Company: TACOW
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001829126-25-002771
Chunk: 148

Company: Berto Acquisition Corp.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 148
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 not fully exercised at the time of the initial public offering. The table above 
 assumes that the option has expired with no exercise to purchase additional units, thus the value of over-allotment liability at    
 this point is $0.                                                                                                                   |

| (4) | All of the 25,000,000 ordinary                                                                                                          
 shares sold as part of the units in the offering contain a redemption feature which allows for the redemption of such public shares     
 in connection with our liquidation, if there is a shareholder vote or tender offer in connection with our initial business combination  
 and in connection with certain amendments to our amended and restated articles of organization. In accordance with SEC and its guidance 
 on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control        
 of a company require ordinary shares subject to possible redemption to be classified outside of permanent equity. Given that the        
 25,000,000 ordinary shares sold as part of the units in the offering will be issued with other freestanding instruments (i.e., public   
 warrants), the initial carrying value of ordinary shares classified as temporary equity will be the allocated proceeds determined       
 in accordance with ASC 470-20. Our ordinary share is subject to ASC 480-10-S99. If it is probable that the equity instrument will       
 become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance   
 (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date        
 of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the     
 instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes immediately.     
 The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained  
 earnings, additional paid-in capital).                                                                                                  |

| (5) | As adjusted accumulated                                                                                  
 deficit includes the immediate accretion of the carrying value of ordinary shares subject to redemption. |

<div align='center'>103

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Overview

We are a blank check company
incorporated as a Cayman Islands exempted company on July 15, 2024 and incorporated for the purpose of