Financial Position - As of December 31, 2025, the company had an unrestricted cash balance of $192,592 and investments held in the Trust Account amounting to $269,835,824[301] - As of December 31, 2025, the company had $1,000,000 in remaining interest earned on funds held in the Trust Account available for working capital requirements[313] - The company had cash outside the Trust Account of approximately $250,000 available for identifying and evaluating target businesses[310] - As of December 31, 2025, there was $542,975 outstanding under the Amended and Restated Formation and Regulatory Expenses Promissory Note, which allows borrowing up to $600,000[324] - The Company has no long-term debt, capital lease obligations, or long-term liabilities as of December 31, 2025[329] Income and Expenses - For the year ended December 31, 2025, the company reported a net income of $9,764,567, with a loss from operations of $1,037,395, and non-operating income primarily from interest earned in the Trust Account of $10,801,962[303] - The company incurred general and administrative expenses of $1,037,395 for the year ended December 31, 2025[303] - The Company incurred $180,000 and $30,000 in administrative services expenses under the Administrative Services and Indemnification Agreement for the years ended December 31, 2025 and 2024, respectively[330] - The Company incurred $1,290,000 in reimbursements from underwriters related to the Initial Public Offering[333] Initial Public Offering - The company completed its Initial Public Offering on October 25, 2024, raising $250,000,000 from the sale of 25,000,000 Units at $10.00 per Unit, with additional proceeds from the private sale of 350,000 Private Placement Shares[306] - The underwriters received an underwriting discount of $3,870,000 upon the closing of the Initial Public Offering and the Over-Allotment Option[333] - The deferred fee to underwriters amounts to $9,030,000, payable only if a business combination is completed[332] - The Company granted underwriters a 45-day option to purchase up to 3,750,000 Over-Allotment Option Units, resulting in the issuance of 800,000 units[331] Business Operations - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational efforts and preparing for the Initial Public Offering[302] - The Company has not conducted any operations to date, and thus no unaudited quarterly operating data is included in the report[329] - The Company is required to register a sale of securities held by certain shareholders, including those from Working Capital Loans[334] Business Combination - The company expects to incur approximately $1,509,000 for legal, accounting, due diligence, and other expenses associated with structuring and negotiating business combinations[312] - The company intends to use substantially all funds held in the Trust Account to complete its initial business combination, including any interest earned[309] - The company may need to obtain additional financing to complete its initial business combination if the cash portion of the purchase price exceeds the available amount from the Trust Account[315] Shareholder Information - The Sponsor paid an aggregate of $25,000 for 57,500,000 Founder Shares, which represents 16.67% of the Company's issued and outstanding shares upon the completion of the Initial Public Offering[322] - The Sponsor agreed to surrender a number of Class B ordinary shares equal to the Class A ordinary shares underlying the Eagle Share Rights after the expiration of the underwriters' Over-Allotment Option[322] Equity and Redemption - The Company recognizes changes in redemption value of Class A ordinary shares immediately and adjusts the carrying value to equal the redemption value at the end of each reporting period[336] - The Class A ordinary shares subject to possible redemption are classified as temporary equity and measured at fair value[336] - The Company issued a promissory note allowing borrowing up to $600,000, with $542,975 outstanding as of December 31, 2025[324]
Bold Eagle Acquisition Corp.(BEAG) - 2025 Q4 - Annual Report