Company: GPAC
Filing Date: 2025-11-18
Form Type: S-1/A
Source: 0001140361-25-042608
Chunk: 175

Company: General Purpose Acquisition Corp.
Filing Date: 2025-11-18
Form: S-1/A
Chunk 175
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 and competitive conditions and adverse changes in government regulation; and |

| ■ | limitations on the post-business combination company’s ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of its strategy and other purposes and other disadvantages compared to its competitors who have less debt. |

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TABLE OF CONTENTS As indicated in the accompanying financial statements, as of September 30, 2025 we had no cash and a working capital deficit of $162,422. Further, we expect to incur significant costs in the pursuit of our initial business combination. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful. 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 this 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. Liquidity and Capital Resources Our liquidity needs have been satisfied prior to the completion of this offering through a payment of $25,000 to cover for certain of our expenses in exchange for the issuance of the founder shares and a commitment from our sponsor to loan up to $300,000 to us to cover our expenses in connection with this offering. We estimate that the net proceeds from (i) the sale of the units in this offering, after deducting estimated offering expenses of $700,000, underwriting commissions of $4,000,000, or $4,600,000 if the underwriters’ over-allotment option is exercised in full (excluding deferred underwriting commissions of $8,000,000, or $9,200,000 if the underwriters’ over-allotment option is exercised in full), and (ii) the sale of the private placement units for a purchase price of $6,000,000 (or $6,600,000 if the underwriters’ over-allotment option is exercised in full)