KBON 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 September 12, 2025 (inception) through MarchJune 31,30, 2026 were organizational activities and those necessary to prepare for the IPO, described below, and, after our IPO, 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, at the earliest. Subsequent to the IPO, 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 net income of $2,791,383,$1,391,774, which consisted of interest earned on marketable securities held in Trust Account of $3,070,554,$3,105,736, offset by share-based compensation expense of $1,337,856 and general and administrative costs of $279,171.$376,106.

Until the consummation of the IPO, our only source of liquidity was an initial purchase of Class B ordinary shares, par value $0.0001 per share, by the Sponsor, and loans from the Sponsor, which were repaid at the closing of the IPO. As of MarchJune 31,30, 2026, we had $697,733$418,044 of cash and a working capital surplus of $557,852.$203,684.

For the threesix months ended MarchJune 31,30, 2026, net cash used in operating activities was $136,428.$416,117. Net income of $2,791,383$4,183,157 was offset by interest earned on marketable securities of $3,070,554.$6,176,290 and share-based compensation expense of $1,337,856. Changes in operating assets and liabilities provided $142,743$239,160 of cash from operating activities.

The remaining proceeds from the IPO and the Private Placement are held outside the Trust Account, in the cash operating account amounting to $697,733$418,044 as of MarchJune 31,30, 2026. 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.

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

The preparation of the unaudited condensed financial statements and related disclosures in conformity with U.S. 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 any critical accounting estimates to be disclosed.