IPO and Financial Proceeds - The company completed its IPO on March 3, 2025, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit [237]. - The company incurred total fees of $15,557,879 related to the IPO, including a cash underwriting fee of $4,000,000 and a deferred underwriting fee of $10,950,000 [244]. - The company has a loan agreement with the Sponsor for up to $300,000 under the IPO Promissory Note, of which $222,141 was repaid upon IPO completion [251]. Financial Performance - For the year ended December 31, 2025, the company reported a net income of $4,130,222, primarily from interest income on marketable securities held in the Trust Account [243]. - As of December 31, 2025, the Trust Account held approximately $237,854,908 in marketable securities, including $7,854,908 of interest income [247]. - The company has a working capital deficit of $2,410,655 as of December 31, 2025, with cash of $543,258 available for operations [249]. - The company has not generated any operating revenues to date and will not do so until after completing its initial business combination [242]. Business Combination and Operations - The company plans to use substantially all funds in the Trust Account to complete its business combination and may use remaining proceeds for working capital [247]. - The company is subject to a Combination Deadline and may cease operations if it fails to complete a business combination by that date [240]. Governance and Management Changes - Gary Cookhorn resigned from the board of directors on March 17, 2026, without any disagreement with the company [265]. - Donald H. Putnam was appointed as a director on March 20, 2026, effective immediately [266]. Accounting and Reporting - The company prepares financial statements in accordance with GAAP, requiring estimates and assumptions that may materially affect reported amounts of assets and liabilities [261]. - Class A Ordinary Shares subject to possible redemption are classified as temporary equity, presented at redemption value outside of shareholders' equity [262]. - Net income (loss) per Ordinary Share is calculated using the two-class method, allocating net income (loss) pro rata to different classes of shares [263]. - The company does not anticipate that any recently issued accounting standards will have a material effect on its financial statements [264]. - The company is classified as a smaller reporting company and is not required to provide additional market risk information [267]. Advisory and Fees - The company has engaged an advisor for capital markets services, agreeing to pay a fee of 5.0% of gross proceeds from financing transactions, with a minimum fee of $3,000,000 [259].
Fifth Era Acquisition Corp I Unit(FERAU) - 2025 Q4 - Annual Report