Until a target is identified, capital allocation quality cannot be proven.
Incentive alignment is mixed: founder shares total 7,666,667 (roughly 25% of post‑IPO ordinary shares excluding certain items), private placement units, and public warrants can dilute public holders at combination, while the sponsor’s nominal entry price and promote economics may encourage a deal even if quality is subpar.
Deferred fees and potential working‑capital loans convertible into additional units add further dilution risk. These features warrant a low score pending evidence of a high‑quality, well‑structured transaction.







