Company: COPL-UN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001829126-25-006317
Chunk: 10

Company: Copley Acquisition Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 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 June 30, 2025, the Company had cash of $160,520 and a working capital surplus of $75,007. 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 Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 205-40, “Presentation of Financial Statements – Going Concern,”
management had determined that the Company lacks the financial resources it needs to sustain operations for a reasonable period of time,
which is considered to be one year from the date of the issuance of the condensed financial statements. This liquidity condition raises
substantial doubt about the Company’s ability to continue as a going concern.

To address this uncertainty, the Company is currently
evaluating several options to improve its liquidity position. These include raising additional capital through loans or additional investments
from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors, and Sponsor may, but are