Financial Performance - For the year ended December 31, 2025, the company reported a net income of $5,715,932, which included interest earned on investments held in the Trust Account of $8,692,532, offset by general and administrative costs of $2,923,600 and compensation expense of $53,000 [400]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its Business Combination [399]. Investments and Cash Position - As of December 31, 2025, the company had investments held in the Trust Account amounting to $213,347,170, including approximately $12,347,170 of interest income [405]. - As of December 31, 2025, the company had cash of $20,931, intended for identifying and evaluating target businesses [406]. Initial Public Offering - The company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $200 million from the sale of 20,000,000 units at $10.00 per unit [402]. - The underwriters received a cash underwriting discount of $1,700,000, which is 0.85% of the gross proceeds from the Initial Public Offering [414]. Operating Activities - Cash used in operating activities for the year ended December 31, 2025, was $988,431, with changes in operating assets and liabilities using $1,935,169 of cash [403]. - The company has no long-term debt or capital lease obligations, with a monthly payment of $15,000 to the Sponsor for administrative services [413]. Future Considerations - 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 [410]. - If a business combination is not completed by August 19, 2026, the company will face mandatory liquidation and dissolution [411]. Accounting and Market Risk - Management does not anticipate that recently issued accounting standards will materially affect the Company's financial statements [421]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies [422]. Fair Value of Warrants - The fair value of public warrants at issuance amounted to $286,667 [420].

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $637,702, consisting of interest earned on investments held in the Trust Account of $2,255,300, offset by general and administrative costs of $1,564,598 and compensation expense of $53,000[137] - For the nine months ended September 30, 2025, the company had a net income of $4,031,086, which included interest earned on investments held in the Trust Account of $6,553,627, offset by general and administrative costs of $2,469,541 and compensation expense of $53,000[137] - Cash used in operating activities for the nine months ended September 30, 2025, was $853,693, with net income of $4,031,086 affected by interest earned on investments held in the Trust Account[141] Investments and Trust Account - As of September 30, 2025, the company had investments held in the Trust Account totaling $211,208,265, including approximately $10,208,265 of interest income[143] - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination, with remaining proceeds used for working capital to finance operations of the target business[143] Initial Public Offering - The company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $200,000,000 from the sale of 20,000,000 Units at $10.00 per Unit[140] - The company incurred a cash underwriting discount of $1,700,000 or 0.85% of the gross proceeds from the Initial Public Offering[153] Debt and Financing - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2025[151] - 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[148] - If a Business Combination is not consummated by August 19, 2026, the company will face mandatory liquidation and dissolution[149] Accounting and Financial Reporting - The fair value of public warrants at issuance amounted to $286,667[159] - The company evaluates and classifies warrant instruments under equity treatment at their assigned fair value[159] - The assessment of warrants considers whether they meet the criteria for equity classification under ASC 815[158] - The company records equity-classified warrants as a component of additional paid-in capital at issuance[159] - The assessment of warrants is conducted at the time of issuance and at each subsequent quarterly period end[158] - The company does not have any quantitative and qualitative disclosures about market risk as it is not required for smaller reporting companies[162] - The company believes that the warrants are freestanding financial instruments pursuant to ASC 480[158] - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[160] - The company is currently evaluating the impact of adopting ASU 2024-03[160] - Management does not believe that any other recently issued accounting pronouncements would have a material effect on the financial statements[161]

Financial Performance - For the three months ended June 30, 2025, the Company reported a net income of $1,462,590, derived from interest earned on investments held in the Trust Account of $2,182,900, offset by general and administrative costs of $720,310 [129]. - For the six months ended June 30, 2025, the Company had a net income of $3,393,384, with interest earned on investments held in the Trust Account totaling $4,298,327 [129]. - The Company incurred cash used in operating activities of $454,996 for the six months ended June 30, 2025, with net income affected by interest earned on investments [132]. Investments and Trust Account - As of June 30, 2025, the Company had investments held in the Trust Account amounting to $208,952,965, including approximately $7,952,965 of interest income [134]. - The Company plans to use substantially all funds held in the Trust Account to complete its Business Combination [134]. Initial Public Offering - The Company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $200,000,000 from the sale of 20,000,000 Units at $10.00 per Unit [131]. - The underwriters received a cash underwriting discount of $1,700,000, which is 0.85% of the gross proceeds from the Initial Public Offering [141]. Business Combination - The Company has entered into a Business Combination Agreement with Parataxis Holdings Inc. to merge and become a publicly traded company [125]. - The Company may need to raise additional capital through loans or investments to address liquidity concerns [137]. Debt and Financial Obligations - The Company has no long-term debt or off-balance sheet arrangements as of June 30, 2025 [139].

Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $1,930,794, primarily from interest earned on investments held in the Trust Account amounting to $2,115,427, offset by general and administrative costs of $184,633[122]. - Cash used in operating activities for the three months ended March 31, 2025, was $198,031, with net income impacted by interest earned on investments[124]. - The company does not anticipate needing to raise additional funds for operating expenditures but may require additional financing to complete its Business Combination[128]. Investments and Trust Account - As of March 31, 2025, the company had investments held in the Trust Account totaling $206,770,065, which includes approximately $5,770,065 of interest income[125]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital to finance operations of the target business[125]. - As of March 31, 2025, the company had cash of $621,331, which will be used for identifying and evaluating target businesses and related due diligence[126]. Initial Public Offering - The company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $200,000,000 from the sale of 20,000,000 Units at $10.00 per Unit, along with an additional $4,550,000 from the sale of 455,000 Private Placement Units[123]. - The underwriters of the Initial Public Offering are entitled to a cash underwriting discount of $1,700,000, which is 0.85% of the gross proceeds, and a deferred underwriting discount of 5.15% of the gross proceeds held in the Trust Account[131]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025, and has a contractual obligation to pay the Sponsor $15,000 per month for administrative services[129][130]. Warrants - The fair value of public warrants at issuance was recorded at $286,667, with the company evaluating the classification of warrants as either equity or liability instruments[136].

Financial Performance - The company had a net income of $3,483,171 for the period from April 16, 2024, to December 31, 2024, primarily from interest earned on investments held in the Trust Account[372]. - Cash used in operating activities from April 16, 2024, to December 31, 2024, was $446,857, with net income significantly impacted by interest income[374]. - As of December 31, 2024, the company held investments in the Trust Account totaling $204,654,638, including approximately $3,654,638 of interest income[375]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) raised gross proceeds of $200,000,000 from the sale of 20,000,000 Units at $10.00 per Unit, along with an additional $4,550,000 from the sale of 455,000 Private Placement Units[373]. - The underwriters received a cash underwriting discount of $1,700,000, which is 0.85% of the gross proceeds from the IPO, and a deferred underwriting discount of 5.15% will be paid upon completion of the initial Business Combination[382]. Financial Position - As of December 31, 2024, the company had cash of $819,362 available for operational activities and due diligence on prospective target businesses[376]. - The company has no long-term debt or significant liabilities, apart from a monthly payment of $15,000 to the Sponsor for administrative services[381]. - The company has no off-balance sheet arrangements or special purpose entities as of December 31, 2024[380]. Future Expectations - The company does not expect to generate operating revenues until after completing a Business Combination[371]. - The company may incur additional financing needs if the costs of identifying a target business exceed current estimates[379].

Financial Performance - As of September 30, 2024, the company had net income of $1,382,148, primarily from interest earned on investments held in the Trust Account amounting to $1,266,313[96]. - Cash used in operating activities from inception through September 30, 2024, was $314,085, with net income of $1,358,488 impacted by interest income and changes in fair value of liabilities[99]. - The company does not expect to generate operating revenues until after the completion of its Business Combination[95]. Initial Public Offering - The company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $200,000,000 from the sale of 20,000,000 Units at $10.00 per Unit[98]. - The underwriters of the Initial Public Offering are entitled to a cash underwriting discount of $1,700,000 and a deferred underwriting discount of 5.15% of the gross proceeds held in the Trust Account[106]. Trust Account and Investments - Investments held in the Trust Account totaled $202,266,313 as of September 30, 2024, including approximately $1,266,313 of interest income[100]. - The company intends to use funds from the Trust Account primarily to complete its Business Combination and for working capital to finance operations of the target business[100]. Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024, and has a contractual obligation to pay the Sponsor $15,000 per month for administrative services[104][105]. - The company has the option to convert up to $2,500,000 of Working Capital Loans into units of the post-Business Combination entity at a price of $10.00 per unit[102]. Cash Position - As of September 30, 2024, the company had cash of $952,134 available for identifying and evaluating target businesses[101]. Risk Factors and Legal Proceedings - No material changes to risk factors since the Initial Public Offering prospectus filed with the SEC[117]. - No legal proceedings reported as of the date of this report[117]. Reporting - Quarterly Report on Form 10-Q includes various exhibits filed or incorporated by reference[119].