Company: TACOW
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001829126-25-002771
Chunk: 74

Company: Berto Acquisition Corp.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 74
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 of our initial business combination;
(ii) (x) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our articles not for the
purpose of approving, or in conjunction with the consummation of, an initial business combination (A) to modify the substance or timing
of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we
do not complete our initial business combination within the completion window or (B) with respect to any other material provisions relating
to the rights of holders of our ordinary shares or pre-initial business combination activity, or (y) if we extend the completion window
and such extension is conditioned upon depositing additional funds into the trust account, upon the end of a 30-day cure period after
the date any such funds were required to be deposited but were not so deposited; or (iii) absent an initial business combination within
the completion window, our return of the funds held in the trust account to our public shareholders as part of our redemption of the
public shares. If we do not invest the proceeds as described above, we may be deemed to be subject to the Investment Company Act.

Further, under the subjective
test of a “investment company” pursuant to Section 3(a)(1)(A) of the Investment Company Act, even if the funds deposited
in the trust account were invested in the assets discussed above (U.S. government securities or money market funds registered under the
Investment Company Act), such assets, other than cash, are “securities” for purposes of the Investment Company Act and, therefore,
nevertheless, there is a risk that we could be deemed an unregistered investment company and subject to the Investment Company Act at
any time. If our circumstances change over time, we will update our disclosure to reflect how such changes impact the risk that we may
be considered to be operating as an unregistered investment company.

In the adopting release for
the 2024 SPAC Rules (as defined below), the SEC provided guidance that a SPAC’s potential status as an “investment company”
depends on a variety of factors, such as a SPAC’s duration, asset composition, business purpose and activities and “is a
question of facts and circumstances” requiring individualized analysis. If we were deemed to be an unregistered investment company
and subject to compliance with and regulation under the Investment Company Act, we would be subject to additional regulatory burdens
and expenses for which we have