PAII 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 May 1, 2025 (inception) through MarchJune 31,30, 2026 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and subsequent to the Initial Public Offering, the Company’s search for a target business with which to complete an initial Business Combination. We do not expect to generate any operating revenues until after the completion of our initial Business Combination, at the earliest. Following the Initial Public Offering, we will generate non-operating income in the form of interest income on marketable securities. We are incurring 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 an initial Business Combination.

For the three months ended March 31,June 30, 2026, we reported net income of $1,463,430$1,498,899 which consisted of interest on cash held in Trust Account of $1,801,865, interest income of $17,$1,822,986, offset by general and administrative expenses of $338,452.$324,087.

As of MarchJune 31,30, 2026, the Company had a cash balance of $16,423.$1,136. The consummation of the Initial Public Offering, the Company’s liquidity needs are satisfied through using net proceeds from the Initial Public Offering and sale of Private Placement Warrants for existing accounts payable, 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 initial business combination.

Commencing on the date that our securities were first listed and continuing until the earlier of our consummation of an initial Business Combination or our liquidation, we have agreed to pay an affiliate of our Sponsor a total of $35,000 per month for office space, utilities, secretarial support and administrative support made available to the Company. Upon completion of an initial Business Combination or the Company’s liquidation, we will cease paying these monthly fees. The Company paid $105,000$210,000 in administrative fees for the threesix months ended MarchJune 31,30, 2026.

As of MarchJune 31,30, 2026 and December 31, 2025, the Company recorded prepaid administrative fees to Sponsor of $341,438$266,970 and $192,500, respectively. These amounts are amortized to general and administrative expenses within the condensed statement of operations.

As of MayAugust 15,14, 2026, the total administrative fees paid to date have been $635,000.$715,532.