Table of Contents 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 31, 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 number: 001-39975 JAWS MUSTANG ACQUISITION CORPORATION | (Exact Name of Registrant as Specified in Its Charter) | | --- | | ...

Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒ 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 prece ...

Financial Performance - The Company had a net income of $2,928,626 for the three months ended September 30, 2024, primarily from interest earned on cash held in the Trust Account and changes in fair value of warrant liabilities[120]. - For the nine months ended September 30, 2024, the Company reported a net income of $1,215,643, with interest income of $471,143 and changes in fair value of warrant liabilities amounting to $744,500[121]. Cash and Assets - As of September 30, 2024, the Company had cash held in the Trust Account of $16,012,716, which is intended for completing a Business Combination[129]. - As of September 30, 2024, the Company had cash of $34,688 available for identifying and evaluating target businesses[130]. - As of September 30, 2024, the Company has no off-balance sheet arrangements, obligations, assets, or liabilities[138]. - The Company has no long-term debt or significant liabilities, indicating a strong liquidity position[139]. IPO and Costs - The Company incurred $57,010,008 in costs related to its IPO, including $19,800,000 in underwriting fees and $36,225,000 in deferred underwriting fees[126]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $36,225,000, payable only upon the completion of a Business Combination[140]. - The Company reduced the deferred underwriting fee by $21,735,000 due to waivers from BofA Securities and Goldman Sachs, impacting the statement of operations and accumulated deficit[141]. - A further reduction of $14,490,000 in the deferred underwriting fee was made following a waiver from Credit Suisse, with similar impacts on financial statements[142]. Business Combination and Compliance - The Company has extended the Termination Date for its Business Combination from February 4, 2024, to February 4, 2025, with the option for additional monthly extensions[114]. - The Company is subject to delisting proceedings by NYSE American due to failure to consummate a Business Combination within the specified timeframe[115]. - The Company has until December 4, 2024, to complete a Business Combination, or it will face mandatory liquidation and potential dissolution[137]. Operational Status - The Company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence activities[119]. - The Company incurs a monthly fee of $10,000 to an affiliate of an executive officer for office space and services, starting from February 1, 2021[139]. Risk and Controls - As of September 30, 2024, the Company is not subject to any market or interest rate risk, with investments in U.S. government securities[149]. - The Company has not identified any critical accounting estimates that could materially affect financial results[143]. - Disclosure controls and procedures were evaluated as effective by the Chief Executive Officer and Chief Financial Officer as of September 30, 2024[151].

MIAMI BEACH, Fla., Nov. 1, 2024 /PRNewswire/ -- Jaws Mustang Acquisition Corporation (NYSEA: JWSM), a special purpose acquisition company ("Jaws"), has suspended pursuit of its previously announced hospitality business combination. On March 8, 2024, Jaws entered into a non-binding letter of intent ("non-binding LOI") with investment affiliates of Starwood Capital Group (collectively, the "Starwood Capital Entities") that owned interests in a portfolio of hotels (the "Initial Portfolio"), including the 1 Hot ...

Financial Performance - The Company had a net income of $4,341,773 for the three months ended June 30, 2024, primarily from interest earned on cash held in the Trust Account and changes in fair value of warrant liabilities[98]. - For the six months ended June 30, 2024, the Company reported a net loss of $2,818,131, with general and administrative expenses totaling $906,450[99]. Cash and Investments - As of June 30, 2024, the Company had cash held in the Trust Account amounting to $15,788,393, which is intended for completing a Business Combination[102]. - The Company has no off-balance sheet arrangements or long-term debt obligations as of June 30, 2024[110]. - As of June 30, 2024, the Company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government securities or money market funds[119]. IPO and Financing - The Company raised gross proceeds of $1,035,000,000 from its IPO, with an additional $22,700,000 from the sale of Private Placement Warrants[100]. - The Company incurred $57,010,008 in costs related to its IPO, including $19,800,000 in underwriting fees[100]. - The Company reduced the deferred underwriting fee by $14,490,000, resulting in $311,527 reflected in the statement of operations and $14,178,473 charged to accumulated deficit[113]. Business Combination - The Company extended the Termination Date for its Business Combination from February 4, 2024, to February 4, 2025, allowing for monthly extensions thereafter[94]. - The Company has until September 4, 2024, to consummate a Business Combination, or it will face mandatory liquidation[108]. Shareholder Activity - A total of 698,321 Class A ordinary shares were redeemed for an aggregate amount of $7,662,572 in connection with the extension vote[94]. - As of June 30, 2024, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' deficit section of the balance sheets[114]. Warrant Liabilities - The Company issued 25,875,000 public warrants and 11,350,000 private placement warrants, all recognized as derivative liabilities at fair value[118]. - The liabilities related to warrants are subject to re-measurement at each balance sheet date until exercised, with changes in fair value recognized in the statements of operations[118]. - As of June 30, 2024, the Company had outstanding loans of $500,000 under the Working Capital Loans[104].

Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $7,159,904, primarily due to general and administrative expenses of $633,880 and a change in fair value of warrant liabilities amounting to $6,700,500 [127]. - The company has not generated any revenues to date and does not expect to do so until after completing a Business Combination [126]. - Net (loss) income per ordinary share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period [149]. Cash and Investments - As of March 31, 2024, the company had cash held in the Trust Account of $15,566,051, with $7,662,572 withdrawn for share redemptions [133]. - The company generated non-operating income of $174,476 from interest on cash and investments held in the Trust Account for the three months ended March 31, 2024 [127]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and any remaining proceeds for working capital [133]. IPO and Costs - The company incurred $57,010,008 in costs related to its IPO, including $19,800,000 in underwriting fees and $36,225,000 in deferred underwriting fees [130]. - The company has until June 4, 2024, to consummate a Business Combination, or it will face mandatory liquidation [140]. - The company redeemed 698,321 Class A ordinary shares for an aggregate amount of $7,662,572 in connection with the extension vote [120]. Financial Liabilities and Equity - The company issued 25,875,000 public warrants and 11,350,000 private placement warrants, all recognized as derivative liabilities at fair value [152]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value as of March 31, 2024 [147]. - Changes in redemption value of ordinary shares are recognized immediately and affect additional paid-in capital and accumulated deficit [148]. Risk and Accounting - As of March 31, 2024, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government securities with a maturity of 185 days or less [154]. - The company does not believe that any recently issued accounting standards would have a material effect on its financial statements [153]. - The company has not identified any critical accounting estimates in its financial reporting [146]. Financial Instruments - The company evaluates all financial instruments to determine if they qualify as derivatives, reassessing classification at each reporting period [151]. - The company's public warrants are valued based on market prices and classified as a Level 1 liability, while private placement warrants are classified as Level 2 [152].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------| | | | | | Cayman Islands ...

For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39975 JAWS MUSTANG ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) Table of Contents 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 Cayman Isl ...

Table of Contents 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 June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39975 JAWS MUSTANG ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) Cayman Islands ...

Table of Contents 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 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39975 JAWS MUSTANG ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) Cayman Islands ...