Balance sheet substance is the segregated trust: 12.28 million dollars as of March 31, 2026, or 11.80 dollars per redeemable share. Outside the trust, cash was minimal and the company disclosed a working capital deficit, with going‑concern language tied to the merger deadline.
Extension deposits are funded by sponsor promissory notes that are non‑interest bearing and convertible into units at 10 dollars per unit if a deal closes. While trust cash protects public shareholders at redemption, it does not fund operations prior to a merger and cannot be used except for specified purposes.







