Company: COPL-UN
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001829126-25-004483
Chunk: 8

Company: Copley Acquisition Corp
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 a lesser number of shares redeemed) and may force the Company
to seek third party financing which may not be available on terms acceptable to the Company or at all. As a result, the Company may not
be able to consummate such an initial Business Combination and the Company may not be able to locate another suitable target within the
applicable time period, if at all.

    7

Business Combination

The Company will have until 18 months from the closing of the Initial Public Offering (which can be extended two times, each by an additional three months, for a total completion time of up to 24 months) (the “Completion Window”). However, if the Company is unable to complete its initial Business Combination within the Completion Window, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter (and subject to lawfully available funds therefor), redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of its remaining shareholders and its board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to its redeemable Public Warrants and Private Placement Warrants, which will expire worthless if the Company fails to complete its initial Business Combination within the Completion Window.

Going Concern Consideration

As of March 31, 2025, the Company had a working capital deficit of $537,214. Although the Company successfully closed its Initial Public Offering on May 2, 2025, the proceeds available outside of the Trust Account
are insufficient to provide sufficient liquidity to fund ongoing operations. The Company has incurred and expects to continue to incur
significant costs as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination. Such costs
will be incurred prior to generating any operating revenues. In connection with the Company’s assessment of going concern considerations
in accordance with ASC 205-40,