Financial Performance - The company reported a net income of $70,891 for the three months ended September 30, 2025, compared to a net loss of $365 for the same period in 2024[8]. - For the nine months ended September 30, 2025, the company reported a net income of $1,312,339 compared to a net loss of $7,687 for the same period in 2024[13]. - The net income for the three months ended September 30, 2025, was $51,294, resulting in a basic and diluted net income per share of $0.01[50]. - Basic and diluted net income per share for Class A redeemable ordinary shares was $0.01 for the three months ended September 30, 2025[8]. Assets and Liabilities - Total current assets as of September 30, 2025, reached $350,086, compared to $131,602 as of December 31, 2024, indicating a significant increase[5]. - The total assets as of September 30, 2025, were $88,835,774, compared to $131,602 as of December 31, 2024, indicating a substantial increase in asset base[5]. - The total liabilities as of September 30, 2025, were $4,610,725, a substantial increase from $114,314 as of December 31, 2024[5]. - The accumulated deficit as of September 30, 2025, was $(4,260,968), compared to $(7,712) as of December 31, 2024, showing an improvement in financial health[5]. - As of September 30, 2025, the Company had $289,580 in cash and a working capital deficit of $310,639[33]. IPO and Financing - The company generated gross proceeds of $86,250,000 from its initial public offering (IPO) and over-allotment, with an additional $2,656,250 from a private placement[17]. - The Company completed its IPO on February 14, 2025, raising gross proceeds of $86,250,000 from the sale of 8,625,000 units at $10.00 per unit[114]. - The Trust Account holds $86,250,000 from the IPO proceeds, which is intended for use in the initial business combination or for the redemption of public shares if no business combination is completed[22]. - Transaction costs related to the IPO amounted to $6,010,829, including $2,156,250 in underwriting fees and $3,450,000 in deferred underwriting commissions[19]. - The Company completed a Private Placement of 265,625 Private Placement Units at a price of $10.00 per Unit, generating total proceeds of $2,656,250[141]. Operations and Business Combination - The company has not commenced any operations and will not generate operating revenue until after completing its initial business combination[16]. - The Company has until August 14, 2026, to complete its initial business combination following the definitive agreement with GOWell Technology Limited[21]. - The Company has until August 14, 2026, to consummate a business combination, or it will face mandatory liquidation[119]. - The Company entered into a Business Combination Agreement on October 13, 2025, to merge with GOWell Technology Limited, with PubCo continuing as the surviving entity[101]. Marketable Securities - Interest earned on marketable securities held in the trust account amounted to $914,894 for the three months ended September 30, 2025, contributing to total other income of $929,936[8]. - For the nine months ended September 30, 2025, the Company reported net income of $1,312,339, with $2,235,688 in interest earned on marketable securities held in the Trust Account[121]. - The fair value of marketable securities held in the Trust Account was $88,485,688 as of September 30, 2025, categorized as Level 1 measurements[55]. - Class A ordinary shares subject to possible redemption were valued at $88,485,688 as of September 30, 2025, reflecting an increase from previous periods[44]. Administrative and Compliance - The Company entered into an Administrative Services Agreement, paying $1,667 per month for administrative support until the business combination or liquidation[69]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[37]. - The Company is evaluating the impact of ASU 2023-09 on its financial statements, which will require more detailed income tax disclosures starting after December 15, 2024[60]. - The provision for income taxes was deemed de minimis from May 31, 2024, through September 30, 2025[48]. - The Company has not recognized any unrecognized tax benefits or accrued interest and penalties related to income taxes as of September 30, 2025[47]. Risk Factors and Global Events - Management is evaluating the impact of global events, such as the Russia/Ukraine and Israel/Palestine conflicts, on the Company's financial position[35]. - The geopolitical instability from the Russia-Ukraine conflict and tensions in the Middle East may adversely affect the Company's search for a business combination[76].
Maywood Acquisition Corp Unit(MAYAU) - 2025 Q3 - Quarterly Report