Company: TACOW
Filing Date: 2025-04-09
Form Type: S-1/A
Source: 0001829126-25-002484
Chunk: 149

Company: Berto Acquisition Corp.
Filing Date: 2025-04-09
Form: S-1/A
Chunk 149
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 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 dilute the equity interest of investors 
 in this offering;                                         |

| ● | may subordinate the rights of holders of ordinary                                               
 shares if preferred shares are issued with rights senior to those afforded our ordinary shares; |

| ● | could cause a change of control if a substantial number                                                                           
 of our ordinary shares is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, 
 if any, and could result in the resignation or removal of our present officers and directors;                                     |

| ● | may have the effect of delaying or preventing a change                                                             
 of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and |

| ● | may adversely affect prevailing market prices for 
 our units, ordinary shares and/or warrants.       |

Similarly, if we issue