Mahuad Quijano Emilio 4

What Happened

• Emilio Mahuad (reported as Mahuad Quijano Emilio), Co‑Chief Executive Officer and Principal Financial Officer and reported 10% owner, acquired 22,500 ordinary shares of West Enclave Merger Corp. on May 6, 2026.
• The shares were acquired as part of a private placement of 22,500 units purchased by West Enclave Sponsor LLC at $10.00 per unit, for an aggregate purchase price of $225,000. Each unit consists of one ordinary share and one right to receive one‑tenth of an ordinary share upon completion of an initial business combination; the filing reports the 22,500 ordinary shares included in those units.
• This was a purchase (transaction code P) rather than a sale.

Key Details

• Transaction date: May 6, 2026 (over‑allotment option exercised May 4, closed May 6 per filing footnote).
• Price: $10.00 per unit; total consideration $225,000 for 22,500 units (reported ordinary shares = 22,500).
• Shares owned after transaction: Securities are held directly by West Enclave Sponsor LLC and indirectly by Emilio Mahuad (and Adrian Otero); Mahuad disclaims beneficial ownership except to the extent of his pecuniary interest (per footnote).
• Filing: Reported on May 6, 2026 (period of report matches filing date — appears timely).
• Remarks on filing: Insider listed as Co‑Chief Executive Officer and Principal Financial Officer.

Context

• This purchase was a Sponsor private placement tied to the closing of the underwriters' overallotment (a common SPAC/IPO mechanic), not an open‑market trade by the officer personally — the Sponsor bought units and holds the ordinary shares of record.
• The reported units include additional rights (to receive one‑tenth of a share upon a business combination); the filing reports only the underlying ordinary shares now held.
• For retail investors: purchases by a Sponsor or indirect holdings by officers indicate an economic interest via the Sponsor vehicle and are standard in SPAC transactions; they should be interpreted differently than a direct, discretionary open‑market buy by an individual insider.