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

FORM 10-QSB

(MarkOne)

|        |                                                                                  |
|--------|----------------------------------------------------------------------------------|
|   | Quarterly reportunder Section 13 or 15(d) of the Securities Exchange Act of 1934 |

|        |                                             |
|--------|---------------------------------------------|
|   | For the quarterly period endedJune 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                                            |
| (Exact Name of SmallBusiness 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   

As of August 15, 2005, 11,200,000 shares of common stock,par value $.0001 per share, were issued and outstanding.

Transitional Small Business Disclosure Format (checkone):    Yes       No   

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|                                                                           |  |        |    |        |  |  |
|---------------------------------------------------------------------------|--|--------|----|--------|--|--|
|                                                                      |  | Page   |
| PartI: Financial Information:                                             |  |
| Item 1– Financial Statements(Unaudited):                            |  |
| Balance Sheet                                                             |  |   | 2  |   |
| Statements of Operations                                                  |  |   | 3  |   |
| Statements of Stockholders'Equity                                         |  |   | 4  |   |
| Statements of CashFlows                                                   |  |   | 5  |   |
| Notes to FinancialStatements                                              |  |   | 6  |   |
| Item 2 –Management's Discussion and Analysis or Plan ofOperation    |  |   | 9  |   |
| Item 3 – Controlsand Procedures                                     |  |   | 10 |   |
| Part II. OtherInformation                                                 |  |
| Item 2 – Unregistered Salesof Equity Securities and Use of Proceeds |  |   | 11 |   |
| Item 6 – Exhibits                                                   |  |   | 11 |   |
| Signatures                                                                |  |   | 12 |   |
|                                                                           |

1

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AldabraAcquisition Corporation(a corporation in the developmentstage)

BalanceSheet

|                                                                                                                            |  |                          |            |                  |  |        |         |         |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|--------------------------|------------|------------------|--|--------|---------|---------|--|--|
|                                                                                                                       |  | June30, 2005 (unaudited) |            | December 31,2004 |
| **ASSETS**                                                                                                                 |  |                     |       |             |  |   |    |    |
| Cashand cashequivalents                                                                                                    |  | $                        | 1,394,976  |             |  | $      | 11,095  |    |
| Cashheld in Trust Fund (Note1)                                                                                             |  |                     | 49,826,777 |             |  |   | — |    |
| Prepaidexpenses                                                                                                            |  |                     | 73,944     |             |  |   | — |    |
| Deferredofferingcosts                                                                                                      |  |                     | —    |             |  |   | 83,905  |    |
| **Totalassets**                                                                                                            |  | $                        | 51,295,697 |             |  | $      | 95,000  |    |
|                                                                                                                       |  |                     |       |             |  |
| **LIABILITIESAND STOCKHOLDERS'EQUITY**                                                                                     |  |                     |       |             |  |
|                                                                                                                       |  |
| **Currentliabilities:**                                                                                                    |  |
| Accruedexpenses                                                                                                            |  | $                        | 42,641     |             |  | $      | 1,100   |    |
| Capitaland income taxespayable                                                                                             |  |                     | 141,344    |             |  |   | — |    |
| DeferredTrustincome                                                                                                        |  |                     | 98,274     |             |  |   | — |    |
| Notespayable,stockholders                                                                                                  |  |                     | —    |             |  |   | 70,000  |    |
| Totalliabilities                                                                                                           |  |                     | 282,259    |             |  |   | 71,100  |    |
|                                                                                                                       |  |                     |       |             |  |
| Commonstock, subject to possible conversion, 1,839,080 shares at conversionvalue (Note2)                                   |  |                     | 9,862,266  |             |  |   | — |    |
| **Commitment**                                                                                                             |  |
| **Stockholders'equity (Notes 2, 3 and 4)**                                                                                 |  |
| Preferredstock, $.0001 par value, Authorized 1,000,000 shares; noneissued                                                  |  |
| Common stock, $.0001 parvalue                                                                                              |  |
| Authorized 35,000,000shares                                                                                                |  |
| Issued and outstanding 11,200,000shares (which includes 1,839,080 subject to possible conversion) and2,000,000respectively |  |                     | 1,120      |             |  |   | 200     |    |
| Additionalpaid-incapital                                                                                                   |  |                     | 40,996,589 |             |  |   | 24,800  |    |
| Income(Deficit) accumulated during the developmentstage                                                                    |  |                     | 153,463    |             |  |   | (1,100  | )  |
| **Totalstockholders'equity**                                                                                               |  |                     | 41,151,172 |             |  |   | 23,900  |    |
| **Totalliabilities and stockholders'equity**                                                                               |  | $                        | 51,295,697 |             |  | $      | 95,000  |    |
|                                                                                                                            |

SeeNotes to Unaudited Financial Statements.

2

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Aldabra AcquisitionCorporation(a corporation in the development stage)

Statement ofOperations(unaudited)

|                                          |  |                                         |            |                                       |  |                                                                  |           |        |  |        |           |        |  |  |
|------------------------------------------|--|-----------------------------------------|------------|---------------------------------------|--|------------------------------------------------------------------|-----------|--------|--|--------|-----------|--------|--|--|
|                                     |  | Forthe Three Months Ended June 30, 2005 |            | For the SixMonths Ended June 30, 2005 |  | For the Period from November22, 2004 (inception) to June 30,2005 |
| **Income:**                              |  |
| InterestIncome                           |  | $                                       | 309,436    |                                  |  | $                                                                | 404,993   |   |  | $      | 404,993   |   |
| **Expenses:**                            |  |
| Professionalfees                         |  |                                    | 20,393     |                                  |  |                                                             | 23,638    |   |  |   | 23,638    |   |
| Franchiseand capitaltaxes                |  |                                    | 5,423      |                                  |  |                                                             | 20,125    |   |  |   | 20,125    |   |
| Travel                                   |  |                                    | 15,853     |                                  |  |                                                             | 15,853    |   |  |   | 15,853    |   |
| Rentandoffice                            |  |                                    | 27,294     |                                  |  |                                                             | 37,744    |   |  |   | 37,744    |   |
| Insurance                                |  |                                    | 23,362     |                                  |  |                                                             | 31,326    |   |  |   | 31,326    |   |
| Otherformation and operatingcosts        |  |                                    | —    |                                  |  |                                                             | 525       |   |  |   | 1,625     |   |
| **TotalExpenses**                        |  |                                    | 92,325     |                                  |  |                                                             | 129,211   |   |  |   | 130,311   |   |
| **Incomebeforetaxes**                    |  |                                    | 217,111    |                                  |  |                                                             | 275,782   |   |  |   | 274,682   |   |
| **Provisionfor incometaxes**             |  |                                    | 103,069    |                                  |  |                                                             | 121,219   |   |  |   | 121,219   |   |
| **Netincome**                            |  | $                                       | 114,042    |                                  |  | $                                                                | 154,563   |   |  | $      | 153,463   |   |
| **Netincome per share basic anddiluted** |  | $                                       | .01        |                                  |  | $                                                                | .02       |   |  | $      | .02       |   |
| **Weightedaverage sharesoutstanding**    |  |                                    | 11,200,000 |                                  |  |                                                             | 8,758,011 |   |  |   | 7,534,843 |   |
|                                          |

SeeNotes to Unaudited Financial Statements

3

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Aldabra AcquisitionCorporation(a corporation in the development stage)

Statement of Stockholders'Equity

|                                                                                                                                      |  |                                                                                     |            |                         |  |                                                        |         |        |  |        |            |         |  |        |         |         |  |        |            |         |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------------------------------------------------------------------|------------|-------------------------|--|--------------------------------------------------------|---------|--------|--|--------|------------|---------|--|--------|---------|---------|--|--------|------------|---------|--|--|
|                                                                                                                                 |  |             CommonStock |            | Addition paid-incapital |  | Income (Deficit) Accumulated DuringtheDevelopmentStage |         | Total  |
|                                                                                                                                 |  | Shares                                                                              |            | Amount                  |  |
| Balance, November 22, 2004(inception)                                                                                                |  |                                                                                | —    |                    |  | $                                                      | — |   |  | $      | —    |    |  | $      | — |    |  | $      | —    |    |
| Saleof 2,000,000 shares of common stock to initial stockholders at $.0125per 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                                                                                                              |  |                                                                                | —    |                    |  |                                                   | — |   |  |   | —    |    |  |   | 154,563 |    |  |   | 154,563    |    |
| Balance,June 30,2005                                                                                                                 |  |                                                                                | 11,200,000 |                    |  | $                                                      | 1,120   |   |  | $      | 40,996,589 |    |  | $      | 153,463 |    |  | $      | 41,151,172 |    |
|                                                                                                                                      |

SeeNotes to Unaudited Financial Statements.

4

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Aldabra AcquisitionCorporation(a corporation in the development stage)

Statement of Cash Flows(unaudited)

|                                                                             |  |                                       |             |                                                                  |  |        |             |         |  |  |
|-----------------------------------------------------------------------------|--|---------------------------------------|-------------|------------------------------------------------------------------|--|--------|-------------|---------|--|--|
|                                                                        |  | Forthe Six Months Ended June 30, 2005 |             | For the periodfrom November 22, 2004 (inception) to June 30,2005 |
| **Cash flow from operatingactivities**                                      |  |
| Netincome                                                                   |  | $                                     | 154,563     |                                                             |  | $      | 153,463     |    |
| Adjustmentsto reconcile net income to net cash used in operatingactivities: |  |
| Accrued interest on treasury bills heldinTrust                              |  |                                  | (490,777    | )                                                           |  |   | (490,777    | )  |
| Increasein capital and income taxespayable                                  |  |                                  | 141,344     |                                                             |  |   | 141,344     |    |
| Increase indeferredinterest                                                 |  |                                  | 98,274      |                                                             |  |   | 98,274      |    |
| Increase inprepaidexpenses                                                  |  |                                  | (73,944     | )                                                           |  |   | (73,944     | )  |
| Increasein accruedexpenses                                                  |  |                                  | 10,600      |                                                             |  |   | 11,700      |    |
| Netcash used in operatingactivities                                         |  |                                  | (159,940    | )                                                           |  |   | (159,940    | )  |
| **Cashflows from Investing Activities**                                     |  |
| Cash held inTrustFund                                                       |  |                                  | (49,336,000 | )                                                           |  |   | (49,336,000 | )  |
| **Cashflows from financing activities**                                     |  |
| Proceeds fromnotes 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                                           |  |                                  | (4,250,179  | )                                                           |  |   | (4,334,084  | )  |
| **Netcash provided by financingactivities**                                 |  |                                  | 50,879,821  |                                                             |  |   | 50,890,916  |    |
| **Netincrease incash**                                                      |  |                                  | 1,383,881   |                                                             |  |   | 1,394,976   |    |
| **Cashat beginning of theperiod**                                           |  |                                  | 11,095      |                                                             |  |   | —     |    |
| **Cashat the end of theperiod**                                             |  | $                                     | 1,394,976   |                                                             |  | $      | 1,394,976   |    |
| SupplementalSchedule of non-cash financingactivity:                         |  |
| Accrued costs ofpublic offering                                             |  | $                                     | 30,941      |                                                             |  | $      | 30,941      |    |
|                                                                             |

See Notes to UnauditedFinancial Statements.

5

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AldabraAcquisition Corporation(a corporation in the developmentstage)

Notes to Unaudited FinancialStatements

|                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|----------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **1.    Basisof Presentation** |  | The financial statements at June 30,2005 and for the periods ended June 30, 2005 are unaudited. In theopinion of management, all adjustments (consisting of normal accruals)have been made that are necessary to present fairly the financialposition of Aldabra Acquisition Corporation (the"Company") as of June 30, 2005 and theresults of its operations and its cash flow for the periods ended June30, 2005. Operating results for the interim period presented are notnecessarily 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.    Organizationand        BusinessOperations** |  | The Company was incorporated inNovember 22, 2004 as a blank check company whose objective is toacquire an operating business. |
|                                                                                                                 |  |                                                                                                                               |

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | The registration statementfor 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 $49,827,000 at June 30, 2005. The excessof market value over cost, exclusive of the deferred interest describedfurther below, is included in interest income in the accompanyingstatements of operations. The remaining net proceeds (not held in theTrust Fund) may be used to pay for business, legal and accounting duediligence on prospective acquisitions and continuing general andadministrative expenses. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

|  |  |                                                                                                                                                                                                                         |
|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | The Company, after signing adefinitive agreement for the acquisition of a target business, willsubmit such transaction for stockholder approval. In the event thatstockholders owning 20% or more of the shares sold in |
|  |  |                                                                                                                                                                                                                         |

6

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

Notes to Unaudited FinancialStatements

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | the Offering vote against the BusinessCombination and exercise their conversion rights described below, theBusiness Combination will not be consummated. All of theCompany's stockholders prior to the Offering, including all ofthe 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 June 30, 2005balance sheet and 19.99% of the related interest earned on theTreasury Bill has been recorded as deferred interest. |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | TheCompany's Amended and Restated Certificate of Incorporationprovides for mandatory liquidation of the Company in the event that theCompany does not consummate a Business Combination within 18 monthsfrom the date of the consummation of the Offering, or 24 months fromthe consummation of the Offering if certain extension criteria havebeen satisfied. In the event of liquidation, it is likely that the pershare value of the residual assets remaining available for distribution(including Trust Fund assets) will be less than the initial publicoffering price per share in the Offering (assuming no value isattributed to the Warrants contained in the Units sold in the Offeringdiscussed in Note  3). |
|  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **3.    Initial PublicOffering** |  | On February 24, 2005, the Company sold8,000,000 units ("Units") in the Offering. OnFebruary 25, 2005, the Company sold an additional 1,200,000 Unitspursuant to the underwriters' over-allotment option. Each Unitconsists of one share of the Company's common stock, $.0001 parvalue, and two Redeemable 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 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 |
|                                                      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

7

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

Notes to Unaudited FinancialStatements

|  |  |                                                                                                                                                                                                                                                                                                                                         |
|--|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  | be redeemable at a price of $.01 per Warrantupon 30 days' notice after the Warrants become exercisable, onlyin the event that the last sale price of the common stock is at least$8.50 per share for any 20 trading days within a 30 trading day periodending on the third day prior to the date on which notice of redemptionis given. |
|  |  |                                                                                                                                                                                                                                                                                                                                         |

|                                            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **4.    Common Stock** |  | OnJanuary 27, 2005, the Company's Board of Directors authorized astock dividend of one share of common stock for each outstanding shareof common stock. In addition, on January 27, 2005, the Company'sBoard of Directors approved an amendment to the Company'sCertificate of Incorporation to increase the number of authorizedshares of common stock to 35,000,000. All references in theaccompanying financial statements to the numbers of shares have beenretroactively restated to reflect these transactions. |
|                                            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|  |  |                                                                                                                      |
|--|--|----------------------------------------------------------------------------------------------------------------------|
|  |  | As ofJune 30, 2005, 18,400,000 shares of common stock were reserved forissuance upon exercise of redeemablewarrants. |
|  |  |                                                                                                                      |

8

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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 June 30, 2005,we had net income of approximately $114,000, derived from interestincome less operating expenses.

For the six months ended June30, 2005, we had net income of approximately $155,000, derived frominterest income less operating expenses.

For the period fromNovember 22, 2004 (inception) through June 30, 2005, we had net incomeof approximately $153,000, derived from interest income less operatingexpenses.

We consummated our initial public offering on February24, 2005. On February 25, we consummated the closing of an additional1,200,000 units that were subject to the underwriters'over-allotment option. Gross proceeds from our initial public offeringwere $55,200,000. We paid a total of $3,864,000 in underwritingdiscounts and commissions, and approximately $501,000 was or will bepaid for costs and expenses related to the offering. After deductingthe underwriting discounts and commissions and the offering expenses,the total net proceeds to us from the offering were approximately$50,835,000, of which $49,336,000 was deposited into the trust account(or $5.36 per share sold in the offering). The remaining proceeds areavailable to be used by us to provide for business, legal andaccounting 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 June 30, 2005 was madeunder the supervision and with the participation of our management,including our chief executive officer. Based on that evaluation, heconcluded that our disclosure controls and procedures are effective asof the end of the period covered by this report to ensure thatinformation required to be disclosed by us in reports that we file orsubmit under the Securities Exchange Act of 1934 is recorded,processed, summarized and reported within the time periods specified inSecurities and Exchange Commission rules and forms. During the mostrecently completed fiscal quarter, there has been no significant changein our internal control over financial reporting that has materiallyaffected, or is reasonably likely to materially affect, our internalcontrol 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 or will be paid for costs and expensesrelated to the offering.

After deducting the underwritingdiscounts and commissions and the offering expenses, the total netproceeds to us from the offering were approximately $50,835,000, ofwhich $49,336,000 was deposited into a trust fund (or $5.36 per sharesold in the offering) and the remaining proceeds are available to beused to provide for business, legal and accounting due diligence onprospective business combinations and continuing general andadministrative expenses.

ITEM 6: EXHIBITS

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

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

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

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SIGNATURES

In accordance with the requirements of the Exchange Act, theregistrant caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

|                       |  |                                    |  |  |  |  |  |  |  |  |
|-----------------------|--|------------------------------------|--|--|--|--|--|--|--|--|
|                  |  | **ALDABRAACQUISITION CORPORATION** |
| Dated: August 15,2005 |  |
|                  |  | /s/JasonWeiss                      |
|                  |  | JasonWeissChief ExecutiveOfficer   |
|                       |

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