Company: SDHIU
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001213900-25-042070
Chunk: 12

Company: Siddhi Acquisition Corp (Cayman Islands)
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 12
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 into a certain subscription
agreement with the Company, paying $25,000, or approximately $0.004 per share, in exchange for the issuance of 5,750,000 founders shares
to the Sponsor. On October 7, 2024, the Company, through a share capitalization, issued the Sponsor an additional 1,437,500 Class
B ordinary shares, as a result of which the Sponsor held an aggregate of 7,187,500 Class B ordinary shares. On February 10, 2025, the
Company, through a share recapitalization, surrendered 1,437,500 Class B ordinary shares, as a result of which the Sponsor held an aggregate
of 5,750,000 Class B ordinary shares. On March 31, 2025, the Company, through a share recapitalization, issued the Sponsor an additional
1,150,000 Class B ordinary shares, as a result of which the Sponsor holds an aggregate of 6,900,000 Class B ordinary shares. All share
and per-share data have been retrospectively presented. Up to 900,000 of the founder shares may be surrendered by the Sponsor for no consideration
depending on the extent to which the underwriter’s over-allotment is exercised. As a result of the full exercise of the over-allotment
option by the underwriter at the closing of the Initial Public Offering, the 900,000 founder shares are no longer subject to forfeiture.

On March 27, 2025, the Sponsor granted membership
interests equivalent to an aggregate of 145,000 founder shares to members of the Company in exchange for their services through the Company’s
initial Business Combination. The founder shares, represented by such membership interests, will remain with the Sponsor if the holder
of such membership interests are no longer serving the Company prior to the initial Business Combination. The membership interest assignment
of the founder shares to the holders of such interests are in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation”
(“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon
the assignment date. The total fair value of the 145,000 founder shares represented by such membership interests assigned to the holders
of such interests on March 27, 2025 was $214,135 or $1.477 per share. The membership interests were assigned subject to a performance
condition (