ADAC 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 July 15, 2025 (inception) through MarchJune 31,30, 2026 were organizational activities and those necessary to prepare for the Initial Public Offering, described below, and, after our Initial Public Offering, identifying a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest income on cash held in the Trust 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 $970,782,$1,384,938, which consists of interest earned on marketable securities and cash held in Trust Account of $2,024,440,$2,055,776, offset by general and administrative costs of $1,053,658.$670,838.

For the threesix months ended MarchJune 31,30, 2026, cash used in operating activities was $419,880.$568,850. Net income of $970,782$2,355,720 was affected by interest earned on marketable securities held in Trust Account of $2,024,440.$4,080,216. Changes in operating assets and liabilities provided $633,778$1,155,646 of cash for operating activities. As of MarchJune 31,30, 2026, the Company had cash of $994,167$845,197 and a working capital surplusdeficit of $205,742,$448,137, compared to cash of $1,414,047 and a working capital surplus of $1,307,725 as of December 31, 2025.

As of MarchJune 31,30, 2026, we had marketable securities held in the Trust Account of $232,253,661$234,309,437 consisting of U.S. Treasury Bills with a maturity of 185 days or less. We may withdraw interest from the Trust Account as described above. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (which interest shall be net of any permitted withdrawals and excluding deferred underwriting commissions), to complete our 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, 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 $994,167.$845,197. We intend to use the funds held outside the Trust Account 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 our Business Combination.

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of MarchJune 31,30, 2026.

Critical Accounting Policies and Estimates

The preparation of the unaudited condensed financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates. As of MarchJune 31,30, 2026, we did not have identified any critical accounting estimates involving significant judgment related to thebe valuation of the Warrants at the Initial Public Offering and Founder Shares.disclosed.

Recent Accounting StandardsPronouncements