Financial Position - Total assets as of March 31, 2025, amount to $101,075, with total liabilities at $126,217, resulting in a shareholder's deficit of $25,142[7]. - As of March 31, 2025, the Company had cash of $0 and a working capital deficit of $126,217[35]. - The Company has no cash or cash equivalents as of March 31, 2025[46]. - The Company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[114]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on May 12, 2025, raising gross proceeds of $150,000,000 from the sale of 15,000,000 units at $10.00 per unit[22]. - The Initial Public Offering on May 12, 2025, involved the sale of 15,000,000 Units at a price of $10.00 per Unit, totaling $150 million[60]. - The Company completed its Initial Public Offering (IPO) of 15,000,000 Units at $10.00 per Unit, generating gross proceeds of $150,000,000[127]. - An additional private sale of 500,000 Private Placement Units was completed at $10.00 per Unit, resulting in gross proceeds of $5,000,000[128]. - Total expenses incurred related to the Initial Public Offering amounted to $9,567,513, which includes a cash underwriting fee of $3,000,000 and a deferred underwriting fee of $6,000,000[109]. - The underwriters have a 45-day option to purchase up to an additional 2,250,000 Units at the IPO price, with a cash underwriting discount of 2.00% amounting to $3,000,000[77][78]. - The deferred underwriting discount is 4.00% of the gross proceeds of the IPO, totaling $6,000,000, payable upon the closing of an initial Business Combination[79]. Business Operations - The company has not yet commenced any operations and will not generate operating revenues until after completing its initial business combination[20]. - The Company has not generated any revenues to date and does not expect to do so until after completing a Business Combination[105]. - The Company has not engaged in substantive discussions with any business combination target as of the reporting date[19]. - The Company has a commitment to complete a business combination with a target business that has a fair market value of at least 80% of the net balance in the Trust Account[25]. - Geopolitical tensions, including the Russia-Ukraine conflict, may adversely affect the Company's search for an initial business combination and target businesses[73][74]. Shareholder Information - The company has issued 5,750,000 Class B ordinary shares, with additional paid-in capital of $24,425[13]. - The Company is authorized to issue 500,000,000 Class A ordinary shares, with none issued or outstanding as of March 31, 2025[80]. - The Company issued 5,750,000 Class B ordinary shares to the Sponsor, with up to 750,000 shares subject to forfeiture if the underwriters' over-allotment option is not fully exercised[81]. - The founder shares will automatically convert into Class A ordinary shares on a one-for-one basis upon the consummation of the initial Business Combination[82]. - The Company has entered into agreements to waive redemption rights with respect to founder shares and public shares in connection with the initial Business Combination[63]. Financial Commitments and Loans - The Company has an unsecured promissory note from the Sponsor of up to $300,000 to satisfy liquidity needs until May 12, 2025[35]. - As of March 31, 2025, the Company had borrowed $69,769 under a promissory note from the Sponsor, with a total loan amount of up to $300,000 available for IPO expenses[70]. - The Company may receive up to $1,500,000 in Working Capital Loans, which can be converted into units at a price of $10.00 per unit upon completion of a Business Combination[36]. - The Company may utilize up to $1,500,000 of Working Capital Loans, which may be convertible into private placement units at $10.00 per unit[72]. Trust Account - The Trust Account will initially hold $150,000,000 from the IPO proceeds, invested in U.S. government treasury obligations or money market funds[26]. - As of May 12, 2025, $150,000,000 was placed in the Trust Account following the Initial Public Offering and Private Placement Units[108]. - The Company intends to use funds in the Trust Account primarily to complete its Business Combination and for working capital for the target business[110]. - The company will provide public shareholders the opportunity to redeem their shares at a price equal to the amount in the Trust Account, anticipated to be $10.00 per public share[29]. Financial Performance - The company reported a net loss of $50,142 for the period from January 9, 2025, through March 31, 2025, with a basic and diluted net loss per share of $0.01[10]. - The Company reported a net loss of $50,142 for the period from January 9, 2025, through March 31, 2025, primarily due to general and administrative costs[106]. - The Company has not recognized any unrecognized tax benefits as of March 31, 2025, and its tax provision was zero for the period presented[52]. Administrative Expenses - The Company entered into an agreement to pay $25,000 per month for administrative services starting May 8, 2025, which will cease upon the completion of the initial Business Combination[71]. - Monthly fees of $25,000 for office space and administrative support will cease upon the completion of the initial Business Combination[98]. - The Company does not believe it will need to raise additional funds to meet operating expenditures, assuming the Sponsor fulfills its obligations[37].
EGH Acquisition Corp-A(EGHA) - 2025 Q1 - Quarterly Report