Company Structure and Operations - The company is a blank check company with no operating history and no revenues, which may hinder the evaluation of its ability to achieve business objectives [162]. - The company is a special purpose acquisition company with no business operations prior to completing a business combination [357]. - The company is classified as an "emerging growth company" and may take advantage of exemptions from certain disclosure requirements, which could affect the attractiveness of its securities to investors [321]. - The company is also a "smaller reporting company," allowing it to provide only two years of audited financial statements, which may complicate comparisons with other public companies [323]. - The company has not opted out of the extended transition period for new financial accounting standards, which may lead to difficulties in comparing its financial statements with those of other public companies [322]. - The company is incorporated under the laws of the Cayman Islands, which may limit investors' ability to protect their interests and enforce judgments obtained in U.S. courts [327]. - The company maintains its executive offices in Dallas, Texas, with a monthly fee of $10,000 for office space and administrative services [358]. - There is no material litigation or governmental proceedings currently pending against the company or its management team [359]. Shareholder Rights and Voting - Public shareholders may not have the opportunity to vote on the proposed initial business combination, potentially allowing completion even without majority support [164]. - The sponsor owns 20% of the issued and outstanding ordinary shares, which may influence shareholder votes on business combinations [166]. - The company requires 8,694,000 public shares, or 36% of the 24,150,000 public shares sold, to be voted in favor of an initial business combination for approval [166]. - The absence of a specified maximum redemption threshold may allow the company to complete a business combination even if a majority of shareholders disagree [204]. - The company may seek shareholder approval to extend the deadline for the initial business combination, allowing Class A ordinary shareholders to redeem their shares at a price based on the trust account balance [182]. - The company may not hold an annual meeting of shareholders until after the initial business combination is consummated, limiting shareholder engagement [201]. Financial Condition and Risks - The total funds in trust available for the initial business combination amount to $241,500,000, with 24,150,000 public shares included in public units [174]. - If the initial business combination is not completed within 24 months, public shareholders may receive only approximately $10.00 per share or less upon liquidation [181]. - The potential for dilution increases if public shareholders exercise redemption rights, which could lead to a greater number of shares being redeemed than initially expected [176]. - The company may face significant competition for business combination opportunities due to limited resources [163]. - The company may face challenges in completing a business combination due to market conditions and geopolitical risks, including conflicts in Ukraine and the Middle East [180]. - The company may not complete its initial business combination within the required time period, potentially forcing liquidation and resulting in public shareholders receiving an estimated $10.00 per share or less [197]. - The trust account funds may be vulnerable to third-party claims, potentially reducing the per-share redemption amount below $10.00 [210]. - If claims against the company arise, the amount available for public shareholders could be diminished, affecting the per-share value [212]. - The company may not be able to complete its initial business combination if trust account funds are reduced below $10.00 per share due to third-party claims [221]. - The company may need to seek additional financing to complete its initial business combination, and failure to secure such financing could compel it to abandon the proposed transaction [266]. - The trust account funds may bear a negative interest rate, potentially reducing the per-share redemption amount for public shareholders to less than $10.00 [267]. Business Combination Challenges - The company may face challenges in identifying suitable targets due to the increasing number of special purpose acquisition companies in the market [192]. - The company may seek business combination opportunities with large, complex companies that require significant operational improvements, which could delay achieving desired results [198]. - The company may face challenges in completing its initial business combination with multiple target businesses due to complex accounting issues and the need for pro forma financial statements, which could limit diversification and increase economic and regulatory risks [237]. - If the company attempts to acquire several businesses simultaneously, it may encounter increased costs and risks, including difficulties in negotiations and due diligence, which could negatively impact profitability [238]. - The company may pursue business combinations with targets outside the U.S., exposing it to significant income and withholding tax obligations in multiple jurisdictions [337]. Regulatory and Compliance Issues - The company may be subject to extensive government regulations that could increase operational costs and impact financial performance [225]. - The SEC's guidance on SPACs indicates that a SPAC's status as an investment company depends on various factors, and non-compliance could lead to liquidation and loss of investment opportunities for shareholders [253]. - The company must ensure that its activities do not classify it as an investment company under the Investment Company Act, which would impose burdensome compliance requirements [249]. - The company faces challenges in complying with laws and regulations, which could adversely affect its business operations and ability to complete its initial business combination [320]. - The company may face heightened scrutiny and restrictions on foreign investments due to evolving national security regulations in the U.S. and other countries [245]. Conflicts of Interest - The company may face conflicts of interest as executive officers and directors are not required to commit full time to its affairs, potentially impacting the ability to complete the initial business combination [286]. - Executive officers and directors have fiduciary obligations to other entities, which may limit their ability to devote time to the company's affairs and affect the completion of the initial business combination [288]. - The company may engage in business combinations with target businesses affiliated with its sponsor or directors, raising potential conflicts of interest that may not favor public shareholders [293]. - Key personnel may negotiate employment agreements that could create conflicts of interest during the business combination process [284]. - The personal and financial interests of executive officers and directors may influence their motivation in selecting a target business, potentially leading to conflicts of interest [292]. Shareholder Indemnification and Warrants - The company may not have sufficient funds to satisfy indemnification claims for its sponsor and directors, which could discourage shareholder lawsuits [296]. - The company has the ability to amend the terms of public warrants with the approval of at least 50% of the outstanding warrants, potentially affecting holders adversely [297]. - The company may redeem unexpired warrants at a price of $0.01 per warrant if certain conditions are met, which could disadvantage warrant holders [298]. - The company may require holders to exercise their public warrants on a cashless basis, resulting in fewer Class A ordinary shares received compared to cash exercise [299]. - The potential issuance of a substantial number of additional Class A ordinary shares upon exercise of these warrants could make the company a less attractive acquisition vehicle [301]. Market Conditions and Economic Factors - The ongoing military conflict between Russia and Ukraine may disrupt market conditions and adversely affect the company's search for a business combination [259]. - Macro-economic instability, including high unemployment and rising interest rates, could negatively impact the company's financial condition and its ability to locate a viable target for business combination [261]. - Recent inflation increases could lead to price volatility for publicly traded securities, complicating the completion of the initial business combination [280]. Miscellaneous - The company has not identified any significant cybersecurity risks that materially affect its business strategy and results of operations [357]. - The company may incur additional costs if the forum provisions of its warrant agreement are found inapplicable or unenforceable [326]. - The company may not make cash distributions to shareholders for tax liabilities arising from business combinations, requiring shareholders to cover these costs from personal funds [339].

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,295,786, primarily from interest income of $2,569,088 on marketable securities held in the Trust Account, offset by operating costs of $273,302 [121]. - From inception on March 6, 2025, through September 30, 2025, the company achieved a net income of $3,124,181, consisting of interest income of $3,865,396, with total operating costs of $616,475 and compensation expenses of $124,740 [122]. Initial Public Offering - The company completed its Initial Public Offering on May 14, 2025, raising gross proceeds of $241,500,000 from the sale of 24,150,000 Units at $10.00 per Unit, including an over-allotment option [124]. - Following the Initial Public Offering, the company placed $241,500,000 in the Trust Account, incurring total offering costs of $13,995,620, which included cash underwriting fees and deferred underwriting fees [126]. Trust Account and Marketable Securities - As of September 30, 2025, the company held marketable securities in the Trust Account amounting to $245,365,396, which will be used to complete a Business Combination [129]. - The company had cash of $846,736 outside the Trust Account, intended for identifying and evaluating target businesses and related operational expenses [130]. Debt and Financing - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2025, and incurs a monthly fee of $10,000 to the Sponsor for administrative services [137]. - The company may need to raise additional capital through loans or investments to meet working capital needs, with no assurance that new financing will be available [133]. - The liquidity condition raises substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued, with plans to address this through a Business Combination [134]. - The company issued an unsecured promissory note of $483,000 to Gamma Securities LLC, which may be converted into units of the post-Business Combination entity [132].

Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $874,490, primarily from interest income of $1,296,308 on marketable securities, offset by operating costs of $297,078 and compensation expenses of $124,740 [117]. - Cash used in operating activities from inception through June 30, 2025, was $322,424, with a net income of $828,395 influenced by interest income from marketable securities [124]. - The company does not expect to generate operating revenues until after the completion of its Business Combination [116]. Marketable Securities and Trust Account - As of June 30, 2025, the company held marketable securities in the Trust Account amounting to $242,796,308, which will be used to complete the Business Combination [125]. - The company intends to use funds held outside the Trust Account, amounting to $630,128, primarily for identifying and evaluating target businesses [123]. Initial Public Offering - The company completed its Initial Public Offering on May 14, 2025, raising gross proceeds of $241,500,000 from the sale of 24,150,000 Units, including an over-allotment option [120]. - The company incurred total offering costs of $13,995,620, which included $4,347,000 in cash underwriting fees and $8,452,500 in deferred underwriting fees [122]. Debt and Financing - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2025, and has a monthly obligation of $10,000 to the Sponsor for administrative services [130][131]. - The company has a Working Capital Note of $483,000, which can be converted into units at $10.00 per unit upon the completion of the Business Combination [128]. - The company may need additional financing to complete its Business Combination or to cover redemptions of Public Shares, which could involve issuing additional securities or incurring debt [129].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended 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: 001-42642 Perimeter Acquisition Corp. I (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-1843886 | | --- | --- | | ...

As filed with the U.S. Securities and Exchange Commission on May 6, 2025. No. 333-285974 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Perimeter Acquisition Corp. I (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 6770 98-1843886 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification ...

As filed with the U.S. Securities and Exchange Commission on April 18, 2025. No. 333-285974 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Perimeter Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands 6770 98-1843886 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial (I.R.S. Employer Identification No.) 6060 N. Central Exp ...

As filed with the U.S. Securities and Exchange Commission on March 20, 2025. No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Perimeter Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands 6770 98-1843886 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 6060 N. Central ...