking ~~relating~~Statements ~~to the initial public offering (the “Offering”) of the Company, was declared effective by the U.S. Securities and Exchange Commission.~~

OnThis Quarterly Report includes “forward-looking statements” ~~December~~within 4,the meaning of Section 27A of the ~~Company~~Securities ~~filed~~Act ~~its~~of ~~amended~~1933 and ~~restated~~Section 21E ~~memorandum~~of the Exchange Act that are not historical facts and ~~articles~~involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of ~~association~~historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our ability to complete an initial business combination (~~the~~a “~~Amended~~Business ~~Articles~~Combination”), ~~with~~the Company’s financial position, business strategy and the ~~Registrar~~plans and objectives of ~~Companies~~management infor ~~the~~future ~~Cayman~~operations, ~~Islands~~are forward-looking statements. ~~Among~~Words ~~other~~such ~~things~~as “expect,” ~~the~~“believe,” “anticipate,” ~~Amended~~“intend,” ~~Articles~~“estimate,” ~~authorize~~“seek” ~~the~~and ~~issuance~~variations ofand upsimilar words and expressions are intended to ~~(i)~~identify ~~200~~such forward-looking statements. Such forward-looking statements relate to future events or future performance,~~000,000~~ ~~Class A~~but ~~Ordinary~~reflect ~~Shares~~management’s current beliefs, ~~par~~based ~~value~~on $0information currently available.~~0001~~ ~~(ii)~~A 20number of factors could cause actual events,~~000,000~~ performance ~~Class B~~or ~~ordinary~~results ~~shares~~to differ materially from the events, ~~par~~performance ~~value~~and $0results discussed in the forward-looking statements.~~0001~~ ~~per~~For information ~~share~~identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering (the “Initial Public Offering”) filed with the U.S. Securities and Exchange Commission (~~iii~~the “SEC”). The Company’s securities ~~1,000,000~~filings ~~preference~~can ~~shares,~~be ~~par~~accessed ~~value~~on $0the EDGAR section of the SEC’s website at www.~~0001~~sec.gov. ~~per~~Except ~~share~~as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

~~Effective as~~Overview of December 4, 2025, the following individuals were appointed to the board of directors of the Company: Kenneth Hyatt, Ved P. Narayan and R. Ian Angell. Accordingly, effective as of December 4, 2025, the Company’s board of directors is comprised of the following individuals: Matthew R. Pollard, Abhay S. Pande, Kenneth Hyatt, Ved P. Narayan and R. Ian Angell.

18We are a blank check company incorporated as a Cayman Islands exempted company on June 20, 2025, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”). While we may pursue an acquisition opportunity in any business, industry, sector or geographical location, we intend to identify and acquire a business focusing on energy or infrastructure, and intend to focus particularly on markets outside the United States.

~~Table~~On December 8, 2025, we consummated our initial public offering (the “Initial Public Offering”) of ~~Contents~~14,375,000 units (the “Units”) at $10.00 per Unit, generating gross proceeds of $143,750,000.

~~On December~~Simultaneously 8,with ~~2025,~~ the ~~Company~~closing ~~consummated the Offering~~ of ~~14,375,000 units (~~the ~~“Units”),~~Initial ~~including~~Public 1Offering,~~875,000~~ ~~Units issued~~we ~~pursuant~~consummated to the ~~underwriters’~~sale ~~exercise~~ of ~~their~~(i) ~~over-allotment~~472,500 inPrivate ~~full.~~Placement ~~Each~~Units, ~~Unit~~each ~~consists~~consisting of one Class A ordinary share~~, par~~ ~~value $0.0001 per share (“Class A Ordinary Shares”),~~ and one-half of one redeemable ~~warrant~~ warrant (~~each,~~the a “~~Warrant~~Sponsor Private Placement Units”), ~~each~~at ~~whole~~a ~~Warrant~~price ~~entitling~~of ~~the~~$10.00 ~~holder~~per ~~thereof~~Sponsor toPrivate ~~purchase~~Placement ~~one~~Unit ~~Class A~~in ~~Ordinary~~a ~~Share~~private atplacement, generating angross ~~exercise price~~proceeds of $~~11.50 per share~~4,725,000 ~~subject~~(the to“Private ~~adjustment~~Placement”). ~~The~~Of the 472,500 Private Placement Units, ~~were~~the ~~sold~~Sponsor atpurchased 328,750 anPrivate ~~offering~~Placement ~~price~~Units ofand ~~$10.00~~the ~~per~~BTIG, ~~Unit~~LLC, ~~generating~~the ~~gross~~representative ~~proceeds to~~of the ~~Company~~underwriters, ofpurchased $143,750~~,000~~ Private Placement Units.

~~On December~~A 8,total ~~2025~~of $143,750,000 ~~simultaneously~~of ~~with~~ the ~~consummation~~net ofproceeds from the Initial Public Offering, and the ~~Company~~Private ~~consummated~~Placement ~~the~~was ~~private~~placed ~~placement~~in ofa ~~328,750~~trust ~~units to~~account ~~the~~established ~~Sponsor~~for ~~and~~the anbenefit ~~aggregate~~ of ~~143,750~~the ~~units~~Company’s topublic ~~BTIG~~ shareholders (~~collectively,~~ the “~~Private~~Trust ~~Placement Units~~Account”) ~~at a price of $10.00 per Private Placement Unit~~, ~~generating~~with ~~gross~~Odyssey ~~proceeds~~Transfer ofand ~~$4,725,000~~Trust ~~(the~~Company ~~“Private~~acting ~~Placement”)~~as trustee.

~~A total~~We ofhave ~~$143,750,000~~not ofyet ~~the~~selected ~~net~~any ~~proceeds~~business ~~from~~combination ~~the~~target. ~~Offering~~We ~~and~~intend to ~~the~~effectuate ~~Private~~our ~~Placement~~business ~~was~~combination ~~placed~~using incash aderived ~~trust~~from ~~account~~the ~~established~~proceeds ~~for~~of the ~~benefit~~ ofInitial ~~the~~Public ~~Company’s~~Offering ~~public~~and ~~shareholders~~the (sale of the ~~“Trust~~Sponsor Private ~~Account”)~~Placement Units, ~~with~~our ~~Odyssey~~shares, ~~Transfer~~debt ~~and~~or ~~Trust~~a ~~Company~~combination ~~acting as~~of ~~trustee~~cash, shares and debt.

~~Results~~ We expect to continue to incur significant costs in the pursuit of our ~~Operations~~acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

We have neither engaged in any operations nor generated any revenues to date. Our only activities from June 20, 2025 (inception) through September 30, 2025 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest earned on investments held in Trust Account. We incur expenses as a result of being a public company for legal, financial reporting, accounting and auditing compliance.18

~~For the~~Table ~~three months ended September 30, 2025 and the period from June 20, 2025 (inception) through September 30, 2025, we had net loss~~ of ~~$60,889, which consisted of general and administrative expenses.~~Contents

~~Liquidity and~~Results ~~Capital~~of ~~Resources~~Operations

~~Until~~We have neither engaged in any operations nor generated any revenues ~~the~~to ~~consummation~~date. ofOur only activities from June 20, 2025 (inception) through March 31, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, ~~our~~and ~~only~~identifying ~~source~~a oftarget ~~liquidity~~company ~~was~~for ana ~~initial~~Business ~~purchase~~Combination. ofWe ~~shares~~do not expect to generate any operating revenues until after the completion of ~~Class~~our Business Combination. We generate Bnon-operating income ~~ordinary~~in the form of ~~shares,~~interest ~~par~~earned ~~value~~on $0investments held in Trust Account.~~0001~~ ~~per~~We ~~share,~~incur byexpenses ~~the~~as ~~initial~~a ~~shareholders~~result of being a public company (for legal, financial reporting, accounting and ~~loans~~auditing ~~from~~compliance), ~~the~~as ~~Sponsor~~well as for due diligence expenses.

~~Subsequent to~~For the ~~quarterly~~three ~~period~~months ~~covered~~ended byMarch ~~this Quarterly Report on Form 10-Q~~31, on ~~December 8~~2026, ~~2025,~~the weCompany ~~consummated~~had ~~the~~a ~~Initial~~net ~~Public~~income ~~Offering~~ of 14$1,~~375~~074,~~000 Units~~594, which ~~includes~~consisted ~~the~~of ~~full~~interest ~~exercise~~earned byon ~~the~~cash ~~underwriters~~held ~~of their over-allotment option~~ in ~~the~~Trust ~~amount~~Account of $1,~~875~~250,~~000 Units, at $10.00 per Unit, generating gross proceeds of $143,750,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of~~ 472,~~500~~ ~~Private~~partially ~~Placement~~offset ~~Units~~by atgeneral aand ~~price of $10.00 per Private Placement Unit, in a Private Placement to~~administrative ~~the~~expenses ~~Company’s Sponsor and BTIG, LLC, the representative~~ of ~~the underwriters, generating gross proceeds of~~ $4175,~~725,000~~878.

~~Following the~~Liquidity ~~Initial Public Offering, the full exercise of the over-allotment option,~~ and ~~the~~Capital ~~sale~~Resources of the Private Placement Units, a total of $143,750,000 was placed in the Trust Account. Transaction costs amounted to $8,293,874, consisting of $2,875,000 of cash underwriting fees, $5,031,250 of deferred underwriting commissions which will be paid on the consummation of the initial Business Combination and $387,624 of other offering costs.

~~For~~ Until the ~~period~~consummation ~~from~~of ~~June~~the 20Initial Public Offering, ~~2025~~our ~~(inception)~~only ~~through~~source of ~~September 30,~~liquidity ~~2025,~~was ~~cash~~an ~~used~~initial inpurchase ~~operating~~of ~~activities~~shares ~~was~~of ~~provided~~Class B ordinary shares, par value $0.0001 per share, by the Sponsor ~~through~~ ~~advances~~and ~~under~~loans from the ~~Promissory~~Sponsor. ~~Note,~~As ~~with~~of anMarch ~~outstanding~~31, ~~balance~~2026, ofthe Company had $751,~~124~~010,279 asin ofcash ~~September~~and ~~30,~~a ~~2025~~working capital of $1,115,772.

~~We intend~~On toDecember ~~use~~8, ~~substantially all of the funds held in the Trust Account~~2025, ~~including~~we ~~any~~consummated ~~amounts representing interest earned on~~ the ~~Trust Account~~Initial ~~(less~~Public ~~income~~Offering ~~taxes payable~~of 14, ~~if any)~~750,000 toUnits ~~complete~~at ~~our Business Combination~~$10.00 Toper ~~the extent that our share capital or debt is used~~Unit, in ~~whole~~generating orgross ~~in part, as consideration to complete our Business Combination, the remaining~~ proceeds ~~held in the Trust Account will be used as working capital to finance the operations~~ of ~~the target business or businesses~~$143, ~~make other acquisitions and pursue our growth strategies~~750,000.

19Simultaneously with the closing of the Initial Public Offering, we consummated the sale of (i) 472,500 Private Placement Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant (the “Sponsor Private Placement Units”), at a price of $10.00 per Sponsor Private Placement Unit in a private placement, generating gross proceeds of $4,725,000. Of the 472,500 Private Placement Units, the Sponsor purchased 328,750 Private Placement Units and BTIG, LLC, the representative of the underwriters, purchased 143,750 Private Placement Units.

~~Table~~Unless and until we complete our initial Business Combination, no proceeds held in the Trust Account will be available for our use, except the withdrawal of ~~Contents~~interest to pay our taxes (but without deduction for any excise or similar tax that may be due or payable) and/or to redeem our public shares in connection with an amendment to our amended and restated memorandum and articles of association. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,200,000 of such loans (the “Working Capital Loans”) may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. ~~At September 30, 2025 no Working Capital Loans were outstanding.~~

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.

~~Going Concern Consideration~~19

~~As of~~Table ~~September 30, 2025, the Company had a working capital deficit~~ of $331,318. As of December 8, 2025, after consummation of the Initial Public Offering, the Company had $1,395,995 in its operating bank account and a working capital surplus of $1,390,659. The Company has incurred and expects to continue to incur significant costs as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination. Such costs will be incurred prior to generating any operating revenues. Management plans to complete a Business Combination before the mandatory liquidation date and anticipates that the Company will have sufficient liquidity to fund its operations until then. However, there is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Completion Window or that liquidity will be sufficient to fund operations. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) ASC 205-40, “Presentation of Financial Statements — Going Concern,” management concluded that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management has determined that, pursuant to the proceeds received from the Initial Public Offering, it has access to funds that alleviates the substantial doubt about the Company’s ability to continue as a going concern.Contents

~~Off-Balance Sheet Arrangements~~Going Concern Consideration

~~We have~~As noof ~~obligations~~March 31, ~~assets~~2026, orthe ~~liabilities~~Company had $1,010,279 ~~which~~in ~~would~~its beoperating bank ~~considered off-balance sheet~~account ~~arrangements~~and asa working capital surplus of ~~September 30~~$1, ~~2025~~115,772. WeThe doCompany ~~not~~has ~~participate~~incurred inand ~~transactions~~expects ~~that~~to ~~create~~continue ~~relationships~~to ~~with~~incur ~~unconsolidated~~significant costs ~~entities~~as ora ~~financial~~publicly ~~partnerships~~traded company, ~~often~~to ~~referred~~evaluate business opportunities, and to close on a Business Combination. Such costs will be incurred prior to asgenerating ~~variable~~any ~~interest~~operating ~~entities,~~revenues. ~~which~~Management ~~would~~plans to complete a Business Combination before the mandatory liquidation date and anticipates that the Company will have ~~been~~sufficient ~~established~~liquidity ~~for~~to fund its operations until then. However, there is no assurance that the ~~purpose~~Company’s ofplans ~~facilitating off-balance sheet~~to ~~arrangements~~consummate a Business Combination will be successful within the Completion Window or that liquidity will be sufficient to fund operations. In connection with the Company’s assessment of going concern Weconsiderations ~~have~~in ~~not~~accordance ~~entered~~with ~~into~~Financial ~~any off-balance sheet~~Accounting ~~financing~~Standards ~~arrangements~~Board (“FASB”) ASC 205-40, ~~established~~“Presentation ~~any~~of Financial ~~special~~Statements ~~purpose~~— ~~entities~~Going Concern,” ~~guaranteed any~~Management ~~debt~~has ordetermined ~~commitments~~that, ofpursuant ~~other~~to ~~entities~~the proceeds received from the Initial Public Offering, orit ~~purchased~~has ~~any non-financial assets~~access to funds that allow the Company to continue as a going concern.

20Related Party Transactions

~~Table~~Founder ~~of Contents~~Shares

~~Contractual~~On August 6, 2025, the Sponsor purchased 4,791,667 Class B ordinary ~~Obligations~~shares (the “Founder Shares”) for an aggregate purchase price of $25,000, or approximately $0.005 per share. The Sponsor has not forfeited any of the 625,000 Founder Shares subject to forfeiture as the over-allotment option was exercised in full by the underwriters. The Sponsor collectively owns, on an as-converted basis, 25% of the Company’s issued and outstanding Public Shares and Founder Shares after the Initial Public Offering.

~~We do~~The ~~not~~Founder ~~have~~Shares ~~any~~are ~~long-term~~identical ~~debt,~~to ~~capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement with~~ the ~~Sponsor~~ordinary orshares anincluded ~~affiliate to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative~~in ~~support. Upon completion of~~ the ~~initial~~Units ~~Business~~being ~~Combination~~sold orin the ~~liquidation,~~Initial ~~the~~Public ~~Company will cease paying the $10~~Offering,~~000~~ ~~monthly~~except ~~fee.~~that:

~~The underwriters~~● ~~were entitled to a cash underwriting discount of $0.20 per Unit or $2,875,000 in~~ the ~~aggregate,~~Founder ~~paid~~Shares ~~upon the closing of the Initial Public Offering. In addition, the underwriters~~ are ~~entitled~~subject to acertain ~~deferred~~transfer ~~fee~~restrictions; of $0.35 per Unit or $5,031,250 in the aggregate, payable to the underwriters from the amounts held in the Trust Account only upon the completion of an initial Business Combination, subject to the terms of the underwriting Agreement.and

~~Critical Accounting~~● ~~Estimates~~the Founder Shares are entitled to registration rights.

~~The preparation~~Administrative ofServices financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates.Agreement

~~Item~~Commencing on December 8, 2025, the Company agreed 3to pay an affiliate of the Sponsor a monthly fee of $10,000 for office space, utilities, secretarial support and administrative support. ~~Quantitative~~This arrangement will terminate upon the earlier of the completion of a Business Combination or the distribution of the Trust Account to the public shareholders. For the three months ended March 31, 2026, the Company incurred $30,000 in fees for these services, with related amounts of $37,500 and ~~Qualitative~~$7,500 ~~Disclosures~~included ~~About~~in ~~Market~~due ~~Risk~~to Sponsor in the accompanying balance sheets as of March 31, 2026 and December 31, 2025, respectively.

~~Not~~In addition, the Sponsor, officers and directors, ~~required~~or any of their respective affiliates will be reimbursed for ~~smaller~~any ~~reporting~~out-of-pocket ~~companies~~expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers or directors of the Company or their affiliates. Any such payments prior to an initial Business Combination will be made from working capital or funds held outside the Trust Account.

~~Item 4.~~Promissory ~~Controls~~Note ~~and~~— ~~Procedures~~Related Party

~~Evaluation~~On August 21, 2025, the Company issued a promissory note to the Sponsor, pursuant to which the Sponsor agreed to loan the Company up to an aggregate of ~~Disclosure~~$300,000 ~~Controls~~to be used for the payment of costs related to the Initial Public Offering (the “Promissory Note”). The Promissory Note is non-interest bearing, unsecured and ~~Procedures~~due on the earlier of March 31, 2026 or the completion of the Initial Public Offering. During the period from June 20, 2025 (inception) through December 8, 2025, the Company borrowed $75,124 under the Promissory Note, including $1,000 transferred from due to related party. On December 8, 2025, upon the closing of the Initial Public Offering, the Company repaid the then outstanding balance, $75,124, and the Promissory Note is no longer available to be drawn upon. As of March 31, 2026 and December 31, 2025, the Company had $0 outstanding under the Promissory Note.

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.20

~~Under the~~Table ~~supervision and with the participation~~ of our Management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of the end of the quarterly period ended September 30, 2025.Contents

~~Changes in~~Due ~~Internal~~to ~~Control~~Related ~~over Financial Reporting~~ Party

~~There~~The Sponsor pays certain formation, operating or deferred offering ~~was~~costs noon ~~change~~behalf inof ~~our~~the ~~internal~~Company. ~~control~~Those ~~over~~amounts ~~financial~~are ~~reporting~~due ~~that~~on ~~occurred~~demand ~~during~~and non-interest bearing. During the ~~fiscal~~period ~~quarter~~from ofJune 20, 2025 ~~covered~~(inception) through byDecember ~~this~~8, ~~Quarterly Report~~2025, the Sponsor paid $26,000 on ~~Form 10-Q that~~behalf ~~has~~of ~~materially~~the ~~affected~~Company, orof iswhich ~~reasonably~~$25,000 ~~likely~~was paid in exchange for the issuance of the Founder Shares and $1,000 was transferred to ~~materially~~the ~~affect~~Promissory Note, ~~our~~resulting ~~internal~~in ~~control~~no ~~over~~balances ~~financial~~due to related party as of March 31, 2026 ~~reporting~~or December 31, 2025.

21Working Capital Loans

~~Table~~In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of ~~Contents~~the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest basis (the “Working Capital Loans”). If the Company completes an initial Business Combination, it would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use amounts held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account may be used for such repayment. Up to $1,200,000 of such loans may be convertible into private units of the post-Business Combination entity at a price of $10.00 per unit at the option of the applicable lender. Such units would be identical to the private units. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2026 and December 31, 2025, no Working Capital Loans were outstanding.

~~PART II~~ Off-Balance Sheet ~~OTHER~~Arrangements ~~INFORMATION~~

~~Item~~We have no obligations, assets or liabilities, which would be considered off-balance sheet 1arrangements as of March 31, 2026. ~~Legal~~We ~~Proceedings~~do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

~~None~~Contractual Obligations

~~Item~~We do not have any long-term debt, capital lease obligations, operating 1Alease obligations or long-term liabilities, other than an agreement with the Sponsor or an affiliate to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support. ~~Risk~~This ~~Factors~~arrangement will terminate upon completion of a Business Combination or the distribution of the Trust Account to the public shareholders.

~~Factors that~~The ~~could~~underwriters ~~cause~~were ~~our~~entitled ~~actual results~~ to ~~differ~~a ~~materially~~cash ~~from~~underwriting ~~those~~discount inof $0.20 ~~this~~per ~~report~~Unit ~~include~~sold in the ~~risk~~Initial ~~factors~~Public ~~described~~Offering, or $2,875,000 in ~~our~~the ~~final~~aggregate, ~~prospectus for~~paid ~~its~~upon the closing of the Initial Public Offering. In ~~filed~~addition, ~~with~~ the ~~SEC.~~underwriters Asare ofentitled ~~the~~to ~~date~~a deferred fee of ~~this~~$0.35 ~~Report~~per Unit, ~~there~~or ~~have~~$5,031,250 ~~been~~in nothe ~~material~~aggregate, ~~changes~~payable to the ~~risk factors~~underwriters ~~disclosed~~from the amounts held in ~~our~~the ~~final~~Trust ~~prospectus~~Account ~~for~~only ~~its~~upon ~~Initial~~the ~~Public~~completion ~~Offering~~of ~~filed~~an ~~with~~initial Business Combination, subject to the ~~SEC~~terms of the underwriting agreement.

~~Item 2.~~Critical ~~Unregistered~~Accounting ~~Sales~~Estimates ~~of Equity Securities and Use of Proceeds.~~

~~There~~The preparation of financial statements and related disclosures in ~~were~~conformity nowith ~~sales~~accounting principles generally accepted in the United States of ~~unregistered~~America ~~securities~~requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the ~~quarterly~~periods ~~period~~reported. ~~covered~~Making byestimates ~~this~~requires ~~Quarterly~~management ~~Report~~to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates.

~~Subsequent to~~JOBS the quarterly period covered by this Quarterly Report, on December 8, 2025, we consummated the Initial Public Offering of 14,375,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 1,875,000 Units, at $10.00 per Unit, generating gross proceeds of $143,750,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 472,500 Units at a price of $10.00 per Private Placement Unit, in a private placement to the Company’s sponsor and BTIG, LLC, the representative of the underwriters, generating gross proceeds of $4,725.000.Act

On April 5, 2012, the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting ~~Private~~requirements ~~Placement~~for ~~Units~~qualifying ~~are~~public ~~identical~~companies. toWe will qualify as an “emerging growth company” and under the ~~Units~~JOBS ~~underlying~~Act will be allowed to comply with new or revised accounting pronouncements based on the ~~Units~~effective ~~sold~~date infor private (not publicly traded) companies. We are electing to delay the ~~Initial~~adoption ~~Public~~of ~~Offering~~new or revised accounting standards, ~~except~~and ~~that~~as ~~the~~a ~~Private Placement~~result, ~~Units~~we ~~are~~may not ~~transferable,~~comply ~~assignable~~with new or ~~salable~~revised accounting ~~until~~standards ~~after~~on the ~~completion~~relevant dates on which adoption of asuch ~~Business~~standards ~~Combination~~is required for non-emerging growth companies. As a result, our ~~subject~~financial statements may not be comparable to ~~certain~~companies that comply with new or revised accounting pronouncements as of public company ~~limited~~effective ~~exceptions~~dates.

~~Of the gross proceeds received from the Initial Public Offering and the proceeds of the sale of the Private Placement Units, an aggregate of $143,750,000 was placed in the Trust Account.~~21

~~Transaction costs~~Table ~~amounted to $8,293,874, consisting~~ of ~~$2,875,000 of cash underwriting fees, $5,031,250 of deferred underwriting commissions which will be paid on the consummation of the initial Business Combination and $387,624 of other offering costs.~~Contents

~~For a~~Additionally, ~~description~~we are in the process of evaluating the ~~use~~benefits of relying on the ~~proceeds~~other ~~generated~~reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in ~~our~~the ~~Initial~~JOBS ~~Public~~Act, if, ~~Offering~~as an “emerging growth company,” ~~see~~we ~~Final~~choose ~~Prospectus~~to rely on such exemptions we may not be required to, among other things: (~~424b~~1) ~~filed~~provide an auditor’s attestation report on ~~December~~our system of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act; (2) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (4) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,” ~~2025~~whichever is earlier.

~~Item 3.~~Recent ~~Defaults~~Accounting ~~Upon Senior Securities~~Standards

~~None~~Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

Item 4 3. ~~Mine~~Quantitative ~~Safety~~and Qualitative Disclosures About Market Risk

Not ~~applicable~~ required for smaller reporting companies.

Item 5 4. ~~Other~~Controls ~~Information~~and Procedures

~~Insider Trading~~Evaluation ~~Arrangements~~of Disclosure Controls and ~~Policies~~Procedures

~~During~~Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the ~~three~~Exchange ~~months~~Act ~~ended~~is ~~September 30~~recorded, ~~2025~~processed, ~~none of~~ summarized and reported within the ~~Company~~time periods specified in the SEC’s ~~directors~~rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or ~~officers~~submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as ~~defined~~appropriate, into ~~Rule~~allow timely decisions regarding required disclosure.

~~16a-1(f)~~Under the supervision and with the participation of our Management, including our Certifying Officers, we carried out an evaluation of the ~~Exchange~~effectiveness ~~Act)~~of ~~adopted~~the ordesign ~~terminated~~and aoperation ~~“Rule 10b5-1~~of ~~trading~~our ~~arrangement”~~disclosure orcontrols and procedures as defined in Rules ~~”non~~13a-~~Rule 10b5~~15(e) and 15d-115(e) under ~~trading arrangement~~the Exchange Act. Based on the foregoing,” asour ~~each~~Certifying Officers ~~term~~concluded isthat ~~defined~~our indisclosure ~~Item~~controls ~~408(a)~~and procedures were effective as of ~~Regulation S-K~~the end of the quarterly period ended March 31, 2026.

22Changes in Internal Control over Financial Reporting

~~Table~~There was no change in our internal control over financial reporting that occurred during the fiscal quarter of ~~Contents~~2026 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~Item 6. Exhibits~~22

~~The following~~Table ~~exhibits are filed as part~~ of, ~~or incorporated by reference into, this Quarterly Report on Form 10-Q.~~Contents

No.		Description of Exhibit
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

PART II - OTHER INFORMATION

*	Filed herewith.
**	These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 1. Legal Proceedings

23None.

~~Table~~Item of1A. ~~Contents~~Risk Factors

~~SIGNATURES~~Factors that could cause our actual results to differ materially from those in this Quarterly Report include the risk factors described in our Form 10-K for the year ended December 31, 2025 filed with the SEC. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Form 10-K filed with the SEC.

~~In accordance~~Item ~~with~~2. ~~the~~Unregistered ~~requirements~~Sales of ~~the~~Equity ~~Exchange~~Securities ~~Act,~~and ~~the~~Use ~~registrant~~of ~~caused this report to be signed on its behalf by the undersigned, thereunto duly authorized~~Proceeds.

	LEAPFROG ACQUISITION CORPORATION
Date: January 20, 2026	By:	/s/ Matthew Pollard
	Name:	Matthew Pollard
	Title:	Chief Executive Officer
		(Principal Executive Officer)
	By:	/s/ Kevin Murphy
	Name:	Kevin Murphy
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

There were no sales of unregistered securities during the quarterly period covered by this Quarterly Report.

24Item 3. Defaults Upon Senior Securities

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2025-08-06 2025-08-06 0002084563 us-gaap:SubsequentEventMember us-gaap:IPOMember 2025-12-08 0002084563 us-gaap:SubsequentEventMember 2025-12-08 0002084563 us-gaap:SubsequentEventMember lfacu:SponsorMember 2025-12-08 2025-12-08 0002084563 us-gaap:SubsequentEventMember lfacu:SponsorMember 2025-12-08 0002084563 us-gaap:SubsequentEventMember us-gaap:IPOMember lfacu:UnderwritingAgreementMember 2025-12-08 2025-12-08 0002084563 us-gaap:SubsequentEventMember us-gaap:IPOMember lfacu:UnderwritingAgreementMember 2025-12-08 0002084563 lfacu:BTIGMember us-gaap:SubsequentEventMember us-gaap:IPOMember lfacu:UnderwritingAgreementMember 2025-12-08 2025-12-08 0002084563 lfacu:BTIGMember us-gaap:SubsequentEventMember us-gaap:IPOMember lfacu:UnderwritingAgreementMember 2025-12-08 0002084563 lfacu:PromissoryNoteMember us-gaap:SubsequentEventMember us-gaap:IPOMember 2025-12-08 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure lfacu:segment None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Table of Contents

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit

31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document.

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.
**	These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Table of Contents

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LEAPFROG ACQUISITION CORPORATION

Date: May 13, 2026	By:	/s/ Matthew Pollard
	Name:	Matthew Pollard
	Title:	Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Kevin Murphy
	Name:	Kevin Murphy
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

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