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

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "“may," "” “should,"” "“could,"” "“would,"” "“expect,"” "“plan,"” "“anticipate,"” "“believe," "” “estimate,"” "“continue,"” or the negative of such terms or other similar expressions. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company'sCompany’s final prospectus for theits initialInitial publicPublic offeringOffering filed with the U.S. Securities and Exchange Commission (the "“SEC"”). The Company'sCompany’s securities filings can be accessed on the EDGAR section of the SEC'sSEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

As of MarchJune 31,30, 2026, we had not yet commenced operations. All activity through MarchJune 31,30, 2026 relates to our formation and our Initial Public Offering which is described below, and since the Initial Public Offering, our search for a Business Combination. We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest. We generate non-operating income from the proceeds held in a trust account (the "“Trust Account"”) with Odyssey Transfer and Trust Company acting as trustee. We have selected December 31 as our fiscal year end.

As of MarchJune 31,30, 2026 and December 31, 2025, we had $310,597$138,997 and $1,550,075, respectively, of cash held outside of the Trust Account, after payment of costs related to the Initial Public Offering, and available for working capital purposes. Additionally,As of June 30, 2026, we hadalso $1,000,000held in an investment account (consistingcertificates of $500,000deposit totaling $1,008,704, of which $504,334 was classified as a cash equivalent and $500,000$504,370 was classified as a short-term investment)investment. asWe held no certificates of March 31, 2026 (nonedeposit as of December 31, 2025).2025.

For the threesix months ended MarchJune 31,30, 2026 and 2025, net cash used in operating activities was $364,478$656,744 and $0, respectively.

OverDuring the nextremainder 18of tothe 21Completion monthsWindow (ending on March 5, 2027, or June 5, 2027 if extended, assuming a Business Combination is not consummated prior thereto),thereto, we will be using the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

As of MarchJune 31,30, 2026, the Company had $310,597$138,997 in its operating bank account, $1,000,000$1,008,704 in an investment account (consisting of $500,000$504,334 classified as a cash equivalent and $500,000$504,370 classified as a short-term investment) and a working capital of $1,448,148.$1,257,104. The Company has incurred and expects to continue to incur significant costs as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination. Such costs will be incurred prior to generating any operating revenues. These factors also raise substantial doubt about the Company'sCompany’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Our entire activity from inception up to MarchJune 31,30, 2026 relates to our formation and the Initial Public Offering, and since the Initial Public Offering, our search for a Business Combination. We will not generate any operating revenues until the closing and completion of our initial Business Combination, at the earliest. We generate non-operating income from the proceeds held in the Trust Account.

For the three and six months ended MarchJune 31,30, 2026, we had a net income of $1,692,309 $1,761,315 and $3,453,624, respectively, which consists of interest income earned on the Trust AccountAccount, cash, cash equivalents and bankshort-term accountinvestments of $2,047,162,$2,086,066 and $4,133,228, respectively, partially offset by loss from operations of $354,853 $324,751 and $679,604, respectively, derived from general and administrative expenses.

For the three and six months ended MarchJune 31,30, 2025, we had a net loss of $2,867, $78,233 and $81,100, respectively, which consisted of loss from operations consisting of general and administrative expenses.

Commencing on September 5, 2025, the Company has entered into an agreement to pay the Sponsor a total of up to $55,556 per month for office space and administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and six months ended MarchJune 31,30, 2026, the Company incurred $166,668 inand fees$333,336, respectively, for these servicesservices, which are included withinin general and administrative expenses in the accompanying statements of operations (noneoperations. The Company incurred no fees under this agreement for the three and six months ended MarchJune 31,30, 2025).2025. There were no related amounts payable under the agreement as of MarchJune 31,30, 2026 or December 31, 2025.

On June 6, 2024, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the "“Note"”). The Note was noninterest bearing, unsecured and due upon the earlier of June 6, 2025 and the closing of the Initial Public Offering. On June 3, 2025, the Company entered into an amendment to the Note, extending the maturity date to the earlier of June 6, 2026 and the closing of the Initial Public Offering. As of MarchJune 31,30, 2026 and December 31, 2025, the Company had no outstanding balances under the Note, which became due upon the closing of the Initial Public Offering.

The Sponsor pays certain costs on behalf of the Company, with such amounts reflected as due to related party. These amounts are due on demand and non-interest bearing. During the period from April 1, 2025 through September 5, 2025, the Sponsor paid certain costs totaling $168,559 on behalf of the Company. Upon the closing of the Initial Public Offering, the Company repaid the outstanding balance of $168,559 due to related party from the proceeds not held in the Trust Account, resulting in no balance due to related party as of MarchJune 31,30, 2026 and December 31, 2025.

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company'sCompany’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required ("“Working Capital Loans"”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders'lenders’ discretion, up to $1,500,000 of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of MarchJune 31,30, 2026 and December 31, 2025, the Company had no outstanding Working Capital Loans.

As of MarchJune 31,30, 2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.