As of December 31, 2024, included up to 1,031,250 of the Founder Shares that were subject to surrender by the Sponsor for no consideration depending on the extent to which the underwriter’s over-allotment were to be exercised (Note 5). On May 23, 2025, the Company consummated the Initial Public Offering of 25,300,000 units at $10.00 per unit, which included the full exercise of the underwriter’s Over-Allotment Option, and the 1,031,250 Founder Shares were no longer subject to forfeiture.

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Oyster Enterprises II Acquisition Corp 10-Q