Company: TACOW
Filing Date: 2025-04-15
Form Type: S-1/A
Source: 0001829126-25-002650
Chunk: 147

Company: Berto Acquisition Corp.
Filing Date: 2025-04-15
Form: S-1/A
Chunk 147
---
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 effecting a merger,
share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
While we will consider opportunities in any industry, we are strategically positioned to capitalize on transformative opportunities,
focusing on sectors that are pivotal to advancing sustainability and innovation. Our investment thesis prioritizes target businesses
primarily in North America and Europe, with a keen interest in new energy businesses, circular economy initiatives, and innovative
agricultural and food technologies. We have not selected any specific business combination target and we have not, nor has anyone
on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We intend to
effectuate our initial business combination using cash from the proceeds of this offering and the private placement of the private
warrants, the proceeds of the sale of our securities in connection with our initial business combination, if any, our shares, debt
or a combination of cash, stock and debt.

The issuance of additional
ordinary shares or preferred shares in a business combination:

| ● | may significantly