Company: SAC-UN
Filing Date: 2025-11-06
Form Type: S-1
Source: 0001213900-25-106802
Chunk: 154

Company: Safeguard Acquisition Corp.
Filing Date: 2025-11-06
Form: S-1
Chunk 154
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, cash requirements) created by the terms of the proposed business combination.

100 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a blank check company incorporated on June 27, 2025 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. 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 sale of the private placement units, our shares, debt or a combination of cash, equity and debt. The issuance of additional shares in a business combination: •may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti -dilutionprovisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one -to-onebasis upon conversion of the Class B ordinary shares; •may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded to Class A ordinary shares; •could cause a change in control if a substantial number of Class A ordinary shares are issued, which may affect, among other things, the post -businesscombination company’s ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of the post -businesscombination company’s officers and directors; •may have the effect of delaying or preventing a change of control of the post -businesscombination company by diluting the share ownership or voting rights of a person seeking to obtain control of the post -businesscombination company; •may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and •may not result in adjustment to the exercise price of our warrants. Similarly, if we issue debt securities or otherwise incur significant debt to banks or other lenders or the owners of a target, it could result in: •default and foreclosure on the assets of the post -businesscombination company if its operating revenues are insufficient to repay its debt obligations; •acceleration of the post -businesscombination company’s obligations to repay such indebtedness, even if it makes all principal and interest payments when due, if it breaches certain covenants that require the maintenance of certain financial ratios or reserves without a