Company: SDHIU
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073707
Chunk: 19

Company: Siddhi Acquisition Corp (Cayman Islands)
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 in an amount equal to the number of membership
interests that ultimately vest times the assignment date fair value per share (unless subsequently modified) less the amount initially
received for the assignment of the membership interests. As of June 30, 2025, the Company determined that the initial Business Combination
is not considered probable and therefore no compensation expense has been recognized.

The Company’s initial shareholders have
agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon conversion thereof
until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which
the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results
in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other
property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial shareholders
with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if (1) the closing price of the Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial
Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the
Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will
be released from the Lock-up.

Promissory Note — Related Party

The Sponsor had agreed to loan the Company an
aggregate of up to $300,000, as amended, to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest
bearing and unsecured. The promissory note was payable on the date on which the Company consummated the Initial Public Offering, out of
the $750,000 of offering proceeds that has been allocated to the payment of offering expenses, from amounts available for working capital
or from the net proceeds of the offering and the sale of the Private Placement Units not held in the Trust Account. As of June 30, 2025,
all amounts that the Company had borrowed under the promissory note