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UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.20549

FORM 10-QSB

(Mark One)

|        |                                                                                  |
|--------|----------------------------------------------------------------------------------|
|   | Quarterly report underSection 13 or 15(d) of the Securities Exchange Act of 1934 |

|        |                                                  |
|--------|--------------------------------------------------|
|   | For the quarterly period endedSeptember 30, 2005 |

|        |                                                                |
|--------|----------------------------------------------------------------|
|   | Transition report underSection 13 or 15(d) of the Exchange Act |

|        |                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | For the transition period from                                 to                             |

Commission File Number 000-51150

|                                                                           |  |                                     |  |  |  |  |
|---------------------------------------------------------------------------|--|-------------------------------------|--|--|--|--|
| AldabraAcquisition Corporation                                            |
| (ExactName of Small Business Issuer as Specified in ItsCharter)           |
| Delaware                                                                  |  | 20-1918691                          |
| (Stateor other Jurisdiction of Incorporation orOrganization)              |  | (I.R.S. Employer IdentificationNo.) |
| c/oTerrapin Partners, LLC, Rockefeller Center, 620 Fifth Avenue,3rd Floor |
| New York, NewYork 10020                                                   |
| (Address of Principal ExecutiveOffice)                                    |
| (212)332-3555                                                             |
| (Issuer's Telephone Number,Including Area Code)                           |
|                                                                           |

Check whether theissuer (1) filed all reports required to be filed by Section 13 or15(d) of the Exchange Act during the past 12 months (or for suchshorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90days.

Yes      No  

Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act).Yes      No  

As of November 11,2005, 11,200,000 shares of common stock, par value $.0001 per share,were issued and outstanding.

Transitional Small BusinessDisclosure Format (checkone):    Yes      No  

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|                                                                          |  |        |        |        |  |  |
|--------------------------------------------------------------------------|--|--------|--------|--------|--|--|
|                                                                     |  | Page   |
| PartI: FinancialInformation:                                             |  |   |   |   |
| Item 1–Financial Statements(Unaudited):                            |  |   |   |   |
| BalanceSheet                                                             |  |   | 3      |   |
| Statements ofOperations                                                  |  |   | 4      |   |
| Statements ofStockholders'Equity                                         |  |   | 5      |   |
| Statements of CashFlows                                                  |  |   | 6      |   |
| Notes to FinancialStatements                                             |  |   | 7      |   |
| Item 2 –Management's Discussion and Analysis or Plan ofOperation   |  |   | 10     |   |
| Item 3 – Controlsand Procedures                                    |  |   | 11     |   |
| Part II. OtherInformation                                                |  |   |   |   |
| Item 2 –Unregistered Sales of Equity Securities and Use ofProceeds |  |   | 12     |   |
| Item 6 –Exhibits                                                   |  |   | 12     |   |
| Signatures                                                               |  |   | 13     |   |
|                                                                          |

2

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Aldabra AcquisitionCorporation (a corporation in the development stage)

BalanceSheet

|                                                                                                                            |  |                               |            |                  |  |        |         |         |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|-------------------------------|------------|------------------|--|--------|---------|---------|--|--|
|                                                                                                                       |  | September30, 2005 (unaudited) |            | December 31,2004 |
| **ASSETS**                                                                                                                 |  |                          |       |             |  |   |    |    |
| Cashand cashequivalents                                                                                                    |  | $                             | 1,165,688  |             |  | $      | 11,095  |    |
| Investmentsheld in Trust Fund (Note1)                                                                                      |  |                          | 50,227,524 |             |  |   | — |    |
| Prepaidexpenses                                                                                                            |  |                          | 48,108     |             |  |   | — |    |
| Deferredofferingcosts                                                                                                      |  |                          | —    |             |  |   | 83,905  |    |
| **Totalassets**                                                                                                            |  | $                             | 51,441,320 |             |  | $      | 95,000  |    |
| **LIABILITIESAND STOCKHOLDERS'EQUITY**                                                                                     |  |                          |       |             |  |   |    |    |
| **Currentliabilities:**                                                                                                    |  |                          |       |             |  |   |    |    |
| Accruedexpenses                                                                                                            |  | $                             | 10,000     |             |  | $      | 1,100   |    |
| Capitaland income taxespayable                                                                                             |  |                          | 197,081    |             |  |   | — |    |
| DeferredTrustincome                                                                                                        |  |                          | 178,889    |             |  |   | — |    |
| Notespayable,stockholders                                                                                                  |  |                          | —    |             |  |   | 70,000  |    |
| Totalliabilities                                                                                                           |  |                          | 385,970    |             |  |   | 71,100  |    |
| Commonstock, subject to possible conversion, 1,839,080 shares at conversionvalue (Note2)                                   |  |                          | 9,862,266  |             |  |   | — |    |
| **Commitment**                                                                                                             |  |                          |       |             |  |   |    |    |
| **Stockholders'equity (Notes 2, 3 and4)**                                                                                  |  |                          |       |             |  |   |    |    |
| Preferred stock,$.0001 par value, Authorized 1,000,000 shares;  noneissued                                                 |  |                          | —    |             |  |   | — |    |
| Commonstock, $.0001 parvalue                                                                                               |  |                          |       |             |  |   |    |    |
| Authorized 35,000,000shares                                                                                                |  |                          |       |             |  |   |    |    |
| Issued andoutstanding 11,200,000 shares (which includes 1,839,080 subject topossible conversion) and 2,000,000respectively |  |                          | 1,120      |             |  |   | 200     |    |
| Additionalpaid-incapital                                                                                                   |  |                          | 40,996,589 |             |  |   | 24,800  |    |
| Income(Deficit) accumulated during the developmentstage                                                                    |  |                          | 195,375    |             |  |   | (1,100  | )  |
| **Totalstockholders'equity**                                                                                               |  |                          | 41,196,084 |             |  |   | 23,900  |    |
| **Totalliabilities and stockholders'equity**                                                                               |  | $                             | 51,441,320 |             |  | $      | 95,000  |    |
|                                                                                                                            |

SeeNotes to Unaudited Financial Statements.

3

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Aldabra AcquisitionCorporation (a corporation in the development stage)

Statement of Operations(unaudited)

|                                           |  |                                              |            |                                             |  |                                                                       |           |        |  |        |           |        |  |  |
|-------------------------------------------|--|----------------------------------------------|------------|---------------------------------------------|--|-----------------------------------------------------------------------|-----------|--------|--|--------|-----------|--------|--|--|
|                                      |  | Forthe Three Months Ended September 30, 2005 |            | For theNine Months Ended September 30, 2005 |  | For the Periodfrom November 22, 2004 (inception) to September 30,2005 |
| **Income:**                               |  |                                         |       |                                        |  |                                                                  |      |   |  |   |      |   |
| InterestIncome                            |  | $                                            | 330,033    |                                        |  | $                                                                     | 735,026   |   |  | $      | 735,026   |   |
| **Expenses:**                             |  |                                         |       |                                        |  |                                                                  |      |   |  |   |      |   |
| Professionalfees                          |  |                                         | 137,282    |                                        |  |                                                                  | 160,920   |   |  |   | 160,920   |   |
| Franchiseand capitaltaxes                 |  |                                         | 10,063     |                                        |  |                                                                  | 30,188    |   |  |   | 30,188    |   |
| Travel                                    |  |                                         | 45,630     |                                        |  |                                                                  | 61,483    |   |  |   | 61,483    |   |
| Rentandoffice                             |  |                                         | 25,846     |                                        |  |                                                                  | 63,590    |   |  |   | 63,590    |   |
| Insurance                                 |  |                                         | 23,627     |                                        |  |                                                                  | 54,953    |   |  |   | 54,953    |   |
| Otherformation and operatingcosts         |  |                                         | —    |                                        |  |                                                                  | 525       |   |  |   | 1,625     |   |
| **TotalExpenses**                         |  |                                         | 242,448    |                                        |  |                                                                  | 371,659   |   |  |   | 372,759   |   |
| **Incomebeforetaxes**                     |  |                                         | 87,585     |                                        |  |                                                                  | 363,367   |   |  |   | 362,267   |   |
| **Provisionfor incometaxes**              |  |                                         | 45,673     |                                        |  |                                                                  | 166,892   |   |  |   | 166,892   |   |
| **Netincome**                             |  | $                                            | 41,912     |                                        |  | $                                                                     | 196,475   |   |  | $      | 195,375   |   |
| **Netincome per share basic and diluted** |  | $                                            | .00        |                                        |  | $                                                                     | ..02      |   |  | $      | ..02      |   |
| **Weighted averagesharesoutstanding**     |  |                                         | 11,200,000 |                                        |  |                                                                  | 9,580,952 |   |  |   | 8,612,141 |   |
|                                           |

SeeNotes to Unaudited Financial Statements

4

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Aldabra AcquisitionCorporation (a corporation in the development stage)

Statement of Stockholders'Equity

|                                                                                                                                      |  |                                                             |            |                         |  |                                                        |         |        |  |        |            |         |  |        |         |         |  |        |            |         |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------------------------------------------|------------|-------------------------|--|--------------------------------------------------------|---------|--------|--|--------|------------|---------|--|--------|---------|---------|--|--------|------------|---------|--|--|
|                                                                                                                                 |  |         CommonStock |            | Addition paid-incapital |  | Income (Deficit) AccumulatedDuring theDevelopmentStage |         | Total  |
|                                                                                                                                 |  | Shares                                                      |            | Amount                  |  |
| Saleof 2,000,000 shares of common stock to initial stockholders on November22, 2004 at $.0125 per share, as adjusted (Note4)         |  |                                                        | 2,000,000  |                    |  | $                                                      | 200     |   |  | $      | 24,800     |    |  | $      | — |    |  | $      | 25,000     |    |
| NetLoss for theperiod                                                                                                                |  |                                                        | —    |                    |  |                                                   | — |   |  |   | —    |    |  |   | (1,100  | )  |  |   | (1,100     | )  |
| Balanceat December 31,2004                                                                                                           |  |                                                        | 2,000,000  |                    |  | $                                                      | 200     |   |  | $      | 24,800     |    |  | $      | (1,100  | )  |  | $      | 23,900     |    |
| Unaudited:                                                                                                                           |  |                                                        |       |                    |  |                                                   |    |   |  |   |       |    |  |   |    |    |  |   |       |    |
| Saleof 9,200,000 units, net of underwriters' discount and offeringexpenses (includes 1,839,080 shares subject to possibleconversion) |  |                                                        | 9,200,000  |                    |  |                                                   | 920     |   |  |   | 50,834,055 |    |  |   | — |    |  |   | 50,834,975 |    |
| Proceedssubject to possible conversion of 1,839,080shares                                                                            |  |                                                        | —    |                    |  |                                                   | — |   |  |   | (9,862,266 | )  |  |   | — |    |  |   | (9,862,266 | )  |
| Netincome for theperiod                                                                                                              |  |                                                        | —    |                    |  |                                                   | — |   |  |   | —    |    |  |   | 196,475 |    |  |   | 196,475    |    |
| Balance,September 30,2005                                                                                                            |  |                                                        | 11,200,000 |                    |  | $                                                      | 1,120   |   |  | $      | 40,996,589 |    |  | $      | 195,375 |    |  | $      | 41,193,084 |    |
|                                                                                                                                      |

SeeNotes to Unaudited Financial Statements.

5

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Aldabra AcquisitionCorporation (a corporation in the development stage)

Statement of Cash Flows(unaudited)

|                                                                             |  |                                             |             |                                                                       |  |        |             |         |  |  |
|-----------------------------------------------------------------------------|--|---------------------------------------------|-------------|-----------------------------------------------------------------------|--|--------|-------------|---------|--|--|
|                                                                        |  | Forthe Nine Months Ended September 30, 2005 |             | For theperiod from November 22, 2004 (inception) to September30, 2005 |
| **Cash flow from operatingactivities**                                      |  |                                        |        |                                                                  |  |   |        |    |
| Netincome                                                                   |  | $                                           | 196,475     |                                                                  |  | $      | 195,375     |    |
| Adjustmentsto reconcile net income to net cash used in operatingactivities: |  |                                        |        |                                                                  |  |   |        |    |
| Interest earnedon treasury bills held inTrust                               |  |                                        | (891,524    | )                                                                |  |   | (891,524    | )  |
| Increasein capital and income taxespayable                                  |  |                                        | 197,081     |                                                                  |  |   | 197,081     |    |
| Increasein deferredinterest                                                 |  |                                        | 178,889     |                                                                  |  |   | 178,889     |    |
| Increasein prepaidexpenses                                                  |  |                                        | (48,108     | )                                                                |  |   | (48,108     | )  |
| Increasein accruedexpenses                                                  |  |                                        | 8,900       |                                                                  |  |   | 10,000      |    |
| Netcash used in operatingactivities                                         |  |                                        | (358,287    | )                                                                |  |   | (358,287    | )  |
| **Cashflows from InvestingActivities**                                      |  |                                        |        |                                                                  |  |   |        |    |
| Cash placedinto TrustFund                                                   |  |                                        | (49,336,000 | )                                                                |  |   | (49,336,000 | )  |
| **Cashflows from financingactivities**                                      |  |                                        |        |                                                                  |  |   |        |    |
| Proceedsfrom notes payable,stockholders                                     |  |                                        | —     |                                                                  |  |   | 70,000      |    |
| Repaymentof notes payable,stockholders                                      |  |                                        | (70,000     | )                                                                |  |   | (70,000     | )  |
| Proceedsfrom sale of shares of commonstock                                  |  |                                        | 55,200,000  |                                                                  |  |   | 55,225,000  |    |
| Paymentof costs of publicoffering                                           |  |                                        | (4,281,120  | )                                                                |  |   | (4,365,025  | )  |
| **Netcash provided by financingactivities**                                 |  |                                        | 50,848,880  |                                                                  |  |   | 50,859,975  |    |
| **Netincrease incash**                                                      |  |                                        | 1,154,593   |                                                                  |  |   | 1,165,688   |    |
| **Cashat beginning of theperiod**                                           |  |                                        | 11,095      |                                                                  |  |   | —     |    |
| **Cashat the end of theperiod**                                             |  | $                                           | 1,165,688   |                                                                  |  | $      | 1,165,688   |    |
|                                                                             |

SeeNotes to Unaudited FinancialStatements.

6

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AldabraAcquisition Corporation (a corporation in the developmentstage)

Notes to Unaudited FinancialStatements

|                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **1.    Basisof Presentation** |  | The financial statements at September30, 2005 and for the periods ended September 30, 2005 are unaudited. Inthe opinion of management, all adjustments (consisting of normalaccruals) have been made that are necessary to present fairly thefinancial position of Aldabra Acquisition Corporation (the"Company") as of September 30, 2005 and theresults of its operations and its cash flow for the periods endedSeptember 30, 2005. Operating results for the interim period presentedare not necessarily indicative of the results to be expected for a fullyear. |
|                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | The statements and related notes have been preparedpursuant to the rules and regulations of the U.S. Securities andExchange Commission. Accordingly, certain information and footnotedisclosures normally included in financial statements prepared inaccordance with generally accepted accounting principles have beenomitted pursuant to such rules and regulations. These financialstatements should be read in conjunction with the financial statementsthat were included in the Company's Annual Report on Form 10-KSBfor the period ended December 31,2004. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|                                                                                                                   |  |                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------|--|-------------------------------------------------------------------------------------------------------------------------------|
| **2.    Organization and        Business Operations** |  | The Companywas incorporated in November 22, 2004 as a blank check company whoseobjective is to acquire an operating business. |
|                                                                                                                   |  |                                                                                                                               |

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | Theregistration statement for the Company's initial public offering("Offering") was declared effective February17, 2005. The Company consummated the offering on February 24, 2005 andreceived net proceeds of approximately $44,139,000 (Note 3). OnFebruary 25, 2005, the Company consummated the closing of theover-allotment option and the Company received net proceeds ofapproximately $6,696,000 (Note 3). The Company's management hasbroad discretion with respect to the specific application of the netproceeds of this Offering, although substantially all of the netproceeds of this Offering are intended to be generally applied towardconsummating a business combination with an operating business("Business Combination"). An amount ofapproximately $49,336,000 of the net proceeds is being held in aninterest-bearing trust account ("Trust Fund")until the earlier of (i) the consummation of a Business Combination or(ii) liquidation of the Company. Under the agreement governing theTrust Fund, funds will only be invested in United States governmentsecurities (Treasury Bills) with a maturity of 180 days or less. Thisamount has been invested in Treasury Bills. The Treasury Bills havebeen accounted for as trading securities, which are recorded at theirmarket value of approximately $50,230,500 at September 30, 2005. Theexcess of market value over cost, exclusive of the deferred interestdescribed further below, is included in interest income in theaccompanying statements of operations. The remaining net proceeds (notheld in the Trust Fund) may be used to pay for business, legal andaccounting due diligence on prospective acquisitions and continuinggeneral and administrative expenses. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

7

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AldabraAcquisition Corporation (a corporation in the developmentstage)  (continued)

Notes to Unaudited FinancialStatements

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | The Company, after signing a definitiveagreement for the acquisition of a target business, will submit suchtransaction for stockholder approval. In the event that stockholdersowning 20% or more of the shares sold in the Offering voteagainst the Business Combination and exercise their conversion rightsdescribed below, the Business Combination will not be consummated. Allof the Company's stockholders prior to the Offering, includingall of the officers and directors of the Company ("InitialStockholders"), have agreed to vote their 2,000,000founding shares of common stock in accordance with the vote of themajority in interest of all other stockholders of the Company("Public Stockholders") with respect to anyBusiness Combination. After consummation of a Business Combination,these voting safeguards will no longer be applicable. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | Withrespect to a Business Combination which is approved and consummated,any Public Stockholder who voted against the Business Combination maydemand that the Company convert his or her shares. The per shareconversion price will equal the amount in the Trust Fund as of two daysprior to the consummation of the proposed Business Combination dividedby the number of shares of common stock held by Public Stockholders atthe consummation of the Offering. Accordingly, Public Stockholdersholding 19.99% of the aggregate number of shares owned by allPublic Stockholders may seek conversion of their shares in the event ofa Business Combination. Such Public Stockholders are entitled toreceive their per share interest in the Trust Fund computed withoutregard to the shares held by Initial Stockholders. Accordingly, aportion of the net proceeds from the offering (19.99% of theamount originally held in the Trust Fund) has been classified as commonstock subject to possible conversion in the accompanying September 30,2005 balance sheet and 19.99% of the related interest earned onthe Treasury Bill has been recorded as deferredinterest. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | The Company's Amended and RestatedCertificate of Incorporation provides for mandatory liquidation of theCompany in the event that the Company does not consummate a BusinessCombination within 18 months from the date of the consummation of theOffering, or 24 months from the consummation of the Offering if certainextension criteria have been satisfied. In the event of liquidation, itis likely that the per share value of the residual assets remainingavailable for distribution (including Trust Fund assets) will be lessthan the initial public offering price per share in the Offering(assuming no value is attributed to the Warrants contained in the Unitssold in the Offering discussed in Note3). |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

|                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------------------------------------------------------|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **3.    Initial Public Offering** |  | OnFebruary 24, 2005, the Company sold 8,000,000 units("Units") in the Offering. On February 25,2005, the Company sold an additional 1,200,000 Units pursuant to theunderwriters' over-allotment option. Each Unit consists of oneshare of the Company's common stock, $.0001 par value, and twoRedeemable Common Stock Purchase Warrants("Warrants"). Each Warrant will entitle theholder to purchase from the Company one share of common stock at anexercise price of $5.00 |
|                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

8

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AldabraAcquisition Corporation (a corporation in the developmentstage)  (continued)

Notes to Unaudited FinancialStatements

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | commencing the later of the completion of aBusiness Combination with a target business or one year from theeffective date of the Offering and expiring four years from the date ofthe prospectus. The Warrants will be redeemable at a price of $.01 perWarrant upon 30 days' notice after the Warrants becomeexercisable, only in the event that the last sale price of the commonstock is at least $8.50 per share for any 20 trading days within a 30trading day period ending on the third day prior to the date on whichnotice of redemption is given. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

|                                           |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **4.    CommonStock** |  | On January 27, 2005, the Company's Boardof Directors authorized a stock dividend of one share of common stockfor each outstanding share of common stock. In addition, on January 27,2005, the Company's Board of Directors approved an amendment tothe Company's Certificate of Incorporation to increase the numberof authorized shares of common stock to 35,000,000. All references inthe accompanying financial statements to the numbers of shares havebeen retroactively restated to reflect thesetransactions. |
|                                           |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|  |  |                                                                                                                            |
|--|--|----------------------------------------------------------------------------------------------------------------------------|
|  |  | As of September 30, 2005, 18,400,000 sharesof common stock were reserved for issuance upon exercise of redeemablewarrants. |
|  |  |                                                                                                                            |

9

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ITEM 2 -MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The following discussion should be read in conjunction with theCompany's Consolidated Financial Statements and footnotes theretocontained in this report.

Forward Looking Statements

The statements discussed in this Report include forward lookingstatements that involve risks and uncertainties, including the timelydelivery and acceptance of the Company's products and the otherrisks detailed from time to time in the Company's reports filedwith the Securities and Exchange Commission.

We were formed onNovember 22, 2004, to serve as a vehicle to effect a merger, capitalstock exchange, asset acquisition or other similar business combinationwith an operating business. We intend to utilize cash derived from theproceeds of our recently completed public offering, our capital stock,debt or a combination of cash, capital stock and debt, in effecting abusiness combination.

For the three months ended September 30,2005, we had net income of approximately $44,900, derived from interestincome less operating expenses.

For the nine months endedSeptember 30, 2005, we had net income of approximately $199,500,derived from interest income less operating expenses.

For theperiod from November 22, 2004 (inception) through September 30, 2005,we had net income of approximately $198,400, derived from interestincome less operating expenses.

We consummated our initialpublic offering on February 24, 2005. On February 25, we consummatedthe closing of an additional 1,200,000 units that were subject to theunderwriters' over-allotment option. Gross proceeds from ourinitial public offering were $55,200,000. We paid a total of $3,864,000in underwriting discounts and commissions, and approximately $501,000was paid for costs and expenses related to the offering. Afterdeducting the underwriting discounts and commissions and the offeringexpenses, the total net proceeds to us from the offering wereapproximately $50,835,000, of which $49,336,000 was deposited into thetrust account (or $5.36 per share sold in the offering). The remainingproceeds are available to be used by us to provide for business, legaland accounting due diligence on prospective acquisitions and continuinggeneral and administrative expenses. We will use substantially all ofthe net proceeds of this offering to acquire a target business,including identifying and evaluating prospective acquisitioncandidates, selecting the target business, and structuring, negotiatingand consummating the business combination. To the extent that ourcapital stock is used in whole or in part as consideration to effect abusiness combination, the proceeds held in the trust fund as well asany other net proceeds not expended will be used to finance theoperations of the target business. We believe we will have sufficientavailable funds outside of the trust fund to operate through February24, 2007, assuming that a business combination is not consummatedduring that time. From February 24, 2005 through February 24, 2007, weanticipate approximately $350,000 of expenses for the due diligence andinvestigation of a target business, $350,000 of expenses for legal,accounting and other expenses attendant to the due diligenceinvestigations, structuring and negotiating of a business combination,$180,000 for the administrative fee payable to Terrapin Partners LLC($7,500 per month for two years), $40,000 of expenses in legal andaccounting fees relating to our SEC reporting obligations and $579,000for general working capital that will be used for miscellaneousexpenses and reserves, including approximately $95,000 for director andofficer liability insurance premiums. We do not believe we will need toraise additional funds following this offering in order to meet theexpenditures required for operating our business. However, we may needto raise additional funds through a private offering of debt or equitysecurities if such funds are required to consummate a businesscombination that is presented to us. We would only consummate such afinancing simultaneously with the consummation of a businesscombination.

Commencing on February 17, 2005 and ending upon theacquisition of a target business, we began incurring a fee fromTerrapin Partners LLC, an affiliate of Nathan Leight, our chairman ofthe board, Jason Weiss, our chief executive officer, Lyla Oyakawa, ourvice president of business 

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development, and Robert Plotkin, our chieftechnology officer, of $7,500 per month for providing us with certainadministrative, technology and secretarial services, as well as the useof certain limited office space, including a conference room, in NewYork City. In addition, in December 10, 2004, Nathan Leight and JasonWeiss advanced an aggregate of $70,000 to us for payment on our behalfof offering expenses. These loans were repaid following our initialpublic offering from the proceeds of the offering.

ITEM 3.CONTROLS AND PROCEDURES.

An evaluation of the effectiveness ofour disclosure controls and procedures as of September 30, 2005 wasmade under the supervision and with the participation of ourmanagement, including our chief executive officer. Based on thatevaluation, he concluded that our disclosure controls and proceduresare effective as of the end of the period covered by this report toensure that information required to be disclosed by us in reports thatwe file or submit under the Securities Exchange Act of 1934 isrecorded, processed, summarized and reported within the time periodsspecified in Securities and Exchange Commission rules and forms. Duringthe most recently completed fiscal quarter, there has been nosignificant change in our internal control over financial reportingthat has materially affected, or is reasonably likely to materiallyaffect, our internal control over financial reporting.

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PART II.

OTHER INFORMATION

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OFPROCEEDS

On February 24, 2005, we consummated our initialpublic offering of 8,000,000 Units, with each unit consisting of oneshare of our common stock and two warrants, each to purchase one shareof our common stock at an exercise price of $5.00 per share. OnFebruary 25, 2005, we closed on an additional 1,200,000 units that weresubject to the underwriters' over-allotment option. The unitswere sold at an offering price of $6.00 per unit, generating totalgross proceeds of $55,200,000. Morgan Joseph & Co. Inc. acted asthe sole book running manager and EarlyBirdCapital, Inc. acted as aco-manager. The securities sold in the offering were registered underthe Securities Act of 1933 on a registration statement on Form S-1 (No.333-121610). The Securities and Exchange Commission declared theregistration statement effective on February 17, 2005.

We paid atotal of $3,864,000 in underwriting discounts and commissions, andapproximately $501,000 has been paid for costs and expenses related tothe offering.

After deducting the underwriting discounts andcommissions and the offering expenses, the total net proceeds to usfrom the offering were approximately $50,835,000, of which $49,336,000was deposited into a trust fund (or $5.36 per share sold in theoffering) and the remaining proceeds are available to be used toprovide for business, legal and accounting due diligence on prospectivebusiness combinations and continuing general and administrativeexpenses.

ITEM 6: EXHIBITS

|  |           |           |
|--|-----------|-----------|
|  | (a)  | Exhibits: |

|        |                                             |
|--------|---------------------------------------------|
|   | 31 – Section 302 Certification by CEO |

|        |                                            |
|--------|--------------------------------------------|
|   | 32 – Section 906 Certification byCEO |

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SIGNATURES

In accordance with therequirements of the Exchange Act, the registrant caused this report tobe signed on its behalf by the undersigned, thereunto dulyauthorized.

|  | ALDABRAACQUISITION CORPORATION |
|--|--------------------------------|

Dated: November 14, 2005

|  | /s/ JasonWeiss                                                            Jason Weiss Chief ExecutiveOfficer |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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