Company: TACOW
Filing Date: 2025-04-09
Form Type: S-1/A
Source: 0001829126-25-002484
Chunk: 76

Company: Berto Acquisition Corp.
Filing Date: 2025-04-09
Form: S-1/A
Chunk 76
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 will
be intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination;
(ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our articles not for the purpose
of approving, or in conjunction with the consummation of, an initial business combination (A) to modify the substance or timing of our
obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not
complete our initial business combination within the completion window or (B) with respect to any other material provisions relating
to the rights of holders of our ordinary shares or pre-initial business combination activity; or (iii) absent an initial business combination
within the completion window, our return of the funds held in the trust account to our public shareholders as part of our redemption
of the public shares. If we do not invest the proceeds as described above, we may be deemed to be subject to the Investment Company Act.

Further, under the subjective
test of a “investment company” pursuant to Section 3(a)(1)(A) of the Investment Company Act, even if the funds deposited
in the trust account were invested in the assets discussed above (U.S. government securities or money market funds registered under the
Investment Company Act), such assets, other than cash, are “securities” for purposes of the Investment Company Act and, therefore,
nevertheless, there is a risk that we could be deemed an unregistered investment company and subject to the Investment Company Act at
any time. If our circumstances change over time, we will update our disclosure to reflect how such changes impact the risk that we may
be considered to be operating as an unregistered investment company.

In the adopting release for
the 2024 SPAC Rules (as defined below), the SEC provided guidance that a SPAC’s potential status as an “investment company”
depends on a variety of factors, such as a SPAC’s duration, asset composition, business purpose and activities and “is a
question of facts and circumstances” requiring individualized analysis. If we were deemed to be an unregistered investment company
and subject to compliance with and regulation under the Investment Company Act, we would be subject to additional regulatory burdens
and expenses for which we have not allotted funds. Unless we are able to modify our activities so that we would not be deemed an investment
company, we would either register as an investment company