IGAC 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 April 7, 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. Subsequent to the initial public offering, we generate non-operating income in the form of interest income on marketable securities 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 $1,330,316,$1,304,225, which consists of income earned on marketable securities held in the trust account of $1,522,020,$1,545,617 and bank interest income of $4,512, partially offset by operatinggeneral costsand administrative expenses of $195,006.$245,904.

For the threesix months ended MarchJune 31,30, 2026, cash used in operating activities was $180,657.$216,069. Net income of $1,330,316$2,634,541 was affected by income earned on marketable securities held in the trust account of $1,522,020.$3,067,637. Changes in operating assets and liabilities provided $11,047$217,027 of cash for operating activities.

As of MarchJune 31,30, 2026, we had marketable securities held in the trust account of $174,617,842.$176,163,459. 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 taxes payable 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 equivalents of $705,191. $669,779. 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 a business combination.

In March 2026, $100,000 was repaid to the Sponsor, resulting in the outstanding balance of $896,740 under the Working Capital Note as of MarchJune 31,30, 2026.

In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Going Concern,” as of MarchJune 31,30, 2026, the Company’s management has since reevaluated the Company’s liquidity and financial condition, and determined that the Company has sufficient funds to sustain operations for a reasonable period of time, which is considered to be one year from the date of the issuance of the unaudited condensed financial statements.

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.