Financial Position - Total assets as of June 30, 2025, amounted to $88,127,668, compared to $131,602 as of December 31, 2024[10] - Total current liabilities decreased to $23,511 as of June 30, 2025, from $114,314 as of December 31, 2024[10] - The total shareholders' deficit as of June 30, 2025, was $(3,416,636), compared to $(7,712) as of December 31, 2024[10] - Cash and cash equivalents as of June 30, 2025, were $496,072, with a net increase of $496,072 during the period[20] - As of June 30, 2025, the Company had $496,072 in its operating bank account and working capital of $533,363[37] - The Company has cash of $496,072 held outside the Trust Account and working capital of $509,852 as of June 30, 2025[108] - The Company has $87,570,794 in cash held in the Trust Account as of June 30, 2025[47] Income and Earnings - Net income for the six months ended June 30, 2025, was $1,241,448, a significant increase from a net loss of $7,322 for the same period in 2024[13] - The Company reported a net income allocation of $623,923 for the three months ended June 30, 2025, and $829,414 for the six months ended June 30, 2025[56] - The Company reported a loss from operations of $(87,365) for the six months ended June 30, 2025[13] - The weighted average shares outstanding were 8,625,000 for the three months ended June 30, 2025, resulting in a basic and diluted net income per share of $0.07[57] - For the six months ended June 30, 2025, the Company reported net income of $1,241,448, consisting of $1,320,794 in interest earned on investments held in the Trust Account[112] Initial Public Offering (IPO) - The Company completed its Initial Public Offering (IPO) by selling 7,500,000 Units at a price of $10.00 per Unit, generating gross proceeds of $75,000,000[68] - The Company completed its IPO on February 14, 2025, selling 8,625,000 units at $10.00 per unit, generating gross proceeds of $86,250,000[105] - The Company generated gross proceeds of $86,250,000 from its initial public offering (IPO) and over-allotment[26] - An additional 1,125,000 Units were purchased by underwriters to cover over-allotments, generating additional gross proceeds of $11,250,000[69] - The Sponsor and underwriters purchased 262,500 Private Placement Units at a price of $10.00 per Unit, totaling $2,625,000[70] - An aggregate of $86,250,000 has been deposited in the Trust Account established in connection with the IPO[134] - Transaction costs related to the IPO amounted to $5,974,093, which included $2,156,250 in cash underwriting fees and $3,450,000 in deferred underwriting commissions[135] Business Combination and Future Plans - The Company will have 15 months from the closing of the offering to complete a business combination, extendable to 18 months under certain conditions[29] - Management has raised substantial doubt about the Company's ability to continue as a going concern if a business combination is not completed within the specified period[38] - The Company has incurred significant costs in pursuit of its financing and acquisition plans for a business combination[37] - The Company has a non-interest bearing loan of $500,000 from the Sponsor, expected to be repaid upon the consummation of a Business Combination[114] - The Company has not commenced operations as of June 30, 2025, and will not generate operating revenues until a Business Combination is completed[104] Shareholder Information - The company issued 265,625 Class A ordinary shares, raising $2,656,250 in private placement[17] - The weighted average shares outstanding of Class A redeemable ordinary shares increased to 8,625,000 as of June 30, 2025, from 6,480,663 as of June 30, 2024[14] - The Class A ordinary shares subject to possible redemption are presented at a redemption value of $87,570,794 as temporary equity[49] - The public shares contain a redemption feature, allowing shareholders to redeem their shares in connection with liquidation or a business combination[34] Regulatory and Compliance - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[42] - The company is classified as a smaller reporting company and is not required to provide certain disclosures under the Exchange Act[121] - The company plans to take advantage of exemptions from various reporting requirements as an emerging growth company[126] - The Company is evaluating the impact of ASU 2023-09 on its financial statements, which requires disaggregated information about effective tax rate reconciliation[66] - The Company has no unrecognized tax benefits or amounts accrued for interest and penalties as of June 30, 2025[55] Operational Considerations - The geopolitical instability from the Russia-Ukraine conflict and the escalation in the Middle East may impact the Company's search for an initial Business Combination[79] - The company has identified only one operating segment, as reviewed by the Chief Operating Decision Maker[97] - The company has not made any changes to its internal control over financial reporting that materially affected its internal control during the most recent fiscal quarter[129] - The company has not commenced operations as of June 30, 2025, and will not generate operating revenues until a Business Combination is completed[104] - The company intends to assess the internal controls of target businesses prior to the completion of its initial business combination[127] - As of June 30, 2025, the company has not completed an assessment of internal controls, nor have auditors tested the systems[127]
Maywood Acquisition Corp Unit(MAYAU) - 2025 Q2 - Quarterly Report