AACO 10-K & 10-Q changes, risk factors and insider trading

We have neither engaged in any operations nor generated any revenues to date. Our only activities from November 13, 2025 (inception) through MarchJune 31,30, 2026 were organizational activities and those necessary to prepare for the initialInitial publicPublic offering,Offering, described below, and, after our initialInitial publicPublic offering,Offering, identifying a target company for a businessBusiness combination.Combination. We do not expect to generate any operating revenues until after the completion of our business combination.Business Combination. Subsequent to the initialInitial publicPublic offering,Offering, we generate non-operating income in the form of interest income on cash held in the trustTrust account.Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended MarchJune 31,30, 2026, we had a net income of $546,079,$1,842,658, which consists of interest earned on investments held in Trust Account of $828,386,$2,043,160, offset by formation, general and administrative costs of $282,307.$200,502.

On February 20, 2026, the Company consummated its Initial Public Offering, which consisted of 23,000,000 Units, including the exercise in full by the underwriter of an option to purchase up to 3,000,000 Units at the offering price to cover over-allotments. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $230,000,000. Simultaneously with the closing of the IPO,Initial Public Offering, the Company consummated the sale of 695,000 Private Placement Units to the Sponsor and BTIG, LLC, the representative of the underwriter, at $10.00 per Unit, generating gross proceeds of $6,950,000.

Following the closing of the IPO,Initial Public Offering, on February 20, 2026, an amount of $230,000,000 ($10.00 per unit) from the net proceeds of the sale of the units,Units, and a portion of the proceeds of the sale of the privatePrivate placementPlacement units,Units, which amount includes $8,050,000 of the underwriters’ deferred commission, was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee.

For the threesix months ended MarchJune 31,30, 2026, net cash used in operating activities was $322,292.$472,410. Net income of $546,079$2,388,737 was affected by payment of operation costs through promissory note of $29,799 and interest earned on investments held in in Trust Account of $828,386.$2,871,546. Changes in operating assets and liabilities used $69,784$19,400 of cash from operating activities.

As of MarchJune 31,30, 2026, we had investments held in the Trust Account of $230,828,386$232,871,546 (including $828,386$2,871,546 of interest income). We intend to use substantially all of the funds held in the trustTrust account,Account, including any amounts representing interest earned on the trustTrust accountAccount (less income taxes payable), to complete our business combination.Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our business combination,Business Combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of MarchJune 31,30, 2026, we had cash of $1,324,398. $1,174,280. We intend to use the funds held outside the trustTrust accountAccount primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a businessBusiness combination.Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with a businessBusiness combination,Combination, our sponsorSponsor or an affiliate of our sponsorSponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a businessBusiness combination,Combination, we may repay such loaned amounts out of the proceeds of the trustTrust accountAccount released to us. In the event that a businessBusiness combinationCombination does not close, we may use a portion of the working capital held outside the trustTrust accountAccount to repay such loaned amounts, but no proceeds from our trustTrust accountAccount would be used for such repayment. Up to $1,500,000 of the working capital loans may be converted upon completion of a businessBusiness combinationCombination into private units at a price of $10.00 per unit. The warrantsunits would be identical to the privatePrivate placementPlacement units.Units.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a businessBusiness combinationCombination, are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our businessBusiness combination.Combination. Moreover, we may need to obtain additional financing either to complete our businessBusiness combinationCombination or because we become obligated to redeem a significant number of our publicPublic shares Shares upon consummation of our businessBusiness combination,Combination, in which case we may issue additional securities or incur debt in connection with such business combination.Business Combination.

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of MarchJune 31,30, 2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Additionally, the underwriters are entitled to a deferred underwriting discount of 3.50% of the gross proceeds of the initialInitial publicPublic offeringOffering held in the trustTrust account,Account or $8,050,000, payable to BTIGBTIG, toLLC bewas deposited in the trustTrust accountAccount and will be released to BTIGBTIG, LLC only upon the completion of an initial businessBusiness combination. Combination. The deferred underwriting commissions are payable as follows: (i) $0.20 per unitUnit sold in the initialInitial publicPublic offeringOffering is paid to BTIG in cash upon the closing of the initial businessBusiness combinationCombination and (ii) $0.15 per unitUnit sold in the initialInitial publicPublic offeringOffering is payable to BTIG BTIG, LLC in cash, based on the funds remaining in the trustTrust accountAccount after giving effect to publicPublic sharesShares that are redeemed in connection with an initial businessBusiness combination.Combination.