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 quarterly period ended ~~March~~June 3130, 2025

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

For the transition period from to

Commission File No. 001-41122

GLOBALINK INVESTMENT INC.

(Exact name of registrant as specified in its charter)

Delaware

36-4984573

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

200 Continental Drive, Suite 401

Newark, Delaware, 19713

(Address of Principal Executive Offices, including zip code)

+6012 405 0015

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of 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 Rule 12b-2 of the Exchange Act): Yes ☒ No ☐

As of ~~June~~August 326, 2025, there were 3,~~722~~517,~~511~~601 shares of common stock, par value $0.001 per share, issued and outstanding.

GLOBALINK INVESTMENT INC.

TABLE OF CONTENTS

		Page
PART 1 – FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2025 and December 31, 2024	1
	Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024	2
	Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024	2
	Condensed Consolidated Statements of Changes in Stockholder’s Deficit (Unaudited) for the three months ended March 31, 2025 and 2024	3
	Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited) for the three and six months ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024	4
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024	4
	Notes to Condensed Consolidated Financial Statements (Unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1820
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	2426
Item 4.	Controls and Procedures	2426
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	2527
Item 1A.	Risk Factors	2527
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2527
Item 3.	Defaults Upon Senior Securities	2527
Item 4.	Mine Safety Disclosures	2527
Item 5.	Other Information	2527
Item 6.	Exhibits	2628
SIGNATURES		2729

Item 1. Interim Financial Statements (unaudited)

GLOBALINK INVESTMENT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2025			December 31, 2024
	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	322,~~468~~170		$	253,507
Prepaid expenses		5048,~~229~~046			96,892
Total current assets		53,697			350,399
Cash held in Trust Account restricted for redeeming stockholders		2,594,214			—
Cash held in Trust Account		3,561,690			3,349,591
Total current assets		2,664,430			350,399
TOTAL ASSETS	$	3,615,387		$	3,699,990
Cash held in Trust Account		1,132,603			3,349,591
TOTAL ASSETS	$	3,797,033		$	3,699,990
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable	$	~~143~~204,~~440~~675		$	79,886
Franchise tax payable		~~259~~243,~~906~~506			209,906
Income tax payable		~~479~~522,~~279~~168			479,279
Promissory note - related party		—			4,445,458
Due to affiliate		277,000			607,000
Convertible note - related party, net of debt discount		4,~~179~~631,~~808~~437			—
Promissory note - third party		30450,000			—
Promissory note		30450,000			—
Excise tax liability		1,477,147			1,313,485
Redeemed stock payable to stockholders		2,594,214			—
Total current liabilities		6,846,580			7,135,014
Excise tax liability		1,600,984			1,313,485
Warrant liabilities		4,275			2,736
Total current liabilities		10,523,984			7,135,014
Warrant liabilities		22,800			2,736
Deferred underwriting fee payable		4,025,000			4,025,000
Total Liabilities		1014,~~875~~571,~~855~~784			11,162,750
COMMITMENTS AND CONTINGENCIES		-			-
REDEEMABLE COMMON STOCK
Common stock subject to possible redemption, $0.001 par value, 277,511 shares at redemption value of $10.17 and $10.15 per share, respectively, at March 31, 2025 and December 31, 2024		2,822,505			2,816,791
Common stock subject to possible redemption, $0.001 par value, 72,601 and 277,511 shares at redemption value of $12.81 and $11.62 per share, respectively, at June 30, 2025 and December 31, 2024		930,037			3,223,514
STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value; 500,000,000 shares authorized; 3,445,000 shares issued and outstanding at March 31, 2025 and December 31, 2024 (excluding 277,511 shares subject to possible redemption)		3,445			3,445
Common stock, $0.001 par value; 500,000,000 shares authorized; 3,445,000 shares issued and outstanding at June 30, 2025 and December 31, 2024 (excluding 72,601 and 277,511 shares subject to possible redemption, respectively)		3,445			3,445
Additional paid-in capital		~~935~~613,~~133~~937			—
Accumulated deficit		(1112,~~021~~322,~~551~~170	)		(10,~~282~~689,~~996~~719	)
Total Stockholders’ Deficit		(1011,~~082~~704,~~973~~788	)		(10,~~279~~686,~~551~~274	)
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT	$	3,~~615~~797,~~387~~033		$	3,699,990

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBALINK INVESTMENT INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	2025			2024			2025			2024
	For the Three Months Ended March 31,
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
OPERATING EXPENSES
General and administrative expenses	$	~~270~~333,~~256~~827		$	~~603~~419,~~471~~611		$	604,083		$	1,023,082
Provision (reversal) for franchise tax expense		50(16,~~000~~400	)		(650,~~338~~000	)		33,600			43,662
Total operating expenses		(~~320~~317,~~256~~427	)		(~~597~~469,~~133~~611	)		(637,683	)		(1,066,744	)
OTHER INCOME (EXPENSE)
Income on cash held in Trust Account		3234,~~099~~237			~~342~~344,~~667~~645			66,336			687,312
Tax penalties and interest		(163,662	)		(2,356	)
Taxes penalties and interest		(133,677	)		—			(297,339	)		(2,356	)
Interest expense		(~~285~~451,~~197~~629	)		(3343,~~395~~602	)		(736,826	)		(76,997	)
Change in fair value of warrant liabilities		(118,~~539~~525	)		(1114,~~799~~820	)		(20,064	)		(26,619	)
Total other income (expenses), net		(418,299	)		295,117
Total other (loss) income, net		(569,594	)		286,223			(987,893	)		581,340
Loss before provision for income taxes		(~~738~~887,~~555~~021	)		(~~302~~183,~~016~~388	)		(1,625,576	)		(485,404	)
Provision for income taxes		—(6,875	)		(7333,~~291~~797	)		(6,875)			(107,088	)
NET LOSS	$	(~~738~~893,~~555~~896	)	$	(~~375~~217,~~307~~185	)	$	(1,632,451	)	$	(592,492	)
Weighted average shares outstanding Common stock – redeemable		~~277~~218,~~511~~965			2,562,567			248,076			2,562,567
Basic and diluted net (loss) income per share, Common stock – redeemable	$	(0.18	)	$	0.04
Basic and diluted net income per share, Common stock – redeemable	$	0.35		$	0.06		$	0.69		$	0.10
Weighted average shares outstanding Common stock – non-redeemable		3,445,000			3,445,000			3,445,000			3,445,000
Basic and diluted net loss per share, Common stock – non-redeemable	$	(0.20	)	$	(0.14	)
Basic and diluted net income (loss) per share, Common stock – non-redeemable	$	(0.28	)	$	(0.11	)	$	(0.52	)	$	(0.25	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBALINK INVESTMENT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED ~~MARCH~~JUNE 3130, 2025

	Shares		Amount		Capital			Deficit			Deficit
	Common Stock				Additional Paid-in			Accumulated			Total Stockholders’
	Shares		Amount		Capital			Deficit			Deficit
Balance - December 31, 2024		3,445,000	$	3,445	$	—		$	(10,~~282~~689,~~996~~719	)	$	(10,~~279~~686,~~551~~274	)
Gain on modification of terms of promissory notes and advances from affiliate		—		—		940,847			—			940,847
Remeasurement of common stock subject to redemption		—		—		(5162,~~714~~099	)		—			(5162,~~714~~099	)
Net loss		—		—		—			(738,555	)		(738,555	)
Balance - March 31, 2025		3,445,000	$	3,445	$	~~935~~778,~~133~~748		$	(11,~~021~~428,~~551~~274	)	$	(10,~~082~~646,~~973~~081	)
Remeasurement of common stock subject to redemption		—		—		(138,638	)		—			(138,638	)
Excise tax liability in connection with redemption		—		—		(26,173	)		—			(26,173	)
Net loss		—		—		—			(893,896	)		(893,896	)
Balance – June 30, 2025		3,445,000	$	3,445	$	613,937		$	(12,322,170	)	$	(11,704,788	)

FOR THE THREE AND SIX MONTHS ENDED ~~MARCH~~JUNE 3130, 2024

	Shares		Amount		Deficit			Deficit
	Common Stock				Accumulated			Total Stockholders’
	Shares		Amount		Deficit			Deficit
Balance - December 31, 2023		3,445,000	$	3,445	$	(7,267,190	)	$	(7,263,745	)
Balance		3,445,000	$	3,445	$	(7,267,190	)	$	(7,263,745	)
Remeasurement of common stock subject to redemption		—		—		(455,764	)		(455,764	)
Net loss		—		—		(375,307	)		(375,307	)
Balance – March 31, 2024		3,445,000	$	3,445	$	(8,098,261	)	$	(8,094,816	)
Balance		3,445,000	$	3,445	$	(8,098,261	)	$	(8,094,816	)
Remeasurement of common stock subject to redemption		—		—		(440,824	)		(440,824	)
Net loss		—		—		(217,185	)		(217,185	)
Balance - June 30, 2024		3,445,000	$	3,445	$	(8,756,270	)	$	(8,752,825	)
Balance		3,445,000	$	3,445	$	(8,756,270	)	$	(8,752,825	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBALINK INVESTMENT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	2025			2024
	For the Three Months Ended March 31,
	For the Six Months Ended June 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(~~738~~1,~~555~~632,451	)	$	(~~375~~592,~~307~~492	)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income on cash held in Trust Account		(3266,~~099~~336	)		(~~342~~687,~~667~~312	)
Change in fair value of warrant liabilities		120,~~539~~064			1126,~~799~~619
Amortization of debt discount		~~223~~611,~~060~~862			—
Changes in operating assets and liabilities:
Prepaid expenses		4648,~~663~~846			(914,~~655~~364	)
Income tax payable		—42,889			73(183,~~291~~043	)
Accrued interest payable		62,137			33,395
Excise tax payable		261,326			—
Accounts payable		63,554			(126,663	)
Accrued interest payable		124,964			76,997
Excise tax liability		163,662			—
Accounts payable		124,789			(86,093	)
Franchise tax payable		5033,~~000~~600			(~~150~~100,000	)
Net cash used in operating activities		(~~160~~430,~~039~~447	)		(~~885~~1,~~807~~559,688	)
Cash Flows from Investing Activities:
Cash deposited to Trust Account		(~~180~~310,~~000~~890	)		(~~180~~360,000	)
Cash withdrawn from Trust Account to pay tax obligations		—			~~143~~433,~~612~~768
Net cash used in investing activities		(180,000	)		(36,388	)
Net cash (used in) provided by investing activities		(310,890	)		73,768
Cash Flows from Financing Activities:
Proceeds from promissory note - related party		—			~~850~~1,550,000
Proceeds from promissory note - third party		30450,000			—
Due to affiliate- advance		60,000			—
Net cash provided by financing activities		90510,000			~~850~~1,550,000
NET CHANGE IN CASH		(~~250~~231,~~039~~337	)		~~(72~~64,~~195~~080	)
CASH, BEGINNING OF PERIOD		253,507			79,073
CASH, END OF PERIOD	$	322,~~468~~170		$	6143,~~878~~153
Supplementary Cash Flow Information:
Cash paid for income tax	$	—		$	290,131
Cash paid for interest expense	$	—		$	—
Cash paid for income tax	$	—		$	—
Non-cash investing and financing activities:
Remeasurement of Common stock subject to redemption	$	5300,~~714~~737		$	~~455~~896,~~764~~588
Gain on modification of terms of promissory notes and advances from affiliate	$	940,847		$	—
Excise tax accrued for common stock redemption	$	26,173		$	—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBALINK INVESTMENT INC

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~MARCH~~JUNE 3130, 2025

Note 1 – Description of Organization and Business Operations and Liquidity

Globalink Investment Inc. (the “Company” or “Globalink”) was incorporated in Delaware on March 24, 2021. The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

On July 27, 2022, Globalink Merger Sub, Inc., a Nevada corporation and a wholly-owned subsidiary of the Company, was formed. Globalink Merger Sub, Inc. had not commenced any operations as of ~~March~~June 3130, 2025.

On April 3, 2024, Globalink Merger Sub (Cayman), was incorporated in the Cayman Islands as a wholly-owned subsidiary of the Company. ~~Globalink Merger Sub (Cayman) had not commenced any operations as of March 31, 2025.~~ On December 31, 2024, Globalink Merger Sub (Cayman) was deregistered.

As of ~~March~~June 3130, 2025, the Company had not commenced any operations. All activity through ~~March~~June 3130, 2025 relates to the Company’s formation and Initial Public Offering (the “IPO”), which is described below and, since the offering, the search for a prospective initial Business Combination and negotiation for the Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on December 6, 2021. On December 9, 2021, the Company consummated the IPO of 10,000,000 units (collectively, the “Units” and each, a “Unit”) at $10.00 per Unit generating gross proceeds of $100,000,000, which is discussed in Note 3. The Company has selected December 31 as its fiscal year end.

Simultaneously with the closing of the IPO, the Company consummated the sale of 517,500 units (collectively, the “Private Placement Units” and each, a “Private Placement Unit”) at a price of $10.00 per Private Placement Unit in a private placement to Public Gold Marketing Sdn. Bhd., a Malaysian private limited company and a related party of the Company, generating gross proceeds of $5,175,000, which is described in Note 4.

Additionally with the closing of the IPO, the Company granted the underwriters a 45-day option to purchase up to 1,500,000 Units to cover over-allotment. On December 13, 2021, the underwriters fully exercised the option and purchased 1,500,000 additional Units (the “Over-allotment Units”), generating additional gross proceeds of $15,000,000.

Simultaneously with the exercise of the over-allotment option, the Company consummated a private sale of an additional 52,500 Private Placement Units to Public Gold Marketing Sdn. Bhd. at a price of $10.00 per Private Placement Unit, generating additional gross proceeds of $525,000. Since the underwriters’ over-allotment option was exercised in full, the sponsor did not forfeit any Founder Shares (as defined in Note 5).

Offering costs for the IPO and the exercise of the underwriters’ over-allotment option amounted to $6,887,896, consisting of $2,300,000 of underwriting fees, $4,025,000 of deferred underwriting fees payable (which are held in the Trust Account (as defined below)) and $562,896 of other costs. As described in Note 6, the $4,025,000 of deferred underwriting fee payable is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement.

Following the closing of the IPO, $116,725,000 ($10.15 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Units were placed in a trust account (“Trust Account”) and, prior to July 2023, were invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act.

To mitigate the risk of being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act), in July 2023, the Company instructed Continental Stock Transfer & Trust Company, the trustee of the Trust Account (the “Trustee” or “Continental”), to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash (which may include demand deposit accounts) until the earlier of consummation of ~~our~~the Company’s Business Combination or liquidation. Furthermore, such cash is held in bank accounts, which ~~exceed~~exceeds federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”).

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account excluding the deferred underwriting discounts and taxes payable on income earned on the Trust Account at the time of ~~the~~entering into the agreement to ~~enter~~complete ~~into~~ the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling ~~interest~~ interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance the Company will be able to successfully effect a Business Combination.

The Company will provide the holders (the “Public Stockholders”) of the outstanding shares of common stock included in the Units, or the Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.15 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants.

All of the Public Shares contain a redemption feature, which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (as amended and restated and may be further amended and restated from time to time, the “Certificate of Incorporation”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of a company require the Public Shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares ~~will~~were be issued with other freestanding instruments (i.e., public warrants and rights), the initial carrying value of ~~common~~ common stock classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. The Public Shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption ~~value~~ value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately.

Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder 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.

Notwithstanding the foregoing, the Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the shares of common stock sold in the IPO, without the prior consent of the Company.

The Company’s sponsor, officers and directors (the “Initial Stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment.

The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period (as defined below). However, if the Initial Stockholders should acquire any Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to deferred underwriting discounts (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination ~~within~~ within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.15 per share held in the ~~Trust~~ Trust Account. In order to protect the amounts held in the Trust Account, the sponsor has agreed to be liable to the Company if and to ~~the~~ the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which ~~the~~ the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will ~~not~~ not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Extension and Redemptions

The Company originally had until March 9, 2023, 15 months from the closing of the IPO to complete a Business Combination. On March 6, 2023, the Company held a special meeting (the “March 2023 Special Meeting”), during which the stockholders of the Company approved a proposal to amend the Company’s amended and restated certified articles of incorporation (“Amendment No.1 of Charter”) which included extending the time in which the Company must complete a Business Combination (the “Extension Amendment Proposal”) and a proposal to amend the Company’s investment management trust agreement, dated as of December 6, 2021 (the “Trust Agreement”), by and between the Company and Continental (the “Trust Amendment Proposal”). The Company had the option of two (2) three-months extensions, followed by three (3) one-month extensions, or until December 9, 2023, if all extensions are exercised. The Company exercised the option for two three-month extensions and as a result the Company ~~has~~had deposited a total of $780,000, or $390,000 for each three-month extension, into the Trust Account and had until September 9, 2023 to complete its Business Combination, which was funded by a promissory note with Public Gold Marketing Sdn. Bhd. which has a current balance of $4,~~507~~570,~~595~~422. On September 9, 2023, October 4, 2023, and October 31, 2023, the Company deposited $130,000 each time into the Trust Account, representing $0.0275 per public share, which further extended the period of time it ~~has~~had to consummate its initial business combination to December 9, 2023 (“Combination Period”). The September 9, 2023, October 9, 2023 and November 1, 2023 payments were funded by the advance of $390,000 provided by an affiliate of GL Sponsor, LLC, the Company’s sponsor (the “sponsor”).

On March 6, 2023, in connection with the approval of the proposals presented at the March 2023 Special Meeting, which extended the time in in which the Company must complete a Business Combination, holders of 6,756,695 of the Company’s shares of common stock exercised their right to redeem those shares for cash at an approximate price of $10.35 per share, for an aggregate of approximately $69.92 million.

On November 28, 2023, the Company held a special meeting of its stockholders (the “November 2023 Special Meeting”). At the November 2023 Special Meeting, the Company’s stockholders approved an amendment of the Company’s Certificate of Incorporation (“Amendment No.2 of Charter”), changing the structure and cost of the Company’s right to extend the date (the “Termination Date”) by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, (ii) cease its operations if it fails to complete such ~~business~~ business combination, and (iii) redeem or repurchase 100% of the Company’s outstanding public shares of common stock included as part of the units sold in the Company’s IPO that closed on December 9, 2021, which was December 9, 2023 at the time of the November ~~2023~~ 2023 Special Meeting unless extended. The charter amendment allows the Company to extend the Termination Date by up to twelve (12) monthly extensions, to December 9, 2024 (each of which is referred to as an “Extension”, and such later date, the “Extended Deadline”). To obtain each Extension, the Company, its sponsor or any of their affiliates or designees must deposit into the Company’s Trust Account with Continental by the deadline applicable prior to such Extension $60,000 for each monthly Extension; approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s Certificate of Incorporation to extend the date by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s outstanding public shares of common stock included as part of the units sold in the Company’s IPO that was consummated on December 9, 2021, from December 9, 2023 to, if the Company elects to extend the date to consummate a business combination, for up to twelve monthly Extensions, December 9, 2024, unless the closing of the Company’s initial business combination shall have occurred; approved the proposal to amend the Company’s Trust Agreement with Continental (the “Trust Amendment Proposal”), pursuant to which the Company’s Trust Agreement with Continental be amended to extend the time for the Company to complete its initial business combination under the Trust Agreement from (x) December 9, 2023, to (y) up to December 9, 2024, if the Company elects to extend the date to consummate a business combination, for up to twelve monthly Extensions, by depositing into the Trust Account $60,000 for each one-month Extension from December 9, 2023 to December 9, 2024, unless the closing of the Company’s initial business combination shall have occurred; and approved the proposal to re-elect Kian Huat Lai as Class I director of the Company, until the annual meeting of the Company to be held in 2026 or until his successor is appointed and qualified.

On November 28, 2023, the stockholders of the Company approved a proposal to amend the Company’s Certificate of Incorporation, allowing the Company to the Extended Deadline from December 9, 2023 to up to December 9, 2024 through monthly Extensions. To obtain each Extension, the Company, its sponsor or any of their affiliates or designees must deposit into the Company’s Trust Account with Continental by the deadline applicable prior to such Extension, $60,000 for each Extension. On November 28, 2023, the stockholders of the Company also approved a proposal to amend the Company’s Trust Agreement (as defined above), by and between the Company and Continental. In connection with the approval of the proposals presented at the special meeting held on November 28, 2023, holders of 2,180,738 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $10.82 per share, for an aggregate of approximately $23.60 million.

From November 2023 to November 2024, the Company ~~has~~ extended the Termination Date twelve times under its Certificate of Incorporation, as ~~amended~~ amended (or seventeen times since the IPO), and ~~has~~had until December 9, 2024 to complete its initial business combination.

On December 3, 2024, the Company held a special meeting of its stockholders (the “December 2024 Special Meeting”). At the December 2024 Special Meeting, the Company’s stockholders approved an amendment of the Company’s Certificate of Incorporation (“Amendment No.3 of Charter”), allowing the Company to extend the Termination Date by up to six (6) monthly Extensions, to June 9, 2025. To obtain each Extension, the Company, its sponsor or any of their affiliates or designees must deposit into the Company’s Trust Account with Continental by the deadline applicable prior to the extension $60,000 for each monthly Extension. In connection with the meeting, Hui Liang Wong and Hong Shien Beh were elected as Class II directors of the Company, until the annual meeting of the Company to be held in 2027 or until their successors are appointed and qualified.

In connection with the votes at the December 2024 Special Meeting, holders (“December 2024 Extension Redeeming Stockholders”) of 2,285,056 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $11.77 per share, for an aggregate of approximately $26.89 million (the “December 2024 Payment”). ~~Following~~ It was later determined that the ~~payment~~Company did not withdraw all of the ~~redemptions,~~interest from the Trust Account ~~had~~that ait ~~balance~~was ofallowed to withdraw to cover income and franchise taxes and, therefore, the December 2024 Payment should have been approximately $311.2752 per ~~million~~share. This meant that the December 2024 Extension Redeeming Stockholders were overpaid in the amount of $563,108, approximately $0.25 per share (the “December 2024 Extension Overpayment Amount”).

~~From~~The December 2024 toExtension ~~May~~Redeeming ~~2025,~~Stockholders are in the ~~Company~~process ~~deposited~~of ~~six~~being ~~tranches~~notified of ~~$60,000,~~this ~~for~~situation anand ~~aggregated~~are ofbeing ~~$360,000~~instructed ~~into~~to return the ~~Trust~~December ~~Account,~~2024 ~~extending the~~Extension ~~Termination~~Overpayment ~~Date~~Amount to ~~June~~Continental. 9As of this filing, ~~2025~~the Company has recovered $397,214.

From December 2024 to May 2025, the Company deposited six tranches of $60,000, for an aggregate amount of $360,000 into the Trust Account, extending the Termination Date to June 9, 2025.

On June 4, 2025, the Company held a special meeting of its stockholders (the “June 2025 Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment of the Company’s Certificate of Incorporation (“Amendment No.4 of Charter”), allowing the Company to extend the Termination Date by up to six (6) monthly Extensions, to December 9, 2025. To obtain each Extension, the Company, its sponsor or any of their affiliates or designees must deposit into the Company’s Trust Account with Continental by the deadline applicable prior to the extension $0.15 per public share for each monthly Extension.

In connection with the votes at the June 2025 Special Meeting, holders of 204,910 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $12.77 per share, for an aggregate of approximately $2.6 million, leaving 72,601 Public Shares outstanding. As of June 30, 2025, the redemption payments remained unpaid and were recorded as redeemed stock payable to stockholders on the unaudited consolidated balance sheet. On July 25, 2025, in connection with the June 2025 Special Meeting, the Company paid redeeming shareholders $2,617,281, approximately $12.77 per share. During a subsequent re-calculation of the price paid to redeeming shareholders, it was determined that the redeeming shareholders should have been paid $2,594,214, approximately $12.66 per share. The Company will make efforts recover the $23,067, $0.11 per share overpayment, however there are no assurances of recovery.

From June 2025 to August 2025, the Company deposited three tranches of $10,890, for an aggregate amount of $32,670 into the Trust Account, extending the Termination Date to September 9, 2025.

Nasdaq Notice

On December 10, 2024, the Company, received a notice (the “Delisting Notice”) from the Listing Qualifications Department of Nasdaq Stock Market (“Nasdaq”) that the Company was not in compliance with Nasdaq Listing Rule IM-5101-2, which requires a special purpose acquisition company to complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by December 6, 2024, the Company did not comply with IM-5101-2, which triggered the issuance of a delisting determination from Nasdaq to delist the Company’s securities. According to the Delisting Notice, the Company’s common stock, warrants, rights and units would be suspended at the opening of business on December 17, 2024, and a Form 25-NSE would be filed with the SEC, which would remove the Company’s securities from listing and registration on Nasdaq. The Company did not appeal this ruling.

On April 30, 2025, the Nasdaq announced that it would delist the Company’s common stock, warrants, rights, and units. The Company’s securities were suspended from trading on December 17, 2024, and have not traded on Nasdaq since that time. Since December 17, 2024, the Company’s securities, including common stock, warrants, rights and units, have been quoted on the OTC Pink under the same ticker symbols following the delisting of the Company’s securities on Nasdaq. Nasdaq filed a Form 25 with the SEC on May 9, 2025, to complete the delisting. The delisting became effective on May 19, 2025, ten days after the Form 25 was filed. Following the effectiveness of the Form 25, The Company’s securities, including common stock, warrants, rights and units, continued to be quoted on the OTC Pink under the same ticker symbols.

Despite the delisting of its securities, the Company expects to continue proceeding with the transactions contemplated by the Merger Agreement (as defined below).

Business Combination

On January 30, 2024, the Company entered into a Merger Agreement (as amended and restated on May 20, 2024, further amended on March 6, 2025, and April 18, 2025 , and as may be further amended, restated or supplemented from time to time, the “Merger Agreement”), by and among GLthe ~~Sponsor LLC~~sponsor, ~~a Delaware limited liability company,~~ in the capacity as the representative from and after the effective time of the Acquisition Merger (as defined below) (the “Effective Time”) in accordance with the terms and conditions of the Merger Agreement (the “Parent Representative” ~~or the “Sponsor”~~), Alps Global Holding Pubco, a Cayman Islands exempted company (“PubCo”), Alps Biosciences Merger Sub, a Cayman Islands exempted company and wholly-owned subsidiary of PubCo (“Merger Sub”), Alps Life Sciences Inc, a Cayman Islands exempted company (“Alps Holdco”) and Dr. Tham Seng Kong, an individual, in the capacity as the representative from and after the Effective Time for the shareholders of Alps Holdco as of immediately prior to the Effective Time in accordance with the terms and conditions of the Merger Agreement (the “Seller Representative”). Pursuant to the terms of the Merger Agreement, the Business Combination between Globalink and Alps Holdco will be effected in two steps: (i) subject to the approval and adoption of the Merger Agreement by the stockholders of the Company, the Company will be merged with and into PubCo, with PubCo remaining as the surviving publicly traded entity and (ii) Merger Sub will merge with and into Alps Holdco, resulting in Alps Holdco remaining as the surviving entity and being a wholly-owned subsidiary of PubCo (the “Acquisition Merger”).

On March 6, 2025, Globalink, Alps Holdco, Parent Representative and Seller Representative, entered into a First Amendment to the Merger Agreement, pursuant to which, parties agreed to:

●

remove the earn-out provision from the Merger Agreement; and

●

remove the $5,000,001 net tangible asset requirement for (i) Globalink immediately prior to the Closing, and (ii) PubCo upon Closing, provided that the PubCo satisfies the listing requirements of and is approved for listing on the Nasdaq Global Market or the Nasdaq Capital Market.

On April 18, 2025, Globalink, Alps Holdco, Parent Representative and Seller Representative entered into a Second Amendment to the Merger Agreement. pursuant to which, parties agreed to:

●

remove the continued listing of Globalink’s securities on Nasdaq as a condition to the closing of the transactions contemplated by the Merger Agreement; and

●

remove the limitation that Parent will not consummate any initial business combination unless it (or any successor) has net tangible assets of at least $5,000,001 upon consummation of such business combination.

PIPE ~~Investments~~Investment

On June 4, 2024, June 5, 2024, and August 27, 2024, the Company, Alps Holdco and PubCo entered into subscription agreements with three investors on on substantially same terms, pursuant to which, among other things, PubCo has agreed to issue and sell to the investors, and the ~~investors~~ investors agreed to subscribe for and purchase certain number of ordinary shares of PubCo (“PIPE Shares”) at a purchase price of $10.00 per share for an aggregate purchase price of $40,200,000, in a private placement. On March 25, 2025 and March 26, 2025, the Company, Alps Holdco and PubCo executed the termination agreements with two investors who entered into the subscription agreements to purchase $40 million worth of PIPE Shares, dated June 4, 2024 and June 5, 2024, respectively, and the parties agreed that, upon the execution of of the termination agreements, the subscription agreements shall be deemed null and void, and neither party shall have any further rights, obligations, or liabilities under the subscription agreements.

~~Subsequent~~From January 2025 to ~~December~~March 312025, ~~2024,~~ the Company, Alps Holdco and PubCo entered into additional subscription agreements (together with previous ~~executed~~ executed subscription agreement on August 27, 2024, the “PIPE Subscription Agreements”) with several investors on substantially ~~same~~ same terms (together with previous investor who entered into a subscription agreement dated August 27, 2024, the “PIPE Investors”), pursuant to which, among other things, PubCo has agreed to issue and sell to the PIPE Investors, and the PIPE Investors have agreed to subscribe for and purchase certain number of ordinary shares of PubCo at a purchase price of $10.00 per share for an aggregate purchase price of $3,279,911, in a private placement (the “PIPE Investment”). As of ~~the~~June ~~date~~30, ~~of this report~~2025, the PIPE Investors have ~~subscribed~~ subscribed for an aggregate of $3,479,911 (excluding the $40 million subscription that was terminated). Up to the date the condensed ~~consolidated~~ consolidated financial statements were available to be issued, PIPE Investment of $1,124,361 was received by PubCo’s escrow agent, and held in an escrow account on behalf of PubCo.

The purpose of the PIPE Investment is to raise additional capital for use by PubCo following the closing of the Business Combination (the “Closing”). The PIPE Subscription Agreements contain customary representations and warranties of each of the Company, Alps Holdco, PubCo and the PIPE Investors, and customary conditions to closing, including the consummation of the Business Combination. Under the terms of the PIPE Subscription Agreements, PubCo is obligated to file a registration statement to register for the resale of all the PIPE Shares within 60 days of the Closing (the “Filing Deadline”), and to use its commercially reasonable efforts to cause such registration statement to become effective as soon as practicable after the filing there of.

Risks and Uncertainties

The Company continues to evaluate the impact of increases in inflation and rising interest rates, financial market instability, including the recent bank failures, the potential government shutdown, the lingering effects of the COVID-19 pandemic and certain geopolitical events, including the wars in Ukraine and the surrounding region and between Israel and Hamas. The Company has concluded that while it is reasonably possible that the risks and uncertainties related to or resulting from these events could have a negative effect on its financial position, results of operations and/or ability to complete an initial Business Combination, the Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company’s business and its ability to complete an initial Business Combination.

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

During the second quarter of 2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the ~~Excise~~excise ~~Tax~~tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024.

The Company is currently evaluating its options with respect to this obligation. Any amount of such ~~Excise~~excise ~~Tax~~tax not paid in full, will be subject to additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full. A detailed discussion of exercise tax was disclosed in Note 2.

Liquidity, Capital Resources and Going Concern

As of ~~March~~June 3130, 2025, the Company had $322,~~468~~170 of cash available to meet working capital needs and a working capital deficit of approximately $67.89 million.

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company will need to raise additional capital through loans or additional investments from its sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and the sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing.

If the Business Combination is not consummated, the Company will need to raise additional capital through loans or additional investments from its sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and its sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

In connection with the Company’s assessment of going concern considerations in accordance with FASB ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company currently has until ~~June~~September 9, 2025, or up to December 9, 2025 if the time to ~~consummate~~complete the initial business combination is extended as described herein, to consummate a business combination. It is uncertain that the Company will be able to consummate a business combination by this time. If a business combination is not consummated by this date and an extension is not requested by the sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a business combination not occur, and an extension is not requested by the sponsor, and potential subsequent dissolution as well as liquidity condition noted above raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after ~~June~~September 9, 2025, or up to December 9, 2025 if the time to complete the initial business combination is extended as described herein. The Company intends to complete a business combination before the mandatory liquidation date.

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in unaudited condensed consolidated financial statements prepared in accordance with U.S. 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 consolidated 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 consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024, as filed with the SEC on ~~March~~August 2521, 2025. The interim results for the three and six months ended ~~March~~June 3130, 2025 presented are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which 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 an emerging growth 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 an 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 consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 the unaudited condensed consolidated financial statements in conformity with U.S. 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 financial statements. Making estimates requires management to exercise significant judgment. One of the more significant accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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.

Cash Held in Trust Account

As of ~~March~~June 3130, 2025 and December 31, 2024, all of the assets held in the Trust Account were held in cash.

To mitigate the risk of being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act), on July 27, 2023, the Company instructed the Trustee ~~of the Trust Account,~~ to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash (which may include demand deposit accounts) until the earlier of consummation of our Business Combination or liquidation. Furthermore, such cash is held in bank accounts, which exceed federally insured limits as guaranteed by the FDIC.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the ~~Federal~~FDIC ~~Depository Insurance Corporation~~ coverage limit. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had not experienced losses on these accounts.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximate the carrying amounts represented in the accompanying unaudited condensed consolidated balance sheets, primarily due to their short-term nature.

Debt Modification or Extinguishment

The Company evaluates amendments to determine whether a change was a modification or an extinguishment of debt. For a modification, no gain or loss is recorded, and a new effective interest rate is established based on the carrying value of the debt and revised cash flow. If the debt is extinguished, the old debt is derecognized and the new debt is recorded at fair value, which becomes the new carrying value. A gain or a loss is recorded for the difference between the net carrying value of the original debt and the fair value of the new debt. Interest expense is recorded based on the effective interest rate of the new debt. A debt is considered extinguished if the terms of the new debt and original instrument are “substantially different.”

Convertible Debt

The Company issues debt that may have conversion features.

Convertible debt – derivative treatment – When the Company issues debt with a conversion feature, the Company must first assess whether the embedded equity-linked component is clearly and closely related to its host instruments. If a component is clearly and closely related to its host instruments, then the Company has to assess whether the conversion feature meets the requirements to be treated as a derivative, as follows: a) one or more underlying, typically the price of our common stock; b) one or more notional amounts or payment provisions or both, generally the number of shares upon conversion; c) no initial net investment, which typically excludes the amount borrowed; and d) net settlement provisions, which in the case of convertible debt generally means the stock received upon conversion can be readily sold for cash. An embedded equity-linked component that meets the definition of a derivative does not have to be separated from the host instrument if the component qualifies for the scope exception for certain contracts involving an issuer’s own equity. The scope exception applies if the contract is both a) indexed to its own stock; and b) classified in shareholders’ equity in its statement of financial position.

If the conversion feature within convertible debt meets the requirements to be treated as a derivative, the Company estimates the fair value of the embedded derivative using the Black Scholes method upon the date of issuance. If the fair value of the embedded derivative is higher than the face value of the convertible debt, the excess is immediately recognized as interest expense. The derivative shall be recorded at fair value as liability and the carrying value assigned to the host contract represents the difference between the previous carrying amount of the hybrid instrument and the fair value of the derivative; therefore, there is no gain or loss from the initial recognition and measurement of an embedded derivative that is accounted for separately from its host contract.

The ASU 2020-06 “Debt with conversion and other option”, changes the accounting for convertible instruments by reducing the number of accounting models. It requires convertible debt instruments to be accounted for under one of the following three models: embedded derivative, substantial premium, or no proceeds allocated (traditional debt) models. It eliminates the cash conversion and beneficial conversion feature models, which will likely result in more convertible debt instruments being accounted for as a single unit. The Company has adopted this ASU on January 1, 2024, as a result of these changes, companies are no longer required to separately account for embedded conversion features solely due to a beneficial conversion or cash settlement provision, unless the feature meets the definition of a derivative under ASC 815 and does not qualify for the equity scope exception.

For the three months ended March 31, 2025, the Company evaluated the added conversion feature (see Note 5 and Note 7) under ASC 835, Interest (“ASC 835”). In accordance with ASC 835, the Company capitalized the debt discount and amortized the debt discount ratably to interest expense in the consolidated statements of operations. Amortization of the debt discount was recognized from the inception of the agreement through the expected date of the consummation of the proposed Business Combination. The Company presents the convertible promissory notes on the consolidated balance sheet at face value, net of its amortized debt discount.

Income Taxes

~~FASB~~For ~~ASC~~the ~~740~~three ~~prescribes~~and asix ~~recognition~~months ~~threshold~~ended ~~and~~June a30, ~~measurement~~2025, ~~attribute for~~ the ~~financial~~Company ~~statement~~evaluated ~~recognition~~the ~~and~~added ~~measurement~~conversion offeature ~~tax positions~~(see ~~taken~~Note or5 ~~expected~~and toNote be7) ~~taken~~under inASC a835, Interest ~~tax~~(“ASC ~~return~~835”). ~~For~~In ~~those~~accordance ~~benefits~~with toASC ~~be recognized~~835, athe ~~tax~~Company ~~position~~capitalized ~~must~~the bedebt ~~more~~discount ~~likely~~and ~~than not~~amortized tothe bedebt ~~sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of March 31, 2025 or December~~discount ~~31,~~ratably ~~2024.~~to ~~No amounts were paid for~~ interest ~~and~~expense ~~penalties~~in ~~for~~ the ~~three~~consolidated ~~months~~statements ~~ended~~of ~~March 31, 2025 and 2024~~operations. ~~The~~Amortization ~~Company is currently not aware~~ of ~~any~~the ~~issues~~debt ~~under~~discount ~~review~~was ~~that~~recognized ~~could result in significant payments, accruals or material deviation~~ from ~~its~~the ~~position. As~~inception of ~~March~~the ~~31,~~agreement ~~2025~~through ~~and~~September ~~December 31~~15, ~~2024~~2025, the ~~balance~~expected date of ~~income~~the ~~tax~~consummation ~~payable~~of ~~was~~the ~~$479,279~~proposed ~~(including~~Business ~~$239,374~~Combination. ofThe ~~tax~~Company presents ~~payable due from~~ the ~~year~~ ~~ended~~convertible ~~December~~promissory ~~31,~~notes ~~2023,~~on ~~which~~the ~~are~~consolidated ~~overdue).~~balance ~~The~~sheet ~~Company~~at isface ~~subject~~value, tonet ~~income~~of ~~tax~~its ~~examinations~~amortized bydebt ~~major taxing authorities since inception~~discount.

Income Taxes

The Company complies with the accounting and reporting requirements of ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of June 30, 2025 and December 31, 2024, the Company’s deferred tax asset for start-up organizational expenses had a full valuation allowance recorded against it. The Company’s effective tax rate was (0.78)% and (18.43)% for the three months ended June 30, 2025 and 2024, respectively, and (0.42)% and (22.06)% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2025 and 2024 due to penalties and interest on excise tax, business combination expenses, change in fair value of warrants and amortization of debt discount. The Company believes its calculation to be a reliable estimate and allows it to properly take into account the usual elements that can impact its annualized book income and its impact on the effective tax rate. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through June 30, 2025 and does not use the annual effective tax rate (AETR) method.

FASB ASC 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. There were no unrecognized tax benefits as of June 30, 2025 or December 31, 2024. No amounts were paid for interest and penalties for the three and six months ended June 30, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. As of June 30, 2025 and December 31, 2024, the balance of income tax payable was $522,168 and $479,279, respectively (including $239,374 of tax payable due from the year ended December 31, 2023, which are overdue). The Company is subject to income tax examinations by major taxing authorities since inception.

On July 4, 2025, the U.S. government enacted tax reform, commonly referred to as the One Big Beautiful Bill Act (“OBBB”). OBBB amends U.S. tax law, including provisions related to bonus depreciation, interest expense limitation, research and development, global intangible low-taxed income, foreign derived intangible income and base erosion and anti-abuse tax. The Company is still evaluating the impact of the OBBB, however, does not currently believe it will have a material impact on its effective tax rate in the current year.

Excise Tax

In connection with the vote to approve the charter amendment proposal presented at the March 2023 Special Meeting, holders of 6,756,695 shares of common stock properly exercised their right to redeem their shares of common stock for an aggregate redemption amount of approximately $69.92 million. In connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Special Meeting on November 28, 2023, holders of 2,180,738 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $10.82 per share, for an aggregate of approximately $23.60 million. In connection with the votes at December 2024 Special Meeting, holders of 2,285,056 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $11.77 per share, for an aggregate of approximately $26.89 million. AsIn ofconnection ~~March~~with ~~31,~~the ~~2025,~~votes at the June ~~Trust~~2025 ~~Account had~~Special aMeeting, ~~balance~~holders of ~~approximately~~204,910 ~~$3.56~~shares ~~million.~~of ~~As such,~~ the Company’s ~~has~~common ~~recorded~~stock aexercised 1%their ~~Excise~~right ~~Tax~~to ~~liability~~redeem inthose ~~the amount of $1,477,147~~shares ~~and~~for ~~$1,313,485,~~cash ~~including~~at ~~interest~~an ~~and~~approximate ~~penalty~~price of $~~163,662~~12.77 ~~and~~per ~~$109~~share,~~368,~~ ~~respectively,~~for onan ~~the~~aggregate ~~consolidated~~of ~~balance~~approximately ~~sheets~~$2.6 asmillion. As of ~~March 31~~June 30, 2025, ~~and~~the ~~December~~Trust Account ~~31,~~had ~~2024.~~a ~~The~~balance ~~liability~~of ~~does~~approximately ~~not~~$3.73 ~~impact~~million, including the ~~unaudited~~redeemed ~~condensed~~stock ~~consolidated~~payable ~~statements~~ of ~~operations~~approximately ~~and~~$2.6 ismillion. ~~offset against~~On ~~additional~~July ~~paid-in~~25, 2025, ~~capital~~the orredemption ~~accumulated~~payments ~~deficit~~were ifdistributed ~~additional~~to ~~paid-in~~the ~~capital~~redeemed isstockholders ~~not~~in ~~available~~full.

~~During~~In connection with the ~~second~~votes ~~quarter~~at ofthe December 2024 Special Meeting, ~~the~~holders ~~Internal~~of ~~Revenue~~2,285,056 ~~Service~~shares ~~issued~~of ~~final~~the ~~regulations~~Company’s ~~with~~common ~~respect~~stock exercised their right to ~~the~~redeem ~~timing~~those ~~and~~shares ~~payment~~for cash at an approximate price of ~~the~~$11.77 ~~Excise Tax~~per share, for an aggregate of approximately $26.89 ~~These~~million. It ~~regulations~~was ~~provided~~later determined that the ~~filing~~Company ~~and~~did ~~payment~~not ~~deadline~~withdraw ~~for~~all ~~any~~of ~~liability~~the ~~incurred~~interest ~~during~~from the ~~period~~Trust ~~from~~Account ~~January~~that 1,it ~~2023 to~~was ~~December~~allowed ~~31,~~to ~~2023~~withdraw to ~~would~~cover beincome ~~October~~and ~~31,~~franchise ~~2024~~taxes. ~~Any~~The ~~amount~~December of2024 ~~such~~Extension ~~Excise~~Redeeming ~~Tax~~Stockholders ~~not~~are ~~paid~~ in ~~full,~~the ~~will~~process beof ~~subject~~being tonotified ~~additional~~of ~~interest~~this situation and ~~penalties which~~ are ~~currently~~being ~~estimated~~instructed atto ~~10%~~return ~~interest~~the ~~per~~December ~~annum~~2024 ~~and~~Extension aOverpayment 5%Amount ~~underpayment~~to ~~penalty~~Continental. ~~per~~As ~~month~~of orthis ~~portion~~filing, ofthe aCompany ~~month~~has ~~up to~~recovered ~~25%~~$397,214. ofDue to the ~~total~~reduced ~~liability~~redemption, ~~for~~the ~~any~~Company ~~amount~~will ~~that~~reduce isthe ~~unpaid~~excise ~~from~~tax ~~November~~liability 1,when ~~2024~~final results ~~until~~of ~~paid~~the inrequest ~~full~~are determined.

AsDuring ofthe ~~March~~second ~~31,~~quarter ~~2025~~of 2024, $the Internal Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from January 1,~~477~~ 2023 to December 31,~~147~~ ~~excise~~2023 ~~tax~~would ~~liability~~be ~~was~~October ~~due~~31, 2024. ~~For~~Any amount of such Excise Tax not paid in full, will be subject to additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion of a month up to 25% of the ~~three~~total ~~months~~liability ~~ended~~for ~~March~~any 31amount that is unpaid from November 1, ~~2025~~2024 until paid in full. As such, the Company ~~recognized~~has recorded a 1% Excise Tax liability in the amounts of $231,~~380~~ 600,984 and $1,313,485, including interest and penalty of $~~140~~370,~~282~~693 ~~penalties~~and $109,368, respectively, on the consolidated balance sheets as of June 30, 2025 and December 31, 2024. The liability for the excise tax does not impact the unaudited condensed consolidated statements of operations and is offset against additional paid-in ~~connection~~capital ~~with~~or accumulated deficit if additional paid-in capital is not available. All interest and penalties related to the ~~unpaid~~non-filing and non-payment of the excise tax liability are recorded within the accompanying unaudited condensed consolidated statements of operations.

For the three months ended June 30, 2025, the Company recognized $30,437 interest and $67,226 penalties in connection with the unpaid excise tax. For the six months ended June 30, 2025, the Company recognized $53,817 in interest and $207,508 in penalties in connection with the unpaid excise tax.

Shares of Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s shares of common stock sold in the IPO and as a result of the exercise by the underwriters of their over-allotment option features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, on ~~March~~June 3130, 2025 and December 31, 2024, 72,601 and 277,511 shares of common stock subject to possible redemption, respectively, were presented as temporary equity, outside of the stockholders’ deficit section of the Company’s consolidated balance sheets.

On March 6, 2023, in connection with the approval of the extension amendment proposal and the trust amendment proposal presented at the March 2023 Special Meeting, holders of 6,756,695 of the Company’s shares of common stock exercised their right to redeem those shares for cash at an approximate price of $10.35 per share, for an aggregate of approximately $69.92 million.

On November 28, 2023, in connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the November 2023 Special Meeting, holders of 2,180,738 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $10.82 per share, for an aggregate of approximately $23.60 million.

In connection with the December 2024 Special Meeting held on December 3, 2024, holders of 2,285,056 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $11.77 per share, for an aggregate of approximately $26.89 million. It was later determined that the Company did not withdraw all of the interest from the Trust Account that it was allowed to withdraw to cover income and franchise taxes and, therefore, the December 2024 Payment should have been approximately $11.52 per share. This meant that the December 2024 Extension Redeeming Stockholders were overpaid in the amount of $563,108, approximately $0.25 per share (the “December 2024 Extension Overpayment Amount”).

~~The~~In connection ~~difference~~with ~~between~~the votes at the ~~Trust~~June ~~Account~~2025 ~~balance~~Special ~~and~~Meeting, holders of 204,910 shares of the Company’s common stock ~~subject~~exercised their right to ~~possible~~redeem those shares for cash at an approximate price of $12.77 per share, for an aggregate of approximately $2.6 million, leaving 72,601 Public Shares outstanding. As of June 30, 2025, the redemption payments remained unpaid and were recorded as ofredeemed ~~March~~stock 31payable to stockholders on the unaudited consolidated balance sheet. On July 25, 2025, ~~was~~in connection with the ~~amount~~June ~~available~~2025 toSpecial Meeting, the Company topaid ~~pay~~redeeming ~~accrued~~shareholders ~~income~~$2,617,281, ~~and~~approximately $12.77 ~~franchise~~per ~~taxes~~share. ~~The~~During ~~Company intends~~a tosubsequent ~~pay~~re-calculation of the ~~accrued~~price ~~income~~paid ~~and~~to ~~franchise~~redeeming ~~taxes~~shareholders, ~~upon~~it ~~the~~was ~~earlier~~determined ofthat the ~~completion~~redeeming shareholders ofshould have been paid $2,594,214, approximately $12.66 per share. The Company will make efforts recover the ~~business~~$23,067, ~~combination~~$0.11 per orshare ~~liquidation~~overpayment, however there are no assurances of recovery.

AsThe ofdifference ~~March~~between ~~31,~~the ~~2025~~Trust ~~and~~Account ~~December~~balance ~~31,~~and ~~2024,~~ the ~~shares of~~ common stock subject to possible redemption ~~reflected~~as inof June 30, 2025 was the ~~consolidated~~amount ~~balance~~available ~~sheets~~to isthe ~~reconciled~~Company into pay accrued income and franchise taxes. The Company intends to pay the ~~following~~accrued ~~table:~~income and franchise taxes upon the earlier of the completion of the business combination or liquidation.

As of June 30, 2025 and December 31, 2024, the shares of common stock subject to possible redemption reflected in the consolidated balance sheets is reconciled in the following table:

	Schedule of Common Stock Subject to Possible Redemption
	Shares			Amount
Common stock subject to possible redemption, December 31, 2023		2,562,567			27,938,713
Less:
Redemptions		(2,285,056	)		(26,890,379	)
Plus:
Remeasurement of carrying value to redemption value		—			12,~~768~~175,~~457~~180
Common stock subject to possible redemption, December 31, 2024		277,511		$	23,~~816~~223,~~791~~514
Plus:
Remeasurement of carrying value to redemption value		—			5162,~~714~~099
Common stock subject to possible redemption, March 31, 2025		277,511		$	23,~~822~~385,~~505~~613
Plus:
Remeasurement of carrying value to redemption value		—			138,638
Redemptions		(204,910	)		(2,594,214	)
Common stock subject to possible redemption, June 30, 2025		72,601		$	930,037

11Net Income (Loss) Per Share of Common Stock

~~Net~~The ~~(Loss)~~Company ~~Income~~complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share” and uses the two-class method. Net income (loss) per share of ~~Common~~common ~~Stock~~stock is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Any remeasurement of the accretion to redemption value of the shares of common stock subject to possible redemption was considered to be dividends paid to the public stockholders.

The Company ~~complies~~has ~~with~~one authorized class of common stock. Warrants included in the ~~accounting~~Units sold in the IPO (the “Public Warrants”) (see Note 3) and ~~disclosure~~warrants ~~requirements~~included ofin ~~FASB~~the ~~ASC~~Private ~~Topic~~Placement ~~260,~~Units (the “~~Earnings~~Private ~~Per~~Placement ~~Share~~Warrants,” ~~and~~together ~~uses~~with the Public ~~two-class~~Warrants, ~~method.~~the ~~Net~~“warrants”) (~~loss~~see Note 4) ~~income~~to ~~per~~purchase ~~share~~7,242,000 shares of common stock isof ~~computed~~the byCompany ~~dividing~~at ~~net~~$10.00 ~~(loss)~~per ~~income~~share bywere issued on December 9, 2021. For the ~~weighted~~three ~~average~~and ~~number~~six months ended June 30, 2025 and 2024, no Public Warrants or Private Placement Warrants ofhad been exercised. The 7,242,000 potential shares of common stock underlying the outstanding Public Warrants and Private Placement Warrants to purchase the Company’s shares of common stock were excluded from diluted earnings per share for three and six months ended June 30, 2025 and 2024 because they are contingently exercisable, and the ~~period~~contingencies have not yet been met. ~~Any~~The ~~remeasurement~~296,042 shares of common stock contingent to exercise of convertible notes were excluded from diluted earnings per share for three and six months ended June 30, 2025 because they are contingently exercisable, and the ~~accretion~~contingencies have not yet been met. Additionally, the rights are able to ~~redemption~~be demanded ~~value~~on ofor any time after the ~~shares~~Business Combination, and as the contingency has not been met, the rights are excluded from diluted earnings per share for the three and six months ended June 30, 2025 and 2024. As a result, diluted net loss per share of common stock is the same as basic net income (loss) per share of common stock ~~subject~~for tothe ~~possible~~period. ~~redemption~~The ~~was~~table ~~considered~~below topresents bea ~~dividends~~reconciliation ~~paid~~of the numerator and denominator used to ~~the~~compute ~~public~~basic ~~stockholders~~and diluted net income (loss) per share for each class of stock.

The Company has one authorized class of common stock. Warrants included in the Units sold in the IPO (the “Public Warrants”) (see Note 3) and warrants included in the Private Placement Units (the “Private Placement Warrants,” together with the Public Warrants, the “warrants”) (see Note 4) to purchase 7,242,000 shares of common stock of the Company at $10.00 per share were issued on December 9, 2021. For the three months ended March 31, 2025 and 2024, no Public Warrants or Private Placement Warrants had been exercised. The 7,242,000 potential shares of common stock underlying the outstanding Public Warrants and Private Placement Warrants to purchase the Company’s shares of common stock were excluded from diluted earnings per share for three months ended March 31, 2025 and 2024 because they are contingently exercisable, and the contingencies have not yet been met. The 289,759 shares of common stock contingent to exercise of convertible notes were excluded from diluted earnings per share for three months ended March 31, 2025 because they are contingently exercisable, and the contingencies have not yet been met. Additionally, the rights are able to be demanded on or any time after the Business Combination, and as the contingency has not been met, the rights are excluded from diluted earnings per share for the three months ended March 31, 2025 and 2024. As a result, diluted net income (loss) per share of common stock is the same as basic net income (loss) per share of common stock for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of stock.12

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

Schedule of Net Income (Loss) Basic and Diluted Per Share

	2025			2024
	For the Three Months Ended March 31,
	For the Three Months Ended June 30,
	2025			2024
Net loss	$	(~~738~~893,~~555~~896	)	$	(~~375~~217,~~307~~185	)
Remeasurement of common stock subject to redemption		(5138,~~714~~638	)		(~~455~~440,~~764~~824	)
Net loss including remeasurement of common stock subject to redemption value	$	(~~744~~1,~~269~~032,534	)	$	(~~831~~658,~~071~~009	)

	Redeemable			Non-redeemable			Redeemable			Non-redeemable
	For the Three Months Ended March 31,
	For the Three Months Ended June 30,
	2025						2024
	Redeemable			Non-redeemable			Redeemable			Non-redeemable
Basic and diluted net (loss) income per share of common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net loss including remeasurement of common stock subject to redemption value	$	(5561,~~485~~706	)	$	(~~688~~970,~~784~~828	)	$	(~~354~~280,~~499~~678	)	$	(~~476~~377,~~572~~331	)
Remeasurement of common stock subject to redemption		5138,~~714~~638			—			~~455~~440,~~764~~824			—
Allocation of net (loss) income, as adjusted	$	(49,771	)	$	(688,784	)	$	101,265		$	(476,572	)
Allocation of net income (loss), as adjusted	$	76,932		$	(970,828	)	$	160,146		$	(377,331	)
Denominator:
Basic and diluted weighted average shares outstanding		~~277~~218,~~511~~965			3,445,000			2,562,567			3,445,000
Basic and diluted net (loss) income per share of common stock	$	(0.18	)	$	(0.20	)	$	0.04		$	(0.14	)
Basic and diluted net income (loss) per share of common stock	$	0.35		$	(0.28	)	$	0.06		$	(0.11	)

	2025			2024
	For the Six Months Ended June 30,
	2025			2024
Net loss	$	(1,632,451	)	$	(592,492	)
Remeasurement of common stock subject to redemption		(300,737	)		(896,588	)
Net loss including remeasurement of common stock subject to redemption value	$	(1,933,188	)	$	(1,489,080	)

	Redeemable			Non-redeemable			Redeemable			Non-redeemable
	For the Six Months Ended June 30,
	2025						2024
	Redeemable			Non-redeemable			Redeemable			Non-redeemable
Basic and diluted net loss per share of common stock
Numerator:
Allocation of net loss including remeasurement of common stock subject to redemption value	$	(129,859	)	$	(1,803,329	)	$	(635,177	)	$	(853,903	)
Remeasurement of common stock subject to redemption		300,737			—			896,588			—
Allocation of net income (loss), as adjusted	$	170,878		$	(1,803,329	)	$	261,411		$	(853,903	)
Denominator:
Basic and diluted weighted average shares outstanding		248,076			3,445,000			2,562,567			3,445,000
Basic and diluted net income (loss) per share of common stock	$	0.69		$	(0.52	)	$	0.10		$	(0.25	)

Accounting for Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. The Company accounts for the warrants issued in connection with the Company’s IPO in accordance with the guidance contained in ASC 815 under which the public warrants meet the criteria for equity treatment and the private warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the private warrants as liabilities at their fair value and adjust the private warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s unaudited condensed consolidated statements of operations. The fair value of the warrants was estimated using a binomial lattice model.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. 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 officer 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 ASC 2023-07 for the year ended December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (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, 2024. Early adoption is permitted. The Company’s management is still evaluating the impact of ASU 2023-09 on its unaudited condensed consolidated financial statements.

Note 3 — Initial Public Offering and Over-allotment

Pursuant to the IPO and the underwriters’ exercise of the over-allotment option in December 2021, the Company sold an aggregate of 11,500,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of common stock, one redeemable warrant (each, a “Public Warrant” and collectively, the “Public Warrants”) and one right (each a “Public Right” and collectively, the “Public Rights”). Each Public Warrant entitles its holder to purchase one-half (1/2) of one share of common stock at a price of $11.50 per share, subject to adjustment. Each Public Right entitles the holder to receive one-tenth (1/10) of one share of common stock at the closing of a Business Combination (see Note 9).

Note 4 — Private Placement

On December 9, 2021 and December 13, 2021, simultaneously with the consummation of the IPO and the underwriters’ exercise of their over-allotment option, the Company consummated the issuance and sale (“Private Placement”) of 570,000 Private Placement Units in a private placement transaction at a price of $10.00 per Private Placement Unit, generating gross proceeds of $5,700,000. Each whole Private Placement Unit consists of one share, one warrant (each a “Private Placement Warrant” and collectively the “Private Placement Warrants”) and one right to receive one-tenth (1/10) of one share of common stock at the closing of a Business Combination. Each whole Private Placement Warrant will be exercisable to purchase one-half of one share of common stock at a price of $11.50 per share. A portion of the proceeds from the Private Placement Units were added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Units and all underlying securities will be worthless.

Note 5 — Related Party Transactions

Founder Shares

On August 19, 2021, the ~~Company’s~~ sponsor purchased 2,875,000 shares (the “Founder Shares”) of the Company’s common stock, par value $0.001, for an aggregate price of $25,000. The Founder Shares are subject to certain transfer restrictions, as described in Note 9.

The Initial Stockholders have agreed, subject to limited exceptions, that 50% of these shares will not be transferred, assigned, sold or released from escrow until the earlier of six months after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after its initial Business Combination and the remaining 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until six months after the date of the consummation of the Company’s initial Business Combination, or earlier, in either case, if, subsequent to the Company’s initial Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Private Placement

Simultaneously with the closing of the IPO, the Company consummated the sale of 570,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement to Public Gold Marketing Sdn. Bhd., a Malaysian private limited company, a related party generating gross proceeds of $5,700,000, which is described in Note 4.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the ~~Company’s~~ sponsor or an affiliate of the sponsor, or certain officers or directors of the Company’s ~~officers and directors~~ may, but are not obligated to, loan the Company funds as may be required (“Working ~~Capital~~ Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units. As of ~~March~~June 3130, 2025 and December 31, 2024, there were no Working Capital Loans outstanding.

The Company entered into promissory notes with Public Gold Marketing Sdn. Bhd., which is considered a related party due to a familial relationship between the controlling member of the sponsor and a 95% shareholder of Public Gold Marketing Sdn. Bhd. The promissory notes bear an interest of 6% per annum and repayable upon consummation of an initial Business Combination (Note 7).

Support Services

The Company ~~has~~previously entered into an administrative services agreement pursuant to which the Company ~~will~~agreed to pay its sponsor a total of $10,000 per month for office space, administrative and support services. On September 30, 2023, the Company terminated the administrative ~~services~~ services agreement. As a result, the Company is no longer be required to pay the sponsor $10,000 monthly since September 30, 2023.

~~As of March 31, 2025 and December 31, 2024, $217,000 had been accrued under this arrangement and shown under “Due to affiliate” in the accompanying consolidated balance sheets.~~14

As of June 30, 2025 and December 31, 2024, $217,000 had been accrued under this arrangement and shown under “Due to affiliate” in the accompanying consolidated balance sheets.

Advances

On each of September 5, 2023, September 29, 2023 and November 7, 2023, an affiliate of the Company’s sponsor advanced $130,000 to to the Company, for a total advance of $390,000. ~~During~~ ~~the~~On ~~three months ended~~ March 316, 2025, the ~~$390,000 advance~~Company’s ~~was~~chief ~~amended~~executive toofficer ~~include~~deposited ~~a conversion option and~~ $~~334~~60,~~885~~000 ~~was included~~into ~~in “Convertible note - related party, net of debt discount” on~~ the Trust ~~accompanying consolidated balance sheets~~Account. On March 624, 2025, the ~~Company’s~~$390,000 ~~chief~~advance ~~executive~~was ~~officer~~amended ~~deposited~~to ~~$60,000 into~~include ~~the~~a ~~trust~~conversion ~~account.~~option Asand as of ~~March~~June 3130, 2025, ~~and~~as ~~December 31~~described below, ~~2024,~~as ~~$334,885 convertible~~a ~~debt~~result ~~and~~of which, the $390,000 advance ~~to fund trust extension deposits~~ was ~~reflected~~included in “Convertible note - related party, net of debt discount” ~~and~~ ~~“Due to affiliate”~~ on the accompanying consolidated balance sheets~~, respectively~~. The $60,000 advance to fund trust extension deposits was reflected in “Due to affiliate” on the consolidated balance sheets as of ~~March~~ 31June 30, 2025 and December 31, 2024.

On March 24, 2025, the Company, PubCo and the affiliate of the Company’s sponsor entered into an agreement, pursuant to which the parties agreed that $390,000 of the advances received from the affiliate of the Company’s sponsor shall be converted into ordinary shares of PubCo at the time of the Closing, at a conversion price of $10.00 per share. The Company used extinguishment accounting for the amendment and recorded the difference between the initial principal amount of the promissory note in the amount of $390,000 and the fair value of the amended note as of the date of the amendment in the amount of $329,809, which resulted in a gain on modification of terms of the promissory note and advances from affiliate of $60,191~~, included~~. inThe ~~the~~ Company’s ~~consolidated~~recorded ~~statement~~a ofgain ~~changes~~on indebt ~~stockholders’~~distinguishment ~~deficit~~in ~~with~~ the ~~gain~~equity due ~~being~~to ~~considered~~it was a related party loan. The new debt ~~discount~~was ~~related~~recorded toat fair value with the ~~amended~~difference ~~promissory~~between ~~note,~~the ~~which~~face isvalue ~~amortized~~and the fair value was accreted over the ~~expected~~remaining term of the note., ~~The~~which ~~net~~was ~~amount~~expected ofto ~~the note,~~be ~~$334~~September 15,~~885, was~~ ~~included~~2025. inFor ~~“Convertible~~the ~~notes~~three -and ~~related~~six ~~party~~months ended June 30, ~~net~~2025, $29,854 and $34,930 amortization of debt discount” was recorded as interest expenses on the ~~Company’s~~accompanying ~~consolidated~~unaudited ~~balance~~consolidated ~~sheet~~statement as of ~~March 31, 2025~~operations. As of ~~March~~June 3130, 2025, the ~~Company~~net ~~has~~amount ~~amortized~~of the note, $5364,~~076~~739, was included in “Convertible notes - related ofparty, ~~the~~net of debt discount” ~~with~~on ~~$324,733 remaining~~the toCompany’s beconsolidated ~~amortized~~balance sheet.

The Company developed a Probability Weighted Expected Return Model (“PWERM”) to estimate the fair value of “Convertible note - related party, net of debt discount” as of the date of the amendment of the terms of the initial promissory note were made.

The following table presents the quantitative information regarding assumptions used in the valuation of “Convertible note - related party, net of debt discount,” which was determined principally by reference to the fair value of the underlying shares. Assumptions used to estimate the fair value of the underlying shares are as follows:

Schedule of valuation of the Promissory note –- related party

	March 24, 2025
Closing stock price	$	12.00
Expected time to liquidity		0.32 years
Risk free rate		4.31	%
Volatility		29.6	%

Note 6 — Commitments and Contingencies

Registration Rights

The holders of Founder Shares, Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares into shares of common stock) pursuant to a registration rights agreement signed on the date of the prospectus for the IPO. These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters were paid a cash underwriting discount of $0.20 per unit on the offering including the Units issued with the underwriter’s exercise of their over-allotment option, or $2,300,000 in the aggregate at the closing of the IPO. In addition, the underwriters are entitled to deferred underwriting discounts of $0.35 per unit, or $4,025,000 from the closing of the IPO and the exercise of the over-allotment option. The deferred discounts will become payable to the underwriters from the amounts held in the Trust Account solely if the Company completes a Business Combination, subject to the terms of the underwriting agreement. On May 22, 2025, the Company, Alps Holdco and the underwriter entered into an Amendment & Acknowledgement of Engagement Letter and Underwriting Agreement (the “Amendment & Acknowledgement”), in relation to an aggregate of $5,025,000 (the “Fee Amount”) the underwriter will be entitled to receive at the closing of the business combination of the Company and Alps Holdco, comprising of $4,025,000 of deferred underwriting commission and $1,000,000 of M&A fee. The Amendment & Acknowledgement provides that certain shareholders of Alps Holdco will transfer 4,187,500 Alps Holdco Shares to Chardan immediately prior to the consummation of the business combination and such transfer shall be treated as full satisfaction of the Company’s obligation to pay the Fee Amount; provided that the business combination is consummated no later than July 31, 2025, or such other date as may be mutually agreed determined by the parties.

Note 7 — Promissory Notes – Related Party

On March 3, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $390,000 for the purpose of extension fees payment. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $390,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On March 23, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of up to $250,000 for working capital needs. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $250,000 had been borrowed and no amount was available under this note for borrowing.

On June 2, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of up to $700,000 for working capital needs. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of March 31, 2025, the full $700,000 had been borrowed and no amount was available under this note for borrowing.15

On ~~October~~June 132, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of up to $~~250~~700,000 for ~~the purpose of~~ working capital needs. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $~~250~~700,000 had been borrowed and no amount was available under this note for borrowing.

On ~~December~~October 813, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $~~110~~250,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $~~110~~250,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On ~~January~~December 58, ~~2024~~2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $~~250~~110,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $~~250~~110,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On January 255, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $~~300~~250,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $~~300~~250,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On ~~February~~January 2225, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $300,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On ~~April~~February 422, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $300,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

14On April 4, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of June 30, 2025, the full $300,000 had been borrowed and no amount was available under this note for borrowing.

On June 5, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $400,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $400,000 had been borrowed and no amount was available under this note for borrowing.

On August 14, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $300,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On October 3, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd for an amount of $300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $300,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On December 9, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd for an amount of $350,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $350,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

For the three and six months ended ~~March~~June 3130, 2025, the above-mentioned notes have incurred $62,~~137~~827 and $124,964 of interest and iswere reflected in the promissory note balance on the consolidated balance sheets and on the unaudited condensed consolidated statements of operations in other income, respectively. For the three and six months ended ~~March~~June 3130, 2024, the above-mentioned notes have incurred $3343,~~395~~602 ofand $76,997 of interest and iswere reflected in the promissory note balance on the consolidated balance sheets and on the ~~unaudited condensed~~ consolidated ~~statements~~ statement of operations in other income, respectively. As of ~~March~~June 3130, 2025 and December 31, 2024, the total principal and interest amount borrowed against the promissory notes was $4,~~507~~570,~~595~~422 and $4,445,458, respectively.

On March 6, 2025, the Company, PubCo and Public Gold Marketing Sdn Bhd entered into an agreement, pursuant to which the parties agreed that $2 million of the outstanding balance under the promissory notes shall be due and payable in cash within 60 days from the date of the closing of the transactions (the “Transactions”) contemplated by the Merger Agreement (the “Closing”), and the remaining balance under the promissory notes shall be converted into ordinary shares of PubCo at the time of Closing, at a conversion price of $10.00 per share.

The ~~Company~~ Company used extinguishment accounting for the amendment and recorded the difference between the initial principal amount of the promissory note in the amount of $4,491,025 and the fair value of the amended note as of the date of the amendment in the amount of $3,610,369, which resulted in a gain on modification of terms of promissory notes and advances from affiliate of $880,656,. The Company recorded a ~~included~~gain on debt distinguishment in the ~~Company’s~~equity ~~consolidated~~due ~~statement~~to ofit ~~changes~~was ina ~~stockholders’~~related ~~deficit~~party ~~with~~loan. ~~the~~The ~~gain~~new ~~being~~debt ~~considered~~was arecorded ~~debt~~at ~~discount~~fair ~~related~~value towith the ~~amended~~difference between ~~promissory~~the ~~note,~~face ~~which~~value isand ~~amortized~~the fair value was accreted over the ~~expected~~remaining term of the note., ~~The~~which ~~net~~was ~~amount~~expected ~~of the~~to ~~note~~be ~~was~~September $315,~~844,923, which~~ ~~included $16,570~~2025. ofFor ~~additional~~the ~~interest~~three ~~expense~~and ~~incurred~~six ~~after~~months ~~March~~ended 6June 30, 2025 ~~through March 31~~, ~~2025~~$358,947 and ~~was included in “Convertible notes - related party~~$576,931 ~~net~~amortization of debt discount” onwas ~~the~~recorded ~~Company’s consolidated balance sheet~~ as ofinterest ~~March~~expenses on ~~31, 2025. As of March 31, 2025,~~ the ~~Company~~accompanying ~~has~~unaudited ~~amortized~~consolidated ~~$217,984~~statement of ~~the debt discount with $662,672 remaining to be amortized~~operations.

The ~~Company~~net ~~developed~~amount aof ~~Probability~~the ~~Weighted~~note ~~Expected~~was ~~Return~~$4,266,697, ~~Model~~which ~~(“PWERM”)~~included to$79,397 ~~estimate~~of ~~the~~additional ~~fair~~interest ~~value~~expense ofincurred after March 6, 2025 through June 30, 2025, and was included in “Convertible ~~note~~ notes - related party, net of debt discount” ason of the ~~date~~Company’s ~~the~~consolidated balance ~~amendment~~sheet ofas ~~the terms~~ of ~~the~~June ~~initial~~30, ~~promissory note were made~~2025.

The Company developed PWERM to estimate the fair value of “Convertible note - related party, net of debt discount” as of the date the amendment of the terms of the initial promissory note were made.

Schedule of valuation of the Promissory note –- related party

	March 6, 2025
Closing stock price	$	12.00
Expected time to liquidity		0.37 years
Risk free rate		4.31	%
Volatility		27.7	%

Note 8 — Promissory Note - Third Party

On March 25, 2025 and May 27, 2025, the Company entered into atwo promissory ~~note~~notes with Dr. Tham Seng Kong, who is one of the parties of the Merger Agreement, for anthe amount of $300,000 and $350,000, respectively, for the purpose of working capital. The promissory ~~note~~notes are is non-interest bearing and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, $30450,000 had been borrowed under the promissory ~~note~~notes.

Note 9 — Stockholders’ Deficit

Common stock

The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.001 per share. As of ~~March~~June 3130, 2025 and December 31, 2024, there were 3,445,000 (excluding 72,601 and 277,511 shares of common stock subject to possible redemption, respectively) shares of common stock issued and outstanding.

Warrants:

As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had 11,500,000 Public Warrants and 570,000 Private Placement Warrants outstanding.

The Public Warrants are accounted for as equity instruments in the Company’s unaudited condensed consolidated financial statements. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of the completion of an initial Business Combination and will expire five years after the completion of an initial Business Combination, or earlier upon redemption. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per common stock equals or exceeds $16.50

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

	●	in whole and not in part;
	●	at a price of $0.01 per warrant;
	●	upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the “30-day redemption period”; and
	●	if, and only if, the last reported sale price (the “closing price”) of our common stock equals or exceeds $16.50 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

The Private Placement Warrants are substantially in the same form as the Public Warrants, except they (i) will be exercisable either for cash or on a cashless basis at the holder’s option pursuant and (ii) will not be redeemable by the Company, in either case as long as the Private Placement Warrants are held by the initial purchasers or any of their permitted transferees (as prescribed in the Subscription Agreement, dated December 6, 2021, by and between the Company and Public Gold Marketing Sdn. Bhd.). Once a Private Placement Warrant is transferred to a holder other than a permitted transferee, it shall be treated as a Public Warrant for all purposes. Due to these terms the Private Warrants are required to be liability classified.

The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of the warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

In addition, if the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates Business Combination (such price, the “Market Value”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 165% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional common stock or equity-linked securities.

Rights

Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically receive one-tenth of one share of common stock upon consummation of a Business Combination, even if the holder of a Public Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth of a share underlying each Public Right upon consummation of the Business Combination.

The Company will not issue fractional shares in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Delaware General Corporation Law. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination.

Note 10 — Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

As of ~~March~~June 3130, 2025 and December 31, 2024, the assets held in the Trust Account were held in cash.

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of ~~March~~June 3130, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	Level		(Level 1)		(Level 2)		(Level 3)
March 31, 2025
June 30, 2025
Liabilities:
Warrant Liabilities- Private Warrants		2	$	—	$	422,~~275~~800	$	—
December 31, 2024
Liabilities:
Warrant Liabilities- Private Warrants		2	$	—	$	2,736	$	—

As of ~~March~~June 3130, 2025 and December 31, 2024, the Private Placement Warrants were valued using the observable price for the public warrant as a benchmark, as a result of which, the fair value of the Private Placement Warrant liability was classified as Level 2.

16The following table presents the changes in the fair value of warrant liabilities for the three and six months ended June 30, 2025 and 2024:

The following table presents the changes in the fair value of warrant liabilities for the three months ended March 31, 2025 and 2024:

	Private Placement Warrants
Fair value as of January 1, 2025	$	2,736
Change in valuation inputs or other assumptions		1,539
Fair value as of March 31, 2025	$	4,275
Change in valuation inputs or other assumptions		18,525
Fair value as of June 30, 2025	$	22,800

	Private Placement Warrants
Fair value as of January 1, 2024	$	1,881
Change in valuation inputs or other assumptions		11,799
Fair value as of March 31, 2024	$	13,680
Change in valuation inputs or other assumptions		14,820
Fair value as of June 30, 2024	$	28,500

Note 11 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the ~~Company’s chief operating decision maker (“~~CODM”), or group, in deciding how to allocate resources and assess performance.

The Company is a blank check company formed for the purpose of effecting a Business Combination. As of ~~March~~June 3130, 2025, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the ~~Initial Public Offering~~IPO, which are held in Trust Account, and non-operating income or expense from the changes in the fair value of warrant liability and Capital Contribution Note, which are not considered measures of financial performance used by the CODM.

The Company’s CODM has been identified as the Chief Executive Officer, who reviews the consolidated operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets, which primarily consists of cash held in the Trust Account, in evaluating the results of the Company, and therefore, such information is not presented.

When evaluating the Company’s primary measure of performance and making key decisions, by the CODM, regarding resource allocation, the CODM reviews several key metrics, which include the following:

Schedule of Segment Reporting

	2025			2024
	For the Three Months Ended
	March 31,
	June 30,
	2025			2024
Professional service fee in connection with Business Combination	$	(7797,~~512~~816	)	$	(~~405~~153,~~502~~003	)
Franchise tax expense (reversal)		(50,000	)		6,338
Franchise tax expense		16,400			(50,000	)
Other general and administrative expenses and tax expenses		(~~192~~236,~~744~~011	)		(~~197~~266,~~969~~608	)
Total operating expenses	$	(~~320~~317,~~256~~427	)	$	(~~597~~469,~~133~~611	)
Income on cash held in Trust Account	$	3234,~~099~~237		$	~~342~~344,~~667~~645

The key measures of segment profit or loss reviewed by our CODM are interest earned on investment in Trust Account and formation and operating expenses. The CODM reviews interest earned on investment in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within the operating expenses, the CODM specifically reviews professional service fees in connection with the Business Combination, which are a significant segment expense, and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business Combination. Other operating expenses, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses are monitored to manage and forecast cash available to complete a business combination within the required period.

	2025			2024
	For the Six Months Ended
	June 30,
	2025			2024
Professional service fee in connection with Business Combination	$	(175,328	)	$	(558,504	)
Franchise tax expense		(33,600	)		(43,662	)
Other general and administrative expenses and tax expenses		(428,755	)		(464,578	)
Total operating expenses	$	(637,683	)	$	(1,066,744	)

Income on cash held in Trust Account	$	66,336		$	687,312

The key measures of segment profit or loss reviewed by our CODM are interest earned on investment in the Trust Account and the formation and operating expenses. The CODM reviews interest earned on investment in the Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within the operating expenses, the CODM specifically reviews professional service fees in connection with the Business Combination, which are a significant segment expense, and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business Combination. Other operating expenses, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses are monitored to manage and forecast cash available to complete a business combination within the required period.

Note 12 — Subsequent Events

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

On each of ~~April~~July 83, 2025 and ~~May~~August 5, 2025, the Company deposited $6010,~~000~~890, for an ~~aggregated~~aggregate amount of $~~120~~21,~~000~~780 into the Trust Account ~~of the Company for its public stockholders~~, ~~which enables~~ extending the ~~Company~~Termination toDate ~~further extend the period of time it has~~ to ~~consummate~~September ~~the business combination from April~~ 9, 2025 ~~to June 9, 2025~~.

OnSubsequent ~~April~~to 18June 30, 2025, the Company withdrew an additional $200,000 ~~Alps~~under ~~Holdco~~the promissory note with Dr. Tham Seng Kong, ~~Parent~~as ~~Representative~~a ~~and~~result ~~Seller~~of ~~Representative~~which, the ~~entered~~total ~~into~~outstanding ~~Amendment~~balance Noof the promissory notes issued to Dr. 2Tham Seng Kong were $650,000, up to the ~~Merger~~date the unaudited condensed ~~Agreement,~~consolidated asfinancial ~~disclosed~~statements inwere ~~Note~~available 1to be issued.

OnIn ~~April~~July ~~30, 2025, the Nasdaq announced that it would delist the Company’s common stock, warrants, rights,~~ and ~~units.~~August The Company’s securities were suspended from trading on December 17, 2024, and have not traded on Nasdaq since that time. Since December 17, 2024, the Company’s securities, including common stock, warrants, rights and units, have been quoted on the OTC Pink under the same ticker symbols following the delisting of The Company’s securities on Nasdaq. Nasdaq filed a Form 25 with the SEC on May 9, 2025, ~~to complete~~ the ~~delisting. The delisting became effective on May 19, 2025, ten days after the Form 25 was filed. Following the effectiveness of the Form 25, the~~ Company’s ~~securities,~~made ~~including common stock~~$178, ~~warrants~~491, ~~rights~~ ~~and~~in ~~units~~total, ~~continued~~permitted totax bewithdrawal ~~quoted~~from on the ~~OTC~~Trust ~~Pink under the same ticker symbols~~Account.

~~Subsequent~~In toconnection ~~March~~with ~~31,~~the June 2025 Special Meeting, the Company ~~withdrew~~paid ~~additional~~redeeming shareholders $~~270~~2,~~000~~617,281, ~~under~~approximately ~~the~~$12.77 ~~note~~per ~~with Dr~~share. ~~Tham~~During a ~~Seng~~subsequent ~~Kong,~~re-calculation asof athe ~~result~~price ofpaid ~~which~~to redeeming shareholders, ~~the~~it ~~total~~was ~~outstanding balance~~determined ofthat ~~this~~the ~~note~~redeeming ~~was~~shareholders should have been paid $~~300~~2,~~000~~594,214, upapproximately to$12.66 ~~the~~per ~~date~~share. The Company will make efforts recover the ~~unaudited~~$23,067, ~~condensed~~$0.11 ~~consolidated~~per ~~financial~~share ~~statements~~overpayment, however ~~were~~there ~~available~~are tono beassurances ~~issued~~of recovery.

On May 22, 2025, the Company, Alps Holdco and Chardan Capital Markets LLC (“Chardan”) entered into an Amendment & Acknowledgement of Engagement Letter and Underwriting Agreement (the “Amendment & Acknowledgement”), in relation to an aggregate of $5,025,000 (the “Fee Amount”) Chardan will be entitled to receive at the closing of the business combination of the Company and Alps Holdco, comprising of $4,025,000 of deferred underwriting commission and $1,000,000 of M&A fee. The Amendment & Acknowledgement provides that certain shareholders of Alps Holdco will transfer 4,187,500 Alps Holdco Shares to Chardan immediately prior to the consummation of the business combination and such transfer shall be treated as full satisfaction of the Company’s obligation to pay the Fee Amount; provided that the business combination is consummated no later than July 31, 2025.19

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (this “Quarterly Report”) to “we,” “us,” “Globalink,” or the “Company,” refer to Globalink Investment Inc., and when discussing unaudited condensed consolidated financial information, also includes Globalink Investment Inc.’s wholly-owned ~~subsidiaries~~subsidiary, Globalink Merger Sub, Inc., a Nevada corporation. References to our “management,” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to GL Sponsor LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated 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.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information 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 latest annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 25, 2025. 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

We were formed on March 24, 2021 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses. Our efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although we intend to focus our search on target businesses in in North America, Europe, ~~South~~Southeast ~~East~~ Asia, and Asia (excluding mainland China and the Hong Kong and Macau special administrative regions), in the medical technology and green energy industry. We shall not undertake our initial business combination with any entity with its principal business operations in China (including Hong Kong and Macau). We intend to complete the business acquisition in a combination of cash (whether cash from the Trust Account or cash from a debt or equity financing transaction that closes concurrently with the business combination) or our equity securities.

The issuance of additional shares of common stock in connection with an initial business combination:

	●	may significantly dilute the equity interest of our investors who would not have pre-emption rights in respect of any such issuance;

	●	may subordinate the rights of holders of shares of common stock if we issue shares of preferred stock with rights senior to those afforded to our shares of common stock;

	●	could cause a change in control if a substantial number of shares of our common stock is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;

	●	may have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; and

	●	may adversely affect prevailing market prices for our common stock, rights and/or warrants.

		Similarly, if we issue debt securities or otherwise incur significant debt, it could result in:

	●	default and foreclosure on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt obligations;

	●	acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

	●	our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

	●	our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;

	●	using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;

	●	limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

	●	increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;

	●	limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and

	●	other purposes and other disadvantages compared to our competitors who have less debt.

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

1820

Recent Developments

Redemption

In connection with the votes at the December 2024 Special Meeting, holders (“December 2024 Extension Redeeming Stockholders”) of 2,285,056 shares of the Company’s common stock exercised their right to redeem those shares for cash at an approximate price of $11.77 per share, for an aggregate of approximately $26.89 million (the “December 2024 Payment”). It was later determined that the Company did not withdraw all of the interest from the Trust Account that it was allowed to withdraw to cover income and franchise taxes and, therefore, the December 2024 Payment should have been approximately $11.52 per share. This meant that the December 2024 Extension Redeeming Stockholders were overpaid in the amount of $563,108, approximately $0.25 per share (the “December 2024 Extension Overpayment Amount”).

The December 2024 Extension Redeeming Stockholders are in the process of being notified of this situation and are being instructed to return the December 2024 Extension Overpayment Amount to Continental. As of this filing, the Company has recovered $397,214.

From December 2024 to May 2025, the Company deposited six tranches of $60,000, for an aggregate amount of $360,000 into the Trust Account, extending the Termination Date to June 9, 2025.

Extension

As of the date of this Quarterly Report, the Company has extended the date by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s ~~outstanding~~ outstanding public shares of common stock included as part of the units sold in the Company’s IPO that closed on December 9, 2021 (the “Termination Date”) ~~six~~two times under its current amended and restated certificate of incorporation, as amended (or twenty-~~three~~ six times since the IPO), and has until ~~June~~September 9, 2025 to complete its initial business combination.

Business Combination

On January 30, 2024, the Company entered into a Merger Agreement (as amended and restated on May 20, 2024, further amended on March 6, 2025, and April 18, 2025 , and as may be further amended, restated or supplemented from time to time, the “Merger Agreement”), by and among GL Sponsor LLC, a Delaware limited liability company, in the capacity as the representative from and after the effective time of the Acquisition Merger (as defined below) (the “Effective Time”) in accordance with the terms and conditions of the Merger Agreement (the “Parent Representative” or the “Sponsor”), Alps Global Holding Pubco, a Cayman Islands exempted company (“PubCo”), Alps Biosciences Merger Sub, a Cayman Islands exempted company and wholly-owned subsidiary of PubCo (“Merger Sub”), Alps Life Sciences Inc, a Cayman Islands exempted company (“Alps Holdco”) and Dr. Tham Seng Kong, an individual, in the capacity as the representative from and after the Effective Time for the shareholders of Alps Holdco as of immediately prior to the Effective Time in accordance with the terms and conditions of the Merger Agreement (the “Seller Representative”). Pursuant to the terms of the Merger Agreement, the Business Combination between Globalink and Alps Holdco will be effected in two steps: (i) subject to the approval and adoption of the Merger Agreement by the stockholders of the Company, the Company will be merged with and into PubCo, ~~with~~ with PubCo remaining as the surviving publicly traded entity; and (ii) Merger Sub will merge with and into Alps Holdco, resulting in ~~Alps~~ Alps Holdco remaining as the surviving entity and being a wholly-owned subsidiary of PubCo (the “Acquisition Merger”).

On March 6, 2025, Globalink, Alps Holdco, Parent Representative and Seller Representative, entered into a First Amendment to the Merger Agreement, pursuant to which, parties agreed to:

	●	remove the earn-out provision from the Merger Agreement; and

	●	remove the $5,000,001 net tangible asset requirement for (i) Globalink immediately prior to the Closing, and (ii) PubCo upon Closing, provided that the PubCo satisfies the listing requirements of and is approved for listing on the Nasdaq Global Market or the Nasdaq Capital Market.

On April 18, 2025, Globalink, Alps Holdco, Parent Representative and Seller Representative entered into a Second Amendment to the Merger Agreement. pursuant to which, parties agreed to:

● remove the continued listing of Globalink’s securities on Nasdaq as a condition to the closing of the transactions contemplated by the Merger Agreement; and

	●	remove the continued listing of Globalink’s securities on Nasdaq as a condition to the closing of the transactions contemplated by the Merger Agreement; and

	●	remove the limitation that Parent will not consummate any initial business combination unless it (or any successor) has net tangible assets of at least $5,000,001 upon consummation of such business combination.

● remove the limitation that Parent will not consummate any initial business combination unless it (or any successor) has net tangible assets of at least $5,000,001 upon consummation of such business combination.

PIPE Agreements

On June 4, 2024, June 5, 2024 and August 27, 2024, Globalink, Alps Holdco and PubCo entered into subscription agreements with three investors on substantially the same terms, pursuant to which, among other things, PubCo has agreed to issue and sell to the investors, and the investors agreed to subscribe for and purchase certain number of ordinary shares of PubCo (“PIPE Shares”) at a purchase price of $10.00 per share for an aggregate purchase price of $40,200,000, in a private placement. On March 25, 2025 and March 26, 2025, Globalink, Alps Holdco and PubCo executed termination agreements with two investors who entered into the subscription agreements to purchase $40 million worth of PIPE Shares, dated June 4, 2024 and June 5, 2024, respectively, and the parties agreed that, upon the execution of the ~~termination~~ termination agreements, the subscription agreements shall be deemed null and void, and neither party shall have any further rights, obligations, or liabilities under the subscription agreements.

~~Subsequent~~From January 2025 to ~~December~~March 312025, ~~2024,~~ Globalink, Alps Holdco and PubCo entered into additional subscription agreements (together with previous ~~executed~~ executed subscription agreement on August 27, 2024, the “PIPE Subscription Agreements”) with several investors on substantially ~~same~~ same terms (together with previous investor who entered into a subscription agreement dated August 27, 2024, the “PIPE Investors”), pursuant to which, among other things, PubCo has agreed to issue and sell to the PIPE Investors, and the PIPE Investors have agreed to subscribe for and purchase certain number of ordinary shares of PubCo at a purchase price of $10.00 per share for an aggregate purchase price of $3,279,911, in a private placement (the “PIPE Investment”). As of ~~the~~June ~~date~~30, ~~of this report~~2025, the PIPE Investors have ~~subscribed~~ subscribed for an aggregate of $3,479,911 (excluding the $40 million subscription that was terminated). Up to the date of this ~~annual report,~~Quarterly Report, PIPE Investment of $1,124,361 was received by PubCo’s escrow agent, and held in an escrow account on behalf of PubCo.

The purpose of the PIPE Investment is to raise additional capital for use by PubCo following the closing of the Business Combination (the “Closing”). The PIPE Subscription Agreements contain customary representations and warranties of each of Globalink, Alps Holdco, PubCo and the PIPE Investors, and customary conditions to closing, including the consummation of the Business Combination. Under the terms of the PIPE Subscription Agreements, PubCo is obligated to file a registration statement to register for the resale of all the PIPE Shares within 60 days of the Closing (the “Filing Deadline”), and to use its commercially reasonable efforts to cause such registration statement to become effective as soon as practicable after the filing there of.

Nasdaq Notice

On January 29, 2024, we submitted an application with Nasdaq for the transfer of our securities listed on the Nasdaq Global Market to Nasdaq Capital Market.

On March 6, 2024, we received Nasdaq’s approval of our transfer application and on the same date, we were notified by Nasdaq that we regained compliance with Nasdaq’s requirement of 300 public holders for continued listing on the Nasdaq Capital Market.

On December 10, 2024, the Company, received a notice (the “Delisting Notice”) from the Listing Qualifications Department of the Nasdaq that the Company was not in compliance with Nasdaq Listing Rule IM-5101-2, which requires a special purpose acquisition company to complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by December 6, 2024, the Company did not comply with IM-5101-2, which triggered the issuance of a delisting determination from Nasdaq to delist the Company’s securities. According to the Delisting Notice, the trading of Company’s common stock, warrants, rights and units would be suspended at the opening of business on December 17, 2024, and a Form 25-NSE would be filed with the SEC, which would remove the Company’s securities from listing and registration on Nasdaq. The Company did not appeal this ruling.

Despite the delisting of its securities, the Company expects to continue proceeding with the transactions contemplated by the Merger Agreement (as defined below).

Results of Operations

As of ~~March~~June 3130, 2025, the Company had not commenced any operations. All activity through ~~March~~June 3130, 2025 relates to the Company’s formation and the Company’s initial public offering (the “IPO”), search for a prospective initial business combination target and negotiation for a business combination. The Company will not generate any operating revenues until after the completion of an initial business combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the IPO placed in the trust account established for the benefit of the Company’s public stockholders (the “Trust Account”).

For the three months ended ~~March 31~~June 30, 2025, we had a net loss of $~~738~~893,~~555~~896, which consisted of interest expense of $~~285~~451,~~197~~629, operating expenses incurred driven by general and administrative expenses of $~~270~~333,~~256~~827, ~~excise~~ tax penalties and interest of $~~163~~133,~~662~~677, ~~franchise~~ ~~tax expense of $50,000 and~~ change in fair value of warrants liabilities of $118,~~539~~525 and income tax expense of 6,875, partially offset by interest income on cash held in the Trust Account of $3234,~~099~~237 and franchise tax expense reversal of $16,400.

For the ~~three~~six months ended ~~March~~June 3130, ~~2024~~2025, we had a net loss of $~~375~~1,~~307~~632, 451, which consisted of interest expense of $736,826, operating expenses incurred driven by general and administrative expenses of $~~603~~604,~~471~~083, tax ~~provision~~penalties ~~for~~and ~~income~~interest ~~tax~~ of $73297,~~291~~339, ~~$33,395~~franchise intax ~~interest~~ expense, ~~penalties on franchise tax~~ of $233,~~356~~600, ~~and~~ change in fair value of warrants liabilities of $1120,~~799,~~064 ~~partially~~and income ~~offset~~tax byexpense ~~reversal~~ of ~~Delaware franchise taxes of $~~6,~~338 as~~875, apartially ~~result~~offset ofby ~~a prior year true up and~~ interest income on cash held in the Trust Account of $~~342~~66,~~667~~336.

For the three months ended June 30, 2024, we had a net loss of $217,185, all of which consisted of operating expenses incurred driven by general and administrative expenses of $419,611, franchise tax expense of $50,000, provision for income tax of $33,797, $43,602 in interest expense, and change in fair value of warrants liabilities of $14,820, partially offset by interest income on cash held in the Trust Account of $344,645.

For the six months ended June 30, 2024, we had a net loss of $592,492, all of which consisted of operating expenses incurred driven by general and administrative expenses of $1,023,082, franchise tax expense of $43,662, provision for income tax of $107,088, $76,997 in interest expense, penalties on franchise tax of $2,356 and change in fair value of warrants liabilities of $26,619, partially offset by interest income on cash held in the Trust Account of $687,312.

Liquidity, Capital Resources and Going Concern

The registration statement on Form S-1 for the Company’s IPO was declared effective on December 6, 2021. On December 9, 2021, we consummated our IPO of 10,000,000 units. Each unit consists of one share of common stock, $0.001 par value, one right to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination and one redeemable warrant entitling the holder thereof to purchase one-half (1/2) of a share of common stock at a price of $11.50 per whole share. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $100,000,000. Simultaneously with the closing of the IPO, we consummated the private placement of 517,500 private units at a price of $10.00 per unit, generating total proceeds of $5,175,000.

On December 9, 2021, the underwriters exercised the over-allotment option to purchase an additional 1,500,000 units in full (the “Over-Allotment Units”), and the closing of the Over-Allotment Units occurred on December 13, 2021. The total aggregate issuance by the Company of 1,500,000 units at a price of $10.00 per unit resulted in total gross proceeds of $15,000,000. On December 13, 2021, simultaneously with the sale of the Over-Allotment Units, we consummated the private sale of an additional 52,500 private units, generating gross proceeds of $525,000. Since the underwriter’s over-allotment option was exercised in full, the Sponsor did not forfeit any insider shares.

Offering costs for the IPO and the exercise of the underwriters’ Over-allotment Option amounted to $6,887,896, consisting of $2,300,000 of underwriting fees, $4,025,000 of deferred underwriting fees payable (which are held in the Trust Account) and $562,896 of other costs. The $4,025,000 of deferred underwriting fee payable is contingent upon the company consummating an initial business combination, subject to the terms of the underwriting agreement.

Following the closing of the IPO (including the Over-Allotment Units), $116,725,000 ($10.15 per unit) from the net proceeds of the sale of the units in the IPO (including the Over-Allotment Units), and the private units was placed in the Trust Account and was initially invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act.

To mitigate the risk of us being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act), on July 27, 2023, we instructed Continental, as trustee of our Trust Account, to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash (which may include demand deposit accounts) until the earlier of consummation of our initial business combination or liquidation. Furthermore, such cash is held in bank accounts, which exceed federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”).

For the ~~three~~six months ended ~~March~~June 3130, 2025, cash used in operating activities was $~~160~~430,~~039~~447. Net loss of $~~738~~1,~~555~~632,451 was affected by amortization of debt discount in the amount of $~~223~~611,~~060~~862, interest earned on cash held in the Trust Account of $3266,~~099~~336 and change in fair value of ~~warrants~~ warrants liabilities of $120,~~539~~064. Changes in operating assets and liabilities provided by $~~386~~636,~~016~~414 cash for operating activities.

For the ~~three~~six months ended ~~March~~June 3130, 2024, cash used in operating activities was $~~885~~1,~~807~~559,688. Net loss of $~~375~~592,~~307~~492 was affected by interest ~~earned~~ earned on cash held in the Trust Account of $~~342~~687,~~667~~312 and change in fair value of warrants liabilities of $1126,~~799~~619. Changes in operating ~~assets~~ assets and liabilities used $~~179~~306,~~632~~503 of cash for operating activities.

20We had cash held in the Trust Account of $3,726,817 (including $2,594,214 redeemed stock payable to stockholders) and $3,349,591, respectively, as of June 30, 2025 and December 31, 2024. Interest income on the balance in the Trust Account of $66,336 for the six months ended June 30, 2025 may be used by us to pay taxes. For the three and six months ended June 30, 2025, none was withdrawn from the Trust Account to pay for taxes.

We had cash held in the Trust Account of $3,561,690 and $3,349,591, respectively, as of March 31, 2025 and December 31, 2024. Interest income on the balance in the Trust Account of $32,099 for the three months ended March 31, 2025 may be used by us to pay taxes. For the three months ended March 31, 2025, none was withdrawn from the Trust Account to pay for taxes.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our business combination. To the extent that our capital stock 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 or make other acquisitions.

We had $322,~~468~~170 and $253,507 of cash held outside of the Trust Account as of ~~March~~June 3130, 2025 and December 31, 2024, respectively. 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 initial business combination.

In order to finance transaction costs in connection with an 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. If the Company completes an initial business combination, the Company will repay the working capital loans out of the proceeds of the Trust Account released to the Company. Otherwise, the working capital loans would be repaid only out of funds held outside the Trust Account. In the event that our initial business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the working capital loans, but no proceeds held in the Trust Account would be used to repay the working capital loans. Except for the foregoing, the terms of such working capital loans, if any, have not been determined and no written agreements exist with respect to such loans. The working capital loans would either be repaid upon consummation of an initial business combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such working capital loans may be convertible into units of the post initial business combination entity at a price of $10.00 per unit. The units would be identical to the private units. As of ~~March~~June 3130, 2025, there were no working capital loans outstanding.

Promissory Notes

On March 3, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd. for an amount of $390,000 for the purpose of extension fees payment. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial business combination. As of ~~March~~June 3130, 2025, the full $390,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On March 23, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd. for an amount of $250,000 for the purpose of extension fees payment. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial business combination. As of ~~March~~June 3130, 2025, the full $250,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On June 2, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd. for an amount of up to $700,000 for the purpose of extension fees payment. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial business combination. As of ~~March~~June 3130, 2025, the full $700,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On October 13, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd. for an amount of $250,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial business combination. As of ~~March~~June 3130, 2025, the full $250,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On December 8, 2023, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn Bhd. for an amount of $110,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial business combination. As of ~~March~~June 3130, 2025, the full $110,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On each of September 5, 2023, September 29, 2023 and November 7, 2023, an affiliate of the Sponsor advanced $130,000 to the Company, for a total advance of $390,000. As of ~~March~~June 3130, 2025, the $390,000 advance was amended to include a conversion option and $334,885 is included in “Convertible note - related party, net of debt discount” on the accompanying consolidated balance sheets.

On January 5, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $250,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial business combination. As of ~~March~~June 3130, 2025, the full $250,000 had been borrowed and no amount was available under this ~~note~~ note for borrowing.

On January 25, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of March 31, 2025, the full $300,000 had been borrowed and no amount was available under this note for borrowing.23

On ~~June~~April 54, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of of $~~400~~300,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of of an initial Business Combination. As of ~~March~~June 3130, 2025, the full $~~400~~300,000 had been borrowed and no amount was available under this note for borrowing.3

21On June 5, 2024, the Company entered into a promissory note subscription term sheet with Public Gold Marketing Sdn. Bhd. for an amount of $400,000 for the purpose of working capital. The promissory note bears an interest of 6% per annum and repayable upon consummation of an initial Business Combination. As of June 30, 2025, the full $400,000 had been borrowed and no amount was available under this note for borrowing.

On March 6, 2025, the Company’s chief executive officer deposited $60,000 into the trust account. The $60,000 advance to fund trust extension deposits was reflected in “Due to affiliate” on the consolidated balance sheets.

On March 6, 2025, the Company, PubCo and Public Gold Marketing Sdn Bhd entered into an agreement, pursuant to which the parties agreed that $2 million of the outstanding balance under the Promissory Notes shall be due and payable in cash within 60 days from the date of the closing of the transactions (the “Transactions”) contemplated by the Merger Agreement (the “Closing”), and the remaining balance under the Promissory Notes shall be converted into ordinary shares of PubCo at the time of Closing, at a conversion price of $10.00 per share.

The Company used extinguishment accounting for the amendment and recorded the difference between the initial amount of the promissory note and the fair value of the amended note as of the date of the amendment as a gain on modification of terms of promissory notes and advances from affiliate of $880,656,. ~~included~~The inCompany ~~the~~recorded ~~Company’s~~a ~~consolidated~~gain ~~statement~~on ofdebt ~~changes~~distinguishment in ~~stockholders’~~the ~~deficit~~equity ~~with corresponding~~due ~~recognition~~to ofit ~~the~~was ~~debt~~a ~~discount~~ related toparty ~~the~~loan. ~~amended~~The new ~~promissory~~debt ~~note,~~was ~~which~~recorded isat ~~amortized~~fair ~~over~~value with the ~~expected~~difference ~~term~~between of the ~~note.~~face ~~The~~value ~~net~~and ~~amount of~~ the ~~note~~fair ofvalue ~~$3,844,923,~~was ~~which~~accreted ~~includes~~over ~~$16,570~~the inremaining ~~additional~~term of ~~interest~~the ~~expense~~note, ~~incurred~~which ~~after~~was ~~March~~expected ~~6, 2025~~to ~~through~~be ~~March~~September 3115, 2025,. ~~and~~For isthe ~~included~~three inand ~~“Convertible~~six ~~notes~~months -ended ~~related~~June ~~party~~30, ~~net~~2025, $358,947 and $576,931 amortization of debt discount” was recorded as interest expenses on the ~~Company’s~~ ~~consolidated~~accompanying ~~balance~~unaudited ~~sheet~~consolidated asstatement of ~~March 31, 2025~~operations.

On March 25, 2025 and May 27, 2025, the Company entered into atwo promissory ~~note~~notes with Dr. Tham Seng Kong, who is ~~one~~a ofparty ~~the~~to ~~parties of~~ the Merger Agreement, for anthe amount of $300,000 and $350,000, respectively, for the purpose of working capital. The promissory ~~note~~notes iswere non-interest bearing and repayable upon consummation of an initial Business Combination. As of ~~March~~June 3130, 2025, $30450,000 had been borrowed under the promissory ~~note~~notes. Subsequent to ~~March~~June 3130, 2025, the company withdrew an additional $~~270~~200,000 under the promissory note with Dr. Tham Seng Kong, as a result of which, the total outstanding balance of ~~this~~these promissory ~~note~~notes ~~was~~were $~~300~~650,000, up to the date the unaudited condensed consolidated financial statements were available to be issued.

Due to Affiliate

On each of September 5, 2023, September 29, 2023 and November 7, 2023, an affiliate of the ~~Company’s~~Sponsor ~~sponsor~~ advanced $130,000 to the Company, for a total advance of $390,000. ~~During~~On ~~the three months ended~~ March 316, 2025, the ~~$390,000~~Company’s ~~advance~~chief ~~was~~executive ~~amended~~officer todeposited ~~include a conversion option and~~ $~~334~~60,~~885~~000 isinto ~~included in “Convertible note - related party, net of debt discount” on~~ the ~~accompanying consolidated~~Trust ~~balance sheets~~Account. On March 624, 2025, the ~~Company’s~~$390,000 ~~chief~~advance ~~executive~~was ~~officer~~amended ~~deposited~~to ~~$60,000~~include ~~into~~a ~~the~~conversion ~~trust~~option ~~account. As~~and as of ~~March~~June 3130, 2025, ~~and~~as ~~December~~described 31below, ~~2024,~~as ~~$334,885~~a result ~~convertible~~of ~~debt~~which, ~~and~~the $390,000 advance ~~to fund trust extension deposits~~ was ~~reflected~~ included in “Convertible note - related party, net of debt discount” ~~and “Due to affiliate”~~ on the accompanying consolidated balance ~~sheets,~~ ~~respectively~~sheets. The $60,000 advance to fund trust extension deposits was reflected in “Due to affiliate” on the consolidated balance sheets as of ~~March~~June 3130, 2025 and December 31, 2024.

On March 24, 2025, the Company, PubCo and the affiliate of the ~~Company’s sponsor~~Sponsor entered into an agreement, pursuant to which the parties agreed that $390,000 of the advances received from the affiliate of the Company’s sponsor shall be converted into ordinary shares of PubCo at the time of the Closing, at a conversion price of $10.00 per share. The Company used extinguishment accounting for the amendment and recorded the difference between the initial amount of the promissory note and the fair value of the amended note as of the date of the amendment as a gain on modification of terms of promissory notes and advances from affiliate of $60,191,. ~~included~~The Company recorded a gain on debt distinguishment in the ~~Company’s~~equity ~~consolidated~~due ~~statement~~to ofit ~~changes~~was ina ~~stockholders’~~related ~~deficit~~party loan. The new debt was recorded at fair value with the difference ~~corresponding~~between ~~recognition~~the offace value and the ~~debt~~fair ~~discount~~value ~~related~~was toaccreted over the ~~amended~~remaining ~~promissory~~term of the note, which iswas ~~amortized~~expected ~~over~~to be September 15, 2025. For the ~~expected~~three ~~term~~and six months ended June 30, 2025, $29,854 and $34,930 amortization of ~~the~~debt discount was recorded as interest expenses ~~note~~on the accompanying unaudited consolidated statement of operations. ~~The~~As of June 30, 2025, the net amount of the note, of $~~334~~364,~~885~~739, was included in “Convertible notes - related party, net of debt discount” on the Company’s consolidated balance sheet ~~as of March 31, 2025~~.

If our initial business combination is not consummated, the Company will need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

In connection with the Company’s assessment of going concern considerations in accordance with FASB ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company currently has until June 9, 2025 to complete the initial business combination. It is uncertain that the Company will be able to consummate a business combination by this time. If a business combination is not consummated by this date and an extension is not requested by the Sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a business combination not occur, and an extension is not requested by the Sponsor, and potential subsequent dissolution as well as liquidity condition noted above raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 9, 2025. The Company intends to complete a business combination before the mandatory liquidation date.24

In connection with the Company’s assessment of going concern considerations in accordance with FASB ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company currently has until September 9, 2025, or up to December 9, 2025 if the time to complete the initial business combination is extended as described herein, to consummate a business combination. It is uncertain that the Company will be able to consummate a business combination by this time. If a business combination is not consummated by this date and an extension is not requested by the Sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a business combination not occur, and an extension is not requested by the Sponsor, and potential subsequent dissolution as well as liquidity condition noted above raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 9, 2025, or up to December 9, 2025 if the time to complete the initial business combination is extended as described herein, to consummate a business combination. The Company intends to complete a business combination before the mandatory liquidation date.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of ~~March~~June 3130, 2025 and December 31, 2024. We do not participate in transactions that create relationships with 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.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

Registration Rights

The holders of the insider shares, the private units and any units that may be issued upon conversion of working capital loans or extension loans (and any securities underlying the private units or units issued upon conversion of the working capital loans or extension loans) will be entitled to registration rights pursuant to a registration rights agreement requiring us to register such securities for resale. The holders of these securities are entitled to make up to two demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act.

Underwriting Agreement

The underwriters are entitled to a deferred underwriting discounts of $0.35 per unit, or $4,025,000 from the closing of the IPO and the Over-Allotment Units. The deferred discounts will become payable to the underwriters from the amounts held in the Trust Account solely if the Company completes an initial business combination, subject to the terms of the underwriting agreement.

On May 22, 2025, the Company, Alps Holdco and the underwriter entered into an Amendment & Acknowledgement of Engagement Letter and Underwriting Agreement (the “Amendment & Acknowledgement”), in relation to an aggregate of $5,025,000 (the “Fee Amount”) the underwriter will be entitled to receive at the closing of the business combination of the Company and Alps Holdco, comprising of $4,025,000 of deferred underwriting commission and $1,000,000 of M&A fee. The Amendment & Acknowledgement provides that certain shareholders of Alps Holdco will transfer 4,187,500 Alps Holdco Shares to Chardan immediately prior to the consummation of the business combination and such transfer shall be treated as full satisfaction of the Company’s obligation to pay the Fee Amount; provided that the business combination is consummated no later than July 31, 2025, or such other date as may be mutually agreed determined by the parties.

Right of First Refusal

Subject to certain conditions, we granted Chardan Capital Markets, LLC, the representative of the underwriters in the IPO, for a period of 12 months after the date of the consummation of our initial business combination, a right of first refusal to act as book-running manager, with at least 30% of the economics paid to all advisors and/or underwriters), for any and all future financings undertaken until the first (1st) anniversary of the date of the closing of an initial business combination and (b) as sole/lead left financial advisor with respect to any and all mergers and acquisitions transactions during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the registration statement for the IPO.

Promissory Notes

As of ~~March~~June 3130, 2025 and December 31, 2024, the aggregate principal amount owed to related parties in connection with the promissory ~~notes~~ notes was $4,~~507~~570,~~595~~422 and $4,445,458, respectively, which includes interest accrued. On March 6, 2025 and March 24, 2025, the Company amended the terms of the promissory notes and the advances from affiliates. As a result, the Company recorded a debt discount to be amortized over the expected term, which was June 15, 2025, of the note. As of ~~March~~June 3130, 2025, $4,~~179~~631,~~808,~~437 ~~net~~was ~~of the debt discount is~~ reflected on the accompanying consolidated balance sheets.

As of ~~March~~June 3130, 2025 and December 31, 2024, the aggregate amount owed to third party in connection with the promissory note was $30450,000 and nil, respectively. The promissory note issued to third party was non-interest bearing.

Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”)

On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As such, our unaudited condensed consolidated financial statements may not be comparable to companies that comply with public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (ii) 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, (iii) 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 unaudited condensed consolidated financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of executive compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our IPO or until we are no longer an “emerging growth company,” whichever is earlier.

Critical Estimates

Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our financial information. We describe our significant accounting policies in Note 2 – Significant Accounting Policies, of the Notes to Financial Statements included in this report. Our financial statements have been prepared in accordance with U.S. GAAP. Certain of our accounting policies require that management apply significant judgments in defining the appropriate assumptions integral to financial estimates. On an ongoing basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with U.S. GAAP. Judgments are based on historical experience, terms of existing contracts, industry trends and information available from outside sources, as appropriate. We have identified the following critical accounting policies:

Accounting for Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB, ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. The Company accounts for the warrants issued in connection with our IPO in accordance with the guidance contained in ASC 815 under which the public warrants meet the criteria for equity treatment and the private warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the private warrants as liabilities at their fair value and adjust the private warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our unaudited condensed consolidated statements of operations. ~~The~~As ~~fair value~~ of June 30, 2025, the ~~warrants~~Private ~~was~~Placement ~~estimated~~Warrants were valued using athe ~~binomial~~observable ~~lattice~~price ~~model~~for the public warrant as a benchmark.

In determining the fair value of the Private Placement Warrants assumptions related to exercise price, market price of the public stock, expected life and risk-free interest rate are utilized. The Company estimates the volatility of its common stock based on historical volatility that matches the expected remaining life of the warrants.

Recent Accounting Pronouncements

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

Item 4. Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are 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 our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this ~~Annual~~Quarterly Report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current Chief Executive Officer and Chief Financial Officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of ~~March~~June 3130, 2025, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, due to the material weakness identified in the controls related to the events that led to the Company’s restatement of its financial statements to reclassify the Company’s private warrants~~, an error identified in debt extinguishment accounting and the identification and recording~~ (complex financial instruments), ~~the~~our ~~Company’s~~lack ~~internal~~of compliance control ~~over~~of timely ~~financial~~tax ~~reporting~~return ~~related~~filings, revisions to our ~~compliance~~earnings ~~control~~per ofshare, ~~timely~~and ~~tax~~incorrect ~~return~~reporting ~~filings,~~of ~~and~~common ~~due~~stock subjected to ~~the~~possible ~~revisions~~redemption toand redemption ~~our~~price ~~earnings~~ per share, our disclosure controls and procedures were not effective.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We plan to enhance our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our unaudited condensed consolidated financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. Additionally, the Company is implementing deeper review of its common stock subject to possible redemption, by internally reviewing to ensure amounts due to our public stockholders is properly reported. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

2426

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

As a smaller reporting company, we are not required to make disclosures under this Item. We have provided a comprehensive list of risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 25, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

2527

ITEM 6. EXHIBITS

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

Exhibit No.		Description
3.1		Certificate of Incorporation (incorporated by reference to our Form S-1, exhibit 3.1 filed with the Securities and Exchange Commission on November 19, 2021)
3.2		Amended and Restated Certificate of Incorporation (incorporated by reference to our Form 8-K, exhibit 3.1, filed with the Securities and Exchange Commission on December 10, 2021)
3.3		First Amendment to Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.3 of the quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 18, 2023)
3.4		Second Amendment to the Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K (File No. 001-41122), filed with the SEC on December 4, 2023)
3.5		~~Bylaws~~Third Amendment to the Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to ~~our~~Exhibit 3.1 to the Registrant’s Form S8-1,K ~~exhibit~~(File 3No.3 001-41122), filed with the ~~Securities~~SEC ~~and Exchange Commission~~ on ~~November~~December 196, ~~2021)~~2024
3.6		~~Form~~Fourth ofAmendment to the Amended and Restated ~~Bylaws.~~Certificate of Incorporation of the Registrant (incorporated by reference to ~~our~~Exhibit 3.1 to the Registrant’s Form S8-1,K ~~exhibit~~(File 3No.4 001-41122), filed with the ~~Securities~~SEC ~~and Exchange Commission~~ on ~~November~~June 1910, ~~2021)~~2025
3.7		Bylaws (incorporated by reference to our Form S-1, exhibit 3.3 filed with the Securities and Exchange Commission on November 19, 2021)
3.8		Form of Amended and Restated Bylaws. (incorporated by reference to our Form S-1, exhibit 3.4 filed with the Securities and Exchange Commission on November 19, 2021)
4.1		Specimen Unit Certificate (incorporated by reference to our Form S-1, exhibit 4.1 filed with the Securities and Exchange Commission on November 19, 2021)
4.2		Specimen Common Stock Certificate (incorporated by reference to our Form S-1, exhibit 4.2 filed with the Securities and Exchange Commission on November 19, 2021)
4.3		Specimen of Right Certificate (incorporated by reference to our Form S-1, exhibit 4.3 filed with the Securities and Exchange Commission on November 19, 2021)
4.4		Form of Rights Agreement between Continental Stock Transfer & Trust Company and the Registrant (incorporated by reference to our Form S-1, exhibit 4.4 filed with the Securities and Exchange Commission on November 19, 2021)
4.5		Specimen Warrant Certificate (incorporated by reference to our Form S-1, exhibit 4.5 filed with the Securities and Exchange Commission on November 19, 2021)
4.6		Form of Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant (incorporated by reference to our Form S-1, exhibit 4.6 filed with the Securities and Exchange Commission on November 19, 2021)
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-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) and 15(d)-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.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Filed herewith.

Furnished herewith. In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 herewith are deemed to accompany this Form 10-Q and will not be deemed filed for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act.

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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.

	GLOBALINK INVESTMENT INC.
Date: June 3, 2025	By:	/s/ Say Leong Lim
Date: August 26, 2025	By:	/s/ Say Leong Lim
	Name:	Say Leong Lim
	Title:	Chief Executive Officer, Chief Financial Officer and Director
		(Principal Executive Officer and Principal Financial and Accounting Officer)

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