Company: COPL-UN
Filing Date: 2025-04-01
Form Type: S-1/A
Source: 0001829126-25-002247
Chunk: 8

Company: Copley Acquisition Corp
Filing Date: 2025-04-01
Form: S-1/A
Chunk 8
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 the HFCAA, the
PCAOB issued a Determination Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1) mainland China of the People’s Republic of China because of a position
taken by one or more authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because
of a position taken by one or more authorities in Hong Kong. In addition, the PCAOB’s report identified the specific registered
public accounting firms which are subject to these determinations (“2021 Determinations”). Our auditor, Withum Smith+Brown,
PC, is headquartered in the State of New Jersey, has been inspected by the PCAOB on a regular basis and is subject to laws in the U.S.
pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Accordingly,
we do not believe the HFCAA, as amended, will affect our auditors or us. Furthermore, as we will not seek an initial business combination
target that operates in the PRC, the combined company, at the close of our initial business combination, is not expected to be subject
to any of the aforementioned PRC regulations nor the HFCAA, as amended.

Currently, we are a single
Cayman Islands exempted company with limited liability and do not make any internal cash transfers. We do not have any subsidiaries,
and we have not received, declared, or made any dividends or distributions. Upon completion of this offering and the private placement,
our assets will be limited to cash, denominated in USD and held in our trust account and working capital account, respectively. As we
do not intend to enter into an initial business combination with a PRC target company, PRC laws and regulations governing and restricting
capital contributions, loans, dividends and distributions will not be applicable to us if we are able to consummate an initial business
combination.

Since several of our executive
officers and directors are located in or have significant ties to the PRC, we may be a less attractive partner to potential target companies
outside the PRC, thereby limiting our pool of acquisition candidates. This would impact our search for a target company and make it harder
for us to complete an initial business combination with a non-PRC-based target company. For example, a combination with a U.S. target
company may be subject to review by a U.S.