Company: GPAC
Filing Date: 2025-10-14
Form Type: S-1
Source: 0001140361-25-038051
Chunk: 180

Company: General Purpose Acquisition Corp.
Filing Date: 2025-10-14
Form: S-1
Chunk 180
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 and external reporting areas, including segregation of duties; |

| ■ | reconciliation of accounts; |

| ■ | proper recording of expenses and liabilities in the period to which they relate; |

| ■ | evidence of internal review and approval of accounting transactions; |

| ■ | documentation of processes, assumptions and conclusions underlying significant estimates; and |

| ■ | documentation of accounting policies and procedures. |

Because it will take time, management involvement and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant expenses in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting. Once our management’s report on internal controls is complete, we will retain our independent auditors to audit and render an opinion on such report when required by Section 404 of the Sarbanes-Oxley Act. The independent auditors may identify additional issues concerning a target business’s internal controls while performing their audit of internal control over financial reporting. Quantitative and Qualitative Disclosures about Market Risk The net proceeds of this offering and the sale of the private placement units held in the trust account will be held in cash, including in demand deposit accounts at a bank, or invested in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

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TABLE OF CONTENTS Off-Balance Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results As of August 11, 2025 we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this prospectus as we have not conducted any operations to date. JOBS Act The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded