# EDGAR Filing Document

**Accession Number:** 0001850262
**File Stem:** 0001829126-25-007550
**Filing Date:** 2025-9
**Character Count:** 155654
**Document Hash:** b5b874596da5b61fa64ed47dabbf0c41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007550.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001829126-25-007550

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Integral Acquisition Corp 1
- **CENTRAL INDEX KEY:** 0001850262
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 862148394
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41006
- **FILM NUMBER:** 251327737

**BUSINESS ADDRESS:**
- **STREET 1:** 1330 AVENUE OF THE AMERICAS
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2122096132

**MAIL ADDRESS:**
- **STREET 1:** 1330 AVENUE OF THE AMERICAS
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

**Commission File Number: 001-41006**

**INTEGRAL ACQUISITION CORPORATION 1**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **86-2148394** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **1330 Avenue of the Americas, 23rd Floor**<br> **New York, New York** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(212)209-6132**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name, former address and former fiscal year, if changed since last report)**

**Securities registered pursuant to Section 12(b) of the Act: None.**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of September 19, 2025, there were 3,237,669 shares of Class A common stock, par value $0.0001 per share, and one share of Class B common stock, par value $0.0001 per share, of the registrant issued and outstanding.

**INTEGRAL ACQUISITION CORPORATION 1**

**FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[PART I – FINANCIAL INFORMATION](#a_001)** | **[PART I – FINANCIAL INFORMATION](#a_001)** | **1** |
| [Item 1.](#a_002) | [Financial Statements](#a_002) | 1 |
|  | [Condensed Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#a_003) | 1 |
|  | [Unaudited Condensed Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024](#a_004) | 2 |
|  | [Unaudited Condensed Statements of Changes in Stockholders' Deficit for the Three and Six Months Ended June 30, 2025 and 2024](#a_005) | 3 |
|  | [Unaudited Condensed Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](#a_006) | 4 |
|  | [Unaudited Notes to Condensed Financial Statements](#a_007) | 5 |
| [Item 2.](#a_008) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 24 |
| [Item 3.](#a_009) | [Quantitative and Qualitative Disclosures About Market Risk](#a_009) | 30 |
| [Item 4.](#a_010) | [Controls and Procedures](#a_010) | 30 |
| **[PART II – OTHER INFORMATION](#a_011)** | **[PART II – OTHER INFORMATION](#a_011)** | **31** |
| [Item 1.](#a_012) | [Legal Proceedings](#a_012) | 31 |
| [Item 1A.](#a_013) | [Risk Factors](#a_013) | 31 |
| [Item 2.](#a_014) | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_014) | 31 |
| [Item 3.](#a_015) | [Defaults Upon Senior Securities](#a_015) | 32 |
| [Item 4.](#a_016) | [Mine Safety Disclosures](#a_016) | 32 |
| [Item 5.](#a_017) | [Other Information](#a_017) | 32 |
| [Item 6.](#a_018) | [Exhibits](#a_018) | 33 |
| **[SIGNATURES](#a_019)** | **[SIGNATURES](#a_019)** | **34** |

---

i

Unless otherwise stated in this Report, or the context otherwise requires, references to:

&nbsp;&nbsp;&nbsp;&nbsp;● "2021 Annual Report" are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on April 1, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;● "2022 Annual Report" are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on March 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;● "2023 Annual Report" are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on April 12, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;● "2023 Promissory Note" are to a that certain unsecured promissory note in the principal amount of up to $1,500,000 issued to our Sponsor on July 10, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;● "2024 Annual Report" are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on February 19, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;● "2024 SPAC Rules" are to the rules and regulations for SPACs adopted by the SEC on January 24, 2024, which became effective on July 1, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;● "2024 Promissory Note" are to a that certain unsecured promissory note in the principal amount of up to $3,000,000 issued to our Sponsor on September 12, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;● "Amended and Restated Charter" are to our Amended and Restated Certificate of Incorporation, as amended and currently in effect;

&nbsp;&nbsp;&nbsp;&nbsp;● "Anchor Investors" are to certain qualified institutional buyers or institutional accredited investors (none of which are affiliated with any member of our Management Team, our Sponsor (as defined below) or any other Anchor Investor) that purchased an aggregate of approximately $60.8 million of Units (as defined below) in our Initial Public Offering (as defined below), and became a member of our Sponsor at the closing of our Initial Public Offering;

● "ASC" are to the FASB (as defined below) Accounting Standards Codification;

● "ASC 260" are to FASB ASC Topic 260, "Earnings Per Share";

● "ASC 280" are to FASB ASC Topic 280, "Segment Reporting";

● "ASC 405" are to FASB ASC Topic 405, "Liabilities";

● "ASC 480" are to FASB ASC Topic 480, "Distinguishing Liabilities from Equity";

● "ASC 740" are to FASB ASC Topic 740, "Income Taxes";

● "ASC 815" are to FASB ASC Topic 815, "Derivatives and Hedging";

● "ASC 820" are to FASB ASC Topic 820, "Fair Value Measurements and Disclosures";

ii

● "ASU" are to the FASB Accounting Standards Update;

● "ASU 2014-15" are to FASB ASU Topic 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern";

● "ASU 2020-06" are to FASB ASU Topic 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity";

● "ASU 2023-07" are to FASB ASU Topic 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures";

● "ASU 2023-09" are to FASB ASU Topic 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures;

● "Audit Committee" are to the audit committee of our Board of Directors (as defined below);

● "Board of Directors" or "Board" are to our board of directors;

● "Business Combination" are to a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses;

● "Cartesian" are to Cartesian Capital Group, LLC;

● "Cartesian Escrow Parties" are to Cartesian and Flybondi, together;

● "Charter Amendment Proposals" are to the Founder Share Amendment Proposal (as defined below) and the Second Extension Amendment Proposal (as defined below);

● "Class A Common Stock" are to shares of our Class A common stock, par value $0.0001 per share;

● "Class B Common Stock" are to shares of our Class B common stock, par value $0.0001 per share;

● "Cohen & Company" are to Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (f/k/a J.V.B. Financial Group, LLC);

● "Combination Period" are to the period, from the closing of the Initial Public Offering to November 5, 2025 (or such earlier date as determined by the Board) as extended by the Third Extension (as defined below), that we have to consummate an initial Business Combination; provided that the Combination Period may be further extended pursuant to an amendment to the Amended and Restated Charter and consistent with applicable laws and regulations;

● "Common Stock" are to the Class A Common Stock and the Class B Common Stock, together;

● "Company," "our Company," "we" or "us" are to Integral Acquisition Corporation 1, a Delaware corporation;

● "Continental" are to Continental Stock Transfer & Trust Company, trustee of our Trust Account and warrant agent of our Public Warrants (as defined below);

● "DGCL" are to the Delaware General Corporation Law;

iii

● "DWAC System" are to the Depository Trust Company's Deposit/Withdrawal At Custodian System;

● "Escrow Amount" are to an aggregate amount of $900,000 to be put into escrow by the Cartesian Parties on or before December 15, 2023;

● "Escrow Agreement" are to the escrow agreement, dated December 13, 2023, we entered into with the Cartesian Parties;

● "Exchange Act" are to the Securities Exchange Act of 1934, as amended;

● "Excise Tax" are to the U.S. federal 1% Excise Tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 as provided for by the IR Act (as defined below);

● "Extensions" are to the First Extension, Second Extension and Third Extension, collectively;

● "Extension Promissory Notes" are to the First Extension Promissory Note (as defined below), the Second Extension Promissory Note (as defined below) and the Third Extension Promissory Note (as defined below), collectively;

● "FASB" are to the Financial Accounting Standards Board;

● "FB Parent" are to FB Parent Limited, a limited company incorporated under the laws of England and Wales;

● "FB Parent Holdings" are to Flybondi Holdings plc, a public limited company incorporated under the laws of England and Wales;

● "Flybondi" are to Flybondi Limited, a limited company incorporated under the laws of England and Wales;

● "Flybondi Business Combination" are to the transactions contemplated by the Flybondi Business Combination Agreement (as defined below);

● "Flybondi Business Combination Agreement" are to the Business Combination Agreement, dated as of October 19, 2023, by and among us, Flybondi, FB Parent Holdings, Merger Sub (as defined below) and the Sellers (as defined below), as it may be amended, supplemented, or otherwise modified from time to time, and as assigned under the Novation Agreement (as defined below);

● "Flybondi Registration Statement" are to the Registration Statement on Form F-4, which includes a proxy statement/prospectus prepared by us, Flybondi and FB Parent, initially filed by FP Parent with the SEC on January 23, 2025, in connection with the Flybondi Business Combination;

● "First Extension" are to the extension of the date by which we must consummate our initial Business Combination from May 5, 2023 to November 3, 2023 (or such earlier date as determined by the Board), as approved by the stockholders at the First Special Meeting (as defined below);

● "First Extension Amendment Proposal" are to the proposal at the First Special Meeting to approve an amendment to the Amended and Restated Charter to extend the date by which we must consummate our initial Business Combination from May 5, 2023 to November 3, 2023 (or such earlier date as determined by the Board);

● "First Extension Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $630,000 issued on May 8, 2023 to the Sponsor in connection with the First Extension;

iv

● "First Special Meeting" are to the special meeting of our stockholders held on May 3, 2023;

● "FINRA" are to the Financial Industry Regulatory Authority;

● "Founder Share Conversion" are to the 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to our Sponsor and 50,000 shares to an Anchor Investor) issued on November 3, 2023, following the approval of the Founder Share Amendment Proposal by our stockholders at the Second Special Meeting (as defined below), upon the conversion of an equal number of shares of Class B Common Stock held by the Sponsor and such Anchor Investor, respectively, as Founder Shares;

● "Founder Shares" are to the shares of Class B Common Stock initially purchased by our Sponsor in the Private Placement (as defined below) and the shares of Class A Common Stock that (i) will be issued upon the automatic conversion of the shares of Class B Common Stock at the time of our Business Combination as described herein (for the avoidance of doubt, such Class A Common Stock will not be "Public Shares") and (ii) were issued in connection with the Founder Share Conversion upon the conversion of an equal number of shares of Class B Common Stock held by the Sponsor and a certain Anchor Investor as Founder Shares;

● "Founder Share Amendment Proposal" are to the proposal at the Second Special Meeting to approve an amendment to the Amended and Restated Charter to grant a holder of shares of Class B Common Stock the right to convert such shares into shares of Class A Common Stock on a one-for-one basis prior to the closing of a Business Combination;

● "IFRS" are to the International Financial Reporting Standards, as issued by the International Accounting Standards Board;

● "Initial Public Offering" or "IPO" are to the initial public offering that we consummated on November 5, 2021;

● "Initial Stockholders" are to holders of our Founder Shares prior to our Initial Public Offering;

● "Investment Company Act" are to the Investment Company Act of 1940, as amended;

● "IPO Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $300,000 issued to our Sponsor on February 16, 2021;

● "IPO Registration Statement" are to the Registration Statement on Form S-1 initially filed with the SEC on June 14, 2021, as amended, and declared effective on November 2, 2021 (File No. 333-257058);

● "IR Act" are to the Inflation Reduction Act of 2022;

● "JOBS Act" are to the Jumpstart Our Business Startups Act of 2012;

● "Joining Sellers" are to other holders of Flybondi's outstanding shares and/or options that join the Flybondi Business Combination Agreement by delivering a Seller Joinder (as defined below) after the date of the Flybondi Business Combination Agreement;

● "Letter Agreement" are to the letter agreement, dated on November 2, 2021, we entered with our Sponsor, officers and directors;

● "Management" or our "Management Team" are to our executive officers and directors;

● "March 2025 Special Meeting" are to the special meeting of our stockholders held on March 28, 2025;

v

● "Market Value Standard" are to Nasdaq Listing Rule 5450(b)(2)(A);

● "Merger Sub" are to Gaucho MS, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of FB Parent;

● "Minimum Total Holders Rule" are to Nasdaq Listing Rule 5450(a)(2);

● "Mutual Termination Consent" are to the mutual written consent, dated as of June 4, 2025, by and between the Company and Flybondi;

● "MVLS" are to the Market Value of Listing Securities;

● "Nasdaq" are to The Nasdaq Stock Market LLC;

● "Nasdaq 36 Month Requirement" are to the Nasdaq Listing Rule IM-5101-2, which requires that a SPAC must complete one or more Business Combinations within 36 months following the effectiveness of its initial public offering registration statement;

● "Nasdaq Staff" are to the Listing Qualifications Department of Nasdaq;

● "Novation Agreement" are to the Assignment, Novation and Amendment Agreement, dated as of July 2, 2024, that we entered into with FB Parent, FB Parent Holdings, Merger Sub, Flybondi and the Sellers;

● "NTA Requirement Amendment Proposal" means the proposal approved by the Company's stockholders at the March 2025 Special Meeting, to amend the Amended and Restated Charter to eliminate (i) the limitation that the Company shall not redeem Public Shares to the extent that such redemption would result in the Company's failure to have net tangible assets of at least $5,000,001, upon consummation of the Company's initial Business Combination, and (ii) the requirement that the Company shall not consummate an initial Business Combination unless such redemption limitation is not exceeded;

● "PCAOB" are to the Public Company Accounting Oversight Board (United States);

● "Private Placement" are to the private placement of Private Placement Warrants (as defined below) that occurred simultaneously with the closing of our Initial Public Offering;

● "Private Placement Warrants" are to the warrants issued to our Sponsor in the Private Placement;

● "Public Shares" are to the shares of Class A Common Stock sold as part of the Units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);

● "Public Stockholders" are to the holders of our Public Shares, including our Initial Stockholders and Management Team to the extent our Initial Stockholders and/or members of our Management Team purchase Public Shares, provided, that each Initial Stockholders' and member of our Management Team's status as a "Public Stockholder" will only exist with respect to such Public Shares;

● "Public Warrants" are to the redeemable warrants sold as part of the Units in our Initial Public Offering (whether they were subscribed for in our Initial Public Offering or purchased in the open market);

● "Registration Rights Agreement" are to the Registration Rights Agreement, dated November 2, 2021, which we entered into with the Sponsor and the holders party thereto;

vi

● "Report" are to this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025;

● "Sarbanes-Oxley Act" are to the Sarbanes-Oxley Act of 2002;

● "SEC" are to the U.S. Securities and Exchange Commission;

● "Second Extension" are to the extension of the date by which we must consummate our initial Business Combination from November 3, 2023 to November 5, 2024 (or such earlier date as determined by the Board of Directors), as approved by our stockholders at the Second Special Meeting;

● "Second Extension Amendment Proposal" are to a proposal at the Second Special Meeting to approve an amendment to the Amended and Restated Charter to extend the date by which we must consummate its initial Business Combination from November 3, 2023 to November 5, 2024 (or such earlier date as determined by the Board);

● "Second Extension Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $359,503 issued on November 8, 2023 to the Sponsor in connection with the Second Extension;

● "Second Special Meeting" are to the special meeting in lieu of an annual meeting of our stockholders held on November 2, 2023;

● "Securities Act" are to the Securities Act of 1933, as amended;

● "Seller Joinder" are to a joinder agreement executed by a Joining Seller and delivered to us, FB Parent and Flybondi after the date of the Flybondi Business Combination Agreement;

● "Sellers" are to the Joining Sellers and the Signing Sellers;

● "Services Agreement" are to the Services Agreement, dated November 2, 2021, we entered into with our Sponsor;

● "Signing Sellers" are to certain holders of Flybondi's outstanding shares that have executed the Flybondi Business Combination Agreement on October 19, 2023;

● "SPACs" are to special purpose acquisition companies;

● "Sponsor" are to Integral Sponsor LLC, a Delaware limited liability company;

● "Third Extension" are to the extension of the date by which we must consummate our initial Business Combination from November 5, 2024 to November 5, 2025, on a monthly basis (or such earlier date as determined by the Board), as approved by our stockholders at the Third Special Meeting (as defined below);

● "Third Extension Amendment Proposal" are to the proposal at the Third Special Meeting to approve an amendment to the Amended and Restated Charter to extend the date by which we must consummate its initial Business Combination from November 5, 2024 to November 5, 2025, on a monthly basis (or such earlier date as determined by the Board);

● "Third Extension Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $130,561 issued on November 6, 2024 to the Sponsor in connection with the Third Extension;

vii

● "Third Special Meeting" are to the special meeting in lieu of an annual meeting of our stockholders held on October 31, 2024;

● "Treasury" are to the U.S. Department of the Treasury;

● "Trust Account" are to the U.S.-based trust account in which an amount of $116,725,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Warrants in the Private Placement was placed following the closing of the Initial Public Offering;

● "Trust Agreement" are to the Investment Management Trust Agreement, dated November 2, 2021, which we entered into with Continental, as trustee of the Trust Account;

● "Units" are to the units sold in our Initial Public Offering, which consist of one Public Share and one-half of one Public Warrant;

● "U.S. GAAP" are to the accounting principles generally accepted in the United States of America;

● "Warrant Agreement" are to the Warrant Agreement, dated as of November 2, 2021, which we entered into with Continental;

● "Warrants" are to the Private Placement Warrants and the Public Warrants, together; and

● "Working Capital Loans" are to funds that, in order to provide working capital or finance transaction costs in connection with a Business Combination, the Initial Stockholders or an affiliate of the Initial Stockholders or certain of our directors and officers may, but are not obligated to, loan us.

viii

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**INTEGRAL ACQUISITION CORPORATION 1**

**CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025<br>(unaudited)** | **December 31,<br>2024<br>(audited)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $21503 | $146565 |
| &nbsp;&nbsp;&nbsp;Prepaid taxes and other prepaid expenses | 48000 | 448214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 69503 | 594779 |
| &nbsp;&nbsp;&nbsp;Cash held in Trust Account | 4135011 | 4078045 |
| **Total assets** | $**4204514** | $**4672824** |
| **Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | $2276204 | $1525042 |
| &nbsp;&nbsp;&nbsp;Due to related party | 100000 | 120000 |
| &nbsp;&nbsp;&nbsp;Promissory Notes—Related Party | 1724456 | 1267756 |
| &nbsp;&nbsp;&nbsp;Working Capital Loans—convertible | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;Excise tax payable |  | 95388 |
| &nbsp;&nbsp;&nbsp;Reserve for uncertain tax positions |  | 371214 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 33232 | 88283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **5633892** | **4967683** |
| **Commitments and Contingencies (Note 4)** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Common Stock subject to possible redemption, 362,670 shares at redemption value of $11.45 and $11.22 per share at June 30, 2025 and December 31, 2024, respectively | 4152308 | 4069207 |
| **Stockholders' Deficit** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized; 2,874,999 issued and outstanding (excluding 362,670 shares subject to possible redemption) at June 30, 2025 and December 31, 2024 | 288 | 288 |
| &nbsp;&nbsp;&nbsp;Class B Common Stock, $0.0001 par value; 10,000,000 shares authorized; 1 share issued and outstanding at June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (5581974) | (4364354) |
| **Total stockholders' deficit** | **(5581686)** | **(4364066)** |
| **Total Liabilities, Redeemable Common Stock and Stockholders' Deficit** | $**4204514** | $**4672824** |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**INTEGRAL ACQUISITION CORPORATION 1**

**UNAUDITED CONDENSED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Three Months Ended<br> June 30,** | **For the<br> Three Months Ended<br> June 30,** | **For the<br> Six Months Ended<br>June 30,** | **For the<br> Six Months Ended<br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating costs | $591142 | $523160 | $1179427 | $908571 |
| &nbsp;&nbsp;&nbsp;**Loss from operations** | **(591142)** | **(523160)** | **(1179427)** | **(908571)** |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 10482 | 171811 | 46820 | 341262 |
| &nbsp;&nbsp;&nbsp;Excise tax interest and penalties | (1912) | - | (1912) | - |
| **Total other income** | **8570** | **171811** | **44908** | **341262** |
| Loss before provision for income taxes | (582572) | (351349) | (1134519) | (567309) |
| Provision for income taxes | 11342 | (43068) | - | (87143) |
| **Net loss** | $**(571230)** | $**(394417)** | $**(1134519)** | $**(654452)** |
| Basic and diluted weighted average shares outstanding, Common Stock subject to redemption | 362670 | 1198342 | 362670 | 1198342 |
| **Basic and diluted net loss per Common Stock subject to redemption** | $**(0.18)** | $**(0.10)** | $**(0.35)** | $**(0.16)** |
| Basic and diluted weighted average shares outstanding, non-redeemable Common Stock | 2875000 | 2875000 | 2875000 | 2875000 |
| **Basic and diluted net loss per non-redeemable Common Stock** | $**(0.18)** | $**(0.10)** | $**(0.35)** | $**(0.16)** |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**INTEGRAL ACQUISITION CORPORATION 1**

**UNAUDITED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Common Stock** | **Class A<br> Common Stock** | **Class B<br>Common Stock** | **Class B<br>Common Stock** | | | |
|  | **Stock** | **Amount** | **Stock** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br>**Deficit** |
| **Balance as of December 31, 2024** | **2874999** | $**288** | **1** | $**-** | $**-** | $**(4364354)** | $**(4364066)** |
| Remeasurement of Class A Common Stock to redemption amount |  |  |  |  |  | (55537) | (55537) |
| Excise tax payable |  |  |  |  |  | (40835) | (40835) |
| Net loss | - | - | - | - | - | (563289) | (563289) |
| **Balance as of March 31, 2025 (unaudited)** | **2874999** | **288** | **1** | **-** | **-** | **(5024015)** | **(5023727)** |
| Remeasurement of Class A Common Stock to redemption amount |  |  |  |  |  | (27564) | (27564) |
| Excise tax payable |  |  |  |  |  | 40835 | 40835 |
| Net loss | - | - | - | - | - | (571230) | (571230) |
| **Balance as of June 30, 2025 (unaudited)** | **2874999** | $**288** | **1** | $**-** | $**-** | $**(5581974)** | $**(5581686)** |

---

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Common Stock** | **Class A<br> Common Stock** | **Class B<br>Common Stock** | **Class B<br>Common Stock** | | | |
|  | **Stock** | **Amount** | **Stock** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br>**Deficit** |
| **Balance as of December 31, 2023** | **2874999** | $**288** | **1** | $**-** | $**-** | $**(3241895)** | $**(3241607)** |
| Remeasurement of Class A Common Stock to redemption amount |  |  |  |  |  | (178852) | (178852) |
| Net loss | - | - | - | - | - | (260035) | (260035) |
| **Balance as of March 31, 2024 (unaudited)** | **2874999** | **288** | **1** | **-** | **-** | **(3680782)** | **(3680494)** |
| Remeasurement of Class A Common Stock to redemption amount |  |  |  |  |  | (176819) | (176819) |
| Escrow funding from Cartesian Escrow Parties |  |  |  |  |  | 900000 | 900000 |
| Net loss | - | - | - | - | - | (394417) | (394417) |
| **Balance as of Jume 30, 2024 (unaudited)** | **2874999** | $**288** | **1** | $**-** | $**-** | $**(3352018)** | $**(3351730)** |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**INTEGRAL ACQUISITION CORPORATION 1**

**UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br>June 30,** | **For the<br> Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
| **Cash flows from Operating Activities:** |  |  |
| Net loss | $(1134519) | $(654452) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Interest earned on cash held in Trust Account | (46736) | (341262) |
| Changes in current assets and current liabilities: |  |  |
| Prepaid expenses |  | (33872) |
| Due to Sponsor | (20000) |  |
| Excise tax payable | (95388) |  |
| Accrued expenses | 751162 | 381371 |
| Income taxes payable | (55051) | 75493 |
| Franchise taxes payable | 29000 | (62000) |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(571532)** | **(634722)** |
| **Cash flows from Investing Activities:** |  |  |
| Extension funding of Trust Account | (65281) | (179752) |
| Funds withdrawn from Trust Account | 55051 | 151850 |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(10230)** | **(27902)** |
| **Cash flows from Financing Activities:** |  |  |
| Proceeds from issuance of the Extension Promissory Notes | 65280 |  |
| Proceeds from issuance of Working Capital Loans and the 2024 Promissory Note | 391420 | 179748 |
| Proceeds from issuance of convertible promissory note to related party |  | 480252 |
| Escrow funding from Cartesian Escrow Parties | - | 900000 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **456700** | **1560000** |
| **Net change in cash** | **(125062)** | **897376** |
| Cash, beginning of the period | 146565 | 75891 |
| **Cash, end of the period** | $**21503** | $**937267** |
| **Supplemental disclosure of noncash investing and financing activities:** |  |  |
| Remeasurement of Class A Common Stock to redemption amount | $83101 | $355671 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

**Note 1 — Organization, Business Operations and Liquidity**

***Organization and General***

Integral Acquisition Corporation 1 is a blank check company incorporated as a Delaware corporation on February 16, 2021. The Company was formed for the purpose of effecting a Business Combination.

As of June 30, 2025, the Company has neither engaged in any operations nor generated any revenues. All activity for the period from February 16, 2021 (inception) through June 30, 2025, relates to (i) the Company's formation and the IPO described below, and (ii) since the closing of the IPO, the search for a prospective target for an initial Business Combination and attempting to consummate an initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO.

***Sponsor and Financing***

The Sponsor, Integral Sponsor, LLC, is a Delaware limited liability company.

The IPO Registration Statement was declared effective on November 2, 2021. On November 5, 2021, the Company, consummated its IPO of 11,500,000 Units, including 1,500,000 Units issued upon exercise in full by the underwriter of its option to purchase additional Units. Each Unit consists of one Public Share, and one-half of one Public Warrant, with each whole Public Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $115,000,000.

Simultaneously with the closing of the IPO, the Company completed the Private Placement of an aggregate of 4,950,000 Private Placement Warrants, including 90,000 Private Placement Warrants issued in connection with the exercise in full by the underwriter of its option to purchase additional Units, to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $4,950,000. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

Upon the closing of the IPO and the Private Placement, $116,725,000 was placed in the Trust Account, representing the redemption value of the Public Shares sold in the IPO, at their redemption value of $10.15 per share.

The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

***Founder Shares***

The Initial Stockholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A Common Stock issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of the initial Business Combination and (ii) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction after the Business Combination that results in all of the stockholders having the right to exchange their Class A Common Stock for cash, securities or other property; except to certain permitted transferees and under certain circumstances (the "Lock-up").Any permitted transferees will be subject to the same restrictions and other agreements of the Initial Stockholders with respect to any Founder Shares. Notwithstanding the foregoing, the Founder Shares will be released from the Lock-up if the closing price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination. On December 29, 2021, the Sponsor transferred 50,000 Founder Shares to an Anchor Investor.

Following the approval of the Founder Share Amendment Proposal at the Second Special Meeting, on November 3, 2023, the Company issued an aggregate of 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to the Sponsor and 50,000 shares to an Anchor Investor) upon the conversion of an equal number of shares of Class B Common Stock, held by the Sponsor and such Anchor Investor, respectively, as Founder Shares.

The 2,874,999 shares of Class A Common Stock issued in connection with the Founder Share Conversion are subject to the same restrictions as applied to the Class B Common Stock before the Founder Share Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination, as described in the IPO Registration Statement. Following the Founder Share Conversion, the First Special Meeting and redemptions, the Second Special Meeting and redemptions and the Third Special Meeting and redemptions, there were 3,237,669 shares of Class A Common Stock issued and outstanding and one share of Class B Stock issued and outstanding. As a result, the Sponsor holds approximately 88.7% of the issued and outstanding Class A Common Stock.

At the March 2025 Special Meeting, holders of 348,502 Public Shares elected to redeem their Public Shares contingent on the closing of the proposed Flybondi Business Combination, discussed below. As the Flybondi Business Combination Agreement was terminated on June 4, 2025 and the proposed Flybondi Business Combination abandoned, those shares were not redeemed.

***Trust Account***

At June 30, 2025 and December 31, 2024, funds in the Trust Account were invested in an interest-bearing demand deposit account. Except for the withdrawal of funds to pay taxes, funds will remain in the Trust Account until the earlier of (i) the consummation of the Company's first Business Combination and (ii) the distribution of the Trust Account as described below. The remaining proceeds outside the Trust Account may be used for (i) business, legal and accounting expenses, (ii) due diligence on prospective acquisitions and (iii) continuing general and administrative expenses.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

***Initial Business Combination***

The Company will provide its Public Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable (excluding Excise Taxes)), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. As of June 30, 2025, the amount in the Trust Account was $11.40 (before taxes paid or payable) per Public Share.

The shares of Common Stock subject to redemption have been recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with ASC 480. In such case, the Company would proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. As discussed below, at the March 2025 Special Meeting, the Company's stockholders approved a proposal to amend the Amended and Restated Charter to eliminate the limitation that the Company shall not redeem Public Shares to the extent that such redemption would result in the Company's failure to have net tangible assets of at least $5,000,001.

Following the IPO, the Company initially had 18 months from the closing of the IPO to complete the initial Business Combination, which Combination Period, as further discussed below, was extended to November 5, 2025. If the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable (excluding Excise Taxes) and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining stockholders and the Board of Directors, liquidate and dissolve, subject, in each case, to the Company's obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with a stockholder vote to approve an amendment to the Amended and Restated Charter, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period, and (iv) vote their Founder Shares and any Public Shares purchased during or after the IPO in favor of the initial Business Combination.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15 per share due to reductions in the value of the Trust Account assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. None of the Company's officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

***Termination of Flybondi Business Combination***

On October 19, 2023, the Company entered into the Flybondi Business Combination Agreement, as amended on July 2, 2024, October 1, 2024 and April 15, 2026, with Flybondi, FB Parent Holdings, Merger Sub and the Signing Sellers. After the date of the Flybondi Business Combination Agreement, the Joining Sellers may join the Flybondi Business Combination Agreement by executing and delivering a Seller Joinder.

As discussed below, at the March 2025 Special Meeting, the Company's stockholders adopted and approved the Flybondi Business Combination Agreement and the transactions contemplated thereby.

On June 4, 2025, the Company and Flybondi entered into the Mutual Termination Consent, pursuant to which the Company and Flybondi mutually agreed to terminate the Flybondi Business Combination Agreement and to abandon the transactions contemplated thereby.

***Departure of Certain Directors and Officers***

On June 5, 2025, each of Lynne Thornton, Niraj Javeri and Stuart Hutton resigned as a director of the board of directors (the "Board") of the Company and as a member of committees of the Board, effective immediately. Also on June 5, 2025, each of Conrad Yiu, Matthew Clunies-Ross and Luke Fay resigned as a Board observer, effective immediately. Further, on June 5, 2025, Oliver Matlock resigned as the Chief Financial Officer of the Company, effective immediately. Enrique Klix assumed the role of Chief Financial Officer of the Company. The resignations of Mrs. Thornton, Mr. Javeri, Mr. Hutton, Mr. Yiu, Mr. Clunies-Ross, Mr. Fay and Mr. Matlock did not result from any disagreements with the Company on any matter relating to the Company's operations, policies or practices.

***Extensions of the Combination Period***

On May 3, 2023, the Company held the First Special Meeting. At the First Special Meeting, the stockholders approved the First Extension Amendment Proposal, which extended the date the Company had to consummate an initial Business Combination from May 5, 2023 to November 3, 2023. In connection with the vote to approve the First Extension Amendment Proposal, Public Stockholders holding 8,470,059 Public Shares properly exercised their right to redeem such Public Shares for a pro rata portion of the funds in the Trust Account. As a result, $87,843,748 (approximately $10.37 per share) was removed from the Trust Account to pay such redeeming Public Stockholders.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

In connection with the approval of the First Extension Amendment Proposal, the Company issued the First Extension Promissory Note in the aggregate principal amount of up to $630,000 to the Sponsor. The First Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or the Company's liquidation. Additionally, the Company deposited $105,000 into the Trust Account for each calendar month (commencing on May 8, 2023) or portion thereof, that was needed by the Company to complete an initial Business Combination until November 3, 2023, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company's liquidation or (ii) Public Stockholders who elect to have their Public Shares redeemed in connection with the consummation of the Business Combination.

On November 2, 2023, the Company held the Second Special Meeting, at which the stockholders approved, among other things, the Charter Amendment Proposals. Following approval of the Second Extension Amendment Proposal, the Combination Period was extended from November 3, 2023 to November 5, 2024. In connection with the vote to approve the Charter Amendment Proposals, Public Stockholders holding 1,831,599 Public Shares properly exercised their right to redeem such Public Shares for a pro rata portion of the funds in the Trust Account. As a result, $19,763,618 (approximately $10.79 per share) was removed from the Trust Account to pay such redeeming Public Stockholders.

In connection with the approval of the Second Extension Amendment Proposal, the Company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or the Company's liquidation. Additionally, the Company deposited $29,959 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5th day of each subsequent month), or portion thereof, that was needed by the Company to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company's liquidation or (ii) Public Stockholders who elect to have their Public Shares redeemed in connection with the consummation of the Business Combination.

On October 31, 2024, the Company held the Third Special Meeting, at which the stockholders approved, among other things, the Third Extension Amendment Proposal. Following approval of the Third Extension Amendment Proposal, the Combination Period was extended from November 5, 2024 to November 5, 2025, on a monthly basis (or such earlier date as determined by the Board). In connection with the vote to approve the Third Extension Amendment Proposal, Public Stockholders holding 835,672 Public Shares properly exercised their right to redeem such Public Shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $9.5 million (approximately $11.41 per share) was removed from the Trust Account to pay such redeeming Public Stockholders.

On November 6, 2024, in connection with the approval of the Third Extension Amendment Proposal, the Company issued the Third Extension Promissory Note in the aggregate principal amount of up to $130,561 to the Sponsor. The Third Extension Promissory Note bears no interest and is repayable in full upon the date of the consummation of the initial Business Combination or the Company's liquidation. Additionally, the Company agreed to make monthly deposits of $10,880 into the Trust Account for each calendar month (commencing on November 6, 2024) or portion thereof, that was needed by the Company to complete an initial Business Combination until November 5, 2025, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company's liquidation or (ii) Public Stockholders who elect to have their Public Shares redeemed in connection with the consummation of the Business Combination.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

As discussed below, at the March 2025 Special Meeting, stockholders holding an aggregate of 348,502 shares of Class A Common Stock included in the Units sold in the Company's Initial Public Offering properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.31 per share (which amount is expected to be reduced as a result of the withdrawal of interest to pay taxes prior to payment of redemption amounts to stockholders), for an aggregate redemption amount of approximately $3.94 million. These redemptions were contingent on the closing of the proposed Business Combination with Flybondi. On June 4, 2025, the Company and Flybondi entered into the Mutual Termination Consent, pursuant to which the Company and Flybondi mutually agreed to terminate the Business Combination Agreement and to abandon the transactions contemplated thereby. As the proposed Business Combination has been terminated, the shares of Class A Common Stock submitted for redemption were not redeemed.

Through June 30, 2025, the Company had deposited an aggregate of $1,076,544 to fund the Trust Account under the Extension Promissory Notes.

***March 2025 Special Meeting***

On March 28, 2025, the Company held the March 2025 Special Meeting at which the Company's stockholders approved, among other things, the NTA Requirement Amendment Proposal and the Flybondi Business Combination Agreement and the transactions contemplated thereby. The proposals are described in more detail in the Company's definitive proxy statement/prospectus filed with the SEC on March 7, 2025. On June 4, 2025, the Company and Flybondi entered into the Mutual Termination Consent, pursuant to which the Company and Flybondi mutually agreed to terminate the Business Combination Agreement and to abandon the transactions contemplated thereby. As the proposed Business Combination has been terminated, items (i) and (ii), above, will not take effect.

In connection with the March 2025 Special Meeting, stockholders holding an aggregate of 348,502 Public Shares contingently exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.31 per share for an aggregate redemption amount of approximately $3.94 million. With the termination of the proposed Flybondi Business Combination, the Public Shares submitted for redemption were not redeemed.

***Risks and Uncertainties***

The Company's ability to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company's control. The Company's ability to consummate an initial Business Combination could be impacted by, among other things, changes in laws or regulations, downturns in the financial markets or in economic conditions, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. The Company cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company's ability to complete an initial Business Combination.

***Inflation Reduction Act of 2022***

On August 16, 2022, the IR Act was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% Excise Tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. The Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the Excise Tax. In April 2024, the Treasury issued proposed regulations providing guidance with respect to the Excise Tax. Taxpayers may rely on these proposed regulations until final regulations are issued. Under the proposed regulations, liquidating distributions made by publicly traded domestic corporations are exempt from the Excise Tax. In addition, any redemptions that occur in the same taxable year as a liquidation is completed will also be exempt from such tax.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent the Company would be subject to the Excise Tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any PIPE or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination, but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the Excise Tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the Excise Tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company's ability to complete a Business Combination.

During the second quarter of 2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024.

As a result of the redemptions in 2024 in connection with the Third Special Meeting, the Company was required to file a return and remit payment for 2024 Excise Tax liabilities on or before April 30, 2025. On April 30, 2025, the Company filed its 2024 Excise Tax return. On June 4, 2025, the Company paid $97,300 in connection with the 2024 Excise Tax, including penalties and interest.

***Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard***

On June 28, 2023, the Company received a deficiency notice from the Nasdaq Staff notifying the Company that for the prior 30 consecutive business days, its MVLS was below the minimum of $50 million required for continued listing on Nasdaq pursuant to the Market Value Standard (the "First Nasdaq Notice"). The First Nasdaq Notice had no immediate effect on the listing or trading of the Company's securities on Nasdaq.

In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company had a period of 180 calendar days, or until December 26, 2023, to regain compliance with the Market Value Standard. The First Nasdaq Notice stated that to regain compliance, the Company's MVLS must close at $50 million or more for a minimum often consecutive business days during the Nasdaq Compliance Period, at which time Nasdaq would provide written notification the Company had achieved compliance under the Market Value Standard and the matter would be closed.

On October 24, 2023, the Company received a second deficiency notice from the Nasdaq Staff indicating that it was not in compliance with the Minimum Total Holders Rule, which requires the Company to maintain at least 400 total holders for continued listing on the Nasdaq Global Market (the "Second Nasdaq Notice"). The Second Nasdaq Notice was only a notification of deficiency, not of imminent delisting, and had no immediate effect on the listing or trading of the Company's securities on the Nasdaq Global Market.

In accordance with Nasdaq Listing Rule 5810I(2)(A)(i), the Second Nasdaq Notice stated that the Company had 45 calendar days, or until December 8, 2023, to submit a plan to regain compliance with the Minimum Total Holders Rule.

On December 7, 2023, the Company applied to transfer its securities from the Nasdaq Global Market to the Nasdaq Capital Market. On December 18, 2023, the Company received a letter from the Nasdaq Staff approving its application to list its securities on the Nasdaq Capital Market. The Company's securities were transferred to the Nasdaq Capital Market at the opening of business on December 21, 2023. The First Nasdaq Notice and Second Nasdaq Notice are deemed to be resolved as a result of this transfer to the Nasdaq Capital Market.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

On November 4, 2024, the Company received a notice from the Listing Qualifications Department of Nasdaq stating that, pursuant to the Nasdaq 36 Month Requirement, the Nasdaq Staff had determined that (i) the Company's securities would be delisted from Nasdaq, (ii) trading of the Class A Common Stock, Public Warrants, and Units would be suspended at the opening of business on November 11, 2024 and (iii) a Form 25-NSE would be filed with the SEC, which would remove the Company's securities from listing and registration on Nasdaq. Under the Nasdaq 36 Month Requirement, a SPAC must complete one or more Business Combinations within 36 months of the effectiveness of its initial public offering registration statement. Since the Company failed to complete its initial Business Combination by November 2, 2024, the Staff concluded that the Company did not comply with the Nasdaq 36 Month Requirement and that the Company's securities would be subject to delisting.

Trading of the Company's securities on the OTC commenced on November 11, 2024. On March 21, 2025, Nasdaq filed a Form 25-NSE to delist the Company's securities from Nasdaq. The Class A Common Stock, Public Warrants and Units are quoted on the OTC Pink Market under the symbols "INTE," "INTEW" and "INTEU," respectively.

The Company is a voluntary reporting entity under the Exchange Act, with respect to continued disclosure of financial and operational information.

***Liquidity, Capital Resources and Going Concern***

As of June 30, 2025, the Company had $21,503 in its operating bank account and a working capital deficit of $5,564,389.

Prior to the completion of the IPO, the Company's liquidity needs had been satisfied through (i) a loan under the IPO Promissory Note, an unsecured promissory note with the Sponsor totaling $252,950 and (ii) the issuance of 2,875,000 Class B Common Stock at approximately $0.009 per share for gross proceeds of $25,000. The IPO Promissory Note has been repaid and no other borrowings are permitted. Subsequent to the consummation of the IPO, the Company's liquidity needs have been satisfied through the issuance of the Private Placement Warrants, which generated gross proceeds of $4,950,000, the 2023 Promissory Note and the 2024 Promissory Note.

On May 8, 2023, the Company issued the First Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $630,000 to be deposited into the Trust Account (see Note 3). As of June 30, 2025, $355,000 had been borrowed under the First Extension Promissory Note.

On November 8, 2023, the Company issued the Second Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $359,503 to be deposited into the Trust Account (see Note 3). As of June 30, 2025, $359,503 had been borrowed under the Second Extension Promissory Note.

On July 10, 2023, the Company issued the 2023 Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $1,500,000 (see Note 3). As of June 30, 2025, $1,500,000 had been borrowed under the 2023 Promissory Note.

On September 12, 2024, the Company issued the 2024 Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $3,000,000 (see Note 3). As of June 30, 2025, $922,913 had been borrowed under the September 2024 Note.

On November 6, 2024, the Company issued the Third Extension Promissory Note to the Sponsor, pursuant to which the Sponsor agreed to loan to the Company up to $130,561 to be deposited into the Trust Account (see Note 3). As of June 30, 2025, $87,040 had been borrowed under the Third Extension Promissory Note.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

On April 30, 2024, $900,000 of cash was released to the Company by the Cartesian Escrow Parties for the payment of the Company's Excise Tax liability. Such amount was released to the Company solely for the purpose of the Company paying the Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) was held by the Company in a segregated bank account. In October 2024, the Company utilized the $900,000 released to the Company (along with other Company funds) to pay the Company's Excise Tax liability of $1,076,073.

In connection with the Company's assessment of going concern considerations in accordance with ASU 2014-15, Management has determined that the mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination, and insufficient cash raises substantial doubt about the Company's ability to continue as a going concern. At the Third Special Meeting, the stockholders extended the Combination Period from November 5, 2024 to November 5, 2025; however, it is uncertain that the Company will be able to consummate a Business Combination within the Combination Period. If a Business Combination is not consummated within the Combination Period, there will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period.

**Note 2 — Significant Accounting Policies**

***Basis of Presentation***

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in the accompanying unaudited condensed financial statements, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the accompanying unaudited condensed financial statements do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of Management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the 2024 Annual Report. The interim results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods.

***Emerging Growth Company***

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the accompanying financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

***Use of Estimates***

The preparation of the accompanying financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accompanying financial statements and the reported amounts of expenses during the reporting period. Making estimates requires Management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the accompanying financial statements, which Management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ from those estimates.

***Cash held in Trust Account***

As of June 30, 2025 and December 31, 2024, funds in the Trust Account were invested in an interest-bearing demand deposit account. The demand deposit account generally has a readily determinable fair value and is classified as a Level 1 valuation.

***Fair Value of Financial Instruments***

The fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC 820, approximates the carrying amounts represented in the accompanying balance sheets, primarily due to its short-term nature.

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company's financial assets and liabilities reflects Management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

● Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

● Level 2—Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

● Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

***Derivative Financial Instruments***

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815. Derivative instruments are initially recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the accompanying statements of operations. Derivative assets and liabilities are classified in the accompanying balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

**Income Taxes**

The Company accounts for income taxes under ASC 740. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

While ASC 740 identifies usage of an effective annual tax rate for purposes of an interim provision, it does allow for estimating individual elements in the current period if they are significant, unusual or infrequent. Computing the effective tax rate for the Company is complicated due to the potential impact of the timing of any Business Combination expenses and the actual interest income that will be recognized during the year. The Company has taken a position as to the calculation of income tax expense in a current period based on ASC 740-270-25-3 which states, "if an entity is unable to estimate a part of its ordinary income (or loss) or the related tax (benefit) but is otherwise able to make a reasonable estimate, the tax (or benefit) applicable to the item that cannot be estimated shall be reported in the interim period in which the item is reported." The Company believes its calculation to be a reliable estimate and allows it to properly take into account the usual elements that can impact its annualized book income and its impact on the effect tax rate. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through June 30, 2025.

As of June 30, 2025 and December 31, 2024, the Company's deferred tax asset had a full valuation allowance recorded against it. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2025 due to New York State and City taxes, Business Combination related expenses and the valuation allowance on the deferred tax assets. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2024, due to changes the valuation allowance on the deferred tax assets. The Company's effective tax rate was 1.9% and (12.3)% for the three months ended June 30, 2025 and 2024, respectively, and 0.0% and (15.4)% for the six months ended June 30, 2025 and 2024, respectively.

ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. In the 2024 Annual Report, the Company reported an uncertain tax position related the deduction of start-up and operating costs for tax return purposes. The Company has amended its 2023 corporate income tax return. As such, the uncertain tax position no longer exists. At June 30, 2025 and December 31, 2024, the Company reported $0 and $371,214 on the accompanying condensed balance sheets for this uncertainty.

The Company is subject to income taxation by major taxing authorities since its inception. The Company files US federal and New York City and State tax returns and is subject to examination by various taxing authorities. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next 12 months.

***Common Stock Subject to Possible Redemption***

All of the Class A Common Stock sold as part of the Units in the IPO contain a redemption feature that allows for the redemption of such Public Shares in connection with the Company's liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Amended and Restated Charter. In accordance with SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require Common Stock subject to redemption to be classified outside of permanent equity. Therefore, all shares of redeemable Class A Common Stock have been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Common Stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Common Stock are affected by charges against additional paid in capital and accumulated deficit.

The Class A Common Stock subject to possible redemption reflected on the accompanying balance sheets as of June 30, 2025 and December 31, 2024 is reconciled in the following table:

**Class A Common Stock subject to possible redemption**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| **January 1, 2024** | **1198342** | $**12923657** |
| Less: |  |  |
| Redemptions | (835672) | (9538763) |
| Plus: |  |  |
| Remeasurement of carrying value to redemption value | - | 684313 |
| **December 31, 2024** | **362670** | $**4069207** |
| Plus: |  |  |
| Remeasurement of carrying value to redemption value | - | 83101 |
| **June 30, 2025** | **362670** | $**4152308** |

---

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

***Net Loss Per Common Stock***

The Company complies with the accounting and disclosure requirements of ASC 260. Net loss per Common Stock is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the period. At June 30, 2025 and 2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into Common Stock and then share in the earnings of the Company. As a result, diluted loss per Common Stock is the same as basic loss per Common Stock for the periods presented.

The accompanying statements of operations apply the two-class method in calculating net loss per share. Basic and diluted net loss per Common Stock for redeemable Class A Common Stock and non-redeemable Class A and Class B Common Stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of redeemable Class A Common Stock and non-redeemable Class A and Class B Common Stock outstanding, allocated proportionally to each class of Common Stock.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Redeemable<br> Class A** | **Non-Redeemable Class A<br> And Class B** | **Redeemable<br> Class A** | **Non-Redeemable Class A<br> And Class B** |
| **Basic and diluted net loss per share** |  |  |  |  |
| Numerator: |  |  |  |  |
| Allocation of net loss | $(63987) | $(507243) | $(116034) | $(278383) |
| Denominator: |  |  |  |  |
| Basic and diluted weighted average shares outstanding | 362670 | 2875000 | 1198342 | 2875000 |
| **Basic and diluted net loss per share** | $**(0.18)** | $**(0.18)** | $**(0.10)** | $**(0.10)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Redeemable<br> Class A** | **Non-Redeemable Class A<br> And Class B** | **Redeemable<br> Class A** | **Non-Redeemable Class A<br> And Class B** |
| **Basic and diluted net loss per share** |  |  |  |  |
| Numerator: |  |  |  |  |
| Allocation of net loss | $(127084) | $(1007435) | $(192534) | $(461918) |
| Denominator: |  |  |  |  |
| Basic and diluted weighted average shares outstanding | 362670 | 2875000 | 1198342 | 2875000 |
| **Basic and diluted net loss per share** | $**(0.35)** | $**(0.35)** | $**(0.16)** | $**(0.16)** |

---

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management does not believe the adoption of ASU 2023-09 will have a material impact on the Company's financial statements and disclosures.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

**Note 3 — Related Party Transactions**

***Working Capital Loans—Convertible***

On July 10, 2023, the Company issued the 2023 Promissory Note to the Sponsor in an amount of up to $1,500,000 in connection with the convertible Working Capital Loans. The 2023 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. Additionally, at the option of the Sponsor, the unpaid principle may be converted into warrants at a conversion price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans, but no proceeds from the Trust Account would be used to repay the convertible Working Capital Loans. As of June 30, 2025 and December 31, 2024, the Company owed $1,500,000 under the 2023 Promissory Note and reported the amounts as Working Capital Loans—convertible on the accompanying balance sheets.

***Administrative Fees***

Pursuant to the Services Agreement, the Company has agreed to pay the Sponsor a total of $20,000 per month for office space, utilities, and secretarial and administrative support. Upon completion of the Business Combination or the Company's liquidation, the Company will cease paying these monthly fees. Total administrative fee for the three and six months ended June 30, 2025 and 2024 are $60,000 and $120,000 respectively. At June 30, 2025 and December 31, 2024, $100,000 and $120,000 is reported on the accompanying balance sheets as due to the Sponsor for the administrative fees.

***Promissory Notes — Related Party***

On May 8, 2023, the Company issued the First Extension Promissory Note to the Sponsor in an amount of up to $630,000 to be deposited into the Trust Account ($105,000 per month following the 5th of each month through November 3, 2023) for the benefit of the Public Stockholders who did not redeem their Public Shares in connection with the First Extension. The First Extension Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. At June 30, 2025 and December 31, 2024, the Company had $355,000 of borrowings under the First Extension Promissory Note.

On November 8, 2023, the Company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. The Company deposited $29,959 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5th day of each subsequent month), or portion thereof, that was needed by the Company to complete an initial Business Combination until November 5, 2024. At June 30, 2025 and December 31, 2024, the Company had $359,503 of borrowings under the Second Extension Promissory Note.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

On September 12, 2024, the Company issued the 2024 Promissory Note in the aggregate principal amount of up to $3,000,000 to the Sponsor. The 2024 Promissory Note was issued in connection with advances the Sponsor has made, and may make in the future, to the Company for working capital and transaction expenses. The 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which the Company consummates its initial Business Combination and (ii) the date that the winding up of the Company is effective. At June 30, 2025 and December 31, 2024, the Company had $922,913 and $531,493, respectively, of borrowings under the 2024 Promissory Note.

On November 6, 2024, the Company issued the Third Extension Promissory Note in the aggregate principal amount of up to $130,561 to the Sponsor. The Third Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which the Company consummates a Business Combination and (ii) the date of the liquidation of the Company. Additionally, the Company has deposited will continue to deposit $10,880 into the Trust Account for each calendar month (commencing on November 6, 2024 and ending on the 5th day of each subsequent month), or portion thereof, that is needed by the Company to complete an initial Business Combination until November 5, 2025, and such amount will be distributed either to: (i) all of the holders of Public Shares upon the Company's liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of the initial Business Combination. At June 30, 2025 and December 31, 2024, the Company had $87,040 and $21,760, respectively, of borrowings under the Third Extension Promissory Note.

**Note 4 — Commitments and Contingencies**

***Registration Rights Agreement***

The holders of the (i) Founder Shares, (ii) Private Placement Warrants and (iii) warrants that may be issued upon conversion of Working Capital Loans (and in each case holders of their underlying securities, as applicable), have registration rights to require the Company to register a sale of any of the Company's securities held by the holders prior to the consummation of the initial Business Combination pursuant to the Registration Rights Agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

***Anchor Investment***

The Anchor Investors purchased an aggregate of approximately $60.8 million of the Units in the IPO at the public offering price. There can be no assurance that the Anchor Investors will retain their Units prior to or upon the consummation of the initial Business Combination. In addition, none of the Anchor Investors has any obligation to vote any of their Public Shares in favor of the initial Business Combination.

The Anchor Investors have not been granted any stockholder or other rights that are in addition to those granted to our other Public Stockholders, and were only issued equity interests in the Sponsor, with no right to control the Sponsor or vote or dispose of any securities held by the Sponsor. Further, unlike some anchor investor arrangements of other blank check companies, the Anchor Investors are not required to (i) hold any Units, Class A Common Stock or Public Warrants they may have purchased in the IPO or thereafter for any amount of time, (ii) vote any shares of Class A Common Stock they may own at the applicable time in favor of our initial Business Combination or (iii) refrain from exercising their right to redeem their Public Shares at the time of the Business Combination. The Anchor Investors have the same rights to the funds held in the Trust Account with respect to any Public Shares they hold as the rights afforded to the other Public Stockholders.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

***Contingent Business Combination Expenses***

In connection with the Company's proposed Business Combination with Flybondi, the Company has incurred approximately $240,000 in contingent Business Combination related expenses and paid $25,000. The remaining $215,000 is due upon the Closing of the Flybondi Business Combination.

On June 4, 2025, the Company and Flybondi entered into the Mutual Termination Consent, pursuant to which the Company and Flybondi mutually agreed to terminate the Business Combination Agreement and to abandon the transactions contemplated thereby. As the proposed Business Combination has been terminated, the approximately $215,000 in contingent Business Combination related expenses are no longer payable.

As of June 30, 2025 and December 31, 2024, the Company has not recognized these contingent expenses.

***Excise Tax***

In connection with the votes to amend the Amended and Restated Charter at the First Special Meeting and the Second Special Meeting, holders of 10,301,658 shares of Class A Common Stock properly exercised their right to redeem their Public Shares for an aggregate redemption amount of $107,607,366. As such, the Company recorded a 1% Excise Tax liability in the amount of $1,076,073 on the accompanying balance sheet as of December 31, 2023.

In connection with the vote to amend the Amended and Restated Charter at the Third Special Meeting, Public Stockholders holding 835,672 Public Shares properly exercised their right to redeem such Public Shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $9.5 million (approximately $11.41 per share) was removed from the Trust Account to pay such redeeming Public Stockholders. As such, the Company recorded a 1% Excise Tax liability.

In connection with the March 2025 Special Meeting, stockholders holding an aggregate of 348,502 shares of Class A Common Stock included in the Units sold in the Company's Initial Public Offering contingently exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.31 per share for an aggregate redemption amount of approximately $3.94 million. With the termination of the proposed Business Combination with Flybondi, the shares submitted for redemption were not redeemed.

On April 30, 2024, in association with the Flybondi Business Combination Agreement, the Cartesian Escrow Parties released $900,000 to the Company solely for the purpose of the Company paying the Excise Tax liability and (i) under conditions as stipulated in the Flybondi Business Combination Agreement and (ii) which was held by the Company in a segregated bank account. On October 23, 2024, the Company filed its Excise Tax return and utilized the $900,000 released to the Company (along with other Company funds) and paid $1,076,073 in excise taxes.

As a result of the redemptions in 2024 in connection with the Third Special Meeting, the Company was required to file a return and remit payment for 2024 excise tax liabilities on or before April 30, 2025. On April 30, 2025, the Company filed its 2024 excise tax return. On June 4, 2025, the Company paid $97,300 in connection with the 2024 excise tax, including penalties and interest. At June 30, 2025 and December 31, 2024, the Company reported an Excise Tax Liability of $0 and $95,388, respectively, on the accompanying balance sheets. The liability does not impact the accompanying statements of operations and is offset against additional paid-in capital or accumulated deficit if additional paid-in capital is not available.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

**Note 5 — Stockholders' Deficit**

***Preferred Stock***

The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At June 30 2025 and December 31, 2024, there were no shares of preferred stock issued or outstanding.

***Class A Common Stock***

The Company is authorized to issue 100,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of Class A Common Stock are entitled to one vote for each share. As of June 30, 2025 and December 31, 2024, there were 2,874,999 shares of Class A Common Stock issued and outstanding, excluding 362,670 shares subject to possible redemption, respectively.

The 2,874,999 shares of Class A Common Stock (consisting of 2,824,999 shares to the Sponsor and 50,000 shares to an Anchor Investor) represent Founder Shares and are subject to, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination, as described in the IPO Registration Statement.

***Class B Common Stock***

The Company is authorized to issue 10,000,000 shares of Class B Common Stock with a par value of $0.0001 per share. Holders of the Class B Common Stock are entitled to one vote for each share. At June 30, 2025 and December 31, 2024, there was 1 one share of Class B Common Stock issued and outstanding.

The Class B Common Stock will automatically convert into Class A Common Stock concurrently with or immediately following the consummation of the initial Business Combination, or at the option of the holder, on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A Common Stock or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of shares of Class A Common Stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of shares of Class A Common Stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A Common Stock by Public Stockholders), including the total number of shares of Class A Common Stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any shares of Class A Common Stock or equity-linked securities or rights exercisable for or convertible into shares of Class A Common Stock issued, or to be issued, to any seller in the initial Business Combination and any warrants issued to the Sponsor, officers or directors upon conversion of the Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

***Warrants***

Each whole Warrant entitles the registered holder to purchase one share of the Class A Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of the initial Business Combination. Pursuant to the Warrant Agreement, a warrant holder may exercise its Warrants only for a whole number of shares of Class A Common Stock. This means that only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants were issued upon separation of the Units and only whole Warrants trade. The Warrants will expire five years after the completion of the initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of its initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A Common Stock until the Warrants expire or are redeemed, as specified in the Warrant Agreement. If a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants is not effective by the 60<sup>th</sup> business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise Warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the foregoing, if a registration statement covering the Class A Common Stock issuable upon exercise of the Warrants is not effective within a specified period following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise Warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. Redemption of Warrants when the price per share of Class A Common Stock equals or exceeds $18.00.

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Placement Warrants):

● in whole and not in part;

● at a price of $0.01 per Warrant;

● upon not less than 30 days' prior written notice of redemption given after the Warrants become exercisable to each warrant holder; and

● if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a30-trading-dayperiod commencing once the Warrants become exercisable and ending three business days before we send the notice of redemption to the warrant holders.

In addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at a Newly Issued Price (as defined below) of less than $9.20 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Board of Directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the "Market Value") is below $9.20 per share, then the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price.

The Company accounts for the 10,700,000 Warrants issued in connection with the IPO (comprised of 5,750,000 Public Warrants and 4,950,000 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that the Warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

**INTEGRAL ACQUISITION CORPORATION 1**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

**Note 6 — Fair Value Measurements**

As of June 30, 2025 and December 31, 2024, funds in the Trust Account were invested in an interest-bearing demand deposit account. The demand deposit account is carried at fair value, which is generally readily determinable.

**Note 7 — Segment Information**

ASC 280 establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

The Company's CODM has been identified as the Chief Executive Officer and Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the condensed statements of operations as net income or loss. The measure of segment assets is reported on the condensed balance sheets as total assets. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews key metrics, which include the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Three Months Ended<br> June 30,** | **For the<br> Three Months Ended<br> June 30,** | **For the<br> Six Months Ended<br> June 30,** | **For the<br> Six Months Ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating costs | $591142 | $523160 | $1179427 | $908571 |
| Interest income | $10482 | $171811 | $46820 | $341262 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| Cash held in Trust Account | $4135011 | $4078045 |

---

The key metrics included in segment profit or loss reviewed by the CODM are operating costs and interest income.

Operating costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination within the Combination Period. The CODM also reviews operating costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. The CODM reviews interest income to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

**Note 8 — Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the accompanying financial statements were issued. Based on the Company's review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, other than discussed below.

Since June 30, 2025 through the date of this Report, an aggregate of $21,760 has been deposited into the Trust Account to extend the Combination Period to September 5, 2025 under the Third Extension Promissory Note.

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

**Cautionary Note Regarding Forward-Looking Statements**

All statements other than statements of historical fact included in this Report including, without limitation, statements under this Item regarding our financial position, business strategy and the plans and objectives of Management for future operations, are forward-looking statements. When used in this Report, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to us or our Management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of our Management, as well as assumptions made by, and information currently available to, our Management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Report under "Item 1. Financial Statements".

**Overview**

We are a blank check company incorporated on February 16, 2021 as a Delaware corporation and formed for the purpose of effecting a Business Combination.

Our Sponsor, Integral Sponsor, LLC, is a Delaware limited liability company. The IPO Registration Statement was declared effective on November 2, 2021. On November 5, 2021, we consummated our Initial Public Offering of 11,500,000 Units, including the full exercise of the underwriters' over-allotment option to purchase 1,500,000 Units, at a purchase price of $10.00 per Unit.

Simultaneously with the closing of the Initial Public Offering, we completed the private sale of an aggregate of 4,950,000 Private Placement Warrants (including 90,000 Private Placement Warrants issued in connection with the exercise in full by the underwriter of its option to purchase additional Units) to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to us of $4,950,000.

Upon the closing of the Initial Public Offering, Management agreed that an amount equal to at least $10.15 per Unit sold in the Initial Public Offering, including the proceeds of the Private Placement, would be held in the Trust Account with Continental acting as trustee, and would be initially invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct Treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to us to pay taxes, if any, the proceeds from the Initial Public Offering and the Private Placement will not be released from the Trust Account until the earliest of (i) the completion of initial Business Combination, (ii) the redemption of the Public Shares if we are unable to complete an initial Business Combination within the Combination Period, subject to applicable law, or (iii) the redemption of the Public Shares properly submitted in connection with a stockholder vote to amend the Amended and Restated Charter to modify the substance or timing of our obligation to redeem 100% of the Public Shares if we have not consummated an initial Business Combination within the Combination Period or with respect to any other material provisions relating to stockholders' rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the claims of our Public Stockholders.

If we are unable to complete the initial Business Combination within the Combination Period, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable (excluding Excise Taxes) and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and the Board of Directors, liquidate and dissolve, subject, in each case, to our obligations under the DGCL to provide for claims of creditors and the requirements of other applicable laws.

**Recent Developments**

Since June 30, 2025 through the date of this Report, an aggregate of $21,760 has been deposited into the Trust Account to extend the Combination Period to September 5, 2025 under the Third Extension Promissory Note.

**Termination of Flybondi Business Combination**

On October 19, 2023, the Company entered into the Flybondi Business Combination Agreement, as amended on July 2, 2024, October 1, 2024 and April 15, 2026, with Flybondi, FB Parent Holdings, Merger Sub and the Signing Sellers. After the date of the Flybondi Business Combination Agreement, the Joining Sellers may join the Flybondi Business Combination Agreement by executing and delivering a Seller Joinder.

As discussed below, at the March 2025 Special Meeting, our stockholders adopted and approved the Flybondi Business Combination Agreement.

On June 4, 2025, we entered into the Mutual Termination Consent with Flybondi, pursuant to which our Company and Flybondi mutually agreed to terminate the Flybondi Business Combination Agreement and to abandon the transactions contemplated thereby.

**March 2025 Special Meeting**

On March 28, 2025, we held the March 2025 Special Meeting at which the our stockholders approved, among other things, the NTA Requirement Amendment Proposal and the Flybondi Business Combination Agreement and the transactions contemplated thereby. The proposals are described in more detail in our definitive proxy statement/prospectus filed with the SEC on March 7, 2025. On June 4, 2025, we entered into the Mutual Termination Consent with Flybondi, pursuant to which our Company and Flybondi mutually agreed to terminate the Business Combination Agreement and to abandon the transactions contemplated thereby.

In connection with the March 2025 Special Meeting, stockholders holding an aggregate of 348,502 Public Shares contingently exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.31 per share for an aggregate redemption amount of approximately $3.94 million. With the termination of the proposed Flybondi Business Combination with Flybondi, the Public Shares submitted for redemption were not redeemed.

**Extensions of our Combination Period**

On May 3, 2023, we held the First Special Meeting. At the First Special Meeting, our stockholders approved the First Extension Amendment Proposal, which extended the date we had to consummate an initial Business Combination from May 5, 2023 to November 3, 2023. In connection with the vote to approve the First Extension Amendment Proposal, stockholders holding 8,470,059 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $87,843,748 (approximately $10.37 per share) was removed from the Trust Account to pay such redeeming stockholders.

On November 2, 2023, we held the Second Special Meeting, at which our stockholders approved, among other things, the Charter Amendment Proposals. Following approval of the Second Extension Amendment Proposal, our Combination Period was extended from November 3, 2023 to November 5, 2024. In connection with the vote to approve the Charter Amendment Proposals, the holders of 1,831,599 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $19,763,618 (approximately $10.79 per share) was removed from the Trust Account to pay such redeeming stockholders.

On October 31, 2024, we held the Third Special Meeting, at which our stockholders approved, among other things, the Third Extension Amendment Proposal, which extended the date we had to consummate an initial Business Combination from November 5, 2024 to November 5, 2025, on a monthly basis (or such earlier date as determined by the Board). In connection with the vote to approve the Third Extension Amendment Proposal, stockholders holding 835,672 Public Shares properly exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $9,538,763 (approximately $11.41 per share) was removed from the Trust Account to pay such redeeming stockholders.

We may seek to further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules by further amending our Amended and Restated Charter. Any such amendment would require the approval of our Public Stockholders, who will be provided the opportunity to redeem all or a portion of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held in our Trust Account and our capitalization.

**Delisting from Nasdaq**

On March 21, 2025, Nasdaq filed a Form 25-NSE to delist our securities from Nasdaq. Our Class A Common Stock, Public Warrants, and Units are quoted on the OTC Pink Market under the symbols "INTE," "INTEW" and "INTEU," respectively. We remain a reporting entity under the Exchange Act with respect to continued disclosure of financial and operational information.

**Results of Operations**

As of June 30, 2025, we had not commenced any operations. All activity for the period from February 16, 2021 (inception) through June 30, 2025 relates to our formation and the Initial Public Offering and, since the closing of the Initial Public Offering, the search for a prospective and consummation of an initial Business Combination. We have neither engaged in any operations nor generated any revenues to date. We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest. We have generated non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering and held in our Trust Account. We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well as for due diligence expenses.

For the three months ended June 30, 2025, we had net loss of $571,230, which consisted of operating costs of $591,142 and excise tax interest and penalties of $1,912, partially offset by interest income from the Trust Account of $10,482 and an income tax benefit of $11,342.

For the six months ended June 30, 2025, we had net loss of $1,134,519, which consisted of operating costs of $1,179,427 and excise tax interest and penalties of $1,912, partially offset by interest income from the Trust Account of $46,820.

For the three months ended June 30, 2024, we had net loss of $394,417, which consisted of operating costs of $523,260 and provision from income tax of $43,068, partially offset by interest income from the Trust Account of $171,811.

For the six months ended June 30, 2024, we had net loss of $654,452, which consisted of operating costs of $908,571 and provision from income tax of $87,143, partially offset by interest income from the Trust Account of $341,262.

**Liquidity, Capital Resources and Going Concern**

As of June 30, 2025, we had $21,503 in our operating bank account, and a working capital deficit of $5,564,389.

Prior to the completion of the Initial Public Offering, our liquidity needs were satisfied through (i) a loan under the IPO Promissory Note issued to the Sponsor totaling $252,950 and (ii) the issuance of 2,875,000 Class B Common Stock at approximately $0.009 per share for gross proceeds of $25,000. The IPO Promissory Note has been repaid and no other borrowings are permitted. Subsequent to the consummation of the Initial Public Offering, our liquidity needs have been satisfied through the issuance of the Private Placement Warrants, which generated gross proceeds of $4,950,000, the 2023 Promissory Note and the 2024 Promissory Note.

***Extension Promissory Notes***

In connection with the approval of the First Extension Amendment Proposal at the First Special Meeting, we issued the First Extension Promissory Note on May 8, 2023 in the aggregate principal amount of up to $630,000 to the Sponsor. The First Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which we consummate a Business Combination and (ii) the date of our liquidation. Additionally, we agreed to make monthly deposits of $105,000 into the Trust Account for each calendar month (commencing on May 8, 2023) or portion thereof, that was needed by us to complete an initial Business Combination until November 3, 2023, and such amount will be distributed either to: (i) all of the holders of Public Shares upon our liquidation or (ii) Public Stockholders who elect to have their Public Shares redeemed in connection with the consummation of the Business Combination. At June 30, 2025 and December 31, 2024, we had $355,000 of borrowings under the First Extension Promissory Note.

In connection with the approval of the Charter Amendment Proposals at the Second Special Meeting, we issued the Second Extension Promissory Note on November 8, 2023 in the aggregate principal amount of up to $359,503 to the Sponsor. The Second Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which we consummate a Business Combination and (ii) the date of our liquidation. Additionally, we will continue to deposit $29,959 into the Trust Account for each calendar month (commencing on November 8, 2023 and ending on the 5th day of each subsequent month), or portion thereof, that is needed by us to complete an initial Business Combination until November 5, 2024, and such amount will be distributed either to: (i) all of the holders of Public Shares upon our liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of the initial Business Combination. At June 30, 2025 and December 31, 2024, we had $359,503 of borrowings under the Second Extension Promissory Note.

In connection with the approval of the Third Extension Amendment Proposal at the Third Special Meeting, we issued the Third Extension Promissory Note on November 6, 2024 in the aggregate principal amount of up to $130,561 to the Sponsor. The Third Extension Promissory Note bears no interest and is repayable in full upon the earlier to occur of (i) the date on which we consummate a Business Combination and (ii) the date of our liquidation. Additionally, we have deposited and will continue to deposit $10,880 into the Trust Account for each calendar month (commencing on November 6, 2024 and ending on the 5th day of each subsequent month), or portion thereof, that is needed by us to complete an initial Business Combination until November 5, 2025, and such amount will be distributed either to: (i) all of the holders of Public Shares upon our liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of the initial Business Combination. At June 30, 2025 and December 31, 2024, we had $87,040 and $21,760, respectively, of borrowings under the Third Extension Promissory Note.

Through June 30, 2025, we had deposited an aggregate of $1,076,544 to fund the Trust Account under the Extension Promissory Notes.

***Working Capital Promissory Notes***

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us Working Capital Loans as may be required on a non-interest basis. If we complete an initial Business Combination, we would repay such Working Capital Loans. In the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. Prior to the completion of our initial Business Combination, we do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor, as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

On July 10, 2023, we issued the 2023 Promissory Note to the Sponsor in an amount of up to $1,500,000 in connection with the convertible Working Capital Loans. The 2023 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we consummate a Business Combination and (ii) the date of our liquidation. Additionally, at the option of the Sponsor, the unpaid principle may be converted into warrants at a conversion price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay the convertible Working Capital Loans, but no proceeds from the Trust Account would be used to repay the convertible Working Capital Loans. As of June 30, 2025 and December 31, 2024, we owed $1,500,000 under the 2023 Promissory Note and reported the amounts as "Working Capital Loans – convertible" on the balance sheets of the financial statements contained elsewhere in this Report.

On September 12, 2024, we issued the 2024 Promissory Note in the aggregate principal amount of up to $3,000,000 to the Sponsor. The 2024 Promissory Note was issued in connection with advances the Sponsor has made, and may make in the future, to us for working capital and transaction expenses. The 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we consummates our initial Business Combination and (ii) the date our winding up is effective. At June 30, 2025 and December 31, 2024, we had $922,913 and $531,493, respectively, of borrowings under the 2024 Promissory Note.

***Excise Tax Liability***

Associated with the proposed Business Combination, Cartesian Escrow Parties provided $900,000 to us for the payment of excise taxes. On October 23, 2024, we filed our excise tax return and paid $1,076,073 using $900,000 acquired from the Cartesian Escrow Parties in association with the Flybondi Business Combination Agreement, along with other funds from our Company.

As a result of the redemptions in 2024 in connection with the Third Special Meeting, the Company was required to file a return and remit payment for 2024 Excise Tax liabilities on or before April 30, 2025. On April 30, 2025, the Company filed its 2024 excise tax return. On June 4, 2025, the Company paid $97,300 in connection with the 2024 excise tax, including penalties and interest. At June 30, 2025 and December 31, 2024, the Company reported an excise tax liability of $0 and $95,388, respectively, on the accompanying balance sheets. The liability does not impact the accompanying statements of operations and is offset against additional paid-in capital or accumulated deficit if additional paid-in capital is not available.

***Going Concern***

In connection with our assessment of going concern considerations in accordance with ASU 2014-15, Management has determined that the mandatory liquidation and subsequent dissolution, should we be unable to complete a Business Combination within the Combination Period, and insufficient cash, raises substantial doubt about our ability to continue as a going concern. Following the Third Special Meeting and approval of the Third Extension Amendment Proposal, we have until November 5, 2025 to consummate a Business Combination. It is uncertain that we will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of our Company. No adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate after the end of the Combination Period.

***Contractual Obligations***

We do not have any long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or long-term liabilities.

*Services Agreement*

On November 2, 2021, we agreed to pay the Sponsor a total of $20,000 per month for office space, utilities, and secretarial and administrative support pursuant to the Services Agreement. Upon completion of the Business Combination or our liquidation, we will cease paying these monthly fees. Total administrative fee for the three and six months ended June 30, 2025 and 2024 are $60,000 and $120,000 respectively. At June 30, 2025 and December 31, 2024, $100,000 and $120,000, respectively, is reported on the accompanying balance sheets as due to the Sponsor for the administrative fees.

*Registration Rights Agreement*

Pursuant to the Registration Rights Agreement, the holders of the (i) Founder Shares, (ii) Private Placement Warrants, and (iii) warrants that may be issued upon conversion of the Working Capital Loans (and in each case holders of their underlying securities, as applicable) have registration rights to require us to register a sale of any of our securities held by them prior to the consummation of our initial Business Combination. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to our completion of our initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

*Anchor Investment*

The Anchor Investors purchased an aggregate of approximately $60.8 million of the Units in the Initial Public Offering at the public offering price. There can be no assurance that the Anchor Investors will retain their Units prior to or upon the consummation of the initial Business Combination. In addition, none of the Anchor Investors has any obligation to vote any of their Public Shares in favor of the initial Business Combination.

The Anchor Investors have not been granted any stockholder or other rights that are in addition to those granted to our other Public Stockholders, and were only issued equity interests in our Sponsor, with no right to control our Sponsor or vote or dispose of any securities held by our Sponsor. Further, unlike some anchor investor arrangements of other blank check companies, the Anchor Investors are not required to (i) hold any Units, Class A Common Stock or Public Warrants they may have purchased in the Initial Public Offering or thereafter for any amount of time, (ii) vote any shares of Class A Common Stock they may own at the applicable time in favor of our initial Business Combination or (iii) refrain from exercising their right to redeem their Public Shares at the time of our initial Business Combination. The Anchor Investors have the same rights to the funds held in the Trust Account with respect to any Public Shares they hold as the rights afforded to our other Public Stockholders.

**Critical Accounting Estimates and Policies**

We account for income taxes under ASC 740. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. We assess the likelihood that deferred tax assets will be recovered from the existing deferred tax liabilities or future taxable income. To the extent we believe that recovery will not meet the more likely than not threshold, it establishes a valuation allowance.

We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (i) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. In the 2024 Annual Report, we reported an uncertain tax position related the deduction of start-up and operating costs for tax return purposes. We amended our 2023 corporate income tax return. As such, the uncertain tax position no longer exists. At June 30, 2025 and December 31, 2024, we reported $0 and $371,214 on the condensed balance sheets contained elsewhere in this Report under "Item 1. Financial Statements" for this uncertainty.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information is accumulated and communicated to our Management, including our Chief Executive Officer and Chief Financial Officer (the "Certifying Officer"), as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our Management, including our Certifying Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officer concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this Report, due to identified material weaknesses related to errors in fair value calculation of certain financial instruments and lack of controls in connection with accuracy and completeness of unrecorded liabilities and income tax payable, including New York State taxes, and timely review of the difference between the 2023 tax provision and corporate income tax return that resulted in a potential tax liability of $371,214 as of September 30, 2024.

In light of this material weakness, we have enhanced our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our financial statements including making greater use of third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects. We believe our efforts will enhance our controls relating to accounting for complex financial transactions, but we can offer no assurance that our controls will not require additional review and modification in the future as industry accounting practice may evolve over time.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures is also based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

**Changes in Internal Control over Financial Reporting**

Other than as discussed above, there have been no changes to our internal control over financial reporting during the quarterly period ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings.**

To the knowledge of our Management, there is no material litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property.

**Item 1A. Risk Factors.**

As a smaller reporting company under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. For risks relating to our operations, see the section titled "Risk Factors" contained in our (i) IPO Registration Statement, (ii) 2021 Annual Report, (ii) 2022 Annual Report, (iii) 2023 Annual Report, (iv) 2024 Annual Report, (v) Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, September 30, 2023, June 30, 2024 and March 31, 2025, as filed with the SEC on May 16, 2022, August 15, 2022, November 14, 2022, May 15, 2023, November 21, 2023, August 7, 2024, November 11, 2024 and May 29, 2025, respectively, (vi) Definitive Proxy Statement on Schedule 14A, as filed with the SEC on October 4, 2024 and (vii) Definitive Proxy Statement Prospectus, as filed with the SEC on March 7, 2025. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risks could arise that may also affect our ability to consummate an initial Business Combination. We may disclose changes to such risk factors or disclose additional risk factors from time to time in our future filings with the SEC.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

**Unregistered Sales of Equity Securities**

There were no sales of unregistered equity securities during the quarterly period covered by the Report.

**Use of Proceeds**

There have been no offerings of registered securities and therefore no planned use of proceeds from such offerings during the quarterly period covered by the Report. For a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 5 of the 2021 Annual Report. There has been no material change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration Statement. The specific investments in our Trust Account may change from time to time.

On October 31, 2023, we instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account at JPMorgan Chase Bank, N.A., with Continental continuing to act as trustee, until the earlier of the consummation of our initial Business Combination or our liquidation. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government securities or money market funds invested in U.S. government securities.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

There were no purchases of equity securities by us or an affiliate during the quarterly period covered by the Report.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

**Trading Arrangements**

During the quarterly period ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**Additional Information**

None.

**Item 6. Exhibits.**

The following exhibits are filed as part of, or incorporated by reference into, this Report.

---

| | |
|:---|:---|
| **No.** | **Description of Exhibit** |
| 10.1 | [Mutual Termination Consent, dated as of June 4, 2025.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1850262/000119312525136007/d836451dex101.htm) |
| 31.1 | [Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](integralacq1_ex31-1.htm) |
| 31.2 | [Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](integralacq1_ex31-2.htm) |
| 32.1 | [Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\*](integralacq1_ex32-1.htm) |
| 101.INS | Inline XBRL Instance Document.\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document.\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.\* |
| 104 | Cover Page Interactive Data File (Embedded as Inline XBRL document and contained in Exhibit 101).\* |

---

\* Filed herewith. <br> \*\* Furnished herewith. <br> (1) Incorporated by reference to the Company's Current Report on Form 8-K, as filed with the SEC on June 5, 2025.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Dated: September 19, 2025 | **INTEGRAL ACQUISITION CORPORATION 1** | **INTEGRAL ACQUISITION CORPORATION 1** |
|  | By: | /s/ Enrique Klix |
|  | Name: | Enrique Klix |
|  | Title: | Chief Executive Officer and Chief Financial Officer |
|  |  | *(Principal Executive Officer)* |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE**

**PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO**

**RULE 13a-14(a) AND RULE 15d-14(a)**

**UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Enrique Klix, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: September 19, 2025 | By: | /s/ Enrique Klix |
|  |  | Enrique Klix |
|  |  | Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE**

**PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO**

**RULE 13a-14(a) AND RULE 15d-14(a)**

**UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Enrique Klix, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: September 19, 2025 | By: | /s/ Enrique Klix |
|  |  | Enrique Klix |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF THE**

**PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Integral Acquisition Corporation 1 (the "Company") for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Enrique Klix, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

---

| | | |
|:---|:---|:---|
| Date: September 19, 2025 | By: | /s/ Enrique Klix |
|  |  | Enrique Klix |
|  |  | Chief Executive Officer and Chief Financial Officer |
|  |  | *(Principal Executive Officer and Principal Financial Officer)* |

---