Company: SDHIU
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073707
Chunk: 18

Company: Siddhi Acquisition Corp (Cayman Islands)
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 additional 1,437,500 Class B ordinary shares, as a result of which
the Sponsor has purchased and holds an aggregate of 7,187,500 Class B ordinary shares. On February 10, 2025, the Company, through a share
recapitalization, by way of entering into an amended and restated subscription agreement, the Sponsor surrendered 1,437,500 Class B ordinary
shares, as a result of which the Sponsor purchased and held an aggregate of 5,750,000 Class B ordinary shares. On March 31, 2025, the
Company, through a share recapitalization, the Sponsor issued an additional 1,150,000 Class B ordinary shares, as a result of which the
Sponsor has purchased and holds an aggregate of 6,900,000 Class B ordinary shares. All share and per share data has been retrospectively
presented. Up to 900,000 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which
the underwriter’s over-allotment is exercised. As a result of the full exercise of the over-allotment option by the underwriter
at the closing of the Initial Public Offering, the 900,000 founder shares are no longer subject to forfeiture.

On March 27, 2025, the Sponsor granted membership
interests equivalent to an aggregate of 145,000 founder shares to members of the Company in exchange for their services through the Company’s
initial Business Combination. The founder shares, represented by such membership interests, will remain with the Sponsor if the holder
of such membership interests are no longer serving the Company prior to the initial Business Combination. The membership interest assignment
of the founder shares to the holders of such interests are in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation”
(“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon
the assignment date. The total fair value of the 145,000 founder shares represented by such membership interests assigned to the holders
of such interests on March 27, 2025 was $214,135 or $1.477 per share. The membership interests were assigned subject to a performance
condition (i.e., providing services through Business Combination). Stock-based compensation would be recognized at the date a Business
Combination is considered probable (i.e., upon consummation of a Business Combination)