Company: NBRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110861
Chunk: 22

Company: Newbridge Acquisition Ltd
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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742,635. Further, we expect to
continue to incur significant costs in the pursuit of our acquisition plans. Our plans to raise capital or to consummate our initial
business combination may not be successful. These factors among others raise substantial doubt about our ability to continue as a going
concern.

Results of Operations and Known Trends or
Future Events

We have neither engaged in
any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those
necessary to prepare for the Proposed Public offering. Following this offering, we will not generate any operating revenues until after
completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash
equivalents after this offering. There has been no significant change in our financial or trading position and no material adverse change
has occurred since the date of our audited financial statements. After this offering, we expect to incur increased expenses as a result
of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
We expect our expenses to increase substantially after the closing of this offering.

15

Liquidity and Capital Resources

Our liquidity needs will be
satisfied through receipt of $25,000 from the sale of the founder shares and an aggregate of up to $1,500,000 in loans available from
the sponsor under an unsecured promissory note executed on May 1, 2021 and an unsecured promissory note executed on May 1, 2025,
and due at the closing of this offering. As of September 30, 2025, we have borrowed $799,843 under the promissory note with the sponsor.
Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management’s
plans to address this uncertainty through this offering are discussed above. We cannot assure you that our plans to raise capital or
to consummate an initial business combination will be successful. These factors, among others, raise substantial doubt about our ability
to continue as a going concern.

We estimate that the net proceeds
from (1) the sale of the units in this offering, after deducting offering expenses of approximately $500,000 and underwriting discounts
and commissions of $750,000 and (2) the sale of the private units for a purchase price of $1,750,000 (or up to $1,862