UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


(Mark One)

[X]  QUARTERLY  REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE  SECURITIES  AND
     EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 1998.

[ ]  TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
     EXCHANGE ACT OF 1934

For the transition period from ______________  to  ________________

Commission file number - 000-22813


                        North Atlantic Acquisition Corp.
             (Exact name of registrant as specified in its charter)

                                    Delaware
         (State or other jurisdiction of incorporation or organization)

                                   13-3853272
                      (I.R.S. Employer Identification No.)

            5 East 59th Street, 3rd. Floor, New York, New York 10022
               (Address of principal executive offices - Zip code)


Registrant's telephone number, including area code:  (212) 486-4444


Former  name,  former  address and former  fiscal  year,  if changes  since last
report.

Indicate by checkmark  whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports)  and (2) has been  subject to such  filing
requirements for the past 90 days.

                                  Yes _X_    No __

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:


Indicate by checkmark whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the  Securities  Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court.
 
                                  Yes __     No __


APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding
of each of the issuer's  classes of common stock,  as of the latest  practicable
date.

Class A, common stock, par value $.01 per share,  906,000 shares  outstanding as
of December 31, 1998.

Class B, common stock, par value $.01 per share,  150,000 shares  outstanding as
of December 31, 1998.


<PAGE>

                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                                                           Index
================================================================================

Part I - Financial Information

  Item 1. Financial statements:

          Balance sheets as of November 30, 1998 and 
            August 31, 1998                                                    3
          Statements of operations for the three months 
            ended November 30,  1998 and 1997 and period 
            from September 1, 1995 (inception) to
            November 30, 1998                                                  4
          Statements of stockholders' equity for the three 
            months ended November 30, 1998                                     5
          Statements of cash flows for the three months 
            ended November 30, 1998 and 1997 and period 
            from September 1, 1995 (inception) to
            November 30, 1998                                                  6
          Notes to financial statements                                        7

  Item 2. Management's  Discussion and Analysis of Financial  Condition
               and Results of Operations 8

Part II - Other Information

  Item 1. Legal Proceedings                                                    9
  Item 2. Changes in Securities                                                9
  Item 3. Defaults Upon Senior Securities                                      9
  Item 4. Submission of Matters to a Vote of Security Holders                  9
  Item 5. Other Information                                                    9
  Item 6. Exhibits and Reports on Form 8-K                                     9

  Signatures                                                                  10


                                                                               2

<PAGE>

                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)
                                                   Part 1. Financial Information
                                                   Item 1.  Financial Statements
                                                                  Balance Sheets
================================================================================
<TABLE>
<CAPTION>
                                                                          November 30,     August 31,
                                                                              1998           1998
 ----------------------------------------------------------------------------------------------------
                                                                          (Unaudited)      (Audited)
<S>                                                                       <C>            <C>   
Assets
Cash                                                                      $       691    $     1,079
Cash held in escrow                                                               324            324
Investment in treasury securities held in escrow                            8,557,526      8,408,801
Deferred merger costs                                                         215,000        105,000
-----------------------------------------------------------------------------------------------------
                                                                          $ 8,773,541    $ 8,515,204
=====================================================================================================
Liabilities and Stockholders' Equity
Liabilities:
   Accrued expenses                                                       $   350,027    $   174,496
-----------------------------------------------------------------------------------------------------
Commitments
Common stock subject to possible conversion, 160,000
  shares at redemption value                                                1,711,570      1,681,825
-----------------------------------------------------------------------------------------------------
Stockholders' equity:
   Convertible preferred stock, $.01 par value - shares
     authorized 1,000,000; outstanding none; subscribed
     94; liquidation value - $9,400                                                 1              1
   Subscription receivable                                                       (100)          (100)
   Class A common stock, $.01 par value - shares
     authorized 10,000,000; outstanding 906,000                                 9,060          9,060
   Class B common stock, $.01 par value - shares
     authorized 250,000;issued and outstanding 150,000                          1,500          1,500
   Additional paid-in capital                                               6,586,948      6,586,948
   Earnings (deficit) accumulated during the development
     stage                                                                    114,535         61,474
-----------------------------------------------------------------------------------------------------
        Total stockholders' equity                                          6,711,944      6,658,883
-----------------------------------------------------------------------------------------------------
                                                                          $ 8,773,541    $ 8,515,204
=====================================================================================================
</TABLE>
                                 See accompanying notes to financial statements.



                                                                               3

<PAGE>


                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)
                                                    Item 1. Financial Statements
                                                        Statements of Operations
                                                                     (Unaudited)
================================================================================
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                                                                    Period from 
                                                                                                    September 1,  
                                                                      Three months ended                1995      
                                                                          November 30,             (inception) to 
                                                                 ----------------------------        November 30,
                                                                   1998              1997                1998
------------------------------------------------------------------------------------------------------------------
<S>                                                              <C>              <C>               <C>        
Interest income                                                  $   148,750      $   105,000       $   560,143
General and administrative expenses and debt costs                    40,944          (11,000)         (244,038)
Income taxes                                                          25,000               --            90,000
------------------------------------------------------------------------------------------------------------------
Net income                                                       $    82,806      $    94,000       $   226,105
==================================================================================================================
Net income per common share                                      $       .08      $       .09
==================================================================================================================
Weighted average common shares outstanding                         1,056,000        1,056,000
==================================================================================================================
</TABLE>

                                 See accompanying notes to financial statements.






                                                                               4

<PAGE>


                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                                    Item 1. Financial Statements
                                              Statements of Stockholders' Equity
================================================================================

<TABLE>
<CAPTION>
                                                                                                                                    
                                                                                        Class A                      Class B        
                                                                                  ---------------------      -----------------------
                                             Preferred Stock                          Common stock                 Common stock     
                                          --------------------    Subscription    ---------------------      -----------------------
                                          Shares        Amount     receivable     Shares         Amount       Shares          Amount
------------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>           <C>      <C>            <C>            <C>          <C>             <C>
Balance, August 31, 1997
 (Audited)                                  94            $1       $(9,400)       906,000        $9,060       150,000         $1,500
Subscription paid                           --            --         9,300             --            --            --             --
Net income                                  --            --            --             --            --            --             --
Accretion to redemption value of
   common stock                             --            --            --             --            --            --             --
------------------------------------------------------------------------------------------------------------------------------------
Balance August 30, 1998 (Audited)           94             1          (100)       906,000         9,060       150,000          1,500
Net income                                  --            --            --             --            --                             
Accretion to redemption value of
   common stock                             --            --            --             --            --                             
------------------------------------------------------------------------------------------------------------------------------------
Balance, November 30, 1998
   (Unaudited)                              94            $1         $(100)       906,000        $9,060       150,000         $1,500
====================================================================================================================================

<CAPTION>
                                                              Earnings
                                                             (deficit)
                                                             accumulated      Total
                                               Additional     during the   stockholders'
                                                paid-in      development     equity
                                                capital         stage       (deficit)
--------------------------------------------------------------------------------------
<S>                                            <C>             <C>          <C>
Balance, August 31, 1997 
 (Audited)                                     $6,586,948      $(70,005)    $6,518,104
Subscription paid                                      --                        9,300
Net income                                             --       213,304        213,304
Accretion to redemption value of
   common stock                                        --       (81,825)       (81,825)
---------------------------------------------------------------------------------------
Balance August 30, 1998 (Audited)               6,586,948        61,474      6,658,883
Net income                                                       82,806         82,806
Accretion to redemption value of
   common stock                                                 (29,745)       (29,745)
---------------------------------------------------------------------------------------
Balance, November 30, 1998
   (Unaudited)                                 $6,586,948      $114,535     $6,711,944
=======================================================================================
</TABLE>


                                 See accompanying notes to financial statements.


                                                                               5

<PAGE>


                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                                    Item 1. Financial Statements
                                                        Statements of Cash Flows
                                                                     (Unaudited)
================================================================================
                                                                              
<TABLE>
<CAPTION>
                                                                                                                      Period from   
                                                                                 Three months ended November 30,      September 1,  
                                                                                 -------------------------------    1995 (inception)
                                                                                                                     to November 30,
                                                                                   1998                1997              1998
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                 <C>                 <C>
 Cash flows from operating activities:
    Net income (loss)                                                          $     82,806        $     94,000        $    226,105
    Adjustments to reconcile net income (loss) to net cash
       provided by (used in) operating activities:
         Amortization of deferred debt costs                                             --                  --               9,800
         Amortization of discount on notes payable                                       --                  --              35,000
         Changes in assets and liabilities:
            Accrued expenses                                                        175,531             (49,332)            111,928
            Interest receivable on investments                                     (106,725)           (105,000)           (230,280)
------------------------------------------------------------------------------------------------------------------------------------
               Net cash provided by (used in) operating
                 activities                                                         151,612             (60,332)            152,553
------------------------------------------------------------------------------------------------------------------------------------
 Cash flows from investing activities:
    Purchase of treasury securities in escrow                                    (6,520,000)                 --         (25,154,198)
    Sale of treasury securities in escrow                                         6,478,000                  --          16,973,375
    Increase in cash held in escrow                                                      --                  --               1,352
------------------------------------------------------------------------------------------------------------------------------------
               Net cash used in investing activities                                (42,000)                 --          (8,179,471)
------------------------------------------------------------------------------------------------------------------------------------
 Cash flows from financing activities:
    Proceeds from sale of common stock, net                                              --                  --           8,188,109
    Subscription paid                                                                    --               9,300               9,300
    Deferred costs:
       Registration                                                                      --                  --              90,000
       Merger costs                                                                      --                  --            (215,000)
       Debt                                                                        (110,000)                 --              (9,800)
       Repayment of notes payable                                                        --            (100,000)           (100,000)
    Proceeds from issuance of notes payable                                              --                  --              65,000
------------------------------------------------------------------------------------------------------------------------------------
               Net cash provided by (used in) financing
                 activities                                                        (110,000)            (90,700)          8,027,609
------------------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in cash                                                       (388)           (151,032)                691
 Cash, beginning of period                                                            1,079             400,535                  --
------------------------------------------------------------------------------------------------------------------------------------
 Cash, end of period                                                           $        691        $    249,503        $        691
====================================================================================================================================
 Supplemental disclosures for cash flow information:
  Cash paid for:
       Interest                                                                $         --        $         --        $         --
       Taxes                                                                             --                  --                  --
====================================================================================================================================
</TABLE>

 In fiscal 1996,  the Company  received a note for  subscribed  preferred  stock
    amounting to $9,400, which is a noncash financing activity.

 In fiscal  1996,  the Company has  recorded a $90,000  liability  relating to a
    license agreement, which is a noncash financing activity.
================================================================================

                                 See accompanying notes to financial statements.


                                                                               6
<PAGE>


                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                                    Item 1. Financial Statements
                                                   Notes to Financial Statements
================================================================================

1.   Basis of Presentation          The  financial  statements  are presented in
                                    accordance  with  the  requirements  of Form
                                    10-Q   and   Regulation   210  of  S-X   and
                                    consequently  do  not  include  all  of  the
                                    disclosures  normally made in an annual Form
                                    10-K  filing.  Accordingly,   the  financial
                                    statements   included   herein   should   be
                                    reviewed in  conjunction  with the financial
                                    statements  and footnotes  therein  included
                                    within the  Company's  Annual Report on Form
                                    10-K for the year ended August 31, 1998.

                                    The financial  information has been prepared
                                    in accordance  with the Company's  customary
                                    accounting   practices   and  has  not  been
                                    audited.  In the opinion of management,  the
                                    information    presents   all    adjustments
                                    necessary  for a fair  statement  of interim
                                    results.  All  such  adjustments  are  of  a
                                    normal and recurring  nature.  The foregoing
                                    interim    results   are   not   necessarily
                                    indicative  of the results of  operations to
                                    be expected for a full year.


2.  Investments                     The Company has invested the majority of the
                                    proceeds from the initial public offering in
                                    United States Treasury Bills. These treasury
                                    bills,  which were  purchased at a discount,
                                    are presented at their accreted cost,  which
                                    approximates its market value.



                                                                               7
<PAGE>


                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                 Item 2. Management's Discussion and Analysis of
                                   Financial Condition and Results of Operations
================================================================================

North Atlantic  Acquisition  Corp.  (the "Company") is a "blank check" or "blind
pool" company which was formed on August 9, 1995 to serve as a vehicle to effect
a merger,  exchange  of  capital  stock,  asset  acquisition  or other  business
combination  (a "Business  Combination")  with an operating  business (a "Target
Business").  The  business  objective  of the  Company  is to effect a  Business
Combination  with a Target  Business which the Company  believes has significant
growth potential.

On August 18,  1998,  the  Company,  Moto Guzzi  Corp.,  a Delaware  corporation
("Guzzi  Corp."),  and for certain  provisions,  Trident  Rowan  Group,  Inc., a
Maryland  corporation  ("TRG"),  entered into a definitive Agreement and Plan of
Merger and Reorganization,  as amended ("Merger  Agreement"),  pursuant to which
Guzzi  Corp.  would  merge  with and into NAAC,  with NAAC  being the  surviving
corporation ("Merger"). TRG and its partially-owned  subsidiary,  O.A.M. S.p.A.,
together own all the outstanding  common stock of Guzzi Corp.  Guzzi Corp., is a
leading Italian manufacturer, marketer and distributor of performance and luxury
motorcycles and motorcycle parts, marketed under the "Moto Guzzi(R)" brand name.

The  Merger  will be treated as a reverse  acquisition  of the  Company by Guzzi
Corp. In a reverse  acquisition,  the  shareholders  of NAAC will own, after the
Merger, less than 50% of the post-Merger shares. The shareholders of Guzzi Corp.
will  receive  approximately  76.4% of the  post-Merger  shares of the  Company,
excluding  any  shares  of the  Company's  Class A common  stock  issuable  upon
exercise of any options or  warrants,  and Guzzi Corp.,  therefore,  will be the
accounting acquirer. The cost of the acquisition of the Company will be based on
the fair value of the  Company's  assets and  liabilities  as of the date of the
Merger  (which  amounts   approximate  book  value).  The  Company   anticipates
completing  the merger by February 1, 1999. The Merger is subject to shareholder
approval and certain other conditions.


                                                                               8
<PAGE>


                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                                     Part II - Other Information
================================================================================

Item 1.   Legal Proceedings

          None

 Item 2.  Changes in Securities

          None

 Item 3.  Defaults Upon Senior Securities

          None

 Item 4.  Submission of Matters to a Vote of Security Holders

          None

 Item 5.  Other Information

          None

 Item 6.  Exhibits and Reports on Form 8-K

          None


                                                                               9

<PAGE>

                                                North Atlantic Acquisition Corp.
                                            (formerly Orion Acquisition Corp. I)
                                        (a corporation in the development stage)

                                                     Part II - Other Information
================================================================================

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.



Date:  January 19, 1999                        North Atlantic Acquisition Corp.
                                               ---------------------------------
                                                        (Registrant)



                                               By: /s/ David J. Mitchell
                                                   ----------------------------
                                                       David J. Mitchell
                                                       Chairman of the Board and
                                                       Chief Executive Officer


                                                                              10