Financial Performance - As of December 31, 2025, the company reported a net income of $8,989,141, an increase from $4,141,371 in 2024, primarily driven by interest income from investments held in the Trust Account, which amounted to $10,762,965 in 2025 compared to $4,675,702 in 2024[158]. - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination[157]. Initial Public Offering - The company completed its Initial Public Offering on August 8, 2024, raising gross proceeds of $253,000,000 from the sale of 25,300,000 Units, including an over-allotment option[161]. - The company incurred approximately $1,173,390 in offering expenses and $4,400,000 in underwriting commissions during the IPO process[164]. Trust Account and Funds - The Trust Account held $269,862,743 in a money market fund as of December 31, 2025, up from $259,099,778 in U.S. Treasury bills as of December 31, 2024[165]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination, with expectations that interest earned will cover tax obligations[167]. - The company has a cash balance of $182,103 held outside the Trust Account as of December 31, 2025, and has access to loan facilities from the sponsor for working capital[168]. Business Combination and Risks - The company has entered into agreements with initial shareholders to waive rights to liquidating distributions from the Trust Account if the initial business combination is not completed within the specified timeframe[151]. - The SEC's 2024 SPAC Rules, effective July 1, 2024, may materially affect the company's ability to negotiate and complete its initial business combination[152]. - The Company's mandatory liquidation date is August 12, 2026, raising substantial doubt about its ability to continue as a going concern if a business combination does not occur[172]. - There is no assurance that the proposed business combination will be completed or that additional financing will be available on acceptable terms[173]. Liabilities and Financial Obligations - The Company has no long-term debt or significant liabilities, except for an agreement to pay $10,000 per month for office space and administrative support[175]. - A deferred underwriting commission of $12,045,000 is due upon the completion of the initial business combination[176]. - The Sponsor has agreed to provide working capital loans if necessary to fund operations, and has waived certain future administrative fees[173]. Compliance and Reporting - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[157]. - The Company has not disclosed any critical accounting estimates as of December 31, 2025[177]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[178].
Voyager Acquisition Corp.(VACH) - 2025 Q4 - Annual Report