Company: SDHIU
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001213900-25-042070
Chunk: 141

Company: Siddhi Acquisition Corp (Cayman Islands)
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 141
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be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the
unaudited condensed balance sheets as current or non-current based on whether or not net cash settlement or conversion of the instrument
could be required within 12 months of the condensed balance sheet date. The underwriter’s over-allotment option is deemed
to be a freestanding financial instrument indexed on the contingently redeemable shares and will be accounted for as a liability pursuant
to ASC 480 if not fully exercised at the time of the Initial Public Offering. On April 2, 2025, the Company consummated the Initial
Public Offering including the full exercise of the underwriter’s over-allotment option.

Share Rights

The Company will account for the Public and Private
Placement Rights to be issued in connection with the Initial Public Offering and the private placement in accordance with the guidance
contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the rights under
equity treatment at their assigned value.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective,
accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

NOTE 3. PUBLIC OFFERING

Pursuant to the Initial Public Offering on April
2, 2025, the Company sold 27,600,000 Units, which includes the full exercise by the underwriter of its over-allotment option in the amount
of 3,600,000 Units, at a purchase price of $10.00 per Unit. Each Unit that the Company is offering has a price of $10.00 and consists
of one Class A ordinary share, and one right to receive one-tenth (1/10th) of one Class A ordinary share upon the
consummation of an initial business combination.

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the
Initial Public Offering, the Sponsor purchased an aggregate of 338,000 Private Placement Units, at a price of $10.00 per unit, or
$3,380,000 in the aggregate in a private placement. On March 31, 2025, the Sponsor deposited $3,150,000 into the Company’s
bank account in anticipation of the closing of the Initial Public Offering. This amount is reflected on the