Lakeshore Acquisition III Corp(LCCC) - 2025 Q4 - Annual Report

IPO and Offering Costs - The company completed an IPO on May 1, 2025, raising gross proceeds of $69 million from the sale of 6,900,000 Public Units at $10.00 each[69]. - The company incurred offering costs totaling $3,934,900, which included $1,035,000 in underwriting commissions and $2,415,000 in deferred underwriting commissions[70]. - A deferred underwriting commission of $2,415,000 will be paid in the form of ordinary shares at $10.00 per share upon the consummation of the initial business combination[92]. Financial Position - As of December 31, 2025, the company had $756,592 in cash available for working capital purposes, with a total of $70,858,017 held in the Trust Account invested in U.S. treasury bills and money market funds[71][78]. - The company has a working capital of $690,592, but there are substantial doubts about its ability to continue as a going concern if it fails to complete a business combination within 15 months[82]. - As of December 31, 2025, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government treasury obligations or money market funds[99]. Income and Revenue - For the year ended December 31, 2025, the company reported a net income of $1,257,633, with $1,858,017 earned from interest income[75]. - The company has no revenue and will not generate operating income until after completing its initial business combination[68][74]. Business Combination Plans - The company plans to utilize cash from the IPO proceeds for evaluating potential business combination candidates and covering public company expenses[74][80]. - The company has entered into an engagement agreement with legal counsel for the initial business combination, with a total fee of $150,000 to be paid prior to closing[95]. - A fairness opinion engagement agreement will incur an aggregate payment of $30,000 prior to and upon the effectiveness of the registration statement for the initial business combination[96]. - The company has retained a financial advisor for the initial business combination, with an initial retainer of $150,000 paid in 2025 and an agreement to issue 500,000 shares at $10.00 per share upon closing if completed within 30 months[97]. Shareholder Rights - The initial shareholders and certain affiliates are entitled to registration rights for their shares following the completion of a business combination[94].