Financial Performance - For the period from May 27, 2024, to December 31, 2024, the company reported a net income of $475,489, which included interest earned on investments of $752,079 [308]. - Cash used in operating activities from inception through December 31, 2024, was $369,218, with changes in operating assets and liabilities using $92,628 of cash [311]. IPO and Funding - The company generated gross proceeds of $60,000,000 from its IPO at a price of $10.00 per Unit, along with an additional $2,300,000 from the sale of 230,000 Private Placement Units [309]. - The company incurred transaction costs of $3,722,528 related to the IPO, which included $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting fees [310]. - The underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO, amounting to $2,100,000, payable upon the closing of a business combination [319]. Cash and Assets - As of December 31, 2025, the company had cash held in the Trust Account amounting to $60,752,079, intended for completing a Business Combination [312]. - The company has no long-term debt or capital lease obligations, but incurs $10,000 per month for office space and administrative support [318]. Business Combination and Concerns - The company has not yet selected a specific business combination target and has not engaged in substantive discussions with any potential targets [306]. - Management estimates potential insufficient funds to operate prior to the initial business combination, with possible loans from sponsors or affiliates on a non-interest bearing basis [315]. - Management expresses substantial doubt about the company's ability to continue as a going concern due to financial resource limitations [317].
Cayson Acquisition Corp(CAPNU) - 2024 Q4 - Annual Report