Company: TACOW
Filing Date: 2025-04-09
Form Type: S-1/A
Source: 0001829126-25-002484
Chunk: 145

Company: Berto Acquisition Corp.
Filing Date: 2025-04-09
Form: S-1/A
Chunk 145
---
ed NTBVPS, on a pro forma basis to give effect to this offering, assuming no exercise of the over-allotment option and exercise of the over-allotment option in full, constitutes dilution to investors in this offering. Adjusted NTBVPS is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of ordinary shares which may be redeemed for cash), as adjusted to reflect various potential redemption levels that may occur in connection with the closing of our initial business combination, by the number of outstanding ordinary shares.

Adjusted NTBVPS excludes the effect of the consummation of our initial business combination or any related transactions or expenses. The calculation of Adjusted NTBVPS assumes that no ordinary shares are issued to shareholders of our potential initial business combination target as consideration or issuable by the post-business combination company (for example, under an incentive plan or employee share purchase plan), no ordinary shares or convertible equity, equity-linked or debt securities are issued in connection with additional financing that we may seek in connection with our initial business combination, and no working capital loans are converted into private placement shares. The issuance of additional ordinary or preference shares may significantly dilute the equity interest of investors in this offering.

At December 31, 2024,
our net tangible book deficit was $($963,290), or approximately $(0.13) per ordinary share. The following table illustrates what the
Adjusted NTBVPS at December 31, 2024 would have been to the public shareholders on a pro forma basis to give effect to this offering
and the issuance of the private placement warrants and underwriter warrants, assuming no exercise of the over-allotment option and exercise
of the over-allotment option in full:

|                                                                                                  |     | No             
 Redemptions    
 No             
 Over-Allotment |       |   |     | Full           
 Over-Allotment |       |   |     | 25%                 
 of                  
 Maximum Redemptions 
 No                  
 Over-Allotment      |       |   |     | 75%                 
 of                  
 Maximum Redemptions 
 No                  
 Over-Allotment      |       |   |     | Full           
 Over-Allotment |       |   |     | Maximum        
 Redemptions    
 No             
 Over-Allotment |       |   |     | Full           
 Over-Allotment |       |   |
|:-------------------------------------------------------------------------------------------------|:----|:---------------|------:|:--