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

We are a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this Report as our initial business combination. WeWhile we may pursue an initial business combination target in any industry and geographic location. As of the date of the filing of this Report, we have not selected any specific business combination target. While we may pursue an initial business combination target in any industry or geographic location, we intendare tocurrently focusfocusing our search on international businesses that would benefit in valuation arbitrage by going public in the United States on a U.S. national securities exchange. We are currently intend to focusfocusing our search for an initial business combination target in the following key verticals: (i) Electronic Commerce, (ii) Financial Technology, (iii) Software as a Service, (iv) Renewable Energy, (v) Mining, and (vi) Information Technology, or IT, and IT-Enabled Services. Our current intended geographic focus is the Asia-Pacific, and the Europe, Middle East and Africa, regions.

On October 1, 2025, we consummated our, initial public offering, or our Initial Public Offering, of 5,750,000 units, or the Public Units, including 750,000 Public Units issued upon the full exercise of the underwriter’s over-allotment option. Each Public Unit consisted of one Class A ordinary share, $0.0001 par value per share, or Class A Ordinary Share, and one right, or Public Right, with each one Public Right entitling the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of our initial business combination. The Public Units were sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000. In connection with theour Initial Public Offering, we also issued 230,000 Class A Ordinary Shares, or the Representative Shares, to a designee of the underwriter in our Initial Public Offering, as part of the underwriting compensation in our Initial Public Offering.

We have until the date that is 18 months from the closing of our Initial Public Offering (or April 1, 2027) or until such earlier liquidation date as our board of directors may approve, to consummate our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within such 18 months, we may extend the period of time to consummate an initial business combination up to two times, each by an additional three months (for a total of up to 24 months, or until October 1, 2027, to complete an initial business combination). The aforementioned extensions do not require shareholder approval. Pursuant to the terms of our amended and restated memorandum and articles of association and the trust agreement between us and Continental Stock Transfer & Trust Company, or Continental, entered into in connection with our Initial Public Offering, in order to extend the time available for us to consummate our initial business combination, our sponsor or its affiliates or designees, upon five daysdays' advance notice prior to the applicable deadline, must deposit into the trust account established in connection with our Initial Public Offering, or the Trust Account, $575,000 ($0.10 per share) on or prior to the date of the applicable deadline, for each three month extension (or up to an aggregate of $1,150,000, or $0.20 per share, if we extend for the full six months). Any such payments would be made in the form of a loan. Any such loans will be non-interest bearing and payable upon the consummation of our initial business combination, and then only from the amount remaining in the Trust Account after redemptions in connection with our initial business combination. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the Trust Account released to us after redemptions in connection with our initial business combination. If we do not complete a business combination, we will not repay such loans. Our sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for us to complete our initial business combination.

We have neither engaged in any operations nor generated any revenues to date. Our only activities since June 19, 2024 (the date of our inception) through MarchJune 31,30, 2026 were organizational activities, those necessary to prepare for our Initial Public Offering, and subsequent to our Initial Public Offering, identifying a target company for a business combination. We will not generate any operating revenues until after the completion of our initial business combination. We generate non-operating income in the form of interest income from the proceeds derived from our Initial Public Offering and the Private Placement held in the Trust Account. We incur, and expect to continue to incur, expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective business combination candidates.

For the three months ended MarchJune 31,30, 2026, we had net income of $387,601,$352,348, which consisted of interest income and dividend income on investments on funds held in the Trust Account,Account of $2,733 and $518,329, respectively, partially offset by general and administrative expenses of $126,942.$168,714. For the three months ended June 30, 2025, we had a net loss of $11,980, which consisted of general and administrative expenses of $12,000, partially offset by bank interest income of $20.

For the threesix months ended MarchJune 31,30, 2026, net cash used in operating activities was $174,132.$292,039. The operating cash outflows consisted primarily of payments for professional services including legal, accounting, audit, and administrative support fees, partially offset by trust interest and dividend income received in the operating account. For the threesix months ended MarchJune 31,30, 2025, net cash usedprovided inby operating activities was $6,360,$39, consisting of paymentsaccrued accounting fees of $12,000, substantially offset by the net loss for operatingthe expenses and administrative support fees.period.

For the threesix months ended MarchJune 31,30, 2026, there were no financing activities. For the threesix months ended MarchJune 31,30, 2025, there was no net cash provided by or used in financing activitiesactivities, was $6,380, consisting ofas proceeds from a promissory note from our sponsor,sponsor were partially offset by payment payments of deferred offering costs.

For the threesix months ended MarchJune 31,30, 2026 and 2025, there were no investing activities.

As of MarchJune 31,30, 2026, we had assets held in the Trust account of $58,558,815,$59,077,144, consisting of money market funds. 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 interest earned on the Trust Account that may be released to us to pay our taxes, if any, to complete our initial business combination. To the extent that our equity or debt is used, in whole or in part, as consideration to complete an initial business combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business, make other acquisitions and pursue our growth strategies.

As of MarchJune 31,30, 2026, we had cash of $329,698.$211,791. 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, structure, negotiate and complete a business combination, and to pay for directors and officers liability insurance premiums. We could use a portion of the funds held outside the Trust Account to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific business combination and the amount of our available funds at the time.

In order to finance transaction costs in connection with a business combination, our sponsor or an affiliate of our sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination, we would repay such loaned amounts at that time. Up to $1,500,000 of such working capital loans may be converted into units of the post-business combination entity at a price of $10.00 per unit. The units would be identical to the Private Units. As of MarchJune 31,30, 2026, we had no borrowings under the working capital loans.

As of MarchJune 31,30, 2026, our cash balance was $329,698$211,791, and we had working capital of $422,164.$253,806. We have not commenced any operating activities and do not generate operating revenues. We have incurred and expect to continue to incur significant costs in pursuit of our acquisition strategy and in connection with identifying and consummating an initial business combination. TheseWe conditionshave raiseuntil April 1, 2027 or until such earlier liquidation date as our board of directors may approve, to consummate our initial business combination, subject to extensions as described under “—Overview.” Our initial mandatory liquidation date of April 1, 2027 falls with one year of the date our unaudited condensed financial statements included in this Report are issued, and our ability to extend such date is discretionary and dependent on funding that our sponsor is not obligated to provide. Such conditions, coupled with our lack of operating revenues and dependence on the Trust Account, raises substantial doubt about our ability to continue as a going concern within one year after the date that theour unaudited condensed financial statements included in this Report are issued. There is no assurance that our plans to consummate an initial business combination will be successful or successful within the completion window. The unaudited condensed financial statements included in this Report do not include any adjustments that might result from our inability to consummate an initial business combination to continue as a going concern.

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.

Refer to “Note 5—Related5-Related Party Transactions” in the unaudited condensed financial statements contained elsewhere in this Report.

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of our sponsor a fee of $10,000 per month for administrative and support services.services, commencing on the closing of our initial public offering. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. Effective as of October 1, 2025, the service provider irrevocably waived its right to receive such monthly fees for all periods commencing on and after October 1, 2025, through and including the earlier of the consummation of our initial business combination and our liquidation. No amounts were incurred or accrued under this arrangement as of MarchJune 31,30, 2026.

Our sponsor had agreed to loan us an aggregate of up to $800,000 to be used for a portion of the expenses of our Initial Public Offering. The loan was non-interest bearing and unsecured. The loan was evidenced by a promissory note, and was payable on the earlier of December 31, 2025 or the date on which we consummated an initial public offering of our securities. In connection with the completion of our Initial Public Offering, we repaid substantially all amounts outstanding under the promissory note. As of MarchJune 31,30, 2026, an amount of $22 remained outstanding under the promissory note. Borrowings under the promissory note are no longer available.

The preparation of 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,liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Making estimates requires management to exercise significant judgment. 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. ActualAccordingly, actual results could materiallydiffer differsignificantly from those estimates. See Note 2 to our unaudited condensed financial statements included elsewhere in this Report.

Our public shares contain a redemption feature which allows for the redemption of such public shares in connection with our liquidation, or if there is a shareholder vote or tender offer in connection with our initial business combination. In accordance with ASC 480-10-S99, we classify our public shares subject to redemption outside of permanent equity as the redemption provisions are not solely within our control. We recognize changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of our Initial Public Offering, we recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will resultresults in charges against additional paid-in capital (to the extent available) and accumulated surplus (deficit). Accordingly, as of MarchJune 31,30, 2026, Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of our balance sheet.sheet, As of March 31, 2026, the Class A Ordinary Shares subject to possible redemption reflected in the balance sheetand are reconciled in the following table:

Net Income (Loss) Per Ordinary Share

We have two classes of shares, being Class A Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, or Class B Ordinary Shares. Income and losses are shared pro rata between the two classes of shares. We comply with the accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share”. Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. We did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in our earnings. As a result, diluted income (loss) per ordinary share is the same as basic income (loss) per ordinary share for the yearperiods presented.

We evaluate our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statement of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriter’s over-allotment option in our Initial Public Offering was fully exercised at the time of our Initial Public Offering and therefore we did not have any derivative financial instruments outstanding as of MarchJune 31,30, 2026 and December 31, 2025.

We adopted ASU 2023-07, Segment Reporting (Topic 280) —- Improvements to Reportable Segment Disclosures, effective for interim periods beginning after December 15, 2024. As we operate as a single reportable segment, adoption had no material impact.

We adopted ASU 2023-09, Income Taxes (Topic 740) —- Improvements to Income Tax Disclosures, effective January 1, 2026. Given we are incorporated in the Cayman Islands and are not subject to income taxes, this standard had no impact on the unaudited condensed financial statements.

ASU 2024-03, Income Statement —- Expense Disaggregation Disclosures, is effective for annual periods beginning after December 15, 2026 and is not expected to have a material effect on our financial statements.