GPAC 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 25, 2025 (inception) through MarchJune 31,30, 2026 were organizational activities, those necessary necessary to prepare for the initial public offering, described below, and, after the 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 marketable securities 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 in connection with completing a business combination.

For the three months ended MarchJune 31,30, 2026, we had a net income $1,681,553,of $1,688,872, which consisted of income earned on cash and marketable securities held in the Trust Account of $1,962,225,$1,925,295, partially offset by general and administrative expenses of $280,672.$236,423.

For the threesix months ended MarchJune 31,30, 2026, net cash used in operating activities was $144,404.$223,632. Net income of $1,681,553$3,370,425 was adjusted by income earned on cash and marketable securities held in the trust accountTrust Account of $1,962,225$3,887,520 and $136,268$292,559 changes in operating assets and liabilities.

As of MarchJune 31,30, 2026, we had cash and marketable securities of $232,602,652$234,527,947 held in the trustTrust account.Account. We intend to use substantially all of the funds held in the trustTrust account,Account, including any amounts amounts representing interest earned on the trustTrust accountAccount (less permitted withdrawals and deferred underwriting commissions) to complete our business combination. To the extent that our shares or debt is used, in whole or in part, as consideration to complete an initial business combination, the remaining proceeds held in the trustTrust accountAccount will be used as working capital to finance the operations of the post-business combination entity, make other acquisitions and pursue our growth strategies.

As of MarchJune 31,30, 2026, we had cash of $1,017,117$937,889 outside of the trustTrust account.Account. We intend to use the funds held outside the trustTrust accountAccount primarily to identify and evaluate target businesses, perform perform business due diligence on prospective target businesses, travel to and from the offices, properties 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 business combination.

We do not believe we will need to raise additional funds following the initial public offering in order to meet the expenditures requiresrequired for operating our business prior to our initial Business Business Combination. In order to fund working capital deficiencies or finance transaction costs in connection with a business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a business combination, we would repay such loaned amounts. In the event that a business combination does not close, we may use a portion of the working capital held outside the trust accountTrust Account to repay such loaned amounts but no proceeds from our trustTrust accountAccount would be used for such repayment. Up to $1,500,000 of such loans are convertible at the option of the lender into private placement units identical to the private placement units sold to our sponsor in connection with our initial public offering, at a conversion price of $10.00 per unit. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of our initial business combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trustTrust account.Account.

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 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 sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.