Financial Position - The company has approximately $220 million from its initial public offering to pursue its initial business combination [363]. - As of December 31, 2025, the company reported approximately $92,000 in cash and cash equivalents and $1,471,000 in negative working capital [366]. - The Company raised approximately $222,500,000 from its initial public offering, with $221,100,000 deposited in the trust account [391]. - As of December 31, 2025, the Company had cash and cash equivalents of approximately $92,000 and working capital of approximately $1,471,000 [395]. - The Company has incurred significant costs in pursuit of financing and acquisition plans, indicating a need for additional working capital [395]. - The Sponsor made a working capital loan of $290,000 in January 2026, following a $250,000 drawdown in November 2025 [397]. - As of December 31, 2025, the company had no long-term debt or long-term liabilities, except for an Administrative Support Agreement costing $10,000 per month [400]. Business Combination - A business combination agreement was entered into on September 8, 2025, involving CoinShares and SPAC Merger Sub [367]. - Each SPAC Class A Share will be converted into one Holdco Ordinary Share as part of the merger [371]. - The acquisition of CoinShares will be valued at $1.2 billion, with the equity value per share determined by the number of fully diluted CoinShares equity securities [371]. - The business combination is subject to shareholder approvals from both SPAC and CoinShares [376]. - The obligations to consummate the transactions are contingent upon various regulatory approvals and the absence of any adverse effects on SPAC's business [378]. - The business combination agreement allows for termination if the transactions are not completed by June 8, 2026 [380]. - The funds in the trust account will be used to complete the initial business combination and may also finance operations of the target business [392]. Operational Costs - The operating costs for the year ended December 31, 2025, were approximately $449,000, with significant costs incurred for professional fees and executive compensation totaling around $1,308,000 [389]. - The company expects to continue incurring increased expenses due to being a public company and efforts to identify target businesses [389]. Income and Financial Health - Other income for the year ended December 31, 2025, included approximately $9,434,000 in interest income primarily from the trust account [390]. - The company has substantial doubt about its ability to continue as a going concern within one year after the financial statements are issued [395]. Management Compensation - The company will compensate its CEO and CFO $33,000 per month prior to the initial business combination, with $16,500 payable currently and the remainder upon completion [401]. Accounting Estimates - The company has no critical accounting estimates as of December 31, 2025, indicating management's confidence in the accuracy of reported financials [402].
Vine Hill Capital Investment Corp.(VCICU) - 2025 Q4 - Annual Report