# EDGAR Filing Document

**Accession Number:** 0001841610
**File Stem:** 0001185185-25-001886
**Filing Date:** 2025-11
**Character Count:** 975281
**Document Hash:** c5331cff92bdcc539537da8ff09811d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001886.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001185185-25-001886

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BPGC Acquisition Corp.
- **CENTRAL INDEX KEY:** 0001841610
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40201
- **FILM NUMBER:** 251536298

**BUSINESS ADDRESS:**
- **STREET 1:** 1177 AVENUE OF THE AMERICAS, 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 347-439-6664

**MAIL ADDRESS:**
- **STREET 1:** 1177 AVENUE OF THE AMERICAS, 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ross Acquisition Corp II
- **DATE OF NAME CHANGE:** 20210121

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)**

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

**For the fiscal year ended December 31, 2024**

**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 001-40201**

**BPGC Acquisition Corp. (Exact name of Registrant as specified in its Charter)**

---

| | |
|:---|:---|
| **Cayman Islands** | **98-1578557** |
| **(State or other jurisdiction of <br> incorporation or organization)** | **(I.R.S. Employer<br> Identification No.)** |

---

**1177 Avenue of the Americas 5th Floor New York, New York 10036 (Address of principal executive offices and zip code)**

**Registrant's telephone number, including area code: (561) 655-2615**

**Securities registered pursuant to Section 12(b) of the Act:**

**None**

**Securities registered pursuant to Section 12(g) of the Act:**

---

| |
|:---|
| <br> **Title of each class** |
| Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant |
| Class A ordinary shares, par value $0.0001 per share |
| Redeemable warrants included as part of the Units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |

---

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ NO ☒

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 definition of "large accelerated filer," "accelerated filer," and "smaller reporting 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 the 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

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

The aggregate market value of the Registrant's Class A ordinary shares outstanding, other than shares held by persons who may be deemed affiliates of the Registrant, at June 30, 2025, was estimated to be $1,840,606.50, based on the amount held in trust for the benefit of the holders of the Registrant's Class A ordinary shares outstanding, other than shares held by persons who may be deemed affiliates of the Registrant.

As of November 28, 2025, there were 4,455,614 Class A ordinary shares, $0.0001 par value, and 4,325,000 Class B ordinary shares, $0.0001 par value, issued and outstanding.

Documents Incorporated by Reference: None.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#s_26) | [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#s_26) | 3 |
| PART I |  |  |
| Item 1. | [Business.](#s_002) | 7 |
| Item 1A | [Risk Factors.](#s_003) | 25 |
| Item 1B. | [Unresolved Staff Comments.](#s_004) | 64 |
| Item 1C. | [Cybersecurity](#s_005) | 64 |
| Item 2. | [Properties.](#s_006) | 64 |
| Item 3. | [Legal Proceedings.](#s_007) | 64 |
| Item 4. | [Mine Safety Disclosures.](#s_008) | 64 |
| PART II |  |  |
| Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.](#s_010) | 65 |
| Item 6. | [\[RESERVED\]](#s_011) | 66 |
| Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#s_012) | 66 |
| Item 7.A. | [Quantitative and Qualitative Disclosure About Market Risk.](#s_013) | 74 |
| Item 8. | [Consolidated Financial Statements and Supplementary Data](#s_014) | 74 |
| Item 9. | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.](#s_015) | 74 |
| Item 9A. | [Controls and Procedures.](#s_016) | 74 |
| Item 9B. | [Other Information.](#d_001) | 75 |
| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](#d_002) | 75 |
| PART III |  |  |
| Item 10. | [Directors, Executive Officers and Corporate Governance.](#s_018) | 76 |
| Item 11. | [Executive Compensation.](#s_019) | 84 |
| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.](#s_020) | 85 |
| Item 13. | [Certain Relationships and Related Transactions, and Director Independence.](#s_021) | 86 |
| Item 14. | [Principal Accounting Fees and Services.](#s_022) | 88 |
| PART IV |  |  |
| Item 15. | [Exhibits, Financial Statement Schedules.](#s_024) | 89 |
| Item 16. | [Form 10-K Summary.](#s_025) | 90 |
| [SIGNATURES](#p_001) | [SIGNATURES](#p_001) | 91 |

---

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**EXPLANATORY NOTE**

BPGC Acquisition Corp. (formerly known as Ross Acquisition Corp II, the "<u>Company</u>") is filing this comprehensive annual report on Form 10-K for the fiscal years ended December 31, 2023 and 2024 and the quarterly periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025 and June 30, 2025 (the "<u>Comprehensive Form 10-K</u>" or "<u>Annual Report</u>") as part of its effort to become current in its filing obligations under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). This Comprehensive Form 10-K is our first periodic filing with the Securities and Exchange Commission ("<u>SEC</u>") since the filing of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed on November 20, 2023. Included in this Comprehensive Form 10-K are our audited financial statements for the fiscal years ended December 31, 2023 and 2024, which have not been previously filed with the SEC. In addition, this Comprehensive From 10-K also includes select, unaudited quarterly financial information for 2024 and 2025.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report includes, and oral statements made from time to time by representatives of the Company may include, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, readers can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "may," "plan," "should," "would," or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Annual Report. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings. Forward-looking statements in this Annual Report may include, for example, statements about:

● our ability to complete our Initial Business Combination (as defined below) with Innovative Rocket Technologies, Inc. (" <u>iRocket</u> " and such Initial Business Combination, the " <u>Proposed Business Combination</u> "), or any other Initial Business Combination;

● our ability to obtain approval to list our securities on New York Stock Exchange (the " <u>NYSE</u> "), Nasdaq Stock Market LLC (" <u>Nasdaq</u> ") or another national securities exchange in connection with the closing of the Proposed Business Combination or any Initial Business Combination;

● our ability to select an appropriate target business or businesses if we do not complete the Proposed Business Combination;

● our expectations around the performance of iRocket or any other prospective target business or businesses;

● our success in retaining or recruiting, or changes required in, our officers, key employees or directors following the Proposed Business Combination or another Initial Business Combination;

● our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our Initial Business Combination (including the Proposed Business Combination);

● our officers and directors engaging in conflict of interest transactions with our Company;

● our potential ability to obtain additional financing to complete the Proposed Business Combination or another Initial Business Combination;

● our ability to consummate the Proposed Business Combination or another Initial Business Combination due to the uncertainty resulting from geopolitical tensions and changes in applicable law or regulation;

● our pool of prospective target businesses if we do not complete the Proposed Business Combination with iRocket;

● the ability of our officers and directors to generate a number of potential business combination opportunities if we do not complete the Proposed Business Combination with iRocket;

● our public securities' potential liquidity and trading;

● the lack of a market for our securities;

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● the use of proceeds not held in the Trust Account (as defined below) or available to us from interest income on the Trust Account balance;

● the Trust Account not being subject to claims of third parties;

● our ability to continue as a going concern;

● our ability to remediate the material weakness in our internal controls over financial reporting;

● our financial performance.

The forward-looking statements contained in this Annual Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "*Item 1A. Risk Factors*" And those factors described under the heading "*Risk Factors*" in the registration statement on Form S-4 to be filed by iRocket Technologies, Inc. ("<u>Holdco</u>") and iRocket in connection with the Proposed Business Combination. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**Risk Factor Summary**

● The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market The Company and its shareholders will face significant, material adverse consequences as a result of the Company's continued delisting.

● The Company is not in compliance with SEC reporting requirements under the Exchange Act. Our failure to prepare and timely file periodic reports with the SEC limits our access to the public markets to raise debt or equity capital and exposes us to potential liability. If we are unable to regain and maintain compliance with SEC reporting requirements, there will be a material adverse effect on us and our investors.

● We have identified a material weakness in our internal control over financial reporting which could, if not remediated, adversely affect our ability to report our financial condition and results of operations in a timely and accurate manner, which may adversely affect investor confidence in our company and, as a result, the value of our securities.

● We may face litigation and other risks as a result of the material weakness in our internal control over financial reporting.

● Holdco, or another post-Initial Business Combination company may be unable to list its or their respective securities on NYSE, Nasdaq or another national securities exchange either in connection with or following the closing of the Proposed Business Combination or another Initial Business Combination.

● Past performance by our management team or their respective affiliates may not be indicative of future performance of an investment in us.

● Our Public Shareholders' only opportunity to affect the investment decision regarding the Proposed Business Combination or another potential Initial Business Combination will be limited to the exercise of their right to redeem their Public Shares from us for cash.

● If we seek shareholder approval of our Initial Business Combination, as we expect to do in connection with the Proposed Business Combination, our Sponsor and members of our management team have agreed to vote in favor of such Initial Business Combination, regardless of how our Public Shareholders vote. As our Sponsor owns 98.2% of our ordinary shares, we will obtain shareholder approval of the Proposed Business Combination, or any other Initial Business Combination, regardless of how Public Shareholders vote.

● The ability of our remaining Public Shareholders to redeem their shares for cash, and the completed redemptions of Public Shares in connection with the Extensions may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into an Initial Business Combination with a target if we do not complete the Proposed Business Combination.

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● If we do not complete the Proposed Business Combination, our search for another Initial Business Combination, and any target business (including iRocket) with which we ultimately consummate an Initial Business Combination, may be materially adversely affected by the status of debt and equity markets.

● We may not be able to complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026, in which case, unless we obtain another extension of the deadline by which we must complete an Initial Business Combination, we would cease all operations except for the purpose of winding up and we would redeem our Public Shares and liquidate.

● There are no assurances that the Fourth Extension will enable us to complete an Initial Business Combination.

● If we seek shareholder approval of our Initial Business Combination, as we expect to do in connection with the Proposed Business Combination, our Sponsor, directors, executive officers, advisors and their affiliates may elect to purchase Public Shares or Public Warrants, which may influence a vote on a proposed business combination and reduce the public "float" of our Public Shares or Public Warrants.

● A shareholder will not be entitled to protections normally afforded to investors of many other blank check companies.

● Because the remaining net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants not being held in the Trust Account are insufficient to allow us to operate until at least March 16, 2026, we may be unable to complete the Proposed Business Combination or another Initial Business Combination, and we have depending in the past, and will in the future continue to depend, on loans from our Sponsor, its affiliates or members of our management team to fund our search and to complete the Proposed Business Combination or another Initial Business Combination.

● If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete the Proposed Business Combination or another Initial Business Combination.

● To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we have instructed Continental Stock Transfer & Trust Company, the trustee, 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 until the earlier of the consummation of an Initial Business Combination (including the Proposed Business Combination) or our liquidation. Following the liquidation of investments in the Trust Account, we receive reduced interest, if any, on the funds held in the Trust Account, which reduces the dollar amount our Public Shareholders would receive upon any redemption or liquidation of the Company.

● We are not required to obtain an opinion from an independent accounting or investment banking firm in connection with an Initial Business Combination, and consequently, investors may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view.

● Resources have been and could continue to be expended in researching and pursuing potential Initial Business Combinations (including the Proposed Business Combination) that are not completed, such as the Terminated Business Combination, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless.

● Our Sponsor owns 98.2% of our ordinary shares and thus will control any actions requiring a shareholder vote, potentially in a manner that Public Shareholders may not support. Similarly, following the consummation of the Proposed Business Combination or another Initial Business Combination, one or more shareholders of the target, including the chief executive officer of iRocket in the case of the Proposed Business Combination, may have a substantial interest in the combined company, including Holdco, and may require us to enter into agreements or other arrangements with respect to board composition and for designation rights.

● If we pursue a target company with operations or opportunities outside of the United States for our Initial Business Combination, as with the Proposed Business Combination, we may face additional burdens in connection with investigating, agreeing to and completing the Proposed Business Combination or such other Initial Business Combination, and if we effect the Proposed Business Combination or such other Initial Business Combination, we would be subject to a variety of additional risks that may negatively impact our operations.

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● We may not be able to complete the Proposed Business Combination or another Initial Business Combination if the proposed transaction is subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations.

● Our independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a "going concern."

● Our executive officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests.

● If we do not complete the Proposed Business Combination, we may engage in an Initial Business Combination with one or more target businesses that have relationships with entities that may be affiliated with our Sponsor, executive officers, directors or initial shareholders which may raise potential conflicts of interest.

● We are a special purpose acquisition company with no operating history and no revenues, and investors have no basis on which to evaluate our ability to achieve our business objective.

● A 1% U.S. federal excise tax could be imposed on us in connection with certain future redemptions by us of our Public Shares.

● Since our Sponsor, executive officers and directors will lose their entire investment in us if the Proposed Business Combination or another Initial Business Combination is not completed (other than with respect to Public Shares they may hold), a conflict of interest may exist or arise in determining whether iRocket or another particular business combination target is appropriate for our Initial Business Combination.

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**PART I**

 

*References in this Annual Report to the "Company," "BPGC Acquisition Corp.," "we," "us," or "our" are to BPGC Acquisition Corp., a Cayman Islands exempted company formerly known as Ross Acquisition Corp II. References to "management" or our "management team" are to our officers and directors*.

**Item 1. Business.**

**Overview**

BPGC Acquisition Corp. (f/k/a Ross Acquisition Corp. II) is a blank check company incorporated as a Cayman Islands exempted company on January 19, 2021. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the "<u>Initial Business Combination</u>"). The Company has not commenced any operations. All activity for the period from January 19, 2021 (inception) through June 30, 2025 relates to the Company's formation and the initial public offering (the "<u>Initial Public Offering</u>") described below, and since the Initial Public Offering to its search for an Initial Business Combination. We are also an emerging growth company and, as such, we are subject to all of the risks associated with emerging growth companies.

Our sponsor is Ross Holding Company LLC, a Cayman Islands limited liability company that is affiliated with certain of the Company's current and former officers and directors (our "<u>Sponsor</u>"). On January 22, 2021, our Sponsor paid $25,000, or approximately $0.003 per share, to cover certain expenses on our behalf in consideration of 8,625,000 Class B ordinary shares, par value $0.0001 (the "<u>Founder Shares</u>"). In connection with the Initial Public Offering, our Sponsor granted to each of our initial independent directors a four-year option that is immediately exercisable to purchase 15,000 Founder Shares at a price of $10.00 per share.

On March 16, 2021, we consummated the Initial Public Offering consisting of 34,500,000 units (the "<u>Units</u>"), including 4,500,000 additional Units to cover over-allotments, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.9 million, of which approximately $12.1 million was for deferred underwriting commissions. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (the "<u>Class A Ordinary Shares</u>," and with respect to the Class A Ordinary Shares underlying the Units, the "<u>Public Shares</u>") and one-third of one redeemable warrant (the "<u>Public Warrants</u>"), with each whole Public Warrant exercisable for one Class A Ordinary Share at an initial exercise price of $11.50 per share.

Simultaneously with the closing of the Initial Public Offering, we consummated the private placement (the "<u>Private Placement</u>") of 5,933,333 Private Placement Warrants (the "<u>Private Placement Warrants</u>," and together with the Public Warrants, the "<u>Warrants</u>"), at a price of $1.50 per Private Placement Warrant, with our Sponsor, with each Private Placement Warrant exercisable for one Class A Ordinary Share at an initial exercise price of $11.50 per share, generating gross proceeds of $8.9 million.

Upon the closing of the Initial Public Offering and the Private Placement, $345.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a Trust Account (the "<u>Trust Account</u>"), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and has been and will be invested only in U.S. "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended ("<u>Investment Company Act</u>"), 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 U.S. government treasury obligations, or held as cash, as determined by us, until the earlier of: (i) the completion of an Initial Business Combination and (ii) redemptions of Public Shares in the circumstances described below.

**Proposed Business Combination with iRocket**

On July 22, 2025, we entered into an Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), with Holdco, iRocket Merger Sub, LLC ("<u>Holdco Merger Sub</u>"), BPGC Merger Sub, Inc. ("<u>Acquiror Merger Sub</u>"), and iRocket.

Subject to its terms and conditions, the Merger Agreement provides that (i) on the day prior to the date of the Merger 2 (as defined below), we will merge with and into Holdco Merger Sub (the "<u>Merger 1</u>"), with Holdco Merger Sub being the surviving entity and a wholly owned subsidiary of Holdco, and (ii) on the day after Merger 1, Acquiror Merger Sub will merge with and into iRocket (the "<u>Merger 2</u>", and together with Merger 1, the "<u>Mergers</u>"), with iRocket being the surviving entity. As a result of the Mergers, iRocket will become an indirect wholly-owned subsidiary of Holdco.

iRocket is transforming rapid and responsive access to space with development of its Shockwave launch vehicle, which is uniquely designed for recovery and reuse of all of its stages. Just as airplanes fly multiple flights, iRocket plans to Recondition, Reload, and Relaunch™ its rockets in under 24 hours, reducing costs, and increasing the pace of launches.

 

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*Proposed Business Combination Consideration*

Subject to, and in accordance with the terms and conditions of the Merger Agreement and the Sponsor Support Agreement (as defined below), immediately prior to Merger 1, each remaining issued and outstanding Class B ordinary share, par value $0.0001 per share, of the Company (the "<u>Class B Ordinary Shares</u>") will convert, on a one-for-one basis, into Class A Ordinary Shares following which all Class B Ordinary Shares shall cease to be outstanding and shall automatically be cancelled and retired and shall cease to exist (the "<u>Class B Share Conversion</u>").

Subject to, and in accordance with the terms and conditions of the Merger Agreement, at the effective time of Merger 1: (i) each Unit will automatically be separated into its components, with any fractional Public Warrants to be issued in connection with such separation rounded down to the nearest whole warrant, (ii) each Class A Ordinary Share (including the Class A Ordinary Shares issued upon the Class B Share Conversion) issued and outstanding shall be canceled and converted into shares of Class A common stock, par value $0.0001 per share, of Holdco (the "<u>Holdco Class A Common Stock</u>") automatically on a one-for-one basis, following which all Class A Ordinary Shares shall cease to be outstanding and shall automatically be canceled and retired and shall cease to exist, and (iii) each then issued and outstanding Private Placement Warrant and each Public Warrant will convert automatically, on a one-for-one basis, into a warrant to acquire Holdco Common Stock, in the same form and on the same terms and conditions as the converted Warrant (and pursuant to the Sponsor Support Agreement, the terms of the Private Placement Warrants shall be amended to be equivalent to the Public Warrants). Each share of Holdco that is issued and outstanding immediately prior to Merger 1 shall be automatically cancelled and extinguished, and no consideration shall be paid with respect thereto.

Subject to, and in accordance with the terms and conditions of the Merger Agreement, at the effective time of Merger 2 (the "<u>Second Effective Time</u>"), (i) each issued and outstanding share of common stock of Acquiror Merger Sub shall be converted into one validly issued, fully paid and nonassessable share of common stock of iRocket (the "<u>iRocket Common Stock</u>"), (ii) (a) each existing issued and outstanding share of iRocket Common Stock shall be cancelled and converted into a number of shares of duly authorized, validly issued, fully paid and nonassessable Holdco Class A Common Stock equal to the Exchange Ratio (as defined below) and a portion of the 4,000,000 shares of Holdco Class A Common Stock to be issued to the iRocket's stockholders and optionholders in the Merger 2, subject to the terms and restrictions set forth in the Merger Agreement (such 4,000,000 shares, the "<u>Earn Out Consideration</u>"), (b) each option to acquire shares of iRocket Common Stock, whether vested or unvested, shall be cancelled and converted into (A) an option acquire shares of Holdco Class A Common Stock equal to the product (rounded down to the nearest whole number) of (1) the number of shares of iRocket Common Stock subject to such option immediately prior to the Second Effective Time and (2) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (x) the exercise price per share of iRocket Common Stock of such option immediately prior to the Second Effective Time divided by (y) the Exchange Ratio and (B) the right to receive a portion of the Earn Out Consideration, and (c) Asad Malik (the "<u>Founder</u>") shall receive one share of Class B common stock, par value $0.0001 per share, of Holdco (the "<u>Holdco Class B Common Stock</u>" and together with the Holdco Class A Common Stock, the "<u>Holdco Common Stock</u>") which shall (1) have a number of votes per share equal to the number of shares of Holdco Class A Common Stock held by him multiplied by nine for so long as he owns a percentage of Holdco Common Stock to be specified in the amended and restated certificate of incorporation of Holdco (the "<u>Holdco Charter</u>"), (2) except for certain permitted transfers to be specified in the Holdco Charter, not be transferrable, and (3) shall have such other powers, rights, preferences, privileges, obligations and other terms as set forth in the Holdco Charter (the consideration payable in Merger 2 described in clauses (ii)(a)-(c), collectively, the "<u>Merger Consideration</u>"); provided that no fractional iRocket Common Stock or Holdco Common Stock shall be issued in connection therewith (with any such fractional amount being rounded down and paid in cash in lieu thereof pursuant to the Merger Agreement).

The "<u>Exchange Ratio</u>" is a number (rounded to four decimal places) determined by dividing (a) the number of shares of Holdco Class A Common Stock equal to the quotient obtained by dividing $400,000,000 (the "<u>Equity Value</u>") by $10.00 (the "<u>Holdco Share Value</u>") by (b) the total number of existing shares of iRocket Common Stock (including the iRocket Common Stock which would be issued upon a cashless exercise of the options to purchase iRocket Common Stock (the "<u>iRocket Options</u>")) outstanding immediately prior to Merger 2 expressed on a fully-diluted and as-exercised and as-converted basis (the "<u>Aggregate Fully Diluted iRocket Common Shares</u>").

For additional information, see the Company's Current Report on Form 8-K filed with the SEC on July 23, 2025.

**Terminated Business Combination with APRINOIA Therapeutics Inc.**

On January 17, 2023, the Company entered into a Business Combination Agreement (the "<u>Terminated Business Combination Agreement</u>"), with APRINOIA Therapeutics Inc., an exempted company incorporated with limited liability under the laws of the Cayman Islands ("<u>APRINOIA</u>"), and the other parties thereto. Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Terminated Business Combination Agreement, the Company, APRINOIA, and the other parties thereto mutually agreed to terminate the Terminated Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Terminated Business Combination Agreement) pursuant to the terms of a termination agreement entered into by and between each of the parties to the Terminated Business Combination Agreement (the "<u>Termination Agreement</u>"). Further, under the Termination Agreement, each of the Company and its subsidiaries at such time released APRINOIA, APRINOIA PubCo and its subsidiary, and each of their representatives, affiliates, agents and assigns, and each of APRINOIA, APRINOIA PubCo and its subsidiary released the Company and its subsidiaries, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action, liabilities or damages, except for certain provisions that survive the termination pursuant to the terms of the Terminated Business Combination Agreement, or for breaches of the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company's Current Report on Form 8-K filed with the SEC on August 21, 2023.

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The terms of the Terminated Business Combination and the other transactions contemplated thereby are summarized in the Company's Current Report on Form 8-K filed with the SEC on January 18, 2023.

**Extensions and Redemptions**

On March 13, 2023, the Company held an extraordinary general meeting of shareholders (the "<u>First Extension Meeting</u>") to approve, among other things, a proposal to amend the Company's Amended and Restated Memorandum and Articles of Association (the "<u>Charter</u>") to extend the date by which the Company has to consummate an Initial Business Combination by up to six months from March 16, 2023 to September 16, 2023 in one month increments subject to deposit of $165,000 into the Trust Account for each month by which such date was extended (such proposals, the "<u>First Amendment Proposal</u>", such extension, the "<u>First Extension</u>" and such date, the "<u>First Extension Date</u>") or such later date by which the Company must complete an Initial Business Combination pursuant to a subsequent amendment to the Company's Charter. The First Extension Amendment Proposal was approved. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million. The balance under the advance agreement was extinguished pursuant to the Termination Agreement. Between March 31, 2023 and August 16, 2023, APRINOIA made monthly deposits of $165,000 ($990,000 in the aggregate) to the Trust Account pursuant an advance agreement. Under the First Extension, the date by which the Company must complete an Initial Business Combination was extended from March 16, 2023 to September 16, 2023.

On September 15, 2023, the Company held an extraordinary general meeting in lieu of annual meeting of shareholders (the "<u>Second Extension Meeting</u>") to approve, among other things, (i) a proposal to amend the Company's Charter to extend the date by which the Company has to consummate an Initial Business Combination by up to six months from September 16, 2023 to March 16, 2024 in one month increments subject to deposit of $75,000 into the Trust Account for each month by which such date was extended (such proposal, the "<u>Second Extension Amendment Proposal</u>", such extension, the "<u>Second Extension</u>" and such date, the "<u>Second Extension Date</u>"), (ii) a proposal to amend the Company's Charter to delete the limitations that the Company shall not consummate a business combination or redeem shares if such actions would cause the Company's net tangible assets to be less than $5,000,001 (the "<u>Redemption Limitation Amendment Proposal</u>") and (iii) a proposal to elect Larry Kudlow as Class I director of the Company's board of directors (the "<u>Director Election Proposal</u>" and, together with the Second Extension Amendment Proposal and the Redemption Limitation Amendment Proposal, the "<u>Second Meeting Proposals</u>"). The Second Meeting Proposals were each approved. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of 1,339,804 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million. Between September 18, 2023 and February 21, 2024, the Sponsor made monthly deposits of $75,000 ($450,000 in the aggregate) to the Trust Account, which deposits by the Sponsor into the Trust Account were documented by a promissory note (the "<u>Extension Note</u>") in the aggregate principal amount of up to $450,000 to the Sponsor. Under the Second Extension, the date by which the Company must complete an Initial Business Combination was extended from September 16, 2023 to March 16, 2024.

On March 6, 2024, the Company held an extraordinary general meeting of shareholders (the "<u>Third Extension Meeting</u>") to, among other things, approve a proposal to amend the Company's Charter to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2024 to September 16, 2024 in one month increments subject to deposit of an amount equal to the lesser of (i) $0.03 per Public Share that was not submitted for redemption and (ii) an aggregate of $90,000 (such proposal, the "<u>Third Extension Amendment Proposal</u>", such extension, the "<u>Third Extension</u>" and, together with the First Extension and the Second Extension, the "<u>Extensions</u>" and September 16, 2024, the "<u>Third Extension Date</u>"). The Third Extension Amendment Proposal was approved. In connection with the vote to approve the Third Extension Amendment Proposal, the holders of 2,372,565 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.02 per share, for an aggregate redemption amount of approximately $26.2 million. Between March 16, 2024 and September 26, 2024, certain members of the Sponsor (collectively, the "<u>Contributors</u>") made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Under the Third Extension, the date by which the Company must complete an Initial Business Combination was extended from March 16, 2024 to September 16, 2024.

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On March 15, 2024, the Sponsor exercised its right to convert an aggregate of 4,300,000 of its Founder Shares into an equal number of Class A Ordinary Shares (the "<u>2024 Conversion</u>" and such Class A Ordinary Shares, the "<u>Class A Conversion Shares</u>"). Pursuant to the 2024 Conversion, the Sponsor agreed to waive its redemption rights with respect to such Class A Conversion Shares in connection with a shareholder vote to approve an Initial Business Combination and its right to receive any distribution from the Trust Account with respect to such Class A Conversion Shares (for the avoidance of doubt, such Class A Conversion Shares will not be Public Shares).

On September 13, 2024, Wilbur L. Ross Jr. ("<u>Ross</u>"), Tobias W. Welo ("<u>Welo</u>"), Nadim Z. Qureshi ("<u>Qureshi</u>") and Stephen J. Toy ("<u>Toy</u>" and together with Qureshi the "<u>Continuing Managers</u>") entered into a member agreement (the "<u>Member Agreement</u>"). Ross irrevocably resigned as a manager of the Sponsor and the Continuing Managers agreed to serve as managers pursuant to the A&R Limited Liability Company Agreement of the Sponsor, (the "<u>A&R LLC Agreement</u>"). Ross agreed to be responsible for seventy-two percent (72%), Qureshi agreed to be responsible for fourteen percent (14%) and Toy agreed to be responsible for fourteen percent (14%) of the total fees owed to certain vendors prior to the Effective Date; provided that, in no event would Ross be obligated to pay an amount in excess of the lesser of (i) 25% of the aggregate original undiscounted amount of such invoices and (ii) $1,550,000 (the "<u>Ross Cap</u>"). Also pursuant to the Member Agreement, the amounts owed pursuant to the Extension Note and the loans in connection with the Third Extension were forgiven. As a result of the Member Agreement, the Company recognized a capital contribution of $1,637,837 expenses paid by Ross, Qureshi and Toy on behalf of the Company.

On September 16, 2024, the Company held an extraordinary general meeting of shareholders (the "<u>Fourth Extension Meeting</u>") to, amongst other things, approve a proposal to amend the Company's Charter to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2024 to March 16, 2026 (such proposal, the "<u>Fourth Extension Amendment Proposal</u>", such extension, the "<u>Fourth Extension</u>" and, together with the First Extension, the Second Extension and the Third Extension, the "<u>Extensions</u>" and March 16, 2026, the "<u>Fourth Extension Date</u>"). The Fourth Extension Amendment Proposal was approved. In connection with the vote to approve the Fourth Extension Amendment Proposal, the holders of 2,512,919 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million.

Following the aforementioned redemptions, Extensions and the 2024 Conversion, as of November 28, 2025, our outstanding share capital consists of 4,455,614 Class A Ordinary Shares, of which 155,614 are Public Shares, and 4,325,000 Class B Ordinary Shares.

**Delisting from the NYSE**

On March 18, 2024, the Company received notice from the NYSE informing it that the NYSE would suspend the listing of the Company's securities, including the Class A Ordinary Shares, Warrants and Units, from the NYSE and commence delisting proceedings with respect to such securities. The NYSE determined to take these actions because Sections 102.06e and 802.01B of the NYSE's Listed Company Manual do not permit a special purpose acquisition company ("<u>SPAC</u>"), such as the Company, to remain listed for more than three years after the company's initial public offering without completing an initial business combination. The Company had not completed its Initial Business Combination before March 16, 2024, which is the three-year anniversary of the Initial Public Offering. On April 3, 2024, the NYSE notified the SEC that the Company's securities would be delisted from the exchange effective April 15, 2024.

**Business Strategy**

Our business strategy is to identify, acquire, and after our Initial Business Combination, build a company in an industry that complements the experience and expertise of our management team and will benefit from our operational and investment expertise. Our acquisition selection process for iRocket leveraged, and if we do not complete the Proposed Business Combination will leverage, our team's network of industry, private equity sponsor and lending community relationships as well as relationships with management teams of public and private companies, founders and entrepreneurs, investment bankers, attorneys and accountants that we believe should provide us with a number of business combination opportunities. This broad network of relationships has been developed and cultivated over decades of success as demonstrated by our management teams':

● track record of creating and growing successful companies;

● decades in the private equity, M&A/restructuring advisory and corporate development;

● experience in identifying, structuring, acquiring, operating, developing, growing, financing and selling businesses;

● ability to strengthen and advise management teams as they transition from private to public markets; and

● experience in executing transactions under varying economic and financial market conditions.

In addition to our management team's robust network, we anticipate that target business candidates will be brought to our attention from various unaffiliated contacts, including investment market participants, private equity groups, investment banking firms, consultants, accounting firms and large business enterprises. If we do not complete the Proposed Business Combination and instead seek to complete another Initial Business Combination, members of our management team will communicate with their networks of relationships to articulate the parameters for our search for a target company and a potential Initial Business Combination and resume the process of pursuing and reviewing promising leads.

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**Investment Criteria**

Consistent with this strategy, we have identified the following investment goals and criteria that we believe are important in evaluating prospective target businesses. In connection with the Proposed Business Combination, we utilized, and if do not complete the Proposed Business Combination and instead seek to complete another Initial Business Combination, we will utilize our experience and general criteria outlined below when evaluating acquisition opportunities, but we may decide to enter into our Initial Business Combination with a target business that does not meet these goals and criteria. We intend to:

● Leverage our network to identify investment opportunities that coincide with our past experience and success. Our management team has extensive experience creating platform investments and often consolidating meaningful portions of large industries which include sectors such as industrials, energy, chemicals and payment processing. Our current management team has previously applied this investment strategy, creating horizontally and vertically integrated platforms across these industries. We intend to capitalize on their history of analyzing global macro-economic trends and industry-wide investment themes in the context of potentially creating investment platforms for growth.

● Identify opportunities where we can cultivate and accelerate technological advancement. We believe that the ongoing industrial revolution and ever prevalent disruption of technology in the aforementioned industries will continue to provide attractive investment opportunities. We believe the COVID-19 pandemic further accelerated the necessity and adoption of numerous technological advancements which include big data, business analytics, and the digitalization of manufacturing across multiple industries. Our target companies will be on the forefront of the fourth industrial revolution and use new technologies, coupled with a social and environmental mindset, to reshape their traditional industry or be companies which are the change agents themselves.

● Execute due diligence to drive desirable return on capital. Our management team typically conducts substantial due diligence with respect to potential acquisition targets. Our due diligence process typically involves an in-depth analysis of the target's industry, including competitive positioning and barriers to entry; a strategic, operational and technical review; an analysis of downside protection and alternative channels through which we can realize value. We will identify targets which offer an attractive risk-adjusted return for the shareholders and potential upside from growth in the business.

● Implement our restructuring and performance improvement experience to drive institutional growth and efficiencies. Our management team has an extensive track record and experience in guiding acquired companies to take advantage of the acceleration of technological displacement. Our experience will be beneficial to identifying investment situations and driving strategic changes in our target businesses by providing additional capital investment, effective sponsorship, and board of directors' supervision. We will leverage our proprietary knowledge, experience and our extensive sourcing, structuring, and acquiring experience to secure the most appropriate target. By capitalizing on these positive forces, the businesses will generate future growth through new sources of revenue and increased efficiency.

These criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular Initial Business Combination may be based, to the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management may deem relevant.

In evaluating a prospective target business, we expect to conduct a thorough due diligence review which will encompass, among other things, meetings with incumbent management and employees, document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will be made available to us. We will also utilize our operational and capital planning experience. We conducted such a review process in connection with the Proposed Business Combination.

We are not prohibited from pursuing an Initial Business Combination with a company that is affiliated with our Sponsor, officers or directors. In the event we seek to complete our Initial Business Combination with a company that is affiliated with our Sponsor, officers or directors, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of the Financial Industry Regulatory Authority ("<u>FINRA</u>") that our Initial Business Combination is fair to the Company from a financial point of view. We did not need to, and did not obtain, such an opinion in connection with the Proposed Business Combination.

Each of our directors and officers own, directly or indirectly, Founder Shares and/or Private Placement Warrants, and, accordingly, may have a conflict of interest in determining whether a particular target business, including iRocket, is an appropriate business with which to effectuate our Initial Business Combination. Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our Initial Business Combination. See "*Item 1A. Risk Factors*—*Since our Sponsor, executive officers and directors will lose their entire investment in us if an Initial Business Combination is not completed (other than with respect to Public Shares they may hold), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our Initial Business Combination*" and other risk factors herein.

Each of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to another entity or entities pursuant to which such officer or director is required to present a business combination opportunity to such entity or entities. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect our ability to complete our Initial Business Combination, particularly as we have agreed to customary exclusivity arrangements in the Merger Agreement with respect to the Proposed Business Combination. Our Charter provides that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other.

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Our officers or directors have had prior experience in blank check companies or special purpose acquisition corporations including WL Ross Holding Corp. Our Sponsor, officers and directors may also sponsor, form or participate in other blank check companies similar to ours during the period in which we are seeking an Initial Business Combination. Any such companies may present additional conflicts of interest in pursuing an acquisition target, particularly in the event there is overlap among investment mandates. However, we do not currently expect that any such other blank check company would materially affect our ability to complete our Initial Business Combination, particularly as we have agreed to customary exclusivity arrangements in the Merger Agreement with respect to the Proposed Business Combination. In addition, our Sponsor, officers and directors, are not required to commit any specified amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management time among various business activities, including identifying potential business combinations and monitoring the related due diligence.

**Initial Business Combination**

Our securities have been delisted from the NYSE. We do not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, our securities are not quoted on an over-the-counter market. We and our shareholders will face significant material adverse consequences as a result of our securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in our securities is severely limited, because our securities are not quoted on an over-the-counter market. See "*Item 1A. Risk Factors—The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting.* Although our securities are not currently listed on NYSE or Nasdaq, our were not so listed at the time we entered into the Merger Agreement, and if we do not complete the Proposed Business Combination and instead seek to enter into another Initial Business Combination, are not expected to be so listed at the relevant time, if, at the time of we enter into a definitive agreement for such other Initial Business Combination, our securities are listed on NYSE or Nasdaq, such other Initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of signing a definitive agreement in connection with such other Initial Business Combination. If our board of directors is not able to independently determine the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm or an independent valuation or appraisal firm with respect to the satisfaction of such criteria. While we consider it unlikely that our board will not be able to make an independent determination of the fair market value of a target business or businesses if needed, it may be unable to do so if the board is less familiar or experienced with the target company's business, there is a significant amount of uncertainty as to the value of the company's assets or prospects, including if such company is at an early stage of development, operations or growth, or if the anticipated transaction involves a complex financial analysis or other specialized skills and the board determines that outside expertise would be helpful or necessary in conducting such analysis. Since any opinion, if obtained, would merely state that the fair market value of the target business meets the 80% of net assets threshold, unless such opinion includes material information regarding the valuation of a target business or the consideration to be provided, it is not anticipated that copies of such opinion would be distributed to our shareholders. However, if required under applicable law, any proxy statement that we deliver to shareholders and file with the SEC in connection with a proposed transaction will include such opinion. No such opinion was required or obtained in connection with the Proposed Business Combination.

We have structured the Proposed Business Combination so that the post-business combination company in which our Public Shareholders will own shares will indirectly own or acquire 100% of the equity interests or assets of iRocket. If we do not complete the Proposed Business Combination and search for an alternate Initial Business Combination, we anticipate structuring our Initial Business Combination so that the post-business combination company in which holders of our Public Shares (our "<u>Public Shareholders</u>") own shares will own or acquire 100% of the equity interests or assets of the target business or businesses. We may, however, structure any Initial Business Combination other than the Proposed Business Combination such that the post-business combination company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete such Initial Business Combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target company for it not to be required to register as an investment company under the Investment Company Act. Even if the post-business combination company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to the Initial Business Combination may collectively own a minority interest in the post-business combination company, depending on valuations ascribed to the target and us in the Initial Business Combination. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders immediately prior to our Initial Business Combination could own less than a majority of our outstanding shares subsequent to our Initial Business Combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-business combination company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test. If the business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses. In addition, we have agreed not to enter into a definitive agreement regarding an Initial Business Combination without the prior consent of our Sponsor. Our Sponsor consented to the Proposed Business Combination As noted above, our securities are not currently listed on NYSE, Nasdaq or another national securities exchange and are not expected to be so listed at the time of our Initial Business Combination. If our securities are not then listed on the NYSE, Nasdaq or another national securities exchange with a similar test for whatever reason, we would not be required to meet the foregoing 80% of net assets test. For additional information on the Proposed Business Combination, you are urged to read our Current Report on Form 8-K filed with the SEC on July 23, 2025 and the registration statement on Form S-4 to be filed by Holdco in connection with the Proposed Business Combination when it becomes available, the amendments thereto, as well as other documents filed with the SEC in connection with the Proposed Business Combination.

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**Effecting Our Initial Business Combination**

As described above, we have entered into the Merger Agreement and intend to complete the Proposed Business Combination with iRocket. Unless otherwise stated, this Comprehensive Form 10-K does not assume the closing of the Proposed Business Combination. References to the term "Initial Business Combination" in this section include the Proposed Business Combination where context requires.

We are not presently engaged in, and we will not engage in, any operations for an indefinite period of time. We intend to effectuate the Proposed Business Combination, and any other Initial Business Combination, using cash from the proceeds of the Initial Public Offering and the Private Placement, the proceeds of the sale of shares in connection with our Initial Business Combination, shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing or other sources.

We may seek to complete our Initial Business Combination with a company or business that may be financially unstable or in its early stages of development or growth, which would subject us to the numerous risks inherent in such companies and businesses. Although our management endeavored to evaluate the risks inherent in iRocket's business, and will endeavor to evaluate the risks inherent in any other particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.

If our Initial Business Combination is paid for using equity, as will be the case for the Proposed Business Combination, or debt, or not all of the funds released from the Trust Account are used for payment of the consideration in connection with our Initial Business Combination or used for redemptions of our Public Shares, we may apply the balance of the cash released to us from the Trust Account for general corporate purposes, including for maintenance or expansion of operations of the post-business combination company, the payment of principal or interest due on indebtedness incurred in completing our Initial Business Combination, to fund the purchase of other companies or for working capital. As a result of the previous redemptions of Public Shares in connection with the Extensions, our Trust Account has limited remaining funds and therefore will not be a material source of financing for any Initial Business Combination.

We may need to obtain additional financing to complete our Initial Business Combination, either because the transaction requires more cash than is available from the proceeds held in our Trust Account, or because we become obligated to redeem a significant number of our Public Shares upon completion of the Initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Initial Business Combination. There are no prohibitions on our ability to issue securities or incur debt in connection with our Initial Business Combination. We are seeking to obtain additional financing in connection with the Proposed Business Combination.

**Sources of Target Businesses**

As described above, we intend to complete the Proposed Business Combination with iRocket. However, if we do not complete the Proposed Business Combination and instead seek another Initial Business Combination, target business candidates may be brought to our attention from various unaffiliated sources, including investment market participants, private equity groups, investment banking firms, consultants, accounting firms and large business enterprises. Target businesses may be brought to our attention by such unaffiliated sources as a result of being solicited by us through calls or mailings. These sources may also introduce us to target businesses in which they think we may be interested on an unsolicited basis, since some of these sources will have read our filings with the SEC and know what types of businesses we are targeting. If we do not complete the Proposed Business Combination and instead seek another Initial Business Combination, our officers and directors, as well as their affiliates, may also bring to our attention target business candidates that they become aware of through their business contacts as a result of formal or informal inquiries or discussions they may have, as well as attending trade shows or conventions. In addition, if we do not complete the Proposed Business Combination and instead seek another Initial Business Combination, we expect to receive a number of proprietary deal flow opportunities that would not otherwise necessarily be available to us as a result of the business relationships of our officers and directors. While we do not presently anticipate engaging the services of professional firms or other individuals that specialize in business acquisitions on any formal basis, we may engage these firms or other individuals in the future, in which event we may pay a finder's fee, consulting fee or other compensation to be determined in an arm's length negotiation based on the terms of the transaction. We will engage a finder only to the extent our management determines that the use of a finder may bring opportunities to us that may not otherwise be available to us or if finders approach us on an unsolicited basis with a potential transaction that our management determines is in our best interest to pursue. Payment of finder's fees is customarily tied to completion of a transaction. No finder was engaged, and no finder fee will be paid, in connection with the Proposed Business Combination. In no event will our Sponsor or any of our existing officers or directors, or their respective affiliates be paid by us any finder's fee, consulting fee or other compensation prior to, or for any services they render in order to effectuate, the completion of any other Initial Business Combination (regardless of the type of transaction that it is).

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Commencing March 16, 2021, we have agreed to pay an affiliate of our Sponsor a total of $10,000 per month for office space, secretarial and administrative support and to reimburse our Sponsor for any out-of-pocket expenses related to identifying, investigating and completing an Initial Business Combination. Some of our officers and directors may enter into employment or consulting agreements with the post-business combination company following our Initial Business Combination. Except that we have the right to designate one director to the initial post-closing board of directors of Holdco, no such arrangements were entered in connection with the Proposed Business Combination. The presence or absence of any such fees or arrangements was not used as a criterion in our selection process for iRocket, and will not be used as a criterion in our selection process of any other acquisition candidate.

We are not prohibited from pursuing an Initial Business Combination with a company that is affiliated with our Sponsor, officers or directors. In the event we seek to complete our Initial Business Combination with a company that is affiliated with our Sponsor or any of our officers or directors, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that such Initial Business Combination is fair to our Company from a financial point of view. We are not required to obtain such an opinion in any other context. The Proposed Business Combination is not a transaction with a company that is affiliated with our Sponsor, or any of our officers or directors.

If any of our officers or directors becomes aware of an Initial Business Combination opportunity that falls within the line of business of any entity to which he or she has then-existing fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. Our officers and directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us.

**Evaluation of a Target Business and Structuring of an Initial Business Combination**

In evaluating iRocket, we conducted a due diligence review of iRocket, which included: (i) extensive meetings with iRocket's management teams and representatives regarding iRocket's operations, major customers, financial prospects and other customary due diligence matters; (ii) legal and commercial review of iRocket's material business contracts, books and records, government regulations and filings, intellectual property and information technology; (iii) financial due diligence and analysis of iRocket; and (iv) research on the industry in which iRocket operates. In evaluating any other prospective target business, we expect to conduct a due diligence review which may encompass, as applicable and among other things, meetings with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities and a review of financial and other information about the target and its industry. We will also utilize our management team's operational and capital planning experience. If we determine to move forward with a particular target, we will proceed to structure and negotiate the terms of the business combination transaction. We have expended considerable time, and incurred considerable costs, to select and evaluate iRocket and to structure and pursue completion of the Proposed Business Combination, and other prospective Initial Business Combinations. The time required to select and evaluate any other target business and to structure and complete any other Initial Business Combination, and the costs associated with this process, are not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation of, and negotiation with, a prospective target business with which our Initial Business Combination, such as the transaction contemplated by the Terminated Business Combination Agreement, is not ultimately completed results in our incurring losses and reduces the funds we can use to complete another Initial Business Combination. The Company will not pay any consulting fees to members of our management team, or their respective affiliates, for services rendered to or in connection with our Initial Business Combination.

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**Lack of Business Diversification**

For an indefinite period of time after the completion of the Proposed Business Combination or any other Initial Business Combination, the prospects for our success will likely depend entirely on the future performance of a single business. Unlike other entities that have the resources to complete business combinations with multiple entities in one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate the risks of being in a single line of business. By completing the Proposed Business Combination or any other Initial Business Combination with only a single entity, our lack of diversification may:

● subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after the Proposed Business Combination or another Initial Business Combination; and

● cause us to depend on the marketing and sale of a single product or limited number of products or services.

**Limited Ability to Evaluate the Target's Management Team**

Although we scrutinized the management of iRocket when evaluating the desirability of the Proposed Business Combination, and would scrutinize the management of a prospective target business when evaluating the desirability of effecting our Initial Business Combination with that business, our assessment of iRocket's management, or such other target business's management, may not prove to be correct. In addition, the future management may not have the necessary skills, qualifications or abilities to manage a public company. The determination as to whether any of the members of our management team will remain with the combined company will be made at the time of our Initial Business Combination. While it is possible that one or more of our officers or directors will remain associated in some capacity with us following our Initial Business Combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to our Initial Business Combination. Moreover, we cannot assure investors that members of our management team will have significant experience or knowledge relating to the operations of the particular target business.

We cannot assure investors that any of our key personnel will remain in senior management or advisory positions with the Holdco or any other combined company. The determination as to whether any of our key personnel will remain with Holdco or any other combined company will be made at the time of the Proposed Business Combination or such other Initial Business Combination.

Following the Proposed Business Combination or another Initial Business Combination, we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure investors that we, Holdco or any other combined company will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.

**Shareholders May Not Have the Ability to Approve Our Initial Business Combination**

Although we do not intend to do so in connection with the Proposed Business Combination, we may conduct redemptions for any other Initial Business Combination without a shareholder vote pursuant to the tender offer rules of the SEC subject to the provisions of our Charter. However, we will seek shareholder approval if it is required by applicable law or stock exchange listing requirement, or we may decide to seek shareholder approval for business or other reasons.

The Company's securities have been delisted from the NYSE. The Company does not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. See "*Item 1A. Risk Factors—The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting.*" As noted above, our securities are not currently listed on NYSE, Nasdaq or another national securities exchange and are not expected to be so listed prior to the time we consummate the Proposed Business Combination or another Initial Business Combination, if at all. However, if our securities are at the applicable time listed on NYSE, Nasdaq or another national securities exchange, the rules of such exchange may require shareholder approval for certain Initial Business Combinations. For example, under Nasdaq's listing rules, shareholder approval would typically be required for any Initial Business Combination if, for example:

● We issue ordinary shares that will be equal to or in excess of 20% of the number or voting power of our ordinary shares then outstanding (other than in a public offering);

● Any of our directors, officers or substantial security holder (as defined by Nasdaq) has a 5% or greater interest, directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of ordinary shares could result in an increase in issued and outstanding ordinary shares or voting power of 1% or more (or 5% or more if the related party involved is classified as such solely because such person is a substantial security holder); or

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● The issuance or potential issuance of ordinary shares will result in our undergoing a change of control.

The decision as to whether we will seek shareholder approval of any Initial Business Combination in those instances in which shareholder approval is not required by law will be made by us, solely in our discretion, and will be based on business and reasons, which include a variety of factors, including, but not limited to:

● the timing of the transaction, including in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval or doing so would place the Company at a disadvantage in the transaction or result in other additional burdens on the Company;

● the expected cost of holding a shareholder vote;

● the risk that the shareholders would fail to approve the Initial Business Combination;

● other time and budget constraints of the Company; and

● additional legal complexities of an Initial Business Combination that would be time-consuming and burdensome to present to shareholders.

We intend to seek shareholder approval in connection with the Proposed Business Combination. As our Sponsor owns 98.2% of our ordinary shares, we will obtain shareholder approval of the Proposed Business Combination, or any other Initial Business Combination, regardless of how Public Shareholders vote.

**Redemption Rights for Public Shareholders upon Completion of Our Initial Business Combination**

We will provide our Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of our Initial Business Combination, including the Proposed 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 and net of taxes paid or payable, if any, divided by the number of then-outstanding Public Shares, subject to the limitations described herein. For illustrative purposes, as of June 30, 2025, the amount in the Trust Account was approximately $11.83 per Public Share. The per-share amount we will distribute to investors who properly redeem their Public Shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters of our Initial Public Offering, if any. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its Public Shares. There will be no redemption rights upon the completion of our Initial Business Combination with respect to our Warrants. Further, we will not proceed with redeeming our Public Shares, even if a Public Shareholder has properly elected to redeem its Public Shares, if the Proposed Business Combination or another Initial Business Combination does not close. Our Sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any Founder Shares and Public Shares held by them in connection with (i) the completion of our Initial Business Combination and (ii) a shareholder vote to approve an amendment to our Charter (A) that would modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with our Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 or (B) with respect to any other provision relating to the rights of Public Shareholders or pre-Initial Business Combination activity.

**Limitations on Redemptions**

If we do not complete the Proposed Business Combination and instead seek to complete another Initial Business Combination, such other Initial Business Combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of such Initial Business Combination. In the event the aggregate cash consideration we would be required to pay for all Public Shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of such Initial Business Combination exceed the aggregate amount of cash available to us, we will not complete such Initial Business Combination or redeem any Public Shares, and all Public Shares submitted for redemption will be returned to the holders thereof.

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**Manner of Conducting Redemptions**

We will provide our Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of our Initial Business Combination, including the Proposed Business Combination, either (i) in connection with a shareholder meeting called to approve the Initial Business Combination or (ii) by means of a tender offer. The decision as to whether we will seek shareholder approval of any Initial Business Combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval under SEC rules). Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our Company where we do not survive, such as the Proposed Business Combination, or seek to amend our Charter would typically require shareholder approval. We currently intend to conduct redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law or stock exchange listing requirement or we choose to conduct redemptions pursuant to the tender offer rules of the SEC for business or other reasons. The Company's securities have been delisted from the NYSE. The Company does not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. See "*Item 1A. Risk Factors —The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting. " and "Item 1A. Risk Factors – Even if the Company re-lists its securities on Nasdaq, Nasdaq may delist the Company's securities from trading on its exchange for a number of reasons, including because the extension of the Company's deadline to complete an Initial Business Combination contravenes Nasdaq rules, which could limit investors' ability to make transactions in the Company's securities and subject the Company to additional trading restrictions*." Unless our securities are then listed on NYSE, Nasdaq or another national securities exchange, we will not be required to comply with the rules of such exchange. Our Public Shareholders will have the opportunity to redeem all or a portion of their Public Shares upon the completion of the Proposed Business Combination in connection with a shareholder meeting to be called to approve the Proposed Business Combination.

If we hold a shareholder vote to approve our Initial Business Combination, as we intend to do in connection with the Proposed Business Combination, we will, pursuant to our Charter:

● conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and

● file proxy materials with the SEC.

In the event that we seek shareholder approval of our Initial Business Combination, as we intend to do in connection with the Proposed Business Combination, we will distribute proxy materials and, in connection therewith, provide our Public Shareholders with the redemption rights described above upon completion of the Proposed Business Combination or such other Initial Business Combination.

If we seek shareholder approval, as we intend to do in connection with the Proposed Business Combination, we will complete our Initial Business Combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Initial Business Combination. In such case, our Sponsor and each member of our management team have agreed to vote their Founder Shares and Public Shares in favor of the Proposed Business Combination or any other Initial Business Combination. Following the redemptions of Public Shares in connection with implementation of the Extensions, only 155,614 Public Shares remain outstanding. As a result, we will not need any of the remaining Public Shares sold in the Initial Public Offering to be voted in favor of an Initial Business Combination, including the Proposed Business Combination, in order to have our Initial Business Combination, including the Proposed Business Combination, approved.

Each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against an Initial Business Combination, including the Proposed Business Combination, or vote at all. In addition, our Sponsor and each member of our management team have entered into an agreement with us pursuant to which they have agreed to waive their redemption rights with respect to any Founder Shares and Public Shares held by them in connection with (i) the completion of any Initial Business Combination, including the Proposed Business Combination and (ii) a shareholder vote to approve an amendment to our Charter (A) that would modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with our Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 or (B) with respect to any other provision relating to the rights of our Public Shareholders or pre-Initial Business Combination activity.

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If, for an Initial Business Combination other than the Proposed Business Combination, we conduct redemptions pursuant to the tender offer rules of the SEC, we will, pursuant to our Charter:

● conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and

● file tender offer documents with the SEC prior to completing our Initial Business Combination which contain substantially the same financial and other information about the Initial Business Combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

Upon the public announcement of such an Initial Business Combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our Sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase Class A Ordinary Shares in the open market, in order to comply with Rule 14e-5 under the Exchange Act.

In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least twenty business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our Initial Business Combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on Public Shareholders not tendering more than the number of Public Shares we are permitted to redeem. If Public Shareholders tender more Public Shares than we have offered to purchase, we will withdraw the tender offer and not complete such Initial Business Combination.

**Limitation on Redemption upon Completion of Our Initial Business Combination If We Seek Shareholder Approval**

If we seek shareholder approval of our Initial Business Combination, as we plan to do for the Proposed Business Combination, and we do not conduct redemptions in connection with our Initial Business Combination pursuant to the tender offer rules, our Charter provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the remaining shares sold in the Initial Public Offering, which we refer to as "<u>Excess Shares</u>," without our prior consent. We believe this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption rights against a proposed Initial Business Combination, including the Proposed Business Combination, as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a Public Shareholder holding more than an aggregate of 15% of the remaining shares sold in the Initial Public Offering could threaten to exercise its redemption rights if such holder's shares are not purchased by us, our Sponsor or our management at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders' ability to redeem no more than 15% of the remaining shares sold in the Initial Public Offering without our prior consent, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our Initial Business Combination, particularly in connection with an Initial Business Combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against our Initial Business Combination.

**Permitted Purchases and Other Transactions with Respect to Our Securities**

If we seek shareholder approval of any Initial Business Combination, as we plan to do in connection with the Proposed Business Combination, and we do not conduct redemptions in connection with such Initial Business Combination pursuant to the tender offer rules, our Sponsor, directors, executive officers, advisors or their affiliates may purchase Public Shares or Public Warrants in privately negotiated transactions or in the open market either prior to or following the completion of an Initial Business Combination, although they are under no obligation or duty to do so.

Any such price per share may be different than the amount per share a Public Shareholder would receive if it elected to redeem its Public Shares in connection with such Initial Business Combination. Such a purchase may include a contractual acknowledgment that such shareholder, although still the record holder of our shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that our Sponsor, directors, executive officers, advisors or their affiliates purchase Public Shares in privately negotiated transactions from Public Shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their Public Shares. It is intended that, if Rule 10b-18 would apply to purchases by the Sponsor, directors, executive officers, advisors or their affiliates, then such purchases will comply with Rule 10b-18 under the Exchange Act, to the extent it applies, which provides a safe harbor for purchases made under certain conditions, including with respect to timing, pricing and volume of purchases.

Additionally, at any time at or prior to the Proposed Business Combination or such other Initial Business Combination, subject to applicable securities laws (including with respect to material nonpublic information), our Sponsor, directors, executive officers, advisors or their affiliates may enter into transactions with investors and others to provide them with incentives to acquire Public Shares, vote their Public Shares in favor of the Proposed Business Combination or such other Initial Business Combination or not redeem their Public Shares. None of the funds held in the Trust Account will be used to purchase Public Shares or Public Warrants in such transactions prior to completion of the Proposed Business Combination or such other Initial Business Combination. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act.

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The purpose of any such transactions could be to (1) reduce the number of Public Warrants outstanding and/or increase the likelihood of approval on any matters submitted to the Public Warrant holders for approval or (2) satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our Initial Business Combination, where it appears that such requirement would otherwise not be met. Any such purchases of our securities may result in the completion of the Proposed Business Combination or another Initial Business Combination that may not otherwise have been possible.

In addition, if such purchases are made, the public "float" of our securities may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

Our Sponsor, directors, executive officers, advisors or their affiliates anticipate that they may identify the shareholders with whom our Sponsor, directors, executive officers, advisors or their affiliates may pursue privately negotiated transactions by either the shareholders contacting us directly or by our receipt of redemption requests submitted by shareholders (in the case of Public Shares) following our mailing of proxy materials in connection with the Proposed Business Combination or another Initial Business Combination. To the extent that our Sponsor, directors, executive officers, advisors or their affiliates enter into a private transaction, they would identify and contact only potential selling or redeeming shareholders who have expressed their election to redeem their Public Shares for a pro rata share of the Trust Account or vote against the Proposed Business Combination or any other Initial Business Combination, whether or not such shareholder has already submitted a proxy with respect to the Proposed Business Combination or such other Initial Business Combination but only if such shares have not already been voted at the general meeting related to the Proposed Business Combination or such other Initial Business Combination. Our Sponsor, directors, executive officers, advisors or their affiliates will select which shareholders to purchase shares from based on the negotiated price and number of shares and any other factors that they may deem relevant, and will be restricted from purchasing shares if such purchases do not comply with Regulation M under the Exchange Act and the other federal securities laws.

Our Sponsor, directors, executive officers, advisors or their affiliates will be restricted from making purchases of shares if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. Additionally, in the event our Sponsor, directors, executive officers, advisors or their affiliates were to purchase Public Shares or Public Warrants from Public Shareholders, such purchases would be structured in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent part, through adherence to the following:

● the registration statement/proxy statement filed for the Proposed Business Combination or any other Initial Business Combination would disclose the possibility that our Sponsor, directors, executive officers, advisors or their affiliates may purchase Public Shares or Public Warrants from Public Shareholders outside the redemption process, along with the purpose of such purchases;

● if our Sponsor, directors, executive officers, advisors or their affiliates were to purchase Public Shares or Public Warrants from Public Shareholders, they would do so at a price no higher than the price offered through our redemption process;

● the registration statement/proxy statement filed for the Proposed Business Combination or any other Initial Business Combination would include a representation that any of our securities purchased by our Sponsor, directors, executive officers, advisors or their affiliates would not be voted in favor of approving the Proposed Business Combination or such other Initial Business Combination;

● our Sponsor, directors, executive officers, advisors and their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and

● we would disclose in a Form 8-K, before our security holder meeting to approve the Proposed Business Combination or such other Initial Business Combination, the following material items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 amount of our securities purchased outside of the redemption offer by our Sponsor, directors,
 executive officers, advisors and their affiliates, along with the purchase price;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 purpose of the purchases by our Sponsor, directors, executive officers, advisors and their
 affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 impact, if any, of the purchases by our s Sponsor, directors, executive officers, advisors
 and their affiliates and their affiliates on the likelihood that the Proposed Business Combination
 or other Initial Business Combination will be approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 identities of our security holders who sold to our Sponsor, directors, executive officers,
 advisors and their affiliates (if not purchased on the open market) or the nature of our
 security holders (e.g., 5% security holders) who sold to our Sponsor, directors, executive
 officers, advisors and their affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 number of our securities for which we have received redemption requests pursuant to our redemption
 offer.

Please see "*Risk Factors — If we seek shareholder approval of our Initial Business Combination, as we intend to do in connection with the Proposed Business Combination, our Sponsor, directors, executive officers, advisors and their affiliates may elect to purchase Public Shares or Public Warrants from Public Shareholders, which may influence a vote on any Initial Business Combination, including the Proposed Business Combination, and reduce the public "float" of our Class A Ordinary Shares or Public Warrants.*"

**Tendering Share Certificates in Connection with a Tender Offer or Redemption Rights**

Public Shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," will be required to either tender their certificates (if any) to our transfer agent prior to the date set forth in the proxy solicitation or tender offer materials, as applicable, mailed to such holders, or to deliver their shares to the transfer agent electronically using The Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option, in each case up to two business days prior to the initially scheduled vote to approve the Proposed Business Combination or another Initial Business Combination. The proxy solicitation or tender offer materials, as applicable, that we will furnish to holders of our Public Shares in connection with the Proposed Business Combination or other Initial Business Combination will indicate the applicable delivery requirements, which will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. Accordingly, a Public Shareholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two business days prior to the initially scheduled vote on the proposal to approve the Proposed Business Combination or other Initial Business Combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights. Given the relatively short period in which to exercise redemption rights, it is advisable for shareholders to use electronic delivery of their Public Shares.

There is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC System. The transfer agent will typically charge the tendering broker a fee of approximately $100.00 and it would be up to the broker whether or not to pass this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise redemption rights to tender their shares. The need to deliver shares is a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated.

The foregoing is different from the procedures used by some other blank check companies. In order to perfect redemption rights in connection with their business combinations, some other blank check companies would distribute proxy materials for the shareholders' vote on an Initial Business Combination, and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating such holder was seeking to exercise his or her redemption rights. After the business combination was approved, the company would contact such shareholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the shareholder then had an "option window" after the completion of the business combination during which he or she could monitor the price of the company's shares in the market. If the price rose above the redemption price, he or she could sell his or her shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption rights, to which shareholders were aware they needed to commit before the shareholder meeting, would become "option" rights surviving past the completion of the business combination until the redeeming holder delivered its certificate. The requirement for physical or electronic delivery prior to the meeting ensures that a redeeming shareholder's election to redeem is irrevocable once the business combination is approved.

Any request to redeem such shares, once made, may be withdrawn at any time up to two business days prior to the initially scheduled vote on the proposal to approve the Proposed Business Combination or other Initial Business Combination, unless otherwise agreed to by us. Furthermore, if a holder of a Public Share delivered its certificate in connection with an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our Public Shares electing to redeem their shares will be distributed promptly after the completion of the Proposed Business Combination or any other Initial Business Combination.

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If our Initial Business Combination, including the Proposed Business Combination, is not approved or completed for any reason, then our Public Shareholders who elected to exercise their redemption rights would not be entitled to redeem their shares for the applicable pro rata share of the Trust Account. In such case, we will promptly return any certificates delivered by Public Shareholders who elected to redeem their shares.

If the Proposed Business Combination is not completed, we may continue to try to complete another Initial Business Combination with a different target until March 16, 2025.

**Redemption of Public Shares and Liquidation If No Initial Business Combination**

Our Charter provides that we have until March 16, 2026 to consummate an Initial Business Combination. If we have not consummated the Proposed Business Combination or another Initial Business Combination by March 16, 2026 (or such later date as may be provided pursuant to another amendment to our Charter), 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 and not previously released to us to pay our income taxes, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (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 shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our Warrants, which will expire worthless if we fail to consummate the Proposed Business Combination or another Initial Business Combination by March 16, 2026 (or such later date as may be provided pursuant to another amendment to our Charter). Our Charter provides that, if we wind up for any other reason prior to the consummation of an Initial Business Combination, we will follow the foregoing procedures with respect to the liquidation of the Trust Account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

Our Sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (including the Class A Conversion Shares) they hold if we fail to consummate the Proposed Business Combination or another Initial Business Combination by March 16, 2026 (or such later date as may be provided pursuant to another amendment to our Charter), although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if we fail to complete the Proposed Business Combination or another Initial Business Combination within the prescribed time frame.

Our Sponsor, executive officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our Charter (A) that would modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with the Proposed Business Combination or another Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 (or such later date as may be provided pursuant to another amendment to our Charter) or (B) with respect to any other provision relating to the rights of Public Shareholders or pre-Initial Business Combination activity, unless we provide our Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment 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 and not previously released to us to pay our income taxes, if any, divided by the number of then-outstanding Public Shares. This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our Sponsor, any executive officer or director, or any other person.

We expect that all costs and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from a limited amount of funds held outside the Trust Account plus up to $100,000 of funds from the Trust Account available to us to pay taxes payable and dissolution expenses, although we cannot assure investors that there will be sufficient funds for such purpose.

Without taking into account interest, if any, earned on the Trust Account, the per-share redemption amount received by Public Shareholders upon our dissolution would be $10.00. The proceeds deposited in the Trust Account could, however, become subject to the claims of our creditors which would have higher priority than the claims of our Public Shareholders. We cannot assure shareholders that the actual per-share redemption amount received by shareholders will not be less than $10.00. While we intend to pay such amounts, if any, we cannot assure shareholders that we will have funds sufficient to pay or provide for all creditors' claims.

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Although we will seek to have all vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our Public Shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from bringing claims against the Trust Account including, but not limited, to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the Trust Account. If any third-party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, our management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third-party that has not executed a waiver if management believes that such third-party's engagement would be significantly more beneficial to us than any alternative. Examples of possible instances where we may engage a third-party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver. Except for the waiver by one of the underwriters of its entitlement to a deferred underwriting fee for our Initial Public Offering, the underwriters of the Initial Public Offering have not executed, and will not execute, an agreement with us waiving such claims to the monies held in the Trust Account. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the Trust Account for any reason. In order to protect the amounts held in the Trust Account, our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third-party for services rendered or products sold to us (other than our independent registered public accounting firm), or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.00 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 $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay our tax obligations, *provided* that such liability will not apply to any claims by a third-party or prospective target business, such as iRocket, that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third-party, our Sponsor will not be responsible to the extent of any liability for such third-party claims. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that our Sponsor's only assets are securities of our Company. Therefore, we cannot assure shareholders that our Sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

In the event that the proceeds in the Trust Account are reduced below the lesser of (i) $10.00 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 $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay our income tax obligations, and our Sponsor asserts that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in any particular instance. Accordingly, we cannot assure shareholders that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.00 per Public Share.

We will seek to reduce the possibility that our Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. iRocket and Holdco executed a waiver in connection with the Proposed Business Combination. Our Sponsor will also not be liable as to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. We have limited access to funds with which to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders who received funds from our Trust Account could be liable for claims made by creditors, however such liability will not be greater than the amount of funds from our Trust Account received by any such shareholder.

If we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the Trust Account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust Account, we cannot assure shareholders we will be able to return $10.00 per Public Share to our Public Shareholders. Additionally, if we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent conveyance." As a result, a bankruptcy court could seek to recover some or all amounts received by our shareholders. Furthermore, our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, and thereby exposing itself and our Company to claims of punitive damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors. We cannot assure shareholders that claims will not be brought against us for these reasons.

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Our Public Shareholders will be entitled to receive funds from the Trust Account only (i) in the event of the redemption of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 (or such later date as may be provided pursuant to another amendment to our Charter), (ii) in connection with a shareholder vote to amend our Charter (A) to modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with the Proposed Business Combination or another Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 (or such later date as may be provided pursuant to another amendment to our Charter) or (B) with respect to any other provision relating to the rights of Public Shareholders or pre-Initial Business Combination activity, or (iii) if they redeem their respective shares for cash in connection with the Proposed Business Combination or another Initial Business Combination. In no other circumstances will a shareholder have any right or interest of any kind to or in the Trust Account. In the event we seek shareholder approval in connection with the Proposed Business Combination or another Initial Business Combination, a shareholder's voting against such Initial Business Combination alone will not result in a shareholder's redeeming its shares to us for an applicable pro rata share of the Trust Account. Such shareholder must have also exercised its redemption rights described above. These provisions of our Charter, like all provisions of our Charter, may be amended with a shareholder vote.

**Facilities**

We currently maintain our executive offices at 1177 Avenue of the Americas, 5th Floor, New York, NY 10036. The cost for this space is included in the $10,000 per month fee that we pay an affiliate of our Sponsor for office space, administrative and support services.

**Employees and Human Capital**

We currently have two officers. Members of our management team are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until we have completed the Proposed Business Combination or another Initial Business Combination. The amount of time that any such person will devote in any time period to the Company will vary based on whether a target business has been selected for the Proposed Business Combination or another Initial Business Combination and the current stage of the business combination process.

**Competition**

In identifying, evaluating and selecting iRocket for the Proposed Business Combination, we encountered, and if we need to identify, evaluate and select another target business for our Initial Business Combination, we expect to continue to encounter, intense competition from other entities having a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other special purpose acquisition companies, the vast majority of which are listed on a national securities exchange, and other entities, domestic and international, competing for the types of businesses we intend to acquire. Many of these individuals and entities are well-established and have extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to various industries.

Some of these competitors may possess greater resources or more specialized industry knowledge related to a specific business combination target than we do and our financial resources will be relatively limited when contrasted with those of some of these competitors. Additionally, the number of blank check companies looking for business combination targets has increased compared to some past years and many of these blank check companies are sponsored by entities or persons that have significant experience with completing business combinations. While we believe there are target businesses we could potentially acquire, our ability to compete with respect to the acquisition of certain target businesses that are sizable may be limited by our available financial resources. This risk is exacerbated by the prior redemptions of Public Shares in connection with the Extensions. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, we are obligated to offer holders of our Public Shares the right to redeem their shares for cash at the time of an Initial Business Combination in conjunction with a shareholder vote or via a tender offer. Target companies will be aware that this may reduce the resources available to us for any Initial Business Combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating an Initial Business Combination.

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**Emerging Growth Company**

We are an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.

We will remain an emerging growth company until the earlier of: (1) the last day of the fiscal year (a) following March 16, 2026, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year's second fiscal quarter; and (2) the date on which we have issued more than $1.00 billion in non-convertible debt during the prior three-year period. References herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.

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**Item 1A Risk Factors.**

 

*An investment in our securities involves a high degree of risk. Investors should consider carefully all of the risks described below, together with the other information contained in this Annual Report and our 424(b)(3) prospectus dated March 11, 2021 relating to our Initial Public Offering (the "<u>IPO Prospectus</u>"). If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, investors could lose all or part of their investment.*

**Risks Related to our Operations**

**The Company is not in compliance with SEC reporting requirements under the Exchange Act. Our failure to prepare and timely file periodic reports with the SEC limits our access to the public markets to raise debt or equity capital. If we are unable to regain and maintain compliance with SEC reporting requirements, there will be a material adverse effect on us and our investors.**

We failed to timely file our periodic reports in accordance with the rules of the SEC for the years ended December 31, 2023 and 2024, nor for the quarterly periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025 and June 30, 2025.

As a result of our failure to timely file such reports, shareholders and/or prospective investors did have complete and current business and financial information about the Company. Therefore, shareholders and/or prospective investors were not able to properly evaluate our securities and the general status of the Company due to the inadequate public information available about the Company. Further, we will not be able to complete the Proposed Business Combination, or any other Initial Business Combination until we have become current in our filing obligations under the Exchange Act.

Moreover, due to our delinquency in our reporting obligations, we could be subject to an administrative hearing to revoke the registration of our securities under Section 12(g) of the Exchange Act. If the SEC brought an administrative action against us, it is likely that we would cease being a public company. In that event, our management's ability to continue operations would be severely affected and holders of our securities might lose their entire investment in the Company.

This Comprehensive Form 10-K is being filed in an effort to become current in our filing obligations under the Exchange Act. Our efforts to become current require substantial management time and attention as well as additional accounting and legal expense. In addition, if we are unable to become current in our filings with the SEC, we may face several adverse consequences. If we are unable to remain current in our filings with the SEC, investors in our securities will not have information regarding our business and financial condition with which to make decisions regarding investment in our securities. In addition, we will not be able to have a registration statement under the Securities Act covering a public offering of securities declared effective by the SEC and will not be able to make offerings pursuant to existing registration statements pursuant to certain "private placement" rules of the SEC under Regulation D to any purchasers not qualifying as "accredited investors." These restrictions could adversely affect our business, financial condition and results of operations.

**The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting.**

Following suspension of trading on March 18, 2024, the Company's securities were delisted from the NYSE effective April 15, 2024. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. The NYSE Listed Company Manual Section 102.06(e) requires that a SPAC, such as the Company, must complete one or more business combinations within three years of its initial public offering (the "<u>NYSE Deadline</u>"). Since the Company was unable to complete an Initial Business Combination by the NYSE Deadline, which was March 16, 2024, its securities were suspended and subsequently delisted from the NYSE due to non-compliance with such requirement. As the Company has not been able to re-list its securities on Nasdaq or another national securities exchange the Company lost, and will likely continue to lose, any active trading market for its securities, as its securities will only be quoted on one of the over-the-counter markets, if at all. It is anticipated that the Company is facing or will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange, including one or more of the following:

● a limited availability of market quotations for the Company's securities;

● significantly reduced liquidity and efficiency of the trading market for the Company's securities;

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● the price of the Company's securities is likely to decrease and may be subject to greater volatility as a result of the loss of market efficiencies associated with NYSE or other trading markets;

● holders may be unable to sell or purchase the Company's securities when they wish to do so;

● the Company may lose the interest of institutional investors in its securities;

● a determination that the Class A Ordinary Shares are "penny stock" which will require brokers trading in such securities to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the Company's securities;

● the Company may become subject to shareholder litigation;

● a limited amount or complete loss of media, news and analyst coverage;

● if the Company is not able to complete the Proposed Business Combination, the Company is likely to become a less attractive acquisition and investment vehicle with respect to an Initial Business Combination; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

We will not apply to quote our securities on an over-the-counter market until we have filed all reports required to be filed with the SEC and we will not apply to relist our securities on a national securities exchange until we have completed the Proposed Business Combination or another Initial Business Combination, if at all. This Comprehensive Form 10-K is being filed in an effort for us to become current in our filing obligations under the Exchange Act. There can be no assurance that we will be able to obtain listing of our securities on a national securities exchange. We may decide it is not in our stockholders' best interests to apply for a listing on a national securities exchange once we become current with our SEC reporting requirements.

Further, the National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." The Company's Class A Ordinary Shares, Units and Warrants have ceased to qualify as covered securities under such statute because they are no longer listed on any national securities exchange. Accordingly, we and our securities are subject to state regulation in each state in which we offer our securities. Whether or not our securities are covered securities, the states have the power to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by special purpose acquisition companies, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. This risk may be exacerbated by the fact that our securities have ceased to qualify as covered securities.

Moreover, since being delisted from the NYSE, we are no longer subject to certain rules and regulations of the NYSE, Nasdaq or another national securities exchange. As a result, an investment in us may be more risky due to the reduced protections such rules and regulations provide shareholders. See "—*We may not hold another annual meeting (or extraordinary general meeting in lieu of annual meeting) of shareholders until after the consummation of the Proposed Business Combination or another Initial Business Combination, which could delay the opportunity for our shareholders to elect directors*."

**Holdco, or another, post-Initial Business Combination company may be unable to list its securities on NYSE, Nasdaq or another national securities exchange either in connection with or following the closing of the Proposed Business Combination or another Initial Business Combination.**

As described above, the Company has entered into the Merger Agreement with iRocket. In connection with the closing of the contemplated transaction, the parties expect to apply to list iRocket on Nasdaq. If the Proposed Business Combination does not close, and we enter into a business combination agreement with another company or business, we expect that listing the post-Initial Business Combination company's securities on NYSE, Nasdaq or another national securities exchange will be a closing condition to such transaction. In connection with the Proposed Business Combination or another Initial Business Combination, Holdco, the Company, or the post-combination combined company, as applicable, will be required to demonstrate compliance with Nasdaq's, NYSE's or another national securities exchange's initial listing requirements in order to be listed on such exchange. Such initial listing standards are more rigorous than continued listing requirements. For instance, if Holdco, the Company, or the post-combination company, as applicable, seeks to list on the Nasdaq Global Market, the Company's or such entity's share price would generally be required to be at least $4.00 per share , the market value of the Company's or such entity's listed securities would be required to be at least $75 million, the market value of the Company's or such entity's unrestricted publicly held shares would be required to be at least $20 million and the Company or such entity would be required to have a minimum of 400 round lot holders of securities, with at least 50% of such round lot holders holding securities with a market value of at least $2,500. Holdco, the Company, or the post-combination company, as applicable, may find it particularly difficult to meet these initial listing requirements due to the limited number of Public Shareholders the Company currently has and the reduced amount of money in the Trust Account. The Company expects that the fact that its securities do not trade on a national securities exchange will make it more difficult to list the securities of Holdco or another post-combination company on a national securities exchange. The Company cannot assure you that it, Holdco or another combined company will be able to meet the applicable initial listing requirements at that time.

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If the Company fails to satisfy a closing condition that requires the securities of Holdco, or another post-combination company to be listed on a national securities exchange, we may be unable to consummate the Proposed Business Combination or another Initial Business Combination or the securities of Holdco or another post-combination company may only be quoted on one of the over-the-counter markets, if at all, which may negatively impact your investment for the reasons set forth above. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless.

**We have identified a material weakness in our internal control over financial reporting. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("<u>GAAP</u>"). A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

During the course of preparing the Quarterly Report on Form 10-Q for the three and six months ended June 30, 2023, we identified a waiver of deferred underwriter commissions which was executed during the three months ended March 31, 2023 and not accounted for. In January 2023, we received a waiver from one of the underwriters in which it indicated that it waived its entitlement to the payment of any deferred discount to be paid under the terms of the underwriting agreement. The Company determined this error was material to the Quarterly Report on Form 10-Q for the three months ended March 31, 2023, as further discussed in our Quarterly Report on Form 10-Q for the period ended June 30, 2023, under Note 2 to the Financial Statements – Restatement to Prior Period Financial Statements. As part of such process, the Company identified a material weakness in its internal controls over financial reporting related to the accounting treatment of certain fees waived by the underwriters of the Company's Initial Public Offering.

Additionally, the Company was unable to timely file the periodic financial reports required under the Exchange Act. The Company is filing this Form 10-K for the year ended December 31, 2024 as well as the interim period financial statements for March 31, 2025 and June 30, 2025 beyond their required due dates.

Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. We continue to evaluate steps to remediate the material weakness. These remediation measures may be time consuming and costly and there is no assurance that these initiatives will ultimately have the intended effects. A material weakness could limit our ability to prevent or detect a misstatement of our accounts or disclosures that could result in a material misstatement of our annual or interim financial statements. In such a case, we may again be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, our securities price may decline and we may face litigation as a result of the foregoing. We cannot assure you that the measures we have taken to date, or any measures it may take in the future, will be sufficient to avoid potential future material weaknesses.

As a result of this material weakness, our management concluded that our internal control over financial reporting was not effective as of December 31, 2023, and December 31, 2024.

If we are unable to maintain effective internal control over financial reporting or disclosure controls and procedures, our ability to record, process and report financial information accurately, and to prepare financial statements within required time periods could be adversely affected, which could subject us to litigation or investigations requiring management resources and payment of legal and other expenses, negatively affect investor confidence in our financial statements and adversely impact our stock price. If we are unable to assert that our internal control over financial reporting is effective, or when required in the future, if our independent registered public accounting firm is unable to express an unqualified opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our securities could be adversely affected and we could become subject to litigation or investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources.

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**We may face litigation and other risks as a result of the material weakness in our internal control over financial reporting.**

As a result of such material weakness and the restatement, we face potential for litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the restatement and material weaknesses in our internal control over financial reporting and the preparation of our financial statements. As of the date of this Annual Report, we have no knowledge of any such litigation or dispute. However, we can provide no assurance that such litigation or dispute will not arise in the future. Any such litigation or dispute, whether successful or not, could have a material adverse effect on our business, results of operations and financial condition or our ability to complete the Proposed Business Combination or another Initial Business Combination.

**Risks Relating to Our Business and the Initial Business Combination**

**Although we intend to seek shareholder approval in connection with the Proposed Business Combination, our shareholders may not be afforded an opportunity to vote on another proposed Initial Business Combination, and even if we seek shareholder approval, our Sponsor owns enough shares to assure approval of any related proposal, which means we may complete the Proposed Business Combination or another Initial Business Combination, even though a majority of our shareholders do not support such a combination.**

If we do not complete the Proposed Business Combination, and instead seek to complete another Initial Business Combination, we may choose not to hold a shareholder vote before we complete such Initial Business Combination if such Initial Business Combination would not require shareholder approval under applicable law or stock exchange listing requirement. For instance, if we were seeking to acquire a target business where the consideration we were paying in the transaction was all cash, we would typically not be required to seek shareholder approval to complete such a transaction. Except for as required by applicable law or, if applicable, stock exchange listing requirement, the decision as to whether we will seek shareholder approval of another Initial Business Combination or will allow shareholders to sell their Public Shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. Even if we seek shareholder approval, our Sponsor owns 98.2% of our Ordinary Shares and is therefore able to approve the Proposed Business Combination, or another Initial Business Combination, and any related shareholder proposals. Accordingly, we will be able to complete the Proposed Business Combination or another Initial Business Combination, even if holders of a majority of our issued and outstanding Public Shares do not approve of the Proposed Business Combination or such other Initial Business Combination. Please see the section entitled "*Item 1. Business – Shareholders May Not Have the Ability to Approve Our Initial Business Combination*" for additional information.

**Our public shareholders' only opportunity to affect the investment decision regarding the Proposed Business Combination or another potential Initial Business Combination, will be limited to the exercise of their right to redeem their Public Shares from us for cash.**

Our shareholders will not be provided with a meaningful opportunity to evaluate the specific merits or risks of any target businesses. Since our board of directors may complete an Initial Business Combination without seeking shareholder approval, Public Shareholders may not have the right or opportunity to vote on the Initial Business Combination, unless we seek such shareholder approval. Accordingly, if we do not seek shareholder approval, a shareholder's only opportunity to affect the investment decision regarding the Initial Business Combination may be limited to exercising their redemption rights within the period of time (which will be at least twenty business days) set forth in our tender offer documents mailed to our Public Shareholders in which we describe our Initial Business Combination. Even if we seek shareholder approval, our Sponsor owns 98.2% of our ordinary shares and is therefore able to approve the Proposed Business Combination, or another Initial Business Combination, and any related shareholder proposals.

**If we seek shareholder approval of our Initial Business Combination, as we expect to do in connection with the Proposed Business Combination, our Sponsor and members of our management team have agreed to vote in favor of such Initial Business Combination, regardless of how our Public Shareholders vote. As our Sponsor owns 98.2% of our ordinary shares, we will obtain shareholder approval of the Proposed Business Combination, or any other Initial Business Combination, regardless of how Public Shareholders vote.**

Our Sponsor owns, on an as-converted basis, approximately 98.2% of our outstanding ordinary shares. Our Sponsor and members of our management team also may from time to time purchase Public Shares prior to our Initial Business Combination. Our Charter provides that, if we seek shareholder approval, we will complete the Proposed Business Combination or another Initial Business Combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the applicable Initial Business Combination. Following the redemptions in connection with the Extensions, we have 8,780,614] ordinary shares outstanding, which includes 4,455,614 Class A Ordinary Shares, of which 155,614 are Public Shares, and 4,325,000 Class B Ordinary Shares. As a result, we will not need any of the remaining Public Shares sold in the Initial Public Offering to be voted in favor of the Proposed Business Combination or another Initial Business Combination in order to have our Initial Business Combination approved. Accordingly, if we seek shareholder approval of our Initial Business Combination, as we expect to do in connection with the Proposed Business Combination, the agreement by our Sponsor and each member of our management team to vote in favor of the Proposed Business Combination or another Initial Business Combination means that we will receive the requisite shareholder approval for the Proposed Business Combination or such other Initial Business Combination.

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**The ability of our remaining Public Shareholders to redeem their Public Shares for cash, and the completed redemptions of Public Shares in connection with the Extensions, may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into an Initial Business Combination with a target, if we do not complete the Proposed Business Combination.**

If we do not complete the Proposed Business Combination and instead seek to complete another Initial Business Combination, we may seek to enter into an Initial Business Combination agreement with a prospective target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. In connection with the First Extraordinary General Meeting, shareholders holding 28,119,098 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds held in our Trust Account as of March 9, 2023, including any interest earned on the funds held in the Trust Account (net of taxes payable). As a result, approximately $287.7 million (approximately $10.23 per share) was removed from the Trust Account to pay such holders. In connection with the Second Extraordinary General Meeting, shareholders of 1,339,804 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million. In connection with the Third Extraordinary General Meeting, shareholders of 2,372,565 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.02 per share, for an aggregate redemption amount of approximately $26.2 million. In connection with the Fourth Extraordinary General Meeting, shareholders of 2,512,919 Public Shares of the Company properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million. Following the aforementioned redemptions, we had 8,780,614 ordinary shares outstanding as of November 28, 2025, which includes 4,455,614 Class A Ordinary Shares, of which 155,614 are Public Shares, and 4,325,000 Class B Ordinary Shares. As a result of such redemptions, approximately $1,860,032 remains in the Trust Account as of October 31, 2025. As a result, we would not be able to meet such closing condition unless we were able to obtain additional financing in connection with such Initial Business Combination.

**The ability of our remaining public shareholders to exercise redemption rights with respect to our Public Shares, and the completed redemptions of Public Shares in connection with the adoption of the Extensions, may not allow us to complete the most desirable Initial Business Combination or optimize our capital structure.**

At the time we enter into an agreement for our Initial Business Combination, we will not know how many shareholders may exercise their redemption rights, and therefore will need to structure the transaction based on our expectations as to the number of shares that will be submitted for redemption. Following the redemptions in connection with the Extensions, we had 8,780,614 ordinary shares outstanding as of November 28, 2025, which includes 4,455,614 Class A Ordinary Shares, of which 155,614 are Public Shares, and 4,325,000 Class B Ordinary Shares. Because of the limited amount of cash remaining our Trust Account following the Extensions, we may need to arrange for additional third-party financing. Raising additional third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels. The above considerations may limit our ability to complete the most desirable Initial Business Combination available to us or optimize our capital structure. The amount of the deferred underwriting commissions payable to the underwriters, if any, will not be adjusted for any shares that are redeemed in connection with an Initial Business Combination.

**The ability of our remaining public shareholders to exercise redemption rights with respect to our Public Shares, and the completed redemptions of Public Shares in connection with the adoption of the Extensions, could increase the probability that our Initial Business Combination, would be unsuccessful and that shareholders would have to wait for liquidation in order to redeem their shares.**

Although the Merger Agreement with iRocket does not include a minimum cash condition, if we do not complete the Proposed Business Combination and the definitive agreement for another Initial Business Combination requires us to use a portion of the cash in the Trust Account to pay the purchase price, or requires us to have a minimum amount of cash at closing, the probability that our Initial Business Combination would be unsuccessful is increased. This risk is magnified because, following the redemptions in connection with the Extensions, as of October 31, 2025, we had a balance in cash held in trust of approximately $1.86 million. If an Initial Business Combination is unsuccessful, shareholders would not receive their pro rata portion of the funds in the Trust Account until we liquidate the Trust Account. If shareholders are in need of immediate liquidity, they could attempt to sell their shares in the open market; however, at such time our shares may trade at a discount to the pro rata amount per share in the Trust Account. Moreover, our securities have been delisted from NYSE and are not quoted on the over-the-counter market, and therefore, there is currently no public tradable market for our shares. In either situation, shareholders may suffer a material loss on their investment or lose the benefit of funds expected in connection with our redemption until we liquidate or they are able to sell their shares in the open market.

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**If we do not complete the Proposed Business Combination, our search for another Initial Business Combination, and any target business (including iRocket) with which we ultimately consummate an Initial Business Combination, may be materially adversely affected by events that are outside of our control, such as increased geopolitical unrest, pandemic outbreaks (such as COVID-19), and volatility in the debt and equity markets.**

If we do not complete the Proposed Business Combination, our ability to find another potential target business and the business of any potential target business, including iRocket, with which we may consummate an Initial Business Combination could be materially and adversely affected by events that are outside of our control. For example, geopolitical unrest, including war, terrorist activity and acts of civil or international hostility are increasing. Similarly, other events outside of our control, including natural disasters, climate-related events, pandemics or health crises (such as the COVID-19 pandemic) may arise from time to time. Any such events may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets, and the business of iRocket or any other potential target business with which we may consummate an Initial Business Combination (including the Proposed Business Combination) could be materially and adversely affected. In addition, our ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these and other events, including as a result of increased market volatility, decreased market liquidity in third-party financing being unavailable on terms acceptable to us or at all.

**Changes in international trade policies, tariffs and treaties affecting imports and exports may have a material adverse effect on our search for an Initial Business Combination target if we do not complete the Proposed Business Combination, our ability to complete the Proposed Business Combination or another Initial Business Combination, and/or our business, financial condition and results of operations following completion of the Proposed Business Combination or another Initial Business Combination.**

There have recently been significant changes to international trade policies and tariffs affecting imports and exports. The U.S. has implemented a range of new tariffs and increases to existing tariffs, and, in response to the tariffs announced by the U.S., other countries have imposed new or increased tariffs on certain exports from the United States. There is currently significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, government regulations and tariffs. We cannot predict whether, and to what extent, current tariffs will continue or trade policies will change in the future. Any significant increases in tariffs on goods or materials or other changes in trade policy, or the perception that such changes could occur, could negatively affect our search for a target business if we do not complete the Proposed Business Combination and/or our ability to complete the Proposed Business Combination or another Initial Business Combination. For example, if we pursue a target company which sources or manufactures material components outside of the U.S., these changes could materially impact such target company's business and financial performance. Similarly, if we pursue a target company which exports products outside of the U.S., retaliatory tariff and trade measures imposed by other countries could affect such target's ability to export products and therefore adversely affect its sales. We may not be able to adequately address the risks presented by these tariffs or other potential trade policy changes. As a result, if we do not complete the Proposed Business Combination, we may deem it costly, impractical or risky to complete an Initial Business Combination with a particular target or with a target in a particular industry or from a particular country. Consequently, the pool of potential target companies may be reduced, which could impair our ability to identify a suitable target and to complete an Initial Business Combination. The business prospects of iRocket or another target company could change even after we enter into a business combination agreement, as a result of tariffs or the threat of tariffs that may have a material impact on iRocket's or such other target's business. Accordingly, changes in trade and tariff policies could prevent or make it difficult or more expensive for us to complete the Proposed Business Combination or another Initial Business Combination. Tariffs and threats of tariffs and other potential trade policy changes could also lead to material adverse effects on Holdco or another post-business combination company.

**If we do not complete the Proposed Business Combination, the requirement that we consummate an Initial Business Combination by March 16, 2026 may give potential target businesses leverage over us in negotiating an Initial Business Combination and may limit the time we have in which to conduct due diligence on potential Initial Business Combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete our Initial Business Combination on terms that would produce value for our shareholders.**

If we do not complete the Proposed Business Combination with iRocket, any potential target business with which we enter into negotiations concerning an Initial Business Combination will be aware that we must consummate an Initial Business Combination by March 16, 2026. Consequently, such target business may obtain leverage over us in negotiating an Initial Business Combination, knowing that if we do not complete our Initial Business Combination with that particular target business, we may be unable to complete our Initial Business Combination with any target business. This risk will increase as we get closer to the time frame described above. In addition, we may have limited time to conduct due diligence and may enter into our Initial Business Combination on terms that we would have rejected upon a more comprehensive investigation.

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**We may not be able to complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026, in which case we may be required to cease all operations except for the purpose of winding up and we would redeem our Public Shares and liquidate.**

Our Charter provides that we must complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026. We may not be able to complete the Proposed Business Combination, or if we do not complete the Proposed Business Combination and instead seek to complete another Initial Business Combination, find a suitable target business and consummate such Initial Business Combination by March 16, 2026. Our ability to complete the Proposed Business Combination or find another Initial Business Combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks described herein. For example, increased market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all could limit our ability to complete the Proposed Business Combination or another Initial Business Combination. Additionally, financial markets may be adversely affected by events outside of our control, including natural disasters, international trade policies, climate-related events, pandemics or health crises, current or anticipated military conflict, including between Russia and Ukraine and between Israel and Hamas, terrorism, sanctions or other geopolitical events globally.

If we have not consummated the Proposed Business Combination or another Initial Business Combination within such applicable time 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 and not previously released to us to pay our income taxes, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (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 shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our Charter provides that, if we wind up for any other reason prior to the consummation of an Initial Business Combination, we will follow the foregoing procedures with respect to the liquidation of the Trust Account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. In either such case, our Public Shareholders may receive only $10.00 per Public Share, or less than $10.00 per Public Share, on the redemption of their Public Shares, and our Warrants will expire worthless. See "*—If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per Public Share*" and other risk factors herein.

**There are no assurances that the Fourth Extension will enable us to complete the Proposed Business Combination or another Initial Business Combination.**

Although the Fourth Extension was approved and implemented, the Company can provide no assurances that the Proposed Business Combination or another Initial Business Combination will be consummated prior to the Fourth Extended Date. Our ability to consummate the Proposed Business Combination or another Initial Business Combination is dependent on a variety of factors, many of which are beyond our control. The Company expects to seek shareholder approval of the Proposed Business Combination or any other Initial Business Combination. We were required to offer Public Shareholders the opportunity to redeem Public Shares in connection with the Extensions, and we will be required to offer Public Shareholders redemption rights again in connection with any shareholder vote to approve the Proposed Business Combination or any other Initial Business Combination. If we do not complete the Proposed Business Combination and instead seek to complete another Initial Business Combination, it is possible that the high redemptions we have experienced have left us with insufficient cash to consummate another Initial Business Combination on commercially acceptable terms, or at all. The fact that we will have had separate redemption periods in connection with the Extensions and any Initial Business Combination vote could exacerbate these risks. Other than in connection with a redemption offer or liquidation, our shareholders may be unable to recover their investment except through sales of our shares on the open market. The price of our shares may be volatile, and there can be no assurance that shareholders will be able to dispose of our shares at favorable prices, or at all.

**If we seek shareholder approval of our Initial Business Combination, as we expect to do in connection with the Proposed Business Combination, our Sponsor, directors, executive officers, advisors and their affiliates may elect to purchase Public Shares or Public Warrants, which may influence a vote on a and reduce the public "float" of our Public Shares or Public Warrants.**

If we seek shareholder approval of any Initial Business Combination, as we expect to do in connection with the Proposed Business Combination, and we do not conduct redemptions in connection with such Initial Business Combination pursuant to the tender offer rules, our Sponsor, directors, executive officers, advisors or their affiliates may purchase Public Shares or Public Warrants in privately negotiated transactions or in the open market either prior to or following the completion of the Proposed Business Combination or another Initial Business Combination, although they are under no obligation or duty to do so.

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Any such price per share may be different than the amount per share a Public Shareholder would receive if it elected to redeem its Public Shares in connection with the Proposed Business Combination or such other Initial Business Combination. Such a purchase may include a contractual acknowledgment that such shareholder, although still the record holder of our shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that our Sponsor, directors, executive officers, advisors or their affiliates purchase Public Shares in privately negotiated transactions from Public Shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their Public Shares. It is intended that, if Rule 10b-18 would apply to purchases by the Sponsor, directors, executive officers, advisors or their affiliates, then such purchases will comply with Rule 10b-18 under the Exchange Act, to the extent it applies, which provides a safe harbor for purchases made under certain conditions, including with respect to timing, pricing and volume of purchases.

Additionally, at any time at or prior to the Proposed Business Combination or such other Initial Business Combination, subject to applicable securities laws (including with respect to material nonpublic information), our Sponsor, directors, executive officers, advisors or their affiliates may enter into transactions with investors and others to provide them with incentives to acquire Public Shares, vote their Public Shares in favor of the Proposed Business Combination or such other Initial Business Combination or not redeem their Public Shares. None of the funds held in the Trust Account will be used to purchase Public Shares or Public Warrants in such transactions prior to completion of the Proposed Business Combination or such other Initial Business Combination. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act.

The purpose of any such transactions could be to (1) reduce the number of Public Warrants outstanding and/or increase the likelihood of approval on any matters submitted to the Public Warrant holders for approval or (2) satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our Initial Business Combination, where it appears that such requirement would otherwise not be met. Any such purchases of our securities may result in the completion of an Initial Business Combination that may not otherwise have been possible.

In addition, if such purchases are made, the public "float" of our securities may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

Our Sponsor, directors, executive officers, advisors or their affiliates anticipate that they may identify the shareholders with whom our Sponsor, directors, executive officers, advisors or their affiliates may pursue privately negotiated transactions by either the shareholders contacting us directly or by our receipt of redemption requests submitted by shareholders (in the case of Public Shares) following our mailing of proxy materials in connection with an Initial Business Combination (including the Proposed Business Combination). To the extent that our Sponsor, directors, executive officers, advisors or their affiliates enter into a private transaction, they would identify and contact only potential selling or redeeming shareholders who have expressed their election to redeem their Public Shares for a pro rata share of the Trust Account or vote against an Initial Business Combination (including the Proposed Business Combination), whether or not such shareholder has already submitted a proxy with respect to the Proposed Business Combination or another Initial Business Combination but only if such shares have not already been voted at the general meeting related to the Proposed Business Combination or such other Initial Business Combination. Our Sponsor, directors, executive officers, advisors or their affiliates will select which shareholders to purchase shares from based on the negotiated price and number of shares and any other factors that they may deem relevant, and will be restricted from purchasing shares if such purchases do not comply with Regulation M under the Exchange Act and the other federal securities laws.

Our Sponsor, directors, executive officers, advisors or their affiliates will be restricted from making purchases of shares if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. Additionally, in the event our Sponsor, directors, executive officers, advisors or their affiliates were to purchase Public Shares or Public Warrants from Public Shareholders, such purchases would be structured in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent part, through adherence to the following:

● our registration statement/proxy statement filed for the Proposed Business Combination or another Initial Business Combination would disclose the possibility that our Sponsor, directors, executive officers, advisors or their affiliates may purchase Public Shares or Public Warrants from Public Shareholders outside the redemption process, along with the purpose of such purchases;

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● if our Sponsor, directors, executive officers, advisors or their affiliates were to purchase Public Shares or Public Warrants from Public Shareholders, they would do so at a price no higher than the price offered through our redemption process;

● our registration statement/proxy statement filed for the Proposed Business Combination or another Initial Business Combination would include a representation that any of our securities purchased by our Sponsor, directors, executive officers, advisors or their affiliates would not be voted in favor of approving the Proposed Business Combination or such other Initial Business Combination;

● our Sponsor, directors, executive officers, advisors and their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and

● we would disclose in a Form 8-K, before our shareholder meeting to approve the Proposed Business Combination or such other Initial Business Combination, the following material items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 amount of our securities purchased outside of the redemption offer by our Sponsor, directors,
 executive officers, advisors and their affiliates, along with the purchase price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 purpose of the purchases by our Sponsor, directors, executive officers, advisors and their
 affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 impact, if any, of the purchases by our Sponsor, directors, executive officers, advisors
 and their affiliates on the likelihood that the Proposed Business Combination or such other
 Initial Business Combination will be approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 identities of our security holders who sold to our Sponsor, directors, executive officers,
 advisors and their affiliates (if not purchased on the open market) or the nature of our
 security holders (e.g., 5% security holders) who sold to our Sponsor, directors, executive
 officers, advisors and their affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 number of our securities for which we have received redemption requests pursuant to our redemption
 offer.

**If a shareholder fails to receive notice of our offer to redeem our Public Shares in connection with our Initial Business Combination, or fails to comply with the procedures for tendering its shares, such shares may not be redeemed.**

We will comply with the proxy rules or tender offer rules, as applicable, when conducting redemptions in connection with our Initial Business Combination, including the Proposed Business Combination. Despite our compliance with these rules, if a shareholder fails to receive our proxy solicitation or tender offer materials, as applicable, such shareholder may not become aware of the opportunity to redeem its Public Shares. In addition, the proxy solicitation or tender offer materials, as applicable, that we will furnish to holders of our Public Shares in connection with an Initial Business Combination, including the Proposed Business Combination, will describe the various procedures that must be complied with in order to validly redeem or tender Public Shares. In the event that a shareholder fails to comply with these procedures, its Public Shares may not be redeemed. See "*Item 1. Business—Tendering Share Certificates in Connection with a Tender Offer or Redemption Rights."*

**A shareholder will not be entitled to protections normally afforded to investors of many other blank check companies.**

We are a "blank check" company under the U.S. securities laws. However, because we had net tangible assets in excess of $5,000,000 following consummation of the Initial Public Offering, we were exempt from rules promulgated by the SEC to protect investors in blank check companies, such as Rule 419]. Accordingly, investors are not afforded the benefits or protections of those rules. Among other things, this means we will have a longer period of time to complete an Initial Business Combination than companies subject to Rule 419. Moreover, if the Initial Public Offering had been subject to Rule 419, that rule would prohibit the release of any interest earned on funds held in the Trust Account to us unless and until the funds in the Trust Account were released to us in connection with our completion of the Proposed Business Combination or another Initial Business Combination.

**If we seek shareholder approval of our Initial Business Combination, as we intend to do in connection with the Proposed Business Combination, and we do not conduct redemptions pursuant to the tender offer rules, and if a shareholder or a "group" of shareholders are deemed to hold in excess of 15% of our Public Shares, they will lose the ability to redeem all such shares in excess of 15% of our Public Shares.**

If we seek shareholder approval of our Initial Business Combination, as we intend to do in connection with the Proposed Business Combination, and we do not conduct redemptions in connection with our Initial Business Combination pursuant to the tender offer rules, our Charter provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the remaining shares sold in the Initial Public Offering (i.e., Excess Shares), without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against the Proposed Business Combination or another Initial Business Combination. A shareholder's inability to redeem the Excess Shares will reduce their influence over our ability to complete the Proposed Business Combination or another Initial Business Combination and they could suffer a material loss on their investment in us if they sell Excess Shares in open market transactions. Additionally, a shareholder(s) will not receive redemption distributions with respect to the Excess Shares if we complete the Proposed Business Combination or another Initial Business Combination. And as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares, would be required to sell their shares in open market transactions, potentially at a loss.

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**Because of our limited resources and the significant competition for business combination opportunities, it may be more difficult for us to complete the Proposed Business Combination or another Initial Business Combination. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless.**

We expect to encounter intense competition from other entities having a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other special purpose acquisition companies, the vast majority of which are listed on a national securities exchange, and other entities, domestic and international, competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors. While we believe there are numerous target businesses, including iRocket, we could potentially acquire with the remaining net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our ability to compete with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources. This risk is magnified because, following the redemptions in connection with the Extensions, as of October 31, 2025, we had a balance in cash and investments held in trust of approximately $1.86 million. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, we are obligated to offer holders of our Public Shares the right to redeem their shares for cash at the time of our Initial Business Combination, including the Proposed Business Combination, in conjunction with a shareholder vote or via a tender offer. Target companies, such as iRocket, will be aware that this may reduce the resources available to us for our Initial Business Combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating a business combination. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless. See "—*If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per Public Share*" and other risk factors herein.

**Because the remaining net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants not being held in the Trust Account are insufficient to allow us to operate until at least March 16, 2026, we may be unable to complete the Proposed Business Combination or another Initial Business Combination, and we will depend on loans from our Sponsor, its affiliates or members of our management team to fund our search and to complete the Proposed Business Combination or another Initial Business Combination.**

None of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants are available to us outside the Trust Account to fund our working capital requirements. We believe that the funds available to us outside of the Trust Account, together with funds available from loans from our Sponsor, its affiliates or members of our management team, will be sufficient to allow us to operate for at least until March 16, 2026; however, we cannot assure investors that our estimate is accurate, and our Sponsor, its affiliates or members of our management team are under no obligation to advance funds to us in such circumstances, except as provided by the Convertible Note. Of the funds available to us, we expect to use a portion of the funds available to us to pay fees to consultants to assist us with our search for a target business. We could also use a portion of the funds as a down payment or to fund a "no-shop" provision (a provision in letters of intent designed to keep target businesses from "shopping" around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular Initial Business Combination, although we have not done so in connection with the Proposed Business Combination. If we entered into a letter of intent where we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds (whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect to, a target business.

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If we are required to seek additional capital, we would need to borrow funds from our Sponsor, its affiliates, members of our management team or other third parties to operate or may be forced to liquidate. Except as otherwise described herein, neither our Sponsor, members of our management team nor their affiliates is under any obligation to us in such circumstances. Any such advances may be repaid only from funds held outside the Trust Account or from funds released to us upon completion of the Proposed Business Combination or another Initial Business Combination. Up to $1,500,000 of such loans may be convertible into Warrants of the post-business combination entity at a price of $1.50 per Warrant at the option of the lender. The Warrants would be identical to the Private Placement Warrants. Prior to the completion of the Proposed Business Combination or another Initial Business Combination, we do not expect to seek loans from parties other than our Sponsor, its affiliates, members of our management team or a target business, 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. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account. Consequently, our Public Shareholders may only receive an estimated $10.00 per Public Share, or possibly less, on our redemption of our Public Shares, and our Warrants will expire worthless. See "*—If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per Public Share*" and other risk factors herein.

**Subsequent to our completion of the Proposed Business Combination or another Initial Business Combination, we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and the price of our securities, which could cause investors to lose some or all of their investment.**

Even if we conduct extensive due diligence on a target business with which we combine, as we have done on iRocket, we cannot assure investors that this diligence will identify all material issues with a particular target business, including iRocket, that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of iRocket's, another target business' and outside of our control will not later arise. As a result of these factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may cause us to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by iRocket or another target business or by virtue of our obtaining post-combination debt financing. Accordingly, any holders who choose to retain their securities following the Proposed Business Combination or another Initial Business Combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

**If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per Public Share.**

Our placing of funds in the Trust Account may not protect those funds from third-party claims against us. Although we will seek to have all vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our Public Shareholders, such parties may not execute such agreements, or even if they execute such agreements, they may not be prevented from bringing claims against the Trust Account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, our management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third party that has not executed a waiver if management believes that such third-party's engagement would be significantly more beneficial to us than any alternative.

Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the Trust Account for any reason. Upon redemption of our Public Shares, if we have not consummated an Initial Business Combination by March 16, 2026, or upon the exercise of a redemption right in connection with the Proposed Business Combination or another Initial Business Combination, we will be required to provide for payment of claims of creditors that were not waived that may be brought against us within the ten years following redemption. Accordingly, the per-share redemption amount received by Public Shareholders could be less than the $10.00 per Public Share initially held in the Trust Account, due to claims of such creditors. In order to protect the amounts held in the Trust Account, our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us (other than our independent registered public accounting firm), or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.00 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 $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay our tax obligations, *provided* that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third-party, our Sponsor will not be responsible to the extent of any liability for such third-party claims.

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However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that our Sponsor's only assets are securities of our Company. Therefore, we cannot assure shareholders that our Sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses. As a result, if any such claims were successfully made against the Trust Account, the funds available for the Proposed Business Combination or another Initial Business Combination and redemptions could be reduced to less than $10.00 per Public Share. In such event, we may not be able to complete an Initial Business Combination, and shareholders would receive such lesser amount per share in connection with any redemption of their Public Shares.

**Our directors may decide not to enforce the indemnification obligations of our Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to our Public Shareholders.**

In the event that the proceeds in the Trust Account are reduced below the lesser of (i) $10.00 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 $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay our tax obligations, and our Sponsor asserts that it is unable to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do so in any particular instance. If our independent directors choose not to enforce these indemnification obligations, the amount of funds in the Trust Account available for distribution to our Public Shareholders may be reduced below $10.00 per Public Share.

**We may not have sufficient funds to satisfy indemnification claims of our directors and executive officers.**

We have agreed to indemnify our officers and directors to the fullest extent permitted by law. However, our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the Trust Account and to not seek recourse against the Trust Account for any reason whatsoever (except to the extent they are entitled to funds from the Trust Account due to their ownership of Public Shares). Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the Trust Account or (ii) we consummate the Proposed Business Combination or another Initial Business Combination. Our obligation to indemnify our officers and directors may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

**If, after we distribute the proceeds in the Trust Account to our Public Shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.**

If, after we distribute the proceeds in the Trust Account to our Public Shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent conveyance." As a result, a bankruptcy court could seek to recover some or all amounts received by our shareholders. In addition, our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself and us to claims of punitive damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors.

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**If, before distributing the proceeds in the Trust Account to our Public Shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.**

If, before distributing the proceeds in the Trust Account to our Public Shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the Trust Account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust Account, the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.

**If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete the Proposed Business Combination or another Initial Business Combination.**

If we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:

● restrictions on the nature of our investments; and

● restrictions on the issuance of securities, each of which may make it difficult for us to complete the Proposed Business Combination or another Initial Business Combination.

In addition, we may have imposed upon us burdensome requirements, including:

● registration as an investment company with the SEC;

● adoption of a specific form of corporate structure; and

● reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are currently not subject to.

In order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning, holding or trading "investment securities" constituting more than 40% of our assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete an Initial Business Combination, such as the Proposed Business Combination, and thereafter to operate the post-transaction business or assets for the long term. We do not intend to spend a considerable amount of time actively managing the assets in the Trust Account for the primary purpose of achieving investment returns. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.

We do not believe that our principal activities will subject us to the Investment Company Act. To this end, the Company was formed for the purpose of completing an Initial Business Combination, such as the Proposed Business Combination, with one or more businesses, such as iRocket. Since our inception, our business has been and will continue to be focused on identifying and completing an Initial Business Combination, such as the Proposed Business Combination, and thereafter, operating the post-transaction business or assets for the long term. Further, we do not plan to buy businesses or assets with a view to resale or profit from their resale and we do not plan to buy unrelated businesses or assets or to be a passive investor. In addition, the proceeds held in the Trust Account were invested in United States "government securities" within the meaning of 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 U.S. government treasury obligations until on or around the 24-month anniversary of the effective date of our Initial Public Offering registration statement, when, to mitigate the potential risk that we might be deemed to be an investment company for purposes of the Investment Company Act, the trustee liquidated such investments and moved the proceeds to an interest-bearing demand deposit account. Pursuant to the investment management trust agreement, dated as of March 16, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds in this manner, and by focusing our directors' and officers' time toward, and operating our business for the purpose of, acquiring and growing businesses for the long term (rather than buying and selling businesses in the manner of a merchant bank or private equity fund or investing in assets for the purpose of achieving investment returns on such assets), we intend to avoid being deemed an investment company within the meaning of the Investment Company Act. Further, investing in our securities is not intended for persons who are seeking a return on investments in government securities or Investment Securities. Instead, the Trust Account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of the Proposed Business Combination or another Initial Business Combination; (ii) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend our Charter (A) to modify the substance or timing of our obligation to allow redemption in connection with the Proposed Business Combination or another Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination within the completion window or (B) with respect to any other material provisions relating to shareholders' rights or pre-Initial Business Combination activity; or (iii) absent an Initial Business Combination, including the Proposed Business Combination, within the completion window, our return of the funds held in the Trust Account to our Public Shareholders as part of our redemption of the Public Shares. If we do not invest the proceeds as described above, we may be deemed to be subject to the Investment Company Act.

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Further, under the subjective test of a "investment company" pursuant to Section 3(a)(1)(A) of the Investment Company Act, even if the funds deposited in the Trust Account were invested in the assets discussed above (U.S. government securities or money market funds registered under the Investment Company Act), such assets, other than cash, are "securities" for purposes of the Investment Company Act and, therefore, nevertheless, there is a risk that we could be deemed an unregistered investment company and subject to the Investment Company Act at any time.

In the adopting release for the 2024 SPAC Rules (as defined below), the SEC provided guidance that a SPAC's potential status as an "investment company" depends on a variety of factors, such as a SPAC's duration, asset composition, business purpose and activities and "is a question of facts and circumstances" requiring individualized analysis. If we were deemed to be an unregistered investment company and subject to compliance with and regulation under the Investment Company Act, we would be subject to additional regulatory burdens and expenses for which we have not allotted funds. Unless we are able to modify our activities so that we would not be deemed an investment company, we would either register as an investment company or wind down and abandon our efforts to complete the Proposed Business Combination or another Initial Business Combination and instead liquidate the Company. As a result, our Public Shareholders may only receive their pro rata portion of the funds in the Trust Account that are available for distribution to Public Shareholders and would be unable to realize the potential benefits of the Proposed Business Combination or another Initial Business Combination, including the possible appreciation of the combined company's securities, and our Warrants would expire worthless. For illustrative purposes, in connection with the liquidation of our Trust Account, our Public Shareholders may receive only approximately $11.95 per Public Share, which is based on estimates as of October 31, 2025, or less in certain circumstances, and our Warrants would expire worthless.

**To mitigate the risk that we might be deemed to be an investment company for purposes of the Company Act, we have, on or around the 24-month anniversary of the effective date of our Initial Public Offering registration statement, instructed the trustee 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 until the earlier of the consummation of an Initial Business Combination (including the Proposed Business Combination) or our liquidation. As a result, following the liquidation of investments in the Trust Account, we expect to receive minimal interest, if any, on the funds held in the Trust Account, which would reduce the dollar amount our Public Shareholders would receive upon any redemption or liquidation of the Company.**

The funds in the Trust Account were, after our Initial Public Offering, held only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act, in an interest-bearing demand deposit account or as cash. To mitigate the risk of us being deemed to be an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act) and thus subject to regulation under the Investment Company Act, we have, on or around to the 24-month anniversary of the effective date of our Initial Public Offering registration statement, instructed Continental Stock Transfer & Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing demand deposit account at a bank until the earlier of the consummation of the Proposed Business Combination or another Initial Business Combination or the liquidation of the Company. Following such liquidation, we expect to receive minimal interest, if any, on the funds held in the Trust Account. However, interest previously earned on the funds held in the Trust Account still may be released to us to pay our taxes, if any, and certain other expenses as permitted. As a result, our decision to liquidate the investments held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest-bearing demand deposit at a bank is expected to reduce the dollar amount our Public Shareholders would receive upon any redemption or liquidation of the Company.

**Changes to laws or regulations or in how such laws or regulations are interpreted or applied, or a failure to comply with any laws, regulations, interpretations or applications, may adversely affect our business, including our ability to negotiate and complete the Proposed Business Combination or another Initial Business Combination.**

We are subject to the laws and regulations, and interpretations and applications of such laws and regulations, of national, regional, state and local governments and, potentially, non-U.S. jurisdictions. In particular, we are required to comply with certain SEC and potentially other legal and regulatory requirements, and our consummation of the Proposed Business Combination or another Initial Business Combination may be contingent upon our ability to comply with certain laws, regulations, interpretations and applications and Holdco or any other post-business combination company may be subject to additional laws, regulations, interpretations and applications. Compliance with, and monitoring of, the foregoing may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time, and those changes could have a material adverse effect on our business, including our ability to negotiate and complete the Proposed Business Combination or another Initial Business Combination.

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Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. For example, on January 24, 2024, the SEC issued final rules and guidance relating to special purpose acquisition companies, like us, regarding, among other things, disclosure in SEC filings in connection with initial business combination transactions; the financial statement requirements applicable to transactions involving shell companies; the use of projections in SEC filings in connection with proposed business combination transactions; and the potential liability of certain participants in proposed business combination transactions. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. A failure to comply with applicable laws or regulations and any subsequent changes, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete the Proposed Business Combination or another Initial Business Combination, and results of operations.

**Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their Public Shares.**

If we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves and our Company to claims, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors. We cannot assure investors that claims will not be brought against us for these reasons. We and our directors and officers who knowingly and willfully authorized or permitted any distribution to be paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable for a fine and imprisonment for five years in the Cayman Islands.

**We may not hold another annual meeting (or extraordinary general meeting in lieu of annual meeting) of shareholders until after the consummation of the Proposed Business Combination or another Initial Business Combination, which could delay the opportunity for our shareholders to elect directors.**

In accordance with the NYSE corporate governance requirements, we were required to hold an annual meeting no later than one year after our first fiscal year end following our listing on the NYSE. There is no requirement under the Companies Act for the Company to hold annual or shareholder meetings to elect directors and, following our delisting from NYSE, we are no longer subject to any NYSE requirement to hold an annual or shareholder meeting each year. For a more detailed discussion of our delisting, see "—*The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting*." The Company may not hold another annual meeting of shareholders to elect new directors prior to the consummation of the Proposed Business Combination or another Initial Business Combination. Prior to the completion of the Proposed Business Combination or another Initial Business Combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our Founder Shares. In addition, prior to the completion of the Proposed Business Combination or another Initial Business Combination, holders of a majority of our Founder Shares may remove a member of the board of directors for any reason. Until we hold another annual meeting of shareholders, Public Shareholders may not be afforded another opportunity to elect directors and to discuss Company affairs with management. Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual general meeting of shareholders) serving a three-year term.

**If we do not complete the Proposed Business Combination with iRocket, when we look for an alternate business combination target, we will not be limited to evaluating a target business in a particular industry sector, investors will be unable to ascertain the merits or risks of any particular target business's operations.**

We may pursue business combination opportunities in any sector, except that we are not, under our Charter, permitted to effectuate our Initial Business Combination solely with another blank check company or similar company with nominal operations. We intend to complete the Proposed Business Combination with iRocket, and accordingly may be affected by numerous risks inherent in iRocket's business operations and industry, which will be described in detail in the registration statement on Form S-4 to be filed by Holdco in connection with the Proposed Business Combination. If we do not complete the Proposed Business Combination with iRocket, but complete another Initial Business Combination, we may be affected by numerous risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable business or an entity lacking an established record of sales or earnings, we may be affected by the risks inherent in the business and operations of a financially unstable or a development stage entity. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business, and have done so in connection with the Proposed Business Combination, we cannot assure investors that we will properly ascertain or assess all of the significant risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business. We also cannot assure investors that an investment in our Units will ultimately prove to be more favorable to investors than a direct investment, if such opportunity were available, in iRocket or another business combination target. Accordingly, any holders who choose to retain their securities following the Proposed Business Combination or another Initial Business Combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

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**We may seek acquisition opportunities in industries or sectors which may or may not be outside of our management's area of expertise.**

We have and will continue to consider Initial Business Combinations outside of our management's area of expertise if an Initial Business Combination target is presented to us and we determine that such candidate offers an attractive acquisition opportunity for our Company. Although our management will endeavor to evaluate the risks inherent in any particular business combination target, and it has endeavored to do so in connection with the Proposed Business Combination, we cannot assure investors that we will adequately ascertain or assess all of the significant risk factors. We also cannot assure investors that an investment in our Units will not ultimately prove to be less favorable to investors than a direct investment, if an opportunity were available, in iRocket or another business combination target. In the event we elect to pursue an acquisition outside of the areas of our management's expertise, our management's expertise may not be directly applicable to its evaluation or operation, and the information contained in this Annual Report regarding the areas of our management's expertise would not be relevant to an understanding of the business that we elect to acquire. As a result, our management may not be able to adequately ascertain or assess all of the significant risk factors. Accordingly, any holders who choose to retain their securities following the Proposed Business Combination or another Initial Business Combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

**Although we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our Initial Business Combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our Initial Business Combination may not have attributes entirely consistent with our general criteria and guidelines.**

Although we have identified general criteria and guidelines for evaluating prospective target businesses, it is possible that iRocket or another target business with which we enter into our Initial Business Combination will not have all of these positive attributes. If we complete our Initial Business Combination with a target that does not meet some or all of these guidelines, such combination may not be as successful as a combination with a business that does meet all of our general criteria and guidelines. In addition, if we announce a prospective Initial Business Combination with a target that does not meet our general criteria and guidelines, a greater number of shareholders may exercise their redemption rights, which may make it difficult for us to meet any closing condition with a target business that requires us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, it may be more difficult for us to attain shareholder approval of our Initial Business Combination if the target business does not meet our general criteria and guidelines. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless.

**We are not required to obtain an opinion from an independent accounting or investment banking firm, and consequently, investors may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view.**

Unless we complete our Initial Business Combination with an affiliated entity, we are not required to obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that the price we are paying is fair to our shareholders from a financial point of view. No such opinion was required or obtained in connection with the Proposed Business Combination. If no opinion is obtained, our shareholders will be relying on the judgment of our board of directors, who will determine fair market value based on standards generally accepted by the financial community. Such standards used will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to our Initial Business Combination, including the Proposed Business Combination.

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**Resources have been and could continue to be expended in researching and pursuing potential Initial Business Combinations (including the Proposed Business Combination) that are not completed, such as the Terminated Business Combination, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless.**

The investigation of each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments requires substantial management time and attention and substantial costs for accountants, attorneys and others. If we decide not to complete a potential Initial Business Combination, the costs incurred up to that point for the proposed transaction likely would not be recoverable. Furthermore, as with the Terminated Business Combination, even if we reach an agreement relating to a specific target business we may fail to complete our Initial Business Combination for any number of reasons including those beyond our control. Any such event will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless.

**We may only be able to complete one Initial Business Combination with the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, as reduced by the redemptions in connection with the Extensions, which will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of diversification may negatively impact our operations and profitability.**

The net proceeds from the Initial Public Offering and the sale of the Private Placement Warrants provided us with approximately $333 million to complete our Initial Business Combination and pay related fees and expenses. Following the redemptions in connection with the Extensions, as of October 31, 2025, we had a remaining balance in cash held in trust of approximately $1.86 million.

Although the Merger Agreement contemplated the Proposed Business Combination with a single target business, iRocket, if we do not complete the Proposed Business Combination, we may effectuate our Initial Business Combination with a single-target business or multiple-target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our Initial Business Combination with more than one target business because of various factors, including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing the Proposed Business Combination or another Initial Business Combination with only iRocket or another single entity, our lack of diversification may subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects for our success may be:

● solely dependent upon the performance of a single business, property or asset; or

● dependent upon the development or market acceptance of a single or limited number of products, processes or services.

This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to the Proposed Business Combination or other Initial Business Combination.

**If we do not complete the Proposed Business Combination, we may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to complete our Initial Business Combination and give rise to increased costs and risks that could negatively impact our operations and profitability.**

If we determine to simultaneously acquire several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability, to complete our Initial Business Combination. With multiple business combinations, we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or products of the acquired companies in a single operating business. If we are unable to adequately address these risks, it could negatively impact our profitability and results of operations.

**We are attempting to complete the Proposed Business Combination with iRocket, a private company, and if we do not complete the Proposed Business Combination, we may attempt to complete our Initial Business Combination with a private company about which little information is available, which may result in an Initial Business Combination with iRocket or another company that is not as profitable as we believed, if at all.**

We are attempting to complete the Proposed Business Combination with iRocket, a privately held company. In pursuing our acquisition strategy, if we do not complete the Proposed Business Combination we may seek to effectuate another Initial Business Combination with a different privately held company. Very little public information generally exists about private companies, and we could be required to make our decision on whether to pursue a potential Initial Business Combination on the basis of limited information, which may result in an Initial Business Combination with iRocket or another company that is not as profitable as we believed, if at all.

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**Our management will not maintain control of iRocket after the Proposed Business Combination, and if we do not complete the Proposed Business Combination, may not be able to maintain control of another target business after another Initial Business Combination. Upon the loss of control of a target business, new management may not possess the skills, qualifications or abilities necessary to profitably operate such business.**

Although the Proposed Business Combination is structured so that the post-transaction company, Holdco, in which our Public Shareholders will own shares, will own 100% of the equity interests of iRocket, we may structure another Initial Business Combination so that the post-transaction company in which our Public Shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will only complete such other Initial 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 us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-business combination company owns 50% or more of the voting securities of the target, as with the Proposed Business Combination, our shareholders prior to our Initial Business Combination will collectively own a minority interest in Holdco, and if we do not complete the Proposed Business Combination and instead complete another Initial Business Combination, would most likely collectively own a minority interest in the post-business combination company, depending on valuations ascribed to the target and us in such other Initial Business Combination. For example, we could pursue a transaction in which we issue a substantial number of new Class A Ordinary Shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new Class A Ordinary Shares, our shareholders immediately prior to such transaction could own less than a majority of our outstanding Class A Ordinary Shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger fraction of the Company's shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain control of the target business.

**We do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to complete the Proposed Business Combination or another Initial Business Combination even though almost all of the Public Shares issued in our Initial Public Offering have already been redeemed.**

Our Charter does not currently provide a specified maximum redemption threshold. Although the Proposed Business Combination does not, another Initial Business Combination may impose a minimum cash requirement for: (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. We may be able to complete an Initial Business Combination even though a substantial majority of the Public Shares issued in our Initial Public Offering have already been redeemed in connection with the Extensions. Similarly, if we seek shareholder approval of an Initial Business Combination, as we intend to do in connection with the Proposed Business Combination, and do not conduct redemptions pursuant to the tender offer rules, we may enter into privately negotiated agreements with Public Shareholders to sell their shares to our Sponsor, officers, directors, advisors or any of their affiliates. In the event the aggregate cash consideration we would be required to pay for all Public Shares that are validly submitted for redemption plus any amount required to satisfy cash requirements pursuant to the terms of our Initial Business Combination exceed the aggregate amount of cash available to us, and if the minimum cash condition is not waived, we will not complete an Initial Business Combination or redeem any Public Shares, all Public Shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate Initial Business Combination. This risk is magnified because, following redemptions in connection with the Extensions, as of October 31, 2025, we had a balance in cash held in trust of approximately $1.86 million.

**We may be unable to obtain additional financing to complete the Proposed Business Combination or another Initial Business Combination or to fund the operations and growth of iRocket or another target business, which could compel us to restructure or abandon the Proposed Business Combination or another Initial Business Combination.**

Although we believe that the remaining net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, plus the proceeds of loans from our Sponsor, its affiliates or members will be sufficient to allow us to complete the Proposed Business Combination or another Initial Business Combination, we cannot ascertain the capital requirements for any particular transaction. Because of the redemptions in connection with Public Shares, the depletion of the available net proceeds in search of a target business, the size of the Proposed Business Combination or another Initial Business Combination, or the terms of negotiated transactions to purchase shares in connection with the Proposed Business Combination or another Initial Business Combination, we will be required to seek additional financing or to abandon the Proposed Business Combination or another Initial Business Combination. We cannot assure investors that such financing will be available on acceptable terms, if at all. The current economic environment may make it difficult for companies to obtain acquisition financing. To the extent that additional financing proves to be unavailable for the Proposed Business Combination or such other Initial Business Combination, we would be compelled to either restructure the transaction or abandon the Proposed Business Combination or other Initial Business Combination and seek an alternative target business candidate. This risk is magnified because, following redemptions in connection with the Extensions, as of October 31, 2025, we had a balance in cash held in trust of approximately $1.86 million. If we have not consummated the Proposed Business Combination or another Initial Business Combination within the required time period, our Public Shareholders may receive only approximately $10.00 per Public Share, or less in certain circumstances, on the liquidation of our Trust Account and our Warrants will expire worthless. In addition, even if we do not need additional financing to complete the Proposed Business Combination or another Initial Business Combination, we will likely require such financing to fund the operations or growth of iRocket or another target business. The failure to secure additional financing could have a material adverse effect on the continued development or growth of iRocket or such other target business.

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**Our Sponsor controls a super-majority interest in us and thus has control over actions requiring a shareholder vote, potentially in a manner that shareholders may not support. Similarly, following the consummation of the Proposed Business Combination, the founder and CEO of iRocket will have a substantial economic and controlling voting interest in Holdco, and following the consummation of another Initial Business Combination, one or more shareholders of such other target may have a substantial interest in the combined company, and may require us to enter into agreements or other arrangements with respect to board composition and for designation rights.**

Our Sponsor owns, on an as-converted basis, 98.23% of our issued and outstanding ordinary shares. Accordingly, it controls actions requiring a shareholder vote, potentially in a manner that Public Shareholders may not support, including amendments to our Charter. If our Sponsor purchases any additional Class A Ordinary Shares in the aftermarket or in privately negotiated transactions, this would increase its control. Neither our Sponsor nor, to our knowledge, any of our officers or directors, have any current intention to purchase additional securities, other than as disclosed in this Annual Report. Factors that would be considered in making such additional purchases would include consideration of the current trading price of our Class A Ordinary Shares. In addition, our board of directors, whose members were initially elected by our Sponsor, is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. We may not hold an annual meeting of shareholders to elect new directors prior to the completion of the Proposed Business Combination or another Initial Business Combination, in which case all of the current directors will continue in office until at least the completion of the Proposed Business Combination or another Initial Business Combination. If there is an annual meeting, as a consequence of our "staggered" board of directors, only a minority of the board of directors will be considered for election and our Sponsor, because of its ownership position, will control the outcome, as only holders of our Class B ordinary shares will have the right to vote on the election of directors and to remove directors prior to the Proposed Business Combination or another Initial Business Combination. Accordingly, our Sponsor will continue to exert control at least until the completion of the Proposed Business Combination or another Initial Business Combination. In addition, we have agreed not to enter into a definitive agreement regarding an Initial Business Combination without the prior consent of our Sponsor. Our Sponsor consented to our entry into the Merger Agreement with iRocket.

Following the Proposed Business Combination, the founder and CEO of iRocket will have a significant economic and controlling voting interest in Holdco, and therefore will control matters requiring a stockholder vote, such as the election of directors and amendments to Holdco's certificate of incorporation. If we do not complete the Proposed Business Combination, following the consummation of another our Initial Business Combination, one or more shareholders of such other the target may have a substantial interest in the combined company, and may require us to enter into agreements or other arrangements with respect to board composition and for designation rights.

**Because we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous Initial Business Combination with some prospective target businesses.**

The federal proxy rules require that a proxy statement with respect to a vote on an Initial Business Combination meeting certain financial significance tests include historical and/or pro forma financial statement disclosure in periodic reports. We will include the same financial statement disclosure in connection with our tender offer documents, whether or not they are required under the tender offer rules. In the case of iRocket, these financial statements are, and in the case of any other target company, these financial statements may be required to be prepared in accordance with, or be reconciled to, GAAP or international financial reporting standards ("<u>IFRS</u>") as issued by the International Accounting Standards Board ("<u>IASB</u>"), depending on the circumstances and the historical financial statements may be required to be audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("<u>PCAOB</u>"). These financial statement requirements may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such statements in time for us to disclose such statements in accordance with federal proxy rules and complete the Proposed Business Combination or another Initial Business Combination within the prescribed time frame.

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**Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate the Proposed Business Combination or another Initial Business Combination, require substantial financial and management resources, and increase the time and costs of completing an Initial Business Combination.**

Section 404 of the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls. Only in the event we are deemed to be a large accelerated filer or an accelerated filer and no longer qualify as an emerging growth company, will we not be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. The fact that we are a special purpose acquisition company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome on us as compared to other public companies because a target business, such as iRocket, with which we seek to complete the Proposed Business Combination or another Initial Business Combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition.

**If we pursue a target company with operations or opportunities outside of the United States for our Initial Business Combination, as with the Proposed Business Combination, we may face additional burdens in connection with investigating, agreeing to and completing the Proposed Business Combination or such other Initial Business Combination, and if we effect the Proposed Business Combination or such other Initial Business Combination, we would be subject to a variety of additional risks that may negatively impact our operations.**

In connection with the Proposed Business Combination with iRocket we will be, and if we do not complete the Proposed Business Combination and pursue another target company with operations or opportunities outside of the United States for our Initial Business Combination, we would be, subject to risks associated with cross-border business combinations, including in connection with investigating, agreeing to and completing the Proposed Business Combination or another Initial Business Combination, conducting due diligence in a foreign jurisdiction, having such transaction approved by any local governments, regulators or agencies and changes in the purchase price based on fluctuations in foreign exchange rates.

If we effect the Proposed Business Combination with iRocket, or another Initial Business Combination with a company with operations or opportunities outside of the United States, we would be subject to any special considerations or risks associated with companies operating in an international setting, including any of the following:

● costs and difficulties inherent in managing cross-border business operations;

● rules and regulations regarding currency redemption;

● complex corporate withholding taxes on individuals;

● laws governing the manner in which future business combinations may be effected;

● exchange listing and/or delisting requirements;

● tariffs and trade barriers;

● regulations related to customs and import/export matters;

● local or regional economic policies and market conditions;

● unexpected changes in regulatory requirements;

● longer payment cycles;

● tax issues, such as tax law changes and variations in tax laws as compared to the United States;

● currency fluctuations and exchange controls;

● rates of inflation;

● challenges in collecting accounts receivable;

● cultural and language differences;

● employment regulations;

● underdeveloped or unpredictable legal or regulatory systems;

● corruption;

● protection of intellectual property;

● social unrest, crime, strikes, riots and civil disturbances;

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● regime changes and political upheaval;

● terrorist attacks, natural disasters and wars; and

● deterioration of political relations with the United States.

We may not be able to adequately address these additional risks. If we were unable to do so, we may be unable to complete the Proposed Business Combination or such other Initial Business Combination, or, if we complete such combination, our operations might suffer, either of which may adversely impact our business, financial condition and results of operations. See "—*Changes in international trade policies, tariffs and treaties affecting imports and exports may have a material adverse effect on our search for an Initial Business Combination target if we do not complete the Proposed Business Combination, our ability to complete the Proposed Business Combination or another Initial Business Combination, and/or our business, financial condition and results of operations following completion of the Proposed Business Combination or another Initial Business Combination*."

**We have in the past sought, and if the Proposed Business Combination is not completed, may in the future seek, business combination opportunities with a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our desired results.**

We have in the past, and if the Proposed Business Combination is not completed, may in the future, seek business combination opportunities with large, highly complex companies that we believe would benefit from operational improvements. While we intend to implement such improvements, to the extent that our efforts are delayed or we are unable to achieve the desired improvements, the Initial Business Combination may not be as successful as we anticipate.

To the extent we complete our Initial Business Combination with a large complex business or entity with a complex operating structure, we may also be affected by numerous risks inherent in the operations of the business with which we combine, which could delay or prevent us from implementing our strategy. Although our management team will endeavor to evaluate the risks inherent in a particular target business and its operations, we may not be able to properly ascertain or assess all of the significant risk factors until we complete our Initial Business Combination. If we are not able to achieve our desired operational improvements, or the improvements take longer to implement than anticipated, we may not achieve the gains that we anticipate. Furthermore, some of these risks and complexities may be outside of our control and leave us with no ability to control or reduce the chances that those risks and complexities will adversely impact a target business. Such combination may not be as successful as a combination with a smaller, less complex organization.

**As the number of special purpose acquisition companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive targets. If we do not consummate the Proposed Business Combination, this could increase the cost of any other Initial Business Combination and could even result in our inability to find a target or to consummate an Initial Business Combination.**

In recent years, the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for special purpose acquisition companies have already entered into an initial business combination, and there are still many special purpose acquisition companies, the vast majority of which are listed on national securities exchanges seeking targets for their initial business combination, as well as many such companies currently in registration. As a result, and particularly following the Company's delisting from NYSE, fewer attractive targets may be available to the Company, and it may require more time, more effort and more resources to identify a suitable target and to consummate an Initial Business Combination.

In addition, because there are more special purpose acquisition companies, the vast majority of whom have an advantage over the Company because they are listed on national securities exchanges, seeking to enter into an initial business combination with available targets, the competition for available targets with attractive fundamentals or business models may increase, which could cause target companies to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry sector downturns, geopolitical tensions, or increases in the cost of additional capital needed to close business combinations or operate targets post-business combination. If we do not complete the Proposed Business Combination, this could increase the cost of, delay or otherwise complicate or frustrate our ability to find and consummate an Initial Business Combination, and may result in our inability to consummate an Initial Business Combination on terms favorable to our investors altogether.

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**Risks Relating to Ownership of Our Securities**

**We may not be able to complete the Proposed Business Combination or another Initial Business Combination if the proposed transaction is subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations.**

Certain acquisitions or business combinations may be subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations. In the event that such regulatory approval or clearance is not obtained, or the review process is extended beyond the period of time that would permit the Proposed Business Combination or another Initial Business Combination to be consummated with us, we may not be able to consummate the Proposed Business Combination with iRocket, or an Initial Business Combination with another target. In addition, regulatory considerations may decrease the pool of potential target companies we may be willing or able to consider.

In the United States, certain mergers that may affect competition may require certain filings and review by the Department of Justice and the Federal Trade Commission, and investments or acquisitions that may affect national security are subject to review by the Committee on Foreign Investment in the United States ("<u>CFIUS</u>"). CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States by foreign persons in order to determine the effect of such transactions on the national security of the United States.

Outside the United States, laws or regulations may affect our ability to consummate the Proposed Business Combination or another Initial Business Combination with potential target companies incorporated or having business operations in jurisdictions where national security considerations, involvement in regulated industries (including telecommunications), or in businesses where a country's culture or heritage may be implicated.

U.S. and foreign regulators generally have the power to deny the ability of the parties to consummate a transaction or to condition approval of a transaction on specified terms and conditions, which may not be acceptable to us or a target. In such event, we may not be able to consummate a transaction with that potential target.

As a result of these various restrictions, the pool of potential targets with which we could complete an Initial Business Combination may be limited, and we may be adversely affected in terms of competing with other special purpose acquisition companies that do not have similar ownership issues. Moreover, the process of government review, whether by CFIUS or otherwise, could be lengthy. Because we have only a limited time to complete an Initial Business Combination, our failure to obtain any required approvals within the requisite time period may require us to liquidate. Were we to liquidate the Company, our Warrants would expire worthless, and our securityholders would lose the investment opportunity associated with an investment in the combined company, including any potential price appreciation of our securities.

**If we have not consummated the Proposed Business Combination or another Initial Business Combination by March 16, 2026, our Public Shareholders may be forced to wait beyond March 16, 2026 before redemption from our Trust Account.**

If we have not consummated the Proposed Business Combination or another Initial Business Combination by March 16, 2026, the proceeds then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay our income taxes, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses), will be used to fund the redemption of our Public Shares, as further described herein. Any redemption of Public Shareholders from the Trust Account will be effected automatically by function of our Charter prior to any voluntary winding up. If we are required to wind up, liquidate the Trust Account and distribute such amount therein, pro rata, to our Public Shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable provisions of the Companies Act. In that case, investors may be forced to wait beyond March 16, 2026, before the redemption proceeds of our Trust Account become available to them, and they receive the return of their pro rata portion of the proceeds from our Trust Account. We have no obligation to return funds to investors prior to the date of our redemption or liquidation unless, prior thereto, we consummate the Proposed Business Combination or another Initial Business Combination or amend certain provisions of our Charter, and only then in cases where investors have sought to redeem their Public Shares. Only upon our redemption or any liquidation will Public Shareholders be entitled to distributions if we do not complete the Proposed Business Combination or another Initial Business Combination and do not amend certain provisions of our Charter. Our Charter will provide that, if we wind up for any other reason prior to the consummation of the Proposed Business Combination or another Initial Business Combination, we will follow the foregoing procedures with respect to the liquidation of the Trust Account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

**Shareholders will not have any rights or interests in funds from the Trust Account, except under certain limited circumstances. Therefore, to liquidate its investment, an investor may be forced to sell its Public Shares or Public Warrants, potentially at a loss.**

Our remaining Public Shareholders will be entitled to receive funds from the Trust Account only upon the earliest to occur of: (i) our completion of the Proposed Business Combination or another Initial Business Combination, and then only in connection with those Public Shares that such Public Shareholder properly elected to redeem, subject to the limitations described herein, (ii) the redemption of any Public Shares properly tendered in connection with a shareholder vote to amend our Charter (A) to modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with the Proposed Business Combination or another Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 or (B) with respect to any other provision relating to the rights of Public Shareholders or pre-Initial Business Combination activity, and (iii) the redemption of our Public Shares if we have not consummated the Proposed Business Combination or another Initial Business Combination by March 16, 2026, subject to applicable law and as further described herein. Public Shareholders who redeem their Public Shares in connection with a shareholder vote described in clause (ii) in the preceding sentence shall not be entitled to funds from the Trust Account upon the subsequent completion of the Proposed Business Combination or another Initial Business Combination or liquidation if we have not consummated an Initial Business Combination by March 16, 2026, with respect to such Public Shares so redeemed. In no other circumstances will a Public Shareholder have any right or interest of any kind in the Trust Account. Holders of Warrants will not have any right to the proceeds held in the Trust Account with respect to the Warrants. Accordingly, to liquidate their investment, Public Shareholders may be forced to sell their Public Shares or Warrants, potentially at a loss.

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**The nominal purchase price paid by our Sponsor for the Founder Shares may result in significant dilution to the implied value of your Public Shares upon the consummation of the Proposed Business Combination or another Initial Business Combination.**

We offered our Units at an offering price of $10.00 per Unit and, as of October 31, 2025, the amount in our Trust Account was approximately $1.86 million, implying a value of approximately $11.95 per Public Share. However, prior to our Public Offering, our Sponsor paid a nominal aggregate purchase price of $25,000 for the Founder Shares, or approximately $0.003 per share, and on March 15, 2024, pursuant to the Class A Conversion, our Sponsor converted 4,300,000 Class B ordinary shares into an equal number of Class A Conversion Shares. Our Sponsor agreed to waive its redemption rights with respect to such Class A Conversion Shares in connection with a shareholder vote to approve an Initial Business Combination (including the Proposed Business Combination) and its right to receive any distribution from the Trust Account with respect to such Class A Conversion Shares. As a result, the value of our Public Shareholders' Public Shares may be significantly diluted upon the consummation of the Proposed Business Combination or another Initial Business Combination, when the remaining Founder Shares are converted into Class A Ordinary Shares. For example, the following table shows the dilutive effect of the Founder Shares and the Class A Conversion Shares on the implied value of the Public Shares that remain outstanding following the Fourth Extension upon the consummation of the Proposed Business Combination or another Initial Business Combination assuming that our equity value at that time is $1,860,032, which is the amount we would have for the Proposed Business Combination or another Initial Business Combination in the Trust Account assuming no further interest is earned on the funds held in the Trust Account, no additional extension payments are made into the Trust Account and none of the remaining Public Shares are redeemed in connection with the Proposed Business Combination or such other Initial Business Combination, and without taking into account any other potential impacts on our valuation at such time, such as the trading price of our Public Shares, the business combination transaction costs, any equity issued or cash paid to the target's sellers or other third parties, or the target's business itself, including its assets, liabilities, management and prospects, as well as the value of our Public Warrants and Private Placement Warrants. At such valuation, each of our ordinary shares would have an implied value of approximately $0.21 per share upon consummation of the Proposed Business Combination or another Initial Business Combination, which is a 97.9% decrease as compared to the initial implied value per Public Share of $10.00.

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| | |
|:---|:---|
| Public Shares | 155614.0 |
| Founder Shares and Class A Conversion Shares | 8625000.0 |
| Total shares | 8780614.0 |
| Total funds in the Trust Account available for Initial Business Combination | 1860032.0 |
| Initial implied value per Public Share | $10.0 |
| Approximate implied value per share upon consummation of Initial Business Combination | $0.21 |

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**The value of the Founder Shares and Class A Conversion Shares following completion of the Proposed Business Combination or another Initial Business Combination is likely to be substantially higher than the price paid for them, even if the trading price of our ordinary shares at such time is substantially less than $10.00 per share.**

Our Sponsor invested in us an aggregate of approximately $8,925,000, comprised of the $25,000 purchase price for the Founder Shares and the $8,900,000 purchase price for the Private Placement Warrants. On March 15, 2024, pursuant to the Class A Conversion, our Sponsor converted 4,300,000 Founder Shares into Class A Conversion Shares. Assuming a trading price of $10.00 per share upon consummation of an Initial Business Combination, the 8,625,000 aggregate number of Founder Shares and Class A Conversion Shares would have an aggregate implied value of $86,250,000. Even if the trading price of our ordinary shares were as low as $1.03 per share, and the Private Placement Warrants were worthless, the aggregate value of the Founder Shares and Class A Conversion Shares would be equal to the Sponsor's initial investment in us.

As a result, our Sponsor is likely to be able to make a substantial profit on their investment in us at a time when our Public Shares have lost significant value. Accordingly, our management team may be more willing to pursue the Proposed Business Combination, or another Initial Business Combination, with a riskier or less-established target business than would be the case if our Sponsors had paid the same per share price for the Founder Shares as our Public Shareholders paid for their Public Shares.

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**Holders of Public Shares will not be entitled to vote on any election of directors we hold prior to the completion of the Proposed Business Combination or another Initial Business Combination.**

Prior to the completion of the Proposed Business Combination or another Initial Business Combination, only holders of our Founder Shares have the right to vote on the election of directors. Holders of our Public Shares are not entitled to vote on the election of directors during such time. In addition, prior to the Proposed Business Combination or another Initial Business Combination, holders of a majority of our Founder Shares may remove a member of the board of directors for any reason. Accordingly, shareholders may not have any say in the management of our Company prior to the consummation of the Proposed Business Combination or another Initial Business Combination.

**The Class A Ordinary Shares issuable upon exercise of the Warrants are not registered under the Securities Act or any state securities laws at this time, and no such registration may be in place when an investor desires to exercise Warrants, thus precluding such investor from being able to exercise its Warrants except on a cashless basis and potentially causing such Warrants to expire worthless.**

We have not registered any Class A Ordinary Shares issuable upon exercise of the Warrants under the Securities Act or any state securities laws at this time. However, under the terms of the warrant agreement, we have agreed that, as soon as practicable, but in no event later than twenty business days after the closing of the Proposed Business Combination or another Initial Business Combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the issuance of such shares, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Proposed Business Combination or another Initial Business Combination and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A Ordinary Shares until the Warrants expire or are redeemed. We cannot assure investors that we will be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in the registration statement or prospectus, the financial statements contained or incorporated by reference therein are not current, complete or correct or the SEC issues a stop order. If the shares issuable upon exercise of the Warrants are not registered under the Securities Act in accordance with the above requirements, we will be required to permit holders to exercise their Warrants on a cashless basis, in which case, the number of Class A Ordinary Shares that investors will receive upon cashless exercise will be based on a formula subject to a maximum amount of shares equal to 0.361 Class A Ordinary Shares per Warrant (subject to adjustment). However, no Warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above, if our Class A Ordinary Shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their Warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Exercising the Warrants on a cashless basis could have the effect of reducing the potential "upside" of the holder's investment in our Company because the warrant holder will hold a smaller number of Class A Ordinary Shares upon a cashless exercise of the Warrants they hold. In no event will we be required to net cash settle any Warrant, or issue securities or other compensation in exchange for the Warrants in the event that we are unable to register or qualify the shares underlying the Warrants under applicable state securities laws and no exemption is available. If the issuance of the shares upon exercise of the Warrants is not so registered or qualified or exempt from registration or qualification, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless. In such event, holders who acquired their Warrants as part of a purchase of Units will have paid the full Unit purchase price solely for the Class A Ordinary Shares included in the Units. There may be a circumstance where an exemption from registration exists for holders of our Private Placement Warrants to exercise their Warrants while a corresponding exemption does not exist for holders of the Public Warrants included as part of Units sold in the Initial Public Offering. In such an instance, our Sponsor and its permitted transferees (which may include our directors and executive officers) would be able to exercise their Warrants and sell the Class A Ordinary Shares underlying their Warrants while holders of our Public Warrants would not be able to exercise their Warrants and sell the underlying Class A Ordinary Shares. If and when the Warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying class A Ordinary Shares for sale under all applicable state securities laws. As a result, we may redeem the Warrants as set forth above even if the holders are otherwise unable to exercise their Warrants.

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**In connection with the Proposed Business Combination the Warrants will, and in connection with any other Initial Business Combination, the Warrants may, become exercisable and redeemable for a security other than the Class A Ordinary Shares, and investors will not have any information regarding such other security at this time.**

In certain situations, including if we are not the surviving entity in our Initial Business Combination, which will be the case in the Proposed Business Combination, the Warrants may become exercisable for a security other than the Class A Ordinary Shares. As a result, if the surviving company redeems the Warrants for securities pursuant to the warrant agreement, warrant holders may receive a security in a company of which they do not have information at this time. Pursuant to the warrant agreement, the surviving company will be required to use commercially reasonable efforts to register the issuance of the security underlying the Warrants within twenty business days of the closing of the Proposed Business Combination or such other Initial Business Combination.

**Holdco, the surviving company of the Proposed Business Combination will issue a substantial number of shares of common stock, and we or the surviving company of any other Initial Business Combination may issue additional Class A Ordinary Shares or preference shares to complete another Initial Business Combination or under an employee incentive plan after completion of such Initial Business Combination. We may also issue Class A Ordinary Shares upon the conversion of the Founder Shares at a ratio greater than one-to-one at the time of any Initial Business Combination other than the Proposed Business Combination as a result of the anti-dilution provisions contained in our Charter. Any such issuances would dilute the interest of our shareholders and likely present other risks.**

Our Charter authorizes the issuance of up to 500,000,000 Class A Ordinary Shares, par value $0.0001 per share, 50,000,000 Class B ordinary shares, par value $0.0001 per share, and 1,000,000 preference shares, par value $0.0001 per share. There are 495,544,386 and 45,675,000 authorized but unissued Class A Ordinary Shares and Class B ordinary shares, respectively, available for issuance which amount does not take into account shares reserved for issuance upon exercise of outstanding Warrants or shares issuable upon conversion of the Founder Shares, if any. The Founder Shares will automatically convert into Class A Ordinary Shares (which Class A Ordinary Shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the Trust Account if we fail to consummate the Proposed Business Combination or another Initial Business Combination) at the time of the Proposed Business Combination or such other Initial Business Combination or earlier at the option of the holders thereof as described herein and in our Charter.

Holdco, the surviving company of the Proposed Business Combination will issue a substantial number of shares of common stock and may issue additional shares of preferred stock to complete the Proposed Business Combination and under an employee incentive plan after completion of the Proposed Business Combination. If we do not complete the Proposed Business Combination and instead complete an alternate Initial Business Combination, we or the surviving company of any such alternate Initial Business Combination may issue a substantial number of additional Class A Ordinary Shares or preference shares to complete such Initial Business Combination or under an employee incentive plan after completion of such Initial Business Combination. We or the surviving company of the Proposed Business Combination or another Initial Business Combination may also issue common stock or Class A Ordinary Shares in connection with redeeming the Warrants as described in "*Description of Securities—Warrants—Public Shareholders' Warrants*" in Description of Registrant's Securities, attached to this Annual Report as Exhibit 4.5 or upon conversion of the Founder Shares at a ratio greater than one-to-one at the time of any Initial Business Combination other than the Proposed Business Combination as a result of the anti-dilution provisions as set forth herein. However, our Charter provides, among other things, that prior to or in connection with our Initial Business Combination, including the Proposed Business Combination, we may not issue additional shares that would entitle the holders thereof to (i) receive funds from the Trust Account or (ii) vote on any Initial Business Combination or on any other proposal presented to shareholders prior to or in connection with the completion of an Initial Business Combination. These provisions of our Charter, like all provisions of our Charter, may be amended with a shareholder vote. The issuance of additional ordinary or preference shares:

● may significantly dilute the equity interest of investors in the Initial Public Offering, which dilution would increase if the anti-dilution provisions in the Founder Shares resulted in the issuance of Class A Ordinary Shares on a greater than one-to-one basis upon conversion of the Founder Shares;

● may subordinate the rights of holders of Class A Ordinary Shares if preference shares are issued with rights senior to those afforded our Class A Ordinary Shares;

● could cause a change in control if a substantial number of Class A Ordinary Shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;

● may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;

● may adversely affect prevailing market prices for our Units, Class A Ordinary Shares and/or Public Warrants; and

● may not result in adjustment to the exercise price of our Warrants.

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**We, or the surviving company, may issue notes or other debt securities, or otherwise incur substantial debt, to complete the Proposed Business Combination or another Initial Business Combination, which may adversely affect our leverage and financial condition and thus negatively impact the value of our shareholders' investment in us.**

We, or the surviving company, may choose to incur substantial debt to complete our Initial Business Combination, including the Proposed Business Combination. We and our officers have agreed that we will not incur any indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the Trust Account. As such, no issuance of debt will affect the per-share amount available for redemption from the Trust Account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:

● default and foreclosure on our assets if our operating revenues after the Proposed Business Combination or another Initial Business Combination are insufficient to repay our debt obligations;

● acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

● our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

● our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;

● our inability to pay dividends on our Class A Ordinary Shares;

● using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A Ordinary Shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

● limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

● increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

● limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

**We may amend the terms of the Warrants in a manner that may be adverse to holders of Public Warrants with the approval by the holders of at least 65% of the then-outstanding Public Warrants. As a result, the exercise price of Warrants could be increased, the exercise period could be shortened and the number of our Class A Ordinary Shares purchasable upon exercise of a Warrant could be decreased, all without warrant holder approval.**

Our Warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the Warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the Warrants and the warrant agreement set forth in the IPO Prospectus, or defective provision (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the Warrants, provided that the approval by the holders of at least 65% of the then-outstanding Public Warrants is required to make any change that adversely affects the interests of the registered holders of Public Warrants. Accordingly, we may amend the terms of the Public Warrants in a manner adverse to a holder if holders of at least 65% of the then-outstanding Public Warrants approve of such amendment and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants, 65% of the number of the then-outstanding Private Placement Warrants. Although our ability to amend the terms of the Public Warrants with the consent of at least 65% of the then-outstanding Public Warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the Warrants, convert the Warrants into cash, shorten the exercise period or decrease the number of Class A Ordinary Shares purchasable upon exercise of a Warrant.

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**Our warrant agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our Warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our Company.**

Our warrant agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

This choice-of-forum provision may limit a warrant holder's ability to bring a claim in a judicial forum that it finds favorable for disputes with our Company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

**We may redeem unexpired Warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making their Warrants worthless.**

We have the ability to redeem the outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per Public Warrant, *provided* that the closing price of our Class A Ordinary Shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Warrant as described under the heading "*Description of Securities—Warrants—Public Shareholders' Warrants—Anti-Dilution Adjustments*" in our IPO Prospectus) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and *provided* that certain other conditions are met. If and when the Warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result, we may redeem the Warrants as set forth above even if the holders are otherwise unable to exercise the Warrants. Redemption of the outstanding Warrants could force warrant holders to (i) exercise their Warrants and pay the exercise price therefor at a time when it may be disadvantageous for them to do so, (ii) sell their Warrants at the then-current market price when they might otherwise wish to hold their Warrants or (iii) accept the nominal redemption price which, at the time the outstanding Warrants are called for redemption, we expect would be substantially less than the market value of their Warrants.

In addition, we have the ability to redeem the outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.10 per Warrant upon a minimum of 30 days' prior written notice of redemption *provided* that the closing price of our Class A Ordinary Shares equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Warrant as described under the heading "*Description of Securities—Warrants—Public Shareholders' Warrants—Anti-Dilution Adjustments*" in our IPO Prospectus) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and *provided* that certain other conditions are met, including that holders will be able to exercise their Warrants prior to redemption for a number of Class A Ordinary Shares determined based on the redemption date and the fair market value of our Class A Ordinary Shares. Please see "*Description of Securities—Warrants—Public Shareholders' Warrants—Redemption of Warrants when the price per Class A Ordinary Share equals or exceeds $10.00*" in Description of Registrant's Securities, attached to this Annual Report as Exhibit 4.5. The value received upon exercise of the Warrants (1) may be less than the value the holders would have received if they had exercised their Warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Warrants, including because the number of ordinary shares received is capped at 0.361 Class A Ordinary Shares per Warrant (subject to adjustment) irrespective of the remaining life of the Warrants.

None of the Private Placement Warrants are redeemable by us as (except as set forth under "*Description of Securities*—*Warrants*—*Public Shareholders' Warrants*—*Redemption of Warrants when the price per Class A Ordinary Share equals or exceeds $10.00*" in Description of Registrant's Securities, attached to this Annual Report as Exhibit 4.5) so long as they are held by our Sponsor or its permitted transferees.

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**Because each Unit contains one-third of one Public Warrant and only a whole Warrant may be exercised, the Units may be worth less than Units of other blank check companies.**

Each Unit contains one-third of one Public Warrant. Pursuant to the warrant agreement, no fractional Public Warrants will be issued upon separation of the Units, and only whole Public Warrants will trade. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A Ordinary Shares to be issued to the warrant holder. This is different from other offerings similar to ours whose units include one ordinary share and one whole warrant to purchase one whole share. We have established the components of the Units in this way in order to reduce the dilutive effect of the Warrants upon completion of the Proposed Business Combination or another Initial Business Combination since the Public Warrants will be exercisable in the aggregate for one-third of the number of shares compared to units that each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner for target businesses. Nevertheless, this unit structure may cause our Units to be worth less than if a unit included a warrant to purchase one whole share.

**Our Warrants may have an adverse effect on the market price of our Class A Ordinary Shares and make it more difficult to effectuate the Proposed Business Combination or another Initial Business Combination.**

We issued Public Warrants to purchase 11,500,000 of our Class A Ordinary Shares as part of the Units offered and issued in a private placement an aggregate of 5,933,333 Private Placement Warrants, each exercisable to purchase one Class A Ordinary Share at $11.50 per share, subject to adjustment. In addition, if the Sponsor, its affiliates or a member of our management team makes any working capital loans, it may convert up to $1,500,000 of such loans into up to an additional 1,000,000 Private Placement Warrants, at the price of $1.50 per Private Placement Warrant. We may also issue Class A Ordinary Shares in connection with our redemption of our Warrants.

To the extent we issue ordinary shares for any reason, including to effectuate an Initial Business Combination, the potential for the issuance of a substantial number of additional Class A Ordinary Shares upon exercise of these Warrants could make us a less attractive acquisition vehicle to a target business. Such Warrants, when exercised, will increase the number of issued and outstanding Class A Ordinary Shares and reduce the value of the shares issued to complete the Proposed Business Combination or any other Initial Business Combination. Therefore, our Warrants may make it more difficult to effectuate the Proposed Business Combination an Initial Business Combination or increase the cost of acquiring a target business.

**A provision of our warrant agreement may make it more difficult for us to consummate the Proposed Business Combination or another Initial Business Combination.**

Unlike some other blank check companies, if (i) the Company issues additional Class A Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of an Initial Business Combination, including the Proposed Business Combination, at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company's 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 "<u>Newly Issued Price</u>"), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an Initial Business Combination on the date of the consummation of the Proposed Business Combination or another Initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Class A Ordinary Shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the Proposed Business Combination or such other Initial Business Combination (such price, the "<u>Market Value</u>") is below $9.20 per share, then the exercise price of the Warrants will be adjusted to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described under "*Description of Securities*—*Warrants*—*Public Shareholders' Warrants*—*Redemption of Warrants when the price per Class A Ordinary Share equals or exceeds $18.00*" and "*Redemption of Warrants when the price per Class A Ordinary Share equals or exceeds $10.00*" in Description of Registrant's Securities, attached to this Annual Report as Exhibit 4.5 will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under "*Description of Securities*—*Warrants*—*Public Shareholders' Warrants*—*Redemption of Warrants when the price per Class A Ordinary Share equals or exceeds $10.00*" in Description of Registrant's Securities, attached to this Annual Report as Exhibit 4.5 will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. This may make it more difficult for us to consummate the Proposed Business Combination or another Initial Business Combination with a target business.

**Our Warrants are accounted for as liabilities and the changes in value of our Warrants could have a material effect on our financial results and thus may have an adverse effect on the market price of our securities.**

In the SEC Staff Statement on April 12, 2021, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC's balance sheet as opposed to equity. As a result of the SEC Staff Statement, we reevaluated the accounting treatment of our 11,500,000 Public Warrants and 5,933,333 Private Placement Warrants, and determined to classify the Warrants as derivative liabilities measured at fair value, with changes in fair value each period reported in earnings.

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As a result, included on our balance sheet as of June 30, 2025, and December 31, 2024, 2023 and 2022 are derivative liabilities related to embedded features contained within our Warrants. Financial Accounting Standard Board's Accounting Standards Update ("<u>ASU</u>") 815, Derivatives and Hedging, provides for the remeasurement of the fair value of such derivatives at each balance sheet date, with a resulting non-cash gain or loss related to the change in the fair value being recognized in earnings in the statement of operations. As a result of the recurring fair value measurement, our financial statements and results of operations may fluctuate, based on factors, which are outside of our control. Due to the recurring fair value measurement, we expect that we will recognize non-cash gains or losses on our Warrants each reporting period and that the amount of such gains or losses could be material. The impact of changes in fair value on earnings may have an adverse effect on the market price of our securities.

**Our independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a "going concern."**

In connection with the Company's assessment of going concern considerations in accordance with ASC 205-40, "Presentation of Financial Statements - Going Concern," we have until March 16, 2026 to consummate the Proposed Business Combination or another Initial Business Combination. While we have entered into the Merger Agreement for the Proposed Business Combination, there can be no assurances that the Proposed Business Combination will be consummated on the terms or timeframe currently contemplated, or at all. In the event the Proposed Business Combination is not consummated, it is uncertain that we will be able to consummate another Initial Business Combination with another company or business by March 16, 2026. If the Proposed Business Combination or another Initial Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of our Company. Management has determined that the mandatory liquidation, should the Proposed Business Combination or another Initial Business Combination not occur, and potential subsequent dissolution, raises substantial doubt about our ability to continue as a going concern.

**Risks Relating to Our Management**

**We are dependent upon our executive officers and directors and their loss could adversely affect our ability to operate.**

Our operations are dependent upon a relatively small group of individuals and, in particular, our executive officers and directors. We believe that our success depends on the continued service of our officers and directors, at least until we have completed the Proposed Business Combination or another Initial Business Combination. In addition, our executive officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest in allocating their time among various business activities, including identifying potential business combinations and monitoring the related due diligence. We do not have an employment agreement with, or key-man insurance on the life of, any of our directors or executive officers.

The unexpected loss of the services of one or more of our directors or executive officers could have a detrimental effect on us.

**Our ability to successfully effect the Proposed Business Combination or another Initial Business Combination and to be successful thereafter will be totally dependent upon the efforts of our key personnel, some of whom may join us or the combined company following the Proposed Business Combination or another Initial Business Combination. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.**

Our ability to successfully effect the Proposed Business Combination or another Initial Business Combination is dependent upon the efforts of our key personnel. The role of our key personnel in the target business, however, cannot presently be ascertained. Although some of our key personnel may remain with the Holdco in senior management, director or advisory positions following the Proposed Business Combination, and if we complete an alternate Initial Business Combination, some of our key personnel may remain with the target or combined company in senior management, director or advisory positions following such other Initial Business Combination, it is likely that some or all of the management of iRocket or such other target business will remain in place. While we intend to closely scrutinize any individuals Holdco, or such other target or combined business proposes to engage after the Proposed Business Combination or other Initial Business Combination, we cannot assure investors that our assessment of these individuals will prove to be correct. These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to have to expend time and resources helping them become familiar with such requirements.

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**Our key personnel may negotiate employment or consulting agreements with iRocket or another target business in connection with the Proposed Business Combination or another Initial Business Combination, and a particular Initial Business Combination may be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation following the Proposed Business Combination or such other Initial Business Combination and as a result, may cause them to have conflicts of interest in determining whether the Proposed Business Combination or such other Initial Business Combination is the most advantageous.**

Our key personnel may be able to remain with our Company or the surviving company after the completion of the Proposed Business Combination or another Initial Business Combination only if they are able to negotiate employment or consulting agreements in connection with the Proposed Business Combination or such other Initial Business Combination. Such negotiations would take place between the negotiation and closing of the Proposed Business Combination or such other Initial Business Combination and could provide for such individuals to receive compensation in the form of cash payments and/or our securities for services they would render to us or the surviving company after the completion of the Proposed Business Combination or such other Initial Business Combination. Such negotiations also could make such key personnel's retention or resignation a condition to any such agreement. The personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business. In addition, pursuant to the registration and shareholders rights agreement, if we do not complete the Proposed Business Combination, and instead complete an another Initial Business Combination, our Sponsor, upon and following consummation of such other Initial Business Combination, will be entitled to nominate three individuals for election to our board of directors, as long as the Sponsor holds any securities covered by the registration and shareholder rights agreement, which is described under the section of this Annual Report entitled "*Item 13. Certain Relationships and Related Transactions, and Director Independence—Registration and Shareholder Rights*."

**We may have a limited ability to assess the management of iRocket or another prospective target business and, as a result, may complete the Proposed Business Combination or another Initial Business Combination with a target business whose management may not have the skills, qualifications or abilities to manage a public company.**

When evaluating the desirability of effecting the Proposed Business Combination or another Initial Business Combination with a prospective target business, our ability to assess iRocket's or such other target business's management may be limited due to a lack of time, resources or information. Our assessment of the capabilities of iRocket's or such other target business's management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should such target business's management not possess the skills, qualifications or abilities necessary to manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly, any holders who choose to retain their securities following the Proposed Business Combination or other Initial Business Combination could suffer a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.

**The officers and directors of iRocket or another acquisition target may resign upon completion of the Proposed Business Combination oranother Initial Business Combination. The loss of a business combination target's key personnel could negatively impact the operations and profitability of our post-combination business.**

The officers and directors of iRocket, or such another Initial Business Combination target may resign upon completion of the Initial Business Combination. The departure of iRocket's or such other Initial Business Combination target's key personnel could negatively impact the operations and profitability of our post-combination business. Although we contemplate that certain members of iRocket's management team and any other Initial Business Combination candidate's management team will remain associated with the Proposed Business Combination or such other Initial Business Combination candidate following such transaction, it is possible that members of the management of iRocket or such other target businesswill not wish to remain in place. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.

**Our executive officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our Initial Business Combination.**

Our executive officers and directors are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations and our search for and efforts to complete an Initial Business Combination and their other businesses. We do not intend to have any full-time employees prior to the completion of an Initial Business Combination. Each of our executive officers is engaged in several other business endeavors for which he may be entitled to substantial compensation, and our executive officers are not obligated to contribute any specific number of hours per week to our affairs. Our independent directors also serve as officers and board members for other entities. If our executive officers' and directors' other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote time to our affairs which may have a negative impact on our ability to complete an Initial Business Combination. For a complete discussion of our executive officers' and directors' other business affairs, please see "*Item 10. Directors, Executive Officers and Corporate Governance*."

**Our officers and directors presently have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities, including another blank check company, and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented.**

Until we consummate the Proposed Business Combination or another Initial Business Combination, we intend to engage in the business of identifying and combining with one or more businesses or entities. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity, subject to his or her fiduciary duties under Cayman Islands law. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us, subject to their fiduciary duties under Cayman Islands law.

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In addition, our Sponsor, officers and directors may in the future become affiliated with other blank check companies that may have acquisition objectives that are similar to ours. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to such other blank check companies prior to its presentation to us, subject to our officers' and directors' fiduciary duties under Cayman Islands law. Our Charter provides that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other.

For a complete discussion of our executive officers' and directors' business affiliations and the potential conflicts of interest, please see "*Item 10. Directors, Executive Officers and Corporate Governance*" and "*Item 13. Certain Relationships and Related Transactions, and Director Independence*."

**Our executive officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests.**

We have not adopted a policy that expressly prohibits our directors, executive officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, if we do not complete the Proposed Business Combination, we may enter into an Initial Business Combination with a target business that is affiliated with our Sponsor, our directors or executive officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.

The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing an Initial Business Combination, including the Proposed Business Combination. Consequently, our directors' and officers' discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular Initial Business Combination, including the Proposed Business Combination, are appropriate and in our shareholders' best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders' rights. See the section titled "*Description of Securities*—*Certain Differences in Corporate Law*—*Shareholders' Suits*" of Exhibit 4.5 to this Annual Report, "*Description of the Company's Securities*" for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason.

**If we do not complete the Potential Business Combination with iRocket, we may engage in an Initial Business Combination with one or more target businesses that have relationships with entities that may be affiliated with our Sponsor, executive officers, directors or initial shareholders which may raise potential conflicts of interest.**

In light of the involvement of our Sponsor, executive officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our Sponsor, executive officers, directors or initial shareholders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under "*Item 10. Directors, Executive Officers and Corporate Governance*—*Conflicts of Interest*." Our Sponsor, officers and directors may sponsor, form or participate in other blank check companies similar to ours during the period in which we are seeking an Initial Business Combination. Such entities may compete with us for business combination opportunities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, if we do not complete the Proposed Business Combination, we would pursue such a transaction if we determined that such affiliated entity met our criteria and guidelines for an Initial Business Combination as set forth in "*Item 1. Business*—*Investment Criteria*" and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions regarding the fairness to our Company from a financial point of view of an Initial Business Combination with one or more domestic or international businesses affiliated with our Sponsor, executive officers, directors or initial shareholders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our Public Shareholders as they would be absent any conflicts of interest.

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***Since our Sponsor, executive officers and directors will lose their entire investment in us if the Proposed Business Combination or another Initial Business Combination is not completed (other than with respect to Public Shares they may hold), a conflict of interest may arise in determining whether iRocket or another particular business combination target is appropriate for our Initial Business Combination.***

On January 22, 2021, our Sponsor paid $25,000, or approximately $0.003 per share, to cover certain expenses on our behalf in consideration of 8,625,000 Founder Shares. In connection with the Initial Public Offering, our Sponsor granted to each of our independent directors a four-year option that is immediately exercisable to purchase 15,000 Founder Shares at a price of $10 per share. Prior to the initial investment in the Company of $25,000 by the Sponsor, the Company had no assets, tangible or intangible. The per-share price of the Founder Shares was determined by dividing the amount contributed to the Company by the number of Founder Shares issued. On March 15, 2024, pursuant to the Class A Conversion, our Sponsor converted 4,300,000 Founder Shares into Class A Conversion Shares. The remaining Founder Shares and Class A Conversion Shares will be worthless if we do not complete the Proposed Business Combination or another Initial Business Combination. Additionally, if we do not consummate the Proposed Business Combination or another Initial Business Combination, the Private Placement Warrants will expire worthless.

Our Sponsor invested in us an aggregate of approximately $8,925,000, comprised of the $25,000 purchase price for the Founder Shares and the $8,900,000 purchase price for the Private Placement Warrants. On March 15, 2024, pursuant to the Class A Conversion, our Sponsor converted 4,300,000 Founder Shares into Class A Conversion Shares. Assuming a trading price of $10.00 per share upon consummation of the Proposed Business Combination or another Initial Business Combination, the 8,625,000 aggregate number of Founder Shares and Class A Conversion Shares would have an aggregate implied value of $86,250,000. Even if the trading price of our ordinary shares were as low as $1.03 per share, and the Private Placement Warrants were worthless, the aggregate value of the Founder Shares and Class A Conversion Shares would be equal to the Sponsor's initial investment in us.

On November 14, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor was permitted, but not obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15<sup>th</sup> day of each subsequent month), or portion thereof, that is needed by the Company to complete an Initial Business Combination until March 16, 2024, resulting in a maximum contribution of $450,000. As of March 16, 2024, the Sponsor had deposited the maximum contribution of $450,000. As of March 16, 2024, the Sponsor had deposited the maximum contribution of $450,000. Pursuant to the Member Agreement, the amounts owed to the Sponsor under the Extension Note were forgiven. Before such amounts were forgiven, we were to repay the Extension Note out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account were to be used to repay the Extension Note. As of June 30, 2025, and December 31, 2024, 2023, and 2022, we had borrowings of $0, $450,000, $300,000 and $0, respectively for extension payments.

On November 14, 2023, to document existing and future loans to the Company of funds as may be required in order to finance transaction costs in connection with an Initial Business Combination from the Sponsor, an affiliate of the Sponsor, or certain of the Company's officers ("<u>Working Capital Loans</u>"), the Company issued the an unsecured, convertible promissory note (the "<u>Convertible Note</u>") to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the earlier of (i) September 16, 2024, or such later date by which the Company must consummate a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of a Business Combination (such earlier date, the "<u>Maturity Date</u>"). The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into Warrants to purchase Class A Ordinary Shares of the Company, at a conversion price of $1.50 per Warrant, with each Warrant entitling the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. As of June 30, 2025, the Sponsor has not made any loans to the Company pursuant to the Convertible Note. The Convertible Note is repayable by us at the sole discretion of the lender upon consummation of an Initial Business Combination. If the Company completes the Proposed Business Combination or another Initial Business Combination, it will repay the Convertible Note, out of the proceeds of the Trust Account released to it and other proceeds of such transaction. The Convertible Note will be repaid only from funds held outside of the Trust Account or forfeited, eliminated or otherwise forgiven if we do not complete the Proposed Business Combination or another Initial Business Combination.

In connection with the Third Extension, between March 16, 2024 and September 26, 2024, the Contributors made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Such loans were repayable by us at the sole discretion of the lenders upon consummation of an Initial Business Combination. Pursuant to the Member Agreement, the amounts owed to the Contributors for the non-interest bearing loans in connection with the Third Extension were forgiven. Before such amounts were forgiven, we were to repay such loans out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay such loans but no proceeds held in the Trust Account were to be used to repay such loans.

The personal and financial interests of our executive officers and directors may influence their motivation in identifying and selecting a target business, completing an Initial Business Combination, including the Proposed Business Combination, and influencing the operation of the business following an Initial Business Combination, including the Proposed Business Combination. This risk may become more acute as March 16, 2026, nears, which is the deadline for our consummation of the Proposed Business Combination or another Initial Business Combination.

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**Unlike some other similarly structured blank check companies, our Sponsor will receive additional Class A Ordinary Shares if we issue shares to consummate an Initial Business Combination other than the Proposed Business Combination.**

The Founder Shares will automatically convert into Class A Ordinary Shares (which Class A Ordinary Shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the Trust Account if we fail to consummate an Initial Business Combination) at the time of an Initial Business Combination (the anti-dilution rights of the Founder Shares were waived with respect to the Proposed Business Combination) or earlier at the option of the holders thereof at a ratio such that the number of Class A Ordinary Shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A Ordinary Shares 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 an Initial Business Combination, excluding any Class A Ordinary Shares or equity-linked securities exercisable for or convertible into Class A Ordinary Shares issued, deemed issued, or to be issued, to any seller in an Initial Business Combination and any Private Placement Warrants issued to our Sponsor, any of its affiliates or any members of our management team upon conversion of working capital loans. In no event will the Founder Shares convert into Class A Ordinary Shares at a rate of less than one-to-one. This is different than some other similarly structured blank check companies in which the initial shareholders will only be issued an aggregate of 20% of the total number of shares to be outstanding prior to the initial business combination.

**Changes in the market for directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete the Proposed Business Combination or another Initial Business Combination.**

In recent months, the market for directors and officers liability insurance for special purpose acquisition companies has changed in ways adverse to us and our management team. Fewer insurance companies are offering quotes for directors and officers liability coverage, the premiums charged for such policies have generally increased and the terms of such policies have generally become less favorable. These trends may continue into the future.

The increased cost and decreased availability of directors and officers liability insurance could make it more difficult and more expensive for us to complete the Proposed Business Combination or another Initial Business Combination. In order to obtain directors and officers liability insurance or modify its coverage as a result of becoming a public company, the post-business combination entity might need to incur greater expense, accept less favorable terms or both. However, any failure to obtain adequate directors and officers liability insurance could have an adverse impact on the post-business combination company's ability to attract and retain qualified officers and directors.

In addition, even after we complete the Proposed Business Combination or another Initial Business Combination, our directors and officers could still be subject to potential liability from claims arising from conduct alleged to have occurred prior to the Proposed Business Combination or another Initial Business Combination. As a result, in order to protect our directors and officers, the post-business combination entity will need to purchase additional insurance with respect to any such claims ("<u>run-off insurance</u>"). The need for run-off insurance would be an added expense for the post-business combination entity, and could interfere with or frustrate our ability to consummate the Proposed Business Combination or another Initial Business Combination on terms favorable to our investors.

**General Risk Factors**

**We are a special purpose acquisition company with no operating history and no revenues, and investors have no basis on which to evaluate our ability to achieve our business objective.**

We are a special purpose acquisition company, incorporated under the laws of the Cayman Islands with no operating results, and will not commence operations until we complete the Proposed Business Combination or another Initial Business Combination. Because of our limited operating history, investors have no basis upon which to evaluate our ability to achieve our business objective of completing the Proposed Business Combination or another Initial Business Combination with iRocket or one or more other target businesses. Except in connection with the Proposed Business Combination with iRocket, we have no plans, arrangements or understandings with any prospective target business concerning an Initial Business Combination and may be unable to complete the Proposed Business Combination or another Initial Business Combination. If we fail to complete the Proposed Business Combination or another Initial Business Combination, we will never generate any operating revenues.

**Past performance by our management team or their respective affiliates may not be indicative of future performance of an investment in us.**

Information regarding performance is presented for informational purposes only. Any past experience or performance of our management team and their respective affiliates is not a guarantee of either (i) our ability to successfully identify and execute a transaction or (ii) success with respect to any Initial Business Combination, including the Proposed Business Combination, that we may consummate. Investors should not rely on the historical record of our management team or their respective affiliates as indicative of the future performance of an investment in us or the returns we will, or are likely to, generate going forward. Our management has limited experience in operating special purpose acquisition companies.

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**We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to "emerging growth companies" or "smaller reporting companies," this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.**

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and we 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company until December 31, 2026, although circumstances could cause us to lose that status earlier, including if the market value of our Class A Ordinary Shares held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more volatile.

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 an election to opt out is irrevocable. We have 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, we, 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 our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of any fiscal year for so long as either (1) the market value of our ordinary shares held by nonaffiliates does not equal or exceed $250.0 million as of the prior June 30<sup>th</sup>, or (2) our annual revenues did not equal or exceed $100.0 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates did not equal or exceed $700.0 million as of the prior June 30<sup>th</sup>. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

**We may be a passive foreign investment company ("<u>PFIC</u>"), which could result in adverse U.S. federal income tax consequences to U.S. investors.**

If we are a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section of the IPO Prospectus captioned "*Taxation—United States Federal Income Tax Considerations—General*") of our Class A Ordinary Shares or Public Warrants, the U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. Our PFIC status for our current and subsequent taxable years may depend on whether we qualify for the PFIC start-up exception (see the section of the IPO Prospectus captioned "*Taxation—United States Federal Income Tax Considerations—U.S. Holders—Passive Foreign Investment Company Rules*"). Depending on the particular circumstances, the application of the start-up exception may be subject to uncertainty, and there cannot be any assurance that we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, however, will not be determinable until after the end of such taxable year. Moreover, if we determine we are a PFIC for any taxable year, upon written request, we will endeavor to provide to a U.S. Holder such information as the Internal Revenue Service ("<u>IRS</u>") may require, including a PFIC Annual Information Statement, in order to enable the U.S. Holder to make and maintain a "qualified electing fund" election, but there can be no assurance that we will timely provide such required information, and such election would be unavailable with respect to our Warrants in all cases. We urge U.S. investors to consult their tax advisors regarding the possible application of the PFIC rules. For a more detailed discussion of the tax consequences of PFIC classification to U.S. Holders, see the section of the IPO Prospectus captioned "*Taxation—United States Federal Income Tax Considerations—U.S. Holders—Passive Foreign Investment Company Rules*."

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**A new 1% U.S. federal excise tax could be imposed on us in connection with certain future redemptions by us of our shares.**

The Inflation Reduction Act of 2022, among other things, generally imposes a 1% U.S. federal excise tax (the "<u>Excise Tax</u>") on certain repurchases of stock by "covered corporations" (which include publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign (i.e., non-U.S.) corporations). The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which the stock is 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 U.S. Department of the Treasury (the "<u>Treasury</u>") has authority to provide regulations and other guidance to carry out, and prevent the abuse or avoidance of, the Excise Tax. On December 27, 2022, the Treasury issued a notice that provides interim operating rules for the Excise Tax, including rules governing the calculation and reporting of the Excise Tax. On April 12, 2024, the Treasury issued proposed regulations on which taxpayers may rely until final Treasury regulations addressing the Excise Tax are published, which generally adopt (but in some respects expand or modify) the rules and guidance set forth in the earlier notice. Although such notice and proposed Treasury regulations clarify certain aspects of the Excise Tax, the interpretation and operation of certain other aspects of the Excise Tax remain unclear, and the applicable rules are subject to change in final Treasury regulations.

We are currently not a "covered corporation" for purposes of the Excise Tax. If we were to become a "covered corporation" in the future, whether in connection with the consummation of the Proposed Business Combination or another Initial Business Combination with a U.S. company (including if we were to redomicile as a U.S. corporation in connection therewith) or otherwise, whether and to what extent we would be subject to the Excise Tax on a redemption of our stock would depend on a number of factors, including (i) whether the redemption is treated as a repurchase of stock for purposes of the Excise Tax, (ii) the fair market value of the redemption treated as a repurchase of stock, (iii) the structure of the Proposed Business Combination or other Initial Business Combination, (iv) the nature and amount of any "PIPE" or other equity issuances (whether in connection with the Proposed Business Combination or other Initial Business Combination or otherwise) issued within the same taxable year of a redemption treated as a repurchase of stock and (v) the content of final regulations and other guidance from the Treasury. The imposition of the Excise Tax on us as a result of redemptions by us could, however, reduce the amount of cash available to the target business in connection with the Proposed Business Combination or another Initial Business Combination, which could cause investors in our securities who do not redeem or the other shareholders of the combined company to economically bear the impact of such Excise Tax. However, we will not use the proceeds placed in the Trust Account, or the interest earned on the proceeds placed in the Trust Account, to pay for possible Excise Tax or any other fees or taxes that may be levied on the Company on any redemptions or stock buybacks by the Company pursuant to any current, pending or further rules or laws, including without limitation any Excise Tax, prior to release of such funds from the Trust Account following the Proposed Business Combination or another Initial Business Combination.

**Cyber incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.**

We depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. As an early-stage company without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences on our business and lead to financial loss.

**Since only holders of our Founder Shares have the right to vote on the election of directors, and our Sponsor owns approximately 98.2% of our total ordinary shares, any national securities exchange may consider us to be a "controlled company" within the meaning of such national securities exchange's rules and, as a result, we may qualify for exemptions from certain corporate governance requirements.**

Only holders of our Founder Shares have the right to vote on the election of directors. As a result, any national securities exchange may consider us to be a "controlled company" within the meaning of the corporate governance standards. For example, under the NYSE corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements that:

● we have a board that includes a majority of "independent directors," as defined under the rules of the NYSE;

● we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● we have a nominating and corporate governance committee of our board that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

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As noted above, the Company's securities have been delisted from the NYSE. The Company does not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. Even though we are not currently subject to the rules of the NYSE nor any other national securities exchange, we do not intend to utilize these exemptions and intend to comply with the corporate governance requirements of any national securities exchange on which we may seek to be listed in the future, subject to applicable phase-in rules. However, if we determine in the future to utilize some or all of these exemptions, shareholders will not have the same protections afforded to shareholders of companies that are subject to all of such national securities exchange's corporate governance requirements. See "—*The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting*."

**We may reincorporate or otherwise become domiciled in another jurisdiction in connection with an Initial Business Combination, as we intend to do in the Proposed Business Combination and such reincorporation may result in taxes imposed on shareholders.**

In connection with the Proposed Business Combination we will, and in connection with another Initial Business Combination or otherwise, we may, subject to requisite shareholder approval under the Companies Act, reincorporate or otherwise become domiciled in the jurisdiction in which the target company or business is located or in another jurisdiction. The transaction may require a shareholder or warrant holder to recognize taxable income in the jurisdiction in which the shareholder or warrant holder is a tax resident or in which its members are resident if it is a tax transparent entity. We do not intend to make any cash distributions to shareholders or warrant holders to pay such taxes. Shareholders or warrant holders may be subject to withholding taxes or other taxes with respect to their ownership of us after the reincorporation.

**We may reincorporate or otherwise become domiciled in another jurisdiction in connection with an Initial Business Combination, as we intend to do in the Proposed Business Combination and the laws of such jurisdiction may govern some or all of our future material agreements and we may not be able to enforce our legal rights.**

In connection with the Proposed Business Combination we will, and in connection with another Initial Business Combination, we may, relocate the home jurisdiction of our business from the Cayman Islands to another jurisdiction. If we determine to do this, the laws of such jurisdiction may govern some or all of our future material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business opportunities or capital.

**After an Initial Business Combination, it is possible that a majority of our directors and officers will live outside the United States and all of our assets will be located outside the United States; therefore investors may not be able to enforce federal securities laws or their other legal rights.**

It is possible that after an Initial Business Combination, a majority of our directors and officers will reside outside of the United States and all of our assets will be located outside of the United States. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process upon all of our directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on our directors and officers under United States laws.

**In order to effectuate an initial business combination, blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including their warrant agreements. We cannot assure shareholders that we will not seek to amend our Charter or governing instruments in a manner that will make it easier for us to complete the Proposed Business Combination or another Initial Business Combination that our remaining Public Shareholders may not support.**

In order to effectuate a business combination, blank check companies have, in the recent past, amended various provisions of their charters and governing instruments, including their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption thresholds, extended the time to consummate an initial business combination and, with respect to their warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending our Charter will require at least a special resolution of our shareholders as a matter of Cayman Islands law, meaning the approval of holders of at least two-thirds of our ordinary shares who attend and vote at a shareholder meeting of the Company, and amending our warrant agreement will require a vote of holders of at least 65% of the Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants, 65% of the number of the then outstanding Private Placement Warrants. In addition, our Charter requires us to provide our Public Shareholders with the opportunity to redeem their Public Shares for cash if we propose an amendment to our Charter (A) that would modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with an Initial Business Combination, including the Proposed Business Combination, or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026, or (B) with respect to any other provision relating to the rights of Public Shareholders or pre-Initial Business Combination activity. This risk is exacerbated by the fact that our Sponsor owns 98.2% of our outstanding Ordinary Shares, and therefore controls the outcome of any shareholder vote. To the extent any of such amendments would be deemed to fundamentally change the nature of any of the securities offered in the Initial Public Offering, we would register, or seek an exemption from registration for, the affected securities.

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**The provisions of our Charter that relate to the rights of Public Shareholders (and corresponding provisions of the agreement governing the release of funds from our Trust Account) may be amended with the approval of a special resolution which requires the approval of the holders of at least two-thirds of our ordinary shares who attend and vote at a shareholder meeting of the Company, which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore, to amend our Charter to facilitate the completion of the Proposed Business Combination or another Initial Business Combination that some of our shareholders may not support.**

Some other blank check companies have a provision in their charter which prohibits the amendment of certain of its provisions, including those which relate to the rights of a company's shareholders, without approval by a certain percentage of the company's shareholders. In those companies, amendment of these provisions typically requires approval by between 90% and 100% of the company's shareholders. Our Charter provides that any provisions related to the rights of Public Shareholders (including the requirement to deposit proceeds of the Initial Public Offering and the sale of the Private Placement Warrants into the Trust Account and not release such amounts except in specified circumstances, and to provide redemption rights to Public Shareholders as described herein) may be amended if approved by special resolution, meaning holders of at least two-thirds of our ordinary shares who attend and vote at a shareholder meeting of the Company, and corresponding provisions of the trust agreement governing the release of funds from our Trust Account may be amended if approved by holders of at least 65% of our ordinary shares; *provided* that the provisions of our Charter governing the appointment or removal of directors prior to our Initial Business Combination may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our shareholder meeting which shall include the affirmative vote of a simple majority of our Founder Shares. Our Sponsor and its permitted transferees, if any, who collectively beneficially own 98.2% of our ordinary shares, will participate in any vote to amend our Charter and/or trust agreement and will have the discretion to vote in any manner they choose. As a result, with the support of the Sponsor, we would be able to amend the provisions of our Charter which govern our pre-business combination behavior more easily than some other blank check companies, and this may increase our ability to complete an Initial Business Combination with which shareholders do not agree. Our shareholders may pursue remedies against us for any breach of our Charter.

Our Sponsor, executive officers and directors have agreed, pursuant to agreements with us, that they will not propose any amendment to our Charter (A) that would modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with an Initial Business Combination, including the Proposed Business Combination, or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 or (B) with respect to any other provision relating to the rights of Public Shareholders or pre-Initial Business Combination activity, unless we provide our Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment 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 and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding Public Shares. Our shareholders are not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability to pursue remedies against our Sponsor, executive officers or directors for any breach of these agreements. As a result, in the event of a breach, our shareholders would need to pursue a shareholder derivative action, subject to applicable law.

**Because we are incorporated under the laws of the Cayman Islands, shareholders may face difficulties in protecting their interests, and their ability to protect their rights through the U.S. federal courts may be limited.**

We are an exempted company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service of process within the United States upon our directors or executive officers, or enforce judgments obtained in the United States courts against our directors or officers.

Our corporate affairs are governed by our Charter, the Companies Act (as the same may be supplemented or amended from time to time) and the common law of the Cayman Islands. We are also subject to the federal securities laws of the United States. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a Federal court of the United States.

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We have been advised by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

As a result of all of the above, Public Shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as Public Shareholders of a United States company.

**Provisions in our Charter may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Class A Ordinary Shares and could entrench management.**

Our Charter contains provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions include a staggered board of directors, the ability of the board of directors to designate the terms of and issue new series of preference shares, and the fact that prior to the completion of the Proposed Business Combination or another Initial Business Combination only holders of our Founder Shares, which have been issued to our Sponsor, are entitled to vote on the election of directors, which may make more difficult the removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.

**If our management following the Proposed Business Combination or another Initial Business Combination is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws, which could lead to various regulatory issues.**

Following the Proposed Business Combination or another Initial Business Combination, we expect that most of our management team resign from their positions as officers or directors of the Company and the management of iRocket or another target business at the time of the Proposed Business Combination or other Initial Business Combination will remain in place. Management of iRocket or such other target business may not be familiar with United States securities laws. If new management is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could lead to various regulatory issues which may adversely affect our operations.

**After an Initial Business Combination, including the Proposed Business Combination, substantially all of our assets may be located in a foreign country and substantially all of our revenue may be derived from our operations in any such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and social conditions and government policies, developments and conditions in the country in which we operate.**

The economic, political and social conditions, as well as government policies, of the country in which our operations are located could affect our business. Economic growth could be uneven, both geographically and among various sectors of the economy and such growth may not be sustained in the future. If in the future such country's economy experiences a downturn or grows at a slower rate than expected, there may be less demand for spending in certain industries. A decrease in demand for spending in certain industries could materially and adversely affect our ability to find another attractive target business with which to consummate our Initial Business Combination and if we effect the Proposed Business Combination or another Initial Business Combination, the ability of iRocket or such other target business to become profitable.

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**Exchange rate fluctuations and currency policies may cause a target business' ability to succeed in the international markets to be diminished.**

In the event we acquire a non-U.S. target, all revenues and income would likely be received in a foreign currency, and the dollar equivalent of our net assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value of the currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions. Any change in the relative value of such currency against our reporting currency may affect the attractiveness of a target business or, following consummation of an Initial Business Combination, our financial condition and results of operations. Additionally, if a currency appreciates in value against the dollar prior to the consummation of the Initial Business Combination, the cost of such target business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.

**The Company's ability to complete the Proposed Business Combination or another Initial Business Combination with a U.S. target company may be impacted if such transaction is subject to U.S. foreign investment regulations and review by a U.S. government entity, such CFIUS, and ultimately prohibited.**

The Sponsor, Ross Holding Company LLC, is a Cayman Islands limited liability company. Although entities organized in non-U.S. jurisdictions such as the Cayman Islands are sometimes considered "foreign persons" under the regulations administered by CFIUS, the Company believes the Sponsor would not be considered a foreign person because it is ultimately controlled and majority-owned by U.S. nationals.

In the event the Sponsor is considered a foreign person, however, the Company could also be considered a foreign person and would continue to be considered as such in the future for so long as the Sponsor has the ability to exercise control over the Company for purposes of CFIUS's regulations. The Company could likewise be considered a foreign person if a foreign investor acquires a significant interest in the Company and is viewed as having the ability to exercise control over the Company. As such, the Proposed Business Combination or another Initial Business Combination with a U.S. business may be subject to CFIUS review, the scope of which includes controlling investments as well as certain non-passive, non-controlling investments in sensitive U.S. businesses and certain acquisitions of real estate even with no underlying U.S. business. If the Proposed Business Combination or another potential Initial Business Combination with a U.S. business falls within CFIUS's jurisdiction, the Company may determine that it is required to make a mandatory filing or that it will submit a voluntary filing to CFIUS, or to proceed with the Proposed Business Combination or other Initial Business Combination without notifying CFIUS and risk CFIUS intervention, before or after closing the Proposed Business Combination or such other Initial Business Combination. CFIUS may decide to delay the Proposed Business Combination or such other Initial Business Combination, impose conditions to mitigate national security concerns with respect to the Proposed Business Combination or such other Initial Business Combination or recommend that the U.S. president block the Proposed Business Combination or such other Initial Business Combination or order the Company to divest all or a portion of a U.S. business of the combined company, which may limit the attractiveness of or prevent the Company from pursuing certain Initial Business Combination opportunities that it believes would otherwise be beneficial to the Company and its shareholders. As a result, the pool of potential targets with which the Company could complete an Initial Business Combination may be impacted, and it may be adversely affected in terms of competing with other special purpose acquisition companies which do not have similar foreign ownership issues.

Moreover, the process of government review, whether by the CFIUS or otherwise, could be lengthy and the Company has limited time to complete the Proposed Business Combination or another Initial Business Combination. If the Company cannot complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026, or such later date that may be approved by the Company's shareholders, because the review process extends beyond such timeframe or because the Proposed Business Combination or such other Initial Business Combination is ultimately prohibited by CFIUS or another U.S. government entity, the Company may be required to liquidate.

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**Item 1B. Unresolved Staff Comments.**

None.

**Item 1C. Cybersecurity**

As a blank check company, we have no operations and therefore do not have any operations of our own that face cybersecurity threats. However, we do depend on the digital technologies of third parties, and as noted in "*Item 1A. Risk Factors*" of this Annual Report, any sophisticated and deliberate attacks on, or security breaches in, systems or infrastructure or the cloud that we utilize, including those of third parties, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. Because of our reliance on the technologies of third parties, we also depend upon the personnel and the processes of third parties to protect against cybersecurity threats, and we have no personnel or processes of our own for this purpose. Our board of directors oversees risk for the Company, and prior to filings with the SEC, our board of directors reviews our risk factors, including the descriptions of the risks we face from cybersecurity threats, as described in "*Item 1A. Risk Factors*" of this Annual Report.

**Item 2. Properties.**

We currently maintain our executive offices at 1177 Avenue of the Americas, 5th Floor, New York, NY 10036. The cost for this space is included in the $10,000 per month fee that we are required to pay our Sponsor for office space, administrative and support services.

**Item 3. Legal Proceedings.**

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding in the 12 months preceding the date of this Annual Report.

**Item 4. Mine Safety Disclosures.**

None.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

**Market Information.**

The Company's securities have been delisted from the NYSE. The Company does not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. See "*Item 1A. Risk Factors—The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting.*" Prior to their delisting, our Units, Public Shares and Public Warrants were listed on the NYSE under the symbols "ROSS.U", "ROSS" and "ROSS WS", respectively. We expect that our securities may, in the future, be quoted under new symbols on an over-the-counter market.

We are not current in our reporting obligations. Our inability to file reports on a timely basis may adversely affect our ability to raise capital through the issuance of equity securities and our shareholders' ability to sell or trade our equity securities.

**Holders**

Although there are a larger number of beneficial owners, on October 31, 2025, there was one holder of record of our Units, two holders of record of our Class A Ordinary Shares, one holder of record of our Class B Ordinary Shares, one holder of record of our Public Warrants and one holder of record of our Private Placement Warrants.

**Dividends**

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of the Proposed Business Combination or another Initial Business Combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of the Proposed Business Combination or another Initial Business Combination. The payment of any cash dividends subsequent to the Proposed Business Combination or another Initial Business Combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future. Further, if we or the combined company incur any indebtedness in connection with the Proposed Business Combination or another Initial Business Combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

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

On March 13, 2023, the Company held the First Extension Meeting. At the First Extension Meeting, the Company's shareholders approved the First Extension Amendment Proposal. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Public Shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million.

On September 15, 2023, the Company held the Second Extension Meeting. At the Second Extension Meeting, the Company's shareholders approved, among other things, the Second Extension Amendment Proposal. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of 1,339,804 Public Shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million.

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On March 6, 2024, the Company held the Third Extension Meeting. At the Third Extension Meeting, the Company's shareholders approved the Third Extension Amendment Proposal. In connection with the vote to approve the Third Extension Amendment Proposal, the holders of 2,372,565 Public Shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.02 per share, for an aggregate redemption amount of approximately $26.2 million.

On March 15, 2024, the Sponsor exercised its right to convert an aggregate of 4,300,000 of its Founder Shares into an equal number of Class A Conversion Shares. Pursuant to the Class A Conversion, the Sponsor agreed to waive its redemption rights with respect to such Class A Conversion Shares in connection with a shareholder vote to approve an Initial Business Combination and its right to receive any distribution from the Trust Account with respect to such Class A Conversion Shares (for the avoidance of doubt, such Class A Conversion Shares will not be Public Shares).

On September 16, 2024, the Company held the Fourth Extension Meeting. At the Fourth Extension Meeting, the Company's shareholders approved the Fourth Extension Amendment Proposal. In connection with the vote to approve the Fourth Extension Amendment Proposal, the holders of 2,512,919 Public Shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million.

**Securities Authorized for Issuance under Equity Compensation Plans**

None.

**Item 6. [RESERVED]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

 

*The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes related thereto, including our unaudited condensed consolidated financial statement for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025 and June 30, 2025, which are included in this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under "Special Note Regarding Forward-Looking Statements," "Item 1A. Risk Factors" and elsewhere in this Report.*

**Cautionary Note Regarding Forward-Looking Statements**

 

*This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings.*

**Overview**

BPGC Acquisition Corp. (f/k/a Ross Acquisition Corp. II) is a blank check company incorporated as a Cayman Islands exempted company on January 19, 2021. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We are an emerging growth company and, as such, we are subject to all of the risks associated with emerging growth companies.

Our Sponsor is Ross Holding Company LLC, a Cayman Islands limited liability company. The registration statement for the Initial Public Offering was declared effective on March 11, 2021. On March 16, 2021, we consummated the Initial Public Offering of 34,500,000 Units, including 4,500,000 additional Units to cover over-allotments, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.9 million, of which approximately $12.1 million was for deferred underwriting commissions.

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Simultaneously with the closing of the Initial Public Offering, we consummated the private placement of 5,933,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant with our Sponsor, generating gross proceeds of $8.9 million.

Upon the closing of the Initial Public Offering and the private placement, $345.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the sale of the Private Placement Warrants were placed in the Trust Account, located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and has been invested only in U.S. "government securities" within the meaning of 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 U.S. government treasury obligations, as determined by us, or cash, until the earlier of: (i) the completion of an Initial Business Combination and (ii) the distribution of the Trust Account as described below.

**Business Combination with Innovative Rocket Technologies Inc.**

On July 22, 2025, we entered into the Merger Agreement, with Holdco, Holdco Merger Sub, Acquiror Merger Sub, and iRocket. Subject to its terms and conditions, the Merger Agreement provides that (i) on the day prior to the date of the Merger 2, we will complete Merger 1 by merging with and into Holdco Merger Sub, with Holdco Merger Sub being the surviving entity and a wholly owned subsidiary of Holdco, and (ii) on the day after Merger 1, Acquiror Merger Sub will complete Merger 2 by merging with and into iRocket, with iRocket being the surviving entity. As a result of the Mergers, iRocket will become an indirect wholly-owned subsidiary of Holdco.

iRocket is transforming rapid and responsive access to space with development of its Shockwave launch vehicle, which is uniquely designed for recovery and reuse of all of its stages. Just as airplanes fly multiple flights, iRocket plans to Recondition, Reload, and Relaunch™ its rockets in under 24 hours, reducing costs, and increasing the pace of launches. For additional information see "*Item 1. Business—Proposed Business Combination with iRocket*" and the Company's Current Report on Form 8-K filed with the SEC on July 23, 2025.

**Terminated Business Combination with APRINOIA Therapeutics Inc.**

On January 17, 2023, we entered into the Terminated Business Combination Agreement with APRINOIA, PubCo and the Merger Subs. The transactions contemplated by the Terminated Business Combination Agreement are referred to herein as the Terminated Business Combination. The terms of the Terminated Business Combination and the other transactions contemplated thereby are summarized in the Company's Current Report on Form 8-K filed with the SEC on January 18, 2023. Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Terminated Business Combination Agreement, the Company, APRINOIA, PubCo and the Merger Subs mutually agreed to terminate the Terminated Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Terminated Business Combination Agreement) pursuant to the terms of the Termination Agreement. Further, under the Termination Agreement, each of the Company, Merger Sub 2 and Merger Sub 3 released APRINOIA, PubCo and Merger Sub 1, and each of their representatives, affiliates, agents and assigns, and each of APRINOIA, PubCo and Merger Sub 1 released the Company, Merger Sub 2 and Merger Sub 3, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action, liabilities or damages relating to the Terminated Business Combination Agreement and the other Transaction Documents, except for certain provisions that survive the termination pursuant to the terms of the Terminated Business Combination Agreement, or for breaches of the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company's Current Report on Form 8-K filed with the SEC on August 21, 2023.

**Extensions and Redemptions**

On March 13, 2023, we held the First Extension Meeting. At the First Extension Meeting, our shareholders approved as a special resolution, the amendment of our Charter to extend the date by which we must complete an Initial Business Combination by up to six months in one-month increments subject to deposit of $165,000 into the Trust Account for each month by which such date is extended. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Public Shares properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million. Between March 31, 2023 and August 16, 2023, APRINOIA made monthly deposits of $165,000 ($990,000 in the aggregate) to the Trust Account pursuant to an advance agreement. Under the First Extension, the date by which we must complete an Initial Business Combination was extended from March 16, 2023 to September 16, 2023. The balance under the advance agreement was extinguished pursuant to the Termination Agreement.

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On September 15, 2023, we held the Second Extension Meeting. At the Second Extension Meeting, our shareholders approved as a special resolution, the amendment of our Charter to extend the date by which we must complete an Initial Business Combination by up to six months in one-month increments subject to deposit of $75,000 into the Trust Account for each month by which such date was extended. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of 1,339,804 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million. Between September 18, 2023 and February 21, 2024, the Sponsor made monthly deposits of $75,000 ($450,000 in the aggregate) to the Trust Account, which deposits by the Sponsor into the Trust Account were documented by the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. Under the Second Extension, the date by which we must complete an Initial Business Combination was extended from September 16, 2023 to March 16, 2024. Pursuant to the Member Agreement, the amounts owed to the Sponsor under the Extension Note were forgiven.

On March 6, 2024, we held the Third Extension Meeting. At the Third Extension Meeting, our shareholders approved as a special resolution, the amendment of our Charter to extend the date by which we must complete an Initial Business Combination by up to six months in one-month increments subject to deposit of an amount equal to the lesser of (i) $0.03 per Public Share that was not submitted for redemption and (ii) an aggregate of $90,000. In connection with the vote to approve the Third Extension Amendment Proposal, the holders of 2,372,565 Public Shares properly exercised their right to redeem their Public Shares for cash at a redemption price of approximately $11.02 per share, for an aggregate redemption amount of approximately $26.2 million. Between March 16, 2024 and September 26, 2024, the Contributors made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Under the Third Extension, the date by which we must complete an Initial Business Combination was extended from March 16, 2024 to September 16, 2024. Pursuant to the Member Agreement, the amounts owed to the Contributors for the non-interest bearing loans in connection with the Third Extension were forgiven.

On March 15, 2024, the Sponsor exercised its right to convert an aggregate of 4,300,000 of its Founder Shares into an equal number of Class A Conversion Shares. Pursuant to the Class A Conversion, the Sponsor agreed to waive its redemption rights with respect to such Class A Conversion Shares in connection with a shareholder vote to approve an Initial Business Combination and its right to receive any distribution from the Trust Account with respect to such Class A Conversion Shares (for the avoidance of doubt, such Class A Conversion Shares will not be Public Shares).

On September 16, 2024, we held the Fourth Extraordinary General Meeting to approve the Fourth Extension Amendment Proposal. The Fourth Extension Amendment Proposal was approved. In connection with the vote to approve the Fourth Extension Amendment Proposal, the holders of 2,512,919 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million.

Following the aforementioned redemptions, extensions and the Class A Conversion, as of October 31, 2025, our outstanding share capital consists of 4,455,614 Class A Ordinary Shares, of which 155,614 are Public Shares, and 4,325,000 Class B ordinary shares.

 ****

***Promissory Notes and Loans Related to the Extensions***

On November 14, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, we issued the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor was permitted, but not obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15<sup>th</sup> day of each subsequent month), or portion thereof, that is needed by us to complete an Initial Business Combination until March 16, 2024, resulting in a maximum extension payment of $450,000. As of March 16, 2024, the Sponsor had deposited the maximum contribution of $450,000. Pursuant to the Member Agreement, the amounts owed to the Sponsor under the Extension Note were forgiven. Before such amounts were forgiven, we were to repay the Extension Note out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account were to be used to repay the Extension Note. As of June 30, 2025, and December 31, 2024, 2023, and 2022, we had borrowings of $0, $450,000, $300,000 and $0, respectively for extension payments.

In connection with the Third Extension, Between March 16, 2024 and September 26, 2024, the Contributors made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Pursuant to the Member Agreement, the amounts owed to the Contributors for the non-interest bearing loans in connection with the Third Extension were forgiven. Before such amounts were forgiven, we were to repay such loans out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay such loans but no proceeds held in the Trust Account were to be used to repay such loans.

If the Company is required to seek additional capital, the Company would need to borrow additional funds from the Sponsor, the Company's management team or other third parties to operate or may be forced to liquidate. Except with respect to the Convertible Note, none of the Sponsor, members of the management team nor any of their affiliates is under any obligation to advance funds to the Company in such circumstances.

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Our management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating the Proposed Business Combination or another Initial Business Combination. However, we will only complete the Proposed Business Combination or another Initial Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act.

If we are unable to complete the Proposed Business Combination or an Initial Business Combination by March 16, 2026 or such later date by which we must complete the Proposed Business Combination or another Initial Business Combination pursuant to an amendment to our Charter, 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 and not previously released to us to pay our tax obligations, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (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 remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

**Delisting from NYSE**

On March 18, 2024, the Company received notice from the NYSE informing us that it would suspend the listing of the Company's securities, including the Class A Ordinary Shares, Warrants and Units, from the NYSE and commence delisting proceedings with respect to such securities. The NYSE determined to take these actions because Sections 102.06e and 802.01B of the NYSE's Listed Company Manual do not permit a special purpose acquisition company, such as the Company, to remain listed for more than three years after the company's initial public offering without completing an initial business combination. The Company had not completed its Initial Business Combination before March 16, 2024, which was the three-year anniversary of the Initial Public Offering. On April 3, 2024, the NYSE notified the SEC that the Company's securities would be delisted from the exchange effective April 15, 2024.

**Liquidity and Going Concern**

As of June 30, 2025, December 31, 2024, and December 31, 2023, we had approximately $0, $0, and $10,420 in our operating bank account and working capital deficit of approximately $2.9 million, $1.7 million, and $8.1 million, respectively.

Our liquidity needs through June 30, 2025 and prior were satisfied through a payment of $25,000 from the Sponsor to purchase certain expenses in exchange for the issuance of the Founder Shares, the loan of approximately $90,000 from the Sponsor under the IPO Promissory Note and the proceeds from the consummation of the Private Placement not held in the Trust Account. We repaid the IPO Promissory Note in full on March 19, 2021.

On November 14, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. As of March 16, 2024, the Sponsor had deposited the maximum contribution of $450,000. Pursuant to the Member Agreement, the amounts owed to the Sponsor under the Extension Note were forgiven. Before such amounts were forgiven, we were to repay the Extension Note out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account were to be used to repay the Extension Note. As of June 30, 2025, and December 31, 2024, 2023, and 2022, we had borrowings of $0, $450,000, $300,000 and $0, respectively for extension payments.

On November 14, 2023, to document existing and future Working Capital Loans, the Company issued the Convertible Note, an unsecured, convertible promissory note, to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of an Initial Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the Maturity Date, which is the earlier of (i) March 16, 2026, or such later date by which the Company must consummate an Initial Business Combination pursuant to its Charter (as may be amended by shareholder vote) and (ii) the effective date of an Initial Business Combination. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into Warrants to purchase Class A Ordinary Shares of the Company, at a conversion price of $1.50 per Warrant, with each Warrant entitling the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. As of June 30, 2025, and December 31, 2024, 2023 and 2022, the Company had borrowed $0, $0, $300,000, and $0, respectively, from the Sponsor under the Convertible Note. If the Company completes the Proposed Business Combination or another Initial Business Combination, the Company will repay the Convertible Note out of the proceeds of the Trust Account released to the Company (unless the Sponsor elects to convert the outstanding balance into Warrants or other arrangements are made). In the event that the Proposed Business Combination or another Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Convertible Note but no proceeds held in the Trust Account would be used to repay the Convertible Note.

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In connection with the Third Extension, Between March 16, 2024 and September 26, 2024, the Contributors made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Pursuant to the Member Agreement, the amounts owed to the Contributors for the non-interest bearing loans in connection with the Third Extension were forgiven. Before such amounts were forgiven, we were to repay such loans out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay such loans but no proceeds held in the Trust Account were to be used to repay such loans.

In addition, in order to finance transaction costs in connection with the Proposed Business Combination or another Initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated to, provide the Company with additional Working Capital Loans.

In connection with the Company's assessment of going concern considerations in accordance with ASC 205-40, "Presentation of Financial Statements - Going Concern," we have until March 16, 2026 to consummate the Proposed Business Combination or another Initial Business Combination. On September 15, 2023, the Company's shareholders voted to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2023 to March 16, 2024 or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Charter. On March 6, 2023, the Company's shareholders voted to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2024 to September 16, 2024 or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Charter. On September 16, 2024, the Company's shareholders voted to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2024 to March 16, 2026 or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Charter. It is uncertain that we will be able to consummate the Proposed Business Combination or another Initial Business Combination by March 16, 2026. Additionally, we may not have sufficient liquidity to fund our working capital needs until one year from the issuance of these consolidated financial statements. If the Proposed Business Combination or another Initial Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should the Proposed Business Combination or another Initial Business Combination not occur, and potential subsequent dissolution, raises substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 16, 2026.

**Results of Operations**

Our entire activity from inception to June 30, 2025 was in preparation for our formation and the Initial Public Offering, and, subsequent to the Initial Public Offering, identifying a target company for an Initial Business Combination, including the Proposed Business Combination. We will not be generating any operating revenues until the closing and completion of the Proposed Business Combination or another Initial Business Combination, at the earliest.

 

*Year Ended December 31, 2024*: For the year ended December 31, 2024, we had net income of approximately $4.2 million, which consisted of approximately $.7 million in general and administrative expenses, approximately $0.8 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $3.6 million of forgiveness of debt, approximately $1.2 million of income from investments held in the Trust Account, and approximately $0.9 million of gain on extinguishment of extension loans.

 

*Year Ended December 31, 2023*: For the year ended December 31, 2023, we had net income of approximately $4.5 million, which consisted of $1 million gain from extinguishment of notes payable, approximately $5.6 million of income from investments held in the Trust Account, and approximately $0.5 million of gain on waived deferred underwriter commission partially offset by approximately $0.2 million in non-operating gain resulting from the change in fair value of derivative warrant liabilities and approximately $2.4 million in general and administrative expenses.

 

*Year Ended December 31, 2022*: For the year ended December 31, 2022, we had net income of approximately $14.9 million, which consisted of approximately $15.0 million in non-operating gain resulting from the change in fair value of derivative warrant liabilities and approximately $5.3 million of income from investments held in the Trust Account, partially offset by approximately $5.4 million in general and administrative expenses.

 

*Three and Six Months ended June 30, 2025, 2024 and 2023*: For the three months ended June 30, 2025, we had net loss of approximately $6.4 million, which consisted of approximately $1.2 million in general and administrative expenses, approximately $5.3 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $15,000 of income from investments held in the Trust Account. For the three months ended June 30, 2024, we had net income of approximately $68,000, which consisted of approximately $0.3 million of income from investments held in Trust Account, partially offset by approximately $0.2 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities and approximately $87,000 in general and administrative expenses. For the three months ended June 30, 2023, we had net income of approximately $2.3 million, which consisted of approximately $1.6 million in non-operating gain resulting from the change in fair value of derivative warrant liabilities and approximately $818,000 of income from investments held in Trust Account, partially offset by approximately $77,000 in general and administrative expenses.

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For the six months ended June 30, 2025, we had net loss of approximately $6.4 million, which consisted of approximately $1.2 million in general and administrative expenses, approximately $5.3 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $29,000 of income from investments held in the Trust Account. For the six months ended June 30, 2024, we had net loss of approximately $1.0 million, which consisted of approximately $1.2 million in general and administrative expenses, approximately $0.7 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $0.9 million of income from investments held in the Trust Account. For the six months ended June 30, 2023, we had net income of approximately $1.4 million, which consisted of approximately $4.4 million of income from investments held in trust account, partially offset by approximately $1.4 million in general and administrative expenses and approximately $2.1 million non-operating loss resulting from the change in fair value of derivative warrant liabilities and $457,000 of gain on waived underwriter commissions.

 

*Three Months ended March 31, 2025, 2024 and 2023*: For the three months ended March 31, 2025, we had net loss of approximately $3,000, which consisted of approximately $15,000 in general and administrative expenses, approximately $2,000 in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $14,000 of income from investments held in the Trust Account. For the three months ended March 31, 2024, we had net loss of approximately $1.1 million, which consisted of approximately $1.1 million in general and administrative expenses, approximately $0.5 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $0.6 million income from investments held in the Trust Account. For the three months ended March 31, 2023, we had net loss of approximately $1.4 million, which consisted of approximately $3.7 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities and approximately $1.3 million in general and administrative expenses, partially offset by approximately $3.6 million of income from investments held in Trust Account.

 

*Three and Nine Months Ended September 30, 2024 and 2023*: For the three months ended September 30, 2024, we had net income of approximately $0.5 million, which consisted of approximately $0.3 million of income from investments held in the Trust Account, and approximately $0.9 million of gain on extinguishment of liabilities, partially offset by approximately $0.7 million in general and administrative expenses, approximately $42,000 in non-operating loss resulting from the change in fair value of derivative warrant liabilities. For the three months ended September 30, 2023, we had net income of approximately $2.1 million, which consisted of approximately $1 million in non-operating gain resulting from the change in fair value of derivative warrant liabilities, $1 million gain from extinguishment of notes payable and approximately $663,000 of income from investments held in Trust Account, partially offset by approximately $635,000 in general and administrative expenses.

For the nine months ended September 30, 2024, we had a net loss of approximately $0.6 million, which consisted of and approximately $1.9 million in general and administrative expenses, approximately $0.7 million in non-operating loss resulting from the change in fair value of derivative warrant liabilities, partially offset by approximately $1.2 million of income from investments held in the Trust Account, and approximately $0.9 million of gain on extinguishment of liabilities. For the nine months ended September 30, 2023, we had net income of approximately $3.5 million, which consisted of approximately $5 million of income from investments held in trust account, $1.0 million gain from extinguishment of notes payable, and approximately $458,000 of gain on waived underwriter commissions, partially offset by approximately $2.0 million in general and administrative expenses and approximately $1.0 million non-operating loss resulting from the change in fair value of derivative warrant liabilities.

**Contractual Obligations**

**Administrative Support Agreement**

Commencing on the date that the Company's securities were first listed on the NYSE, we agreed to pay our Sponsor a total of $10,000 per month for office space, secretarial and administrative services. Upon completion of the Initial Business Combination or the Company's liquidation, we will cease paying these monthly fees.

**Registration and Shareholder Rights**

The holders of the Founder Shares, Private Placement Warrants and Warrants that may be issued upon conversion of the Working Capital Loans, if any, are entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon consummation of the Initial Public Offering. These holders are entitled to certain demand and "piggyback" registration rights. However, the registration and shareholder rights agreement provides that we would not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. We will bear the expenses incurred in connection with the filing of any such registration statements.

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**Underwriting Agreement**

An aggregate of $12.1 million was to be payable to the underwriters of the Initial Public Offering for deferred underwriting commissions. The deferred fee was to become payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete an Initial Business Combination, subject to the terms of the underwriting agreement.

On January 19, 2023, the Company received a waiver of underwriter fees from one of the underwriters in which the underwriter waived its entitlement to the payment of any deferred underwriting commission to be paid under the terms of the underwriting agreement. As such, $6,037,500, has been forgiven on which $5,579,875 is presented in the consolidated statement of changes in shareholders deficit and $457,625 is recognized as a gain on the waiver.

By letter agreement dated October 10, 2025, the second underwriter waived its entitlement to the payment of any deferred underwriting commission to be paid under the terms of the underwriting agreement.

**Critical Accounting Estimates and Policies**

*Derivative Warrant Liabilities*

We do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. We evaluate all of our financial instruments, including issued stock purchase Warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, "Derivatives and Hedging" ("<u>ASC 815</u>"). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Public Warrants and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the Warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The initial fair value of the Public Warrants issued in connection with the Initial Public Offering were estimated using a Lattice model and the Private Placement Warrants were estimated using a Lattice model. The fair value of the Public Warrants as of December 31, 2023 and 2022 is based on observable listed prices for such Public Warrants. As the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant as of December 31, 2023 and 2022. The fair value of the Public Warrants as of June 30, 2025 and December 31, 2024 using the Lattice model. The determination of the fair value of the Warrant liability may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative Warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

 

*Class A Ordinary Shares Subject to Possible Redemption*

The Company accounts for its Class A Ordinary Shares subject to possible redemption in accordance with the guidance in ASC Topic 480 "Distinguishing Liabilities from Equity." Class A Ordinary Shares subject to mandatory redemption (if any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class A Ordinary Shares (including Class A Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, Class A Ordinary Shares is classified as shareholders' equity. The Public Shares feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of uncertain future events. Accordingly, as of the Initial Public Offering (including the consummation of the over-allotment), 34,500,000 Class A Ordinary Shares subject to possible redemption were presented at redemption value as temporary equity, outside of the shareholders' deficit section of the Company's consolidated balance sheets.

We recognize changes in redemption value immediately as they occur and adjust the carrying value of the Class A Ordinary Shares subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering (including the consummation of the over-allotment), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.

 

*Net Income per Ordinary Share*

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." The Company has two classes of shares, which are referred to as Class A Ordinary Shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. This presentation assumes an Initial Business Combination as the most likely outcome. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period.

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The calculation of diluted net income (loss) does not consider the effect of the Warrants underlying the Units sold in the Initial Public Offering (including the consummation of the over-allotment) and the Private Placement Warrants to purchase an aggregate of 17,433,333 Class A Ordinary Shares in the calculation of diluted income (loss) per share, because in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the years ended December 31, 2024, 2023 and 2022 and the six months ended June 30, 2025. The initial accretion associated with the redeemable Class A Ordinary Shares was excluded from earnings per share as the redemption value approximated fair value. Changes in redemption value in the subsequent periods is recognized as a deemed dividend to shareholders in the calculation of net income per ordinary share.

 

*Recent Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity's effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December 31, 2025. The Company is currently evaluating the impacts of adoption of this ASU.

In November 2023, the FASB issued ASU 2023-07 - *Segment Reporting (Topic ASC 280) Improvements to Reportable Segment Disclosures* ("<u>ASU 2023-07</u>"). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. The enhancements under this update require disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("<u>CODM</u>") and included within each reported measure of segment profit or loss, require disclosure of other segment items by reportable segment and a description of the composition of other segment items, require annual disclosures under ASC 280 to be provided in interim periods, clarify use of more than one measure of segment profit or loss by the CODM, require that the title of the CODM be disclosed with an explanation of how the CODM uses the reported measures of segment profit or loss to make decisions, and require that entities with a single reportable segment provide all disclosures required by this update and required under ASC 280. The Company adopted ASU 2023-07 for the annual period ending December 31, 2024.

In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 *Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*("<u>ASU 2022-03</u>"). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in ASU 2022-03 are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual consolidated financial statements that have not yet been issued or made available for issuance. The Company adopted ASU 2022-03 on December 31, 2023. The adoption of ASU 2022-03 did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13 – *Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments* ("<u>ASU 2016-13</u>"). This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements.

The Company's management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the Company's consolidated financial statements.

**Off-Balance Sheet Arrangements**

As of June 30, 2025, 2024 and 2023, March 31, 2025, 2024 and 2023, December 31, 2024, 2023 and 2022, and September 30, 2024 and 2023, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

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**JOBS Act**

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and we 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company until December 31, 2026, although circumstances could cause us to lose that status earlier, including if the market value of our Class A Ordinary Shares held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case we would no longer be an emerging growth company as of the following December 31.

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 an election to opt out is irrevocable. We have 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, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

**Item 7. A. Quantitative and Qualitative Disclosure 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 8. Consolidated Financial Statements and Supplementary Data**

This information appears following Item 15 of this Report and is included herein by reference.

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.**

None.

**Item 9A. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the periods covered by this Annual Report, Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective as of the end of the periods covered by this Annual Report due to material weaknesses in our internal control over financial reporting. The material weakness identified related to ineffective review controls over the financial statement preparation process including the review of new agreements, which led to the restatement of the prior quarter statements and our failure to timely file our periodic reports required under the Exchange Act. The material weakness identified related to ineffective review controls over the consolidated financial statement preparation process including the review of new agreements, which led to the restatement of the prior quarter statements.

In light of these material weaknesses, we have enhanced our processes to identify and appropriately apply applicable accounting requirements to better identify and evaluate agreements that affect our consolidated 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 financial reporting, 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 also is 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.

[**Table of Contents**](#TableOfContents)

**Management's Report on Internal Controls Over Financial Reporting**

As required by SEC rules and regulations implementing Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our consolidated financial statements for external reporting purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of our company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provide
 reasonable assurance that transactions are recorded as necessary to permit preparation of
 consolidated financial statements in accordance with GAAP, and that our receipts and expenditures
 are being made only in accordance with authorizations of our management and directors, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) provide
 reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
 use or disposition of our assets that could have a material effect on the consolidated financial
 statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of our internal control over financial reporting at December 31, 2024. In making these assessments, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013). Based on our assessments and those criteria, management determined that we did not maintain effective internal control over financial reporting as of December 31, 2024.

Management has implemented remediation steps to improve our internal control over financial reporting. Specifically, we expanded and improved our review process for complex securities and related accounting standards. We plan to further improve this process by enhancing access to accounting literature, identification of third-party professionals with whom to consult regarding complex accounting applications and consideration of additional staff with the requisite experience and training to supplement existing accounting professionals. This Annual Report does not include an attestation report of our independent registered public accounting firm due to our status as an emerging growth company under the JOBS Act.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information.**

<u>None.</u>

**<u>Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>**

Not applicable.

[**Table of Contents**](#TableOfContents)

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

Our current directors and executive officers are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Nadim Z. Qureshi | 50 | President, Chief Executive Officer and Chairman of the Board |
| Stephen J. Toy | 53 | Chief Financial Officer |
| Lord William Astor | 73 | Director |
| Larry Kudlow | 78 | Director |
| Nick Peterson | 36 | Director |

---

Wilbur L. Ross, Jr. resigned as President, Chief Executive Officer and Chairman of the Board on September 13, 2024. Edward A. Snyder resigned as Director on March 17, 2024.

**Nadim Z. Qureshi** has served as our President, Chief Executive Officer and Chairman of the Board since November 2024. Mr. Qureshi previously served as Head of M&A since our inception in January 2021. Mr. Qureshi is the co-founder and managing partner of BPGC Management LP since June 2020, an independent private equity firm dedicated to opportunistic buyouts and special situation transactions in the global industrials, advanced materials and chemical sectors. Prior to this, Mr. Qureshi was a Managing Partner at Invesco Private Capital from September 2015 to September 2020. Prior to that, he served as a Managing Director for WL Ross. In this role, he headed private equity investments in the chemical and the industrial sectors. Mr. Qureshi led the sourcing and the execution of the Nexeo's acquisition by WL Ross Holding and was a Director of Nexeo Solutions from June 2016 to November 2017. From 2013 to 2014 Mr. Qureshi was a Partner at Quinpario Partners LLC. Prior to that, from 2005 to 2012, he held multiple leadership roles at Solutia Inc. including corporate development, strategy and P&L responsibility. Mr. Qureshi was a member of the executive team that led the restructuring and transformation of Solutia from a bankrupt, commodity producer to a global, highly profitable specialty chemicals business until its sale to Eastman Chemical in 2012. Prior to Solutia, Mr. Qureshi was with Arthur D. Little and Charles River Associates, focusing on strategy development, mergers and acquisitions, growth and performance improvement in the chemical and industrial sectors. Mr. Qureshi has previously served as a director and chairman of the board of Diamond S Shipping Inc. from March 2017 to July 2021 and as a director on the board of International Seaways, Inc. from May 2021 until February 2024. Since June 2025, Mr. Qureshi has served as a director of Blue Acquisition Corp. We believe Mr. Qureshi's business expertise, financial acumen, and business industry contacts, as well as his experience as a director of other companies, make him well qualified to serve as a director on our board of directors.

**Stephen J. Toy** has served as our Chief Financial Officer since our inception in January 2021. Mr. Toy has also served as the co-founder and managing partner of BPGC Management LP since September 2020, an independent private equity firm dedicated to opportunistic buyouts and special situations transactions in the global industrials, materials and chemicals sectors. Prior to that, from 2006 until September 2020 Mr. Toy served in various senior roles at Invesco, Ltd. including as the Global Head of Private Equity. In his past career he occupied the position of Chairman for Plascar Participações Industriais SA, Chairman for International Automotive Components Group North America, Inc., President & Director at Nexeo Solutions, Principal at Rothschild, Inc. and Senior Managing Director at WL Ross. Over the past 24 years, Mr. Toy has invested across a diverse set of industries including automotive, railcar leasing, telecommunications, financial services, steel, media, building materials and technology. Mr. Toy is currently on the board and compensation committee of Permian Basin Materials LLC and has served since October 2013. Mr. Toy previously served on the board of directors for Amalgamated Bank, Compagnie Europeenne de Wagon, IAC Group North America, Marquis Who's Who and Kansai Sawayaka Bank.

**Lord William Astor** has served on our board of directors since our inception in January 2021. He was Chairman of Silvergate Media Ltd, a media and intellectual property company from 2011 until 2023. He previously served as a director of Nexeo Solutions Inc, from 2015 to 2017 and as a non-executive director of WL Ross Holdings Corp, from 2000 to 2015. From 2007 to 2015, Lord Astor was a director of Networkers International Plc, a global recruitment consultancy listed on AIM. From 1977 to 2011, he was Deputy Chairman of Chorion Plc, a media rights company. Lord Astor was previously a Minister in the Governments of Prime Minister, Margaret Thatcher and John Major from 1990 to 1997, he was a Conservative opposition Spokesman from 1997 to 2011 and currently sits in Parliament in the House of Lords as a Conservative Peer. He was a non-executive Director of Canadian Overseas Petroleum Plc from March 2013 until December 2021. Lord Astor also served as a member and chairman of the board of directors for Silvergate Media Limited and held this position from January 2011 until December 2023. We believe that Lord Astor's directorship, experience, business expertise, financial acumen, and business industry contacts, make him well qualified to serve as a director on our board of directors.

[**Table of Contents**](#TableOfContents)

**Larry Kudlow** has served on our board of directors since our inception in January 2021. Since February 2021, Mr. Kudlow has been the host of Kudlow on FOX Business Network and a Fox News Contributor. Mr. Kudlow was Assistant to the President and Director of the National Economic Council for the Trump Administration from March 2018 to January 2021. Prior to that, Mr. Kudlow was a CNBC Senior Contributor from April 2011 to February 2018. He was previously host of CNBC's primetime "The Kudlow Report" and a syndicated radio show host from April 2011 to February 2018. During President Reagan's first term, Mr. Kudlow was the associate director for economics and planning, Office of Management and Budget, where he was engaged in the development of the administration's economic and budget policy. We believe that Mr. Kudlow's business and government expertise, financial acumen and business industry contacts, make him well qualified to serve as a director on our board of directors.

**Nick Peterson** has served on our board of directors since November 2024. Since 2021, Mr. Peterson has been a principal at BPGC Management LP where he is responsible for all aspects of transaction sourcing and execution. His past private equity experience has been focused on special situations, distressed and turnaround investments at firms including Platinum Equity (from 2018 to 2020), WL Ross & Co. (from 2017 to 2018) and Lantern Asset Management (from 2020 to 2021). Prior to that, Nick worked in investment banking at Moelis and Citi. He began his career in the financial advisory group at PFM. Nick has previously served on the Board of Directors of School Specialty Inc. Nick graduated with a B.Sc. in Accounting, Finance and Management from Saint Francis University. He also earned a M.Sc. in Finance from Villanova University. We believe Mr. Peterson's business expertise, financial acumen, and business industry contacts, as well as his experience as a director of other companies, make him well qualified to serve as a director on our board of directors.

**Number and Terms of Office of Officers and Directors**

Our board of directors is divided into three classes, with only one class of directors being elected in each year, and with each class (except for those directors appointed prior to our first annual meeting of shareholders) serving a three-year term. In accordance with NYSE corporate governance requirements, we were not required to hold an annual meeting until one year after our first fiscal year end following our listing on the NYSE. The term of office of the first class of directors, consisting of Larry Kudlow, expired at our first annual meeting of shareholders. At the Second Extension Meeting, which was held in lieu of our first annual meeting of shareholders, our shareholders approved the Director Election Proposal to elect Larry Kudlow, to continue to serve on our board of directors. The term of office of the second class of directors, consisting of Edward A. Snyder, was scheduled to expire at our second annual meeting of shareholders. The term of office of the third class of directors, initially consisting of Lord William Astor and Wilbur L. Ross, Jr., will expire at our third annual meeting of shareholders. Mr. Snyder and Mr. Ross have subsequently resigned on March 17, 2024 and September 13, 2024, respectively. Mr. Peterson was appointed to the board of directors in November 2024.

Prior to the completion of the Proposed Business Combination or another Initial Business Combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our Founder Shares. In addition, prior to the completion of the Proposed Business Combination or another Initial Business Combination, holders of a majority of our Founder Shares may remove a member of the board of directors for any reason.

Pursuant to the registration rights agreement entered into upon the closing of the Initial Public Offering, our Sponsor, upon and following consummation of an Initial Business Combination other than the Proposed Business Combination, will be entitled to nominate three individuals for election to our board of directors, as long as the Sponsor holds any securities covered by the registration and shareholder rights agreement.

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our Charter as it deems appropriate. Our Charter provide that our officers may consist of one or more chairman of the board, chief executive officer, president, chief financial officer, vice presidents, secretary, treasurer and such other offices as may be determined by the board of directors.

**Director Independence**

The Company's securities have been delisted from the NYSE. The Company does not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. See "*Item 1A. Risk Factors—The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting.*" NYSE and Nasdaq listing standards each require that a majority of our board of directors be independent. Although such standards are not currently applicable to the Company, our board of directors has determined that Lord William Astor and Larry Kudlow are "independent directors" as defined in both the NYSE and the Nasdaq listing standards. Our independent directors have regularly scheduled meetings at which only independent directors are present. Prior to his resignation, Edward A. Snyder was also an independent director.

[**Table of Contents**](#TableOfContents)

**Executive Officer and Director Compensation**

None of our executive officers or directors have received any cash compensation for services rendered to us. We are currently requires to pay our Sponsor for office space, secretarial and administrative services provided to us in the amount of $10,000 per month. In addition, our Sponsor, executive officers and directors, or their respective affiliates are reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee reviews on a quarterly basis all payments that were made by us to our Sponsor, executive officers or directors, or their affiliates. Any such payments prior to an Initial Business Combination, including the Proposed Business Combination, will be made using funds held outside the Trust Account. Other than quarterly audit committee review of such reimbursements, we do not have any additional controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection with identifying and consummating an Initial Business Combination, including the Proposed Business Combination. Other than these payments and reimbursements, no compensation of any kind, including finder's and consulting fees, will be paid by the Company to our Sponsor, executive officers and directors, or their respective affiliates, prior to completion of the Proposed Business Combination or another Initial Business Combination.

After the completion of the Proposed Business Combination or another Initial Business Combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation materials or tender offer materials furnished to our shareholders in connection with an Initial Business Combination, including the Proposed Business Combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. We do not know the amount of any such compensation that may be paid by Holdco following the Proposed Business Combination, and it is unlikely the amount of such compensation will be known at the time of any other Initial Business Combination, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our executive officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.

We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of the Proposed Business Combination or another Initial Business Combination, although it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements to remain with us after the Proposed Business Combination or another Initial Business Combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management's motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of the Proposed Business Combination or another Initial Business Combination, has been, or would be, a determining factor in our decision to proceed with the Proposed Business Combination or any other potential Initial Business Combination. We are not party to any agreements with our executive officers and directors that provide for benefits upon termination of employment.

**Committees of the Board of Directors**

Our board of directors has three standing committees: an audit committee, a nominating committee and a compensation committee. Subject to phase-in rules and a limited exception, the rules of the NYSE, Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Subject to phase-in rules and a limited exception, the rules of the NYSE and Nasdaq require that the compensation committee and the nominating committee of a listed company be comprised solely of independent directors. The Company's securities have been delisted from the NYSE. The Company does not expect to be able to re-list its securities for trading on any other national securities exchange at this time. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders will face significant material adverse consequences as a result of the Company's securities not being listed on a national securities exchange. Such material adverse consequences are exacerbated, and liquidity in the Company's securities is severely limited, because the Company's securities are not quoted on an over-the-counter market. See "*Item 1A. Risk Factors—The Company's securities have been delisted from the NYSE. As of the date of this Annual Report, the Company's securities are not quoted on an over-the-counter market. The Company and its shareholders face significant, material adverse consequences as a result of the Company's continued delisting.*" Despite our delisting from the NYSE, and the Company no longer being subject to the rules of the NYSE, the Company has nevertheless determined that the audit committee, the compensation committee and the nominating committee are comprised of solely independent directors.

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**Audit Committee**

The members of our audit committee are Lord William Astor and Larry Kudlow. Although the Company is not currently subject to such rules, our board of directors has determined that each of Lord William Astor and Larry Kudlow are independent under the NYSE and the Nasdaq listing standards and applicable SEC rules. Lord William Astor serves as Chairman of the audit committee. Under both the NYSE and the Nasdaq listing standards and applicable SEC rules, all the directors on the audit committee must be independent. Each member of the audit committee is financially literate and our board of directors has determined that Lord William Astor qualifies as an "audit committee financial expert" as defined in applicable SEC rules. Prior to his resignation, Edward A. Snyder was a member of the audit committee and our board of directors had determined that he is independent under the NYSE and the Nasdaq listing standards and applicable SEC rules, financially literate and qualified as an "audit committee financial expert" as defined in applicable SEC rules.

The audit committee is responsible for:

● meeting with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting and control systems;

● monitoring the independence of our independent registered public accounting firm;

● verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;

● inquiring and discussing with management our compliance with applicable laws and regulations;

● pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including the fees and terms of the services to be performed;

● appointing or replacing the independent registered public accounting firm;

● determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;

● establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies;

● monitoring compliance on a quarterly basis with the terms of the Initial Public Offering and, if any noncompliance is identified, immediately taking all action necessary to rectify such noncompliance or otherwise causing compliance with the terms of the Initial Public Offering; and

● reviewing and approving all payments made to our existing shareholders, executive officers or directors and their respective affiliates. Any payments made to members of our audit committee will be reviewed and approved by our board of directors, with the interested director or directors abstaining from such review and approval.

**Nominating Committee**

The member of our nominating committee is Larry Kudlow who serves as chairman of the nominating committee. Under NYSE listing standards, we were required to have a nominating committee composed entirely of independent directors. Under Nasdaq listing standards, we would be required to either (i) have a nominating committee composed entirely of independent directors or (ii) provide in accordance with Rule 5605(e)(2) of the Nasdaq rules, that only independent directors may participate in the consideration and recommendation of director nominees and that a majority of the independent directors may recommend a director nominee for selection by our board of directors. Although the Company is not currently subject to the rules of NYSE or Nasdaq, our board of directors has determined that Larry Kudlow is independent. Prior to his resignation, Edward A. Snyder was a member of the nominating committee and our board of directors had determined that he is independent under the NYSE and the Nasdaq listing standards.

The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors. The nominating committee considers persons identified by its members, management, shareholders, investment bankers and others.

**Guidelines for Selecting Director Nominees**

The guidelines for selecting nominees generally provides that persons to be nominated:

● should have demonstrated notable or significant achievements in business, education or public service;

● should possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and

● should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.

[**Table of Contents**](#TableOfContents)

The nominating committee will consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in evaluating a person's candidacy for membership on the board of directors. The nominating committee may require certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating committee does not distinguish among nominees recommended by shareholders and other persons.

**Compensation Committee**

The members of our compensation committee are Lord William Astor and Larry Kudlow, and Lord William Astor serves as chairman of the compensation committee.

Under the NYSE listing standards, we were required to have a compensation committee composed entirely of independent directors. Under Nasdaq listing standards, we would be required to have a compensation committee composed entirely of independent directors. Although the Company is not currently subject to such rules, our board of directors has determined that each of Lord William Astor and Larry Kudlow are independent. We have adopted a compensation committee charter, which will detail the principal functions of the compensation committee, including:

● reviewing and approving on an annual basis the corporate goals and objectives relevant to our President's, Chief Financial Officer's and Chief Operating Officer's, evaluating our President's, Chief Financial Officer's and Chief Operating Officer's performance in light of such goals and objectives and determining and approving the remuneration (if any) of our President, Chief Financial Officer and Chief Operating Officer based on such evaluation;

● reviewing and approving the compensation of all of our other Section 16 executive officers;

● reviewing our executive compensation policies and plans;

● implementing and administering our incentive compensation equity-based remuneration plans;

● assisting management in complying with our proxy statement and annual report disclosure requirements;

● approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;

● producing a report on executive compensation to be included in our annual proxy statement; and

● reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

● The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by the NYSE, Nasdaq and the SEC.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers currently serves, and in the past year has not served, as a member of the compensation committee of any entity that has one or more executive officers serving on our board of directors.

**Code of Ethics**

We have adopted a Code of Ethics applicable to our directors, officers and employees. A copy of the Code of Ethics will be provided without charge upon request from us. If we make any amendments to our Code of Ethics, other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics applicable to our principal executive officer, principal financial officer principal accounting officer or controller or persons performing similar functions requiring disclosure under applicable SEC, NYSE or Nasdaq rules (as then-applicable), we will disclose the nature of such amendment or waiver on our website and/or in a Current Report on Form 8-K. The information included on our website is not incorporated by reference into this Annual Report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

***Insider Trading Policy***

 ****

We have adopted insider trading policies and procedures attached hereto as Exhibit 19 governing the purchase, sale and other dispositions of our securities by directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations. It is also our policy to comply with applicable securities laws when transacting in its own securities.

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**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires our officers, directors and persons who own more than ten percent of a registered class of our equity securities to file reports of ownership and changes in ownership with the SEC. Officers, directors and ten percent shareholders are required by regulation to furnish us with copies of all Section 16(a) forms they file. Based solely on review of the copies of such forms furnished to us, or written representations that no Forms 5 were required, we believe that, during the fiscal years ended December 31, 2024, all Section 16(a) filing requirements applicable to our officers and directors were complied with, except that, (i) the Sponsor, Wilbur L. Ross, Nadim Z. Qureshi and Stephen A Toy have not yet filed a Form 4, covering the Class A Conversion, (ii) Wilbur L. Ross has not yet filed a Form 4 covering his ceasing to be a director or officer of the Company and ceasing to be a managing member of the Sponsor, and (iii) Nick Peterson filed a Form 3 late. Based solely on review of the copies of such forms furnished to us, or written representations that no Forms 5 were required, we believe that, during the fiscal years ended December 31, 2023, all Section 16(a) filing requirements applicable to our officers and directors were complied with.

**Conflicts of Interest**

Under Cayman Islands law, directors and officers owe the following fiduciary duties:

● duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;

● duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

● directors should not improperly fetter the exercise of future discretion;

● duty to exercise powers fairly as between different sections of shareholders;

● duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and

● duty to exercise independent judgment.

In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience of that director.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders *provided* that there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at shareholder meetings.

Certain of our officers and directors presently have, and any of them in the future may have additional, fiduciary and contractual duties to other entities. As a result, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman Islands law, he or she will need to honor such fiduciary or contractual obligations to present such business combination opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity, we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete the proposed Business Combination or another Initial Business Combination. Our Charter provides that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other.

Below is a table summarizing the entities to which our executive officers and directors currently have fiduciary duties, contractual obligations or other material management relationships:

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| | | | |
|:---|:---|:---|:---|
| **Individual** | **Entity** | **Entity's Business** | **Affiliation** |
| Nadim Z. Qureshi | BPGC Management LP | Private Equity | Co-Founder and Managing Partner |
|  | Elessent Clean Technologies, Inc. | Process Technologies | Director |
|  | Blue Acquisition Corp. | Special Purpose Acquisition Company | Director |
| Stephen J. Toy | BPGC Management LP | Private Equity | Co-Founder and Managing Partner |
|  | Permian Basin Materials LLC | Materials | Director |
|  | PB Materials Inc. | Materials | Director |
|  | Elessent Clean Technologies, Inc. | Process Technologies | Director |
| Larry Kudlow | Kudlow & Co., LLC | Economic Research | Chief Executive Officer |
| Lord William Astor |  |  |  |
| Nick Peterson | BPGC Management LP | Private Equity | Principal |
|  | PB Materials Inc. | Materials | Director |
|  | Elessent Clean Technologies, Inc. | Process Technologies | Director |

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Potential investors should also be aware of the following other potential conflicts of interest:

● Our executive officers and directors are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations and our search for a business combination and their other businesses. We do not intend to have any full-time employees prior to the completion of the Proposed Business Combination or another Initial Business Combination. Each of our executive officers is engaged in several other business endeavors for which he may be entitled to substantial compensation, and our executive officers are not obligated to contribute any specific number of hours per week to our affairs.

● Our Sponsor subscribed for Founder Shares prior to the closing of the Initial Public Offering and purchased Private Placement Warrants in a transaction that closed simultaneously with the closing of the Initial Public Offering.

● Our Sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any Founder Shares (including the Class A Conversion Shares) and Public Shares held by them in connection with (i) the completion of our Initial Business Combination, including the Proposed Business Combination, and (ii) a shareholder vote to approve an amendment to our Charter (A) that would modify the substance or timing of our obligation to provide Public Shareholders the right to have their Public Shares redeemed in connection with the Proposed Business Combination or another Initial Business Combination or to redeem 100% of our Public Shares if we do not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026 or (B) with respect to any other provision relating to the rights of holders of our Public Shareholders or pre-Initial Business Combination activity. Additionally, our Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to its Founder Shares if we fail to complete the Proposed Business Combination or another Initial Business Combination within the prescribed time frame. If we do not complete the Proposed Business Combination or another Initial Business Combination within the prescribed time frame, the Private Placement Warrants will expire worthless. Except as described herein, our Sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one year after the completion of such Initial Business Combination and (B) subsequent to such Initial Business Combination, (x) if the closing price of our Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after such Initial Business Combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. However, in connection with the Proposed Business Combination, the lock-up will be modified such that the lock-up period will only be six months after the Proposed Business Combination, and notwithstanding such lock-up, permit the holders of Founder Shares to sell up to 15% of such shares. Except as described herein, the Private Placement Warrants will not be transferable until 30 days following the completion of our Initial Business Combination. Because each of our directors and officers will, directly or indirectly, own Founder Shares and/or Private Placement Warrants, they may have a conflict of interest in determining whether iRocket or another particular target business, is an appropriate business with which to effectuate the Proposed Business Combination or another Initial Business Combination.

● Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination, Proposed Business Combination, if the retention or resignation of any such officers and directors is included by a target business as a condition to any agreement with respect to our Initial Business Combination. In addition, our Sponsor, officers and directors may sponsor, form or participate in other blank check companies similar to ours during the period in which we are seeking an Initial Business Combination. Any such companies may present additional conflicts of interest in pursuing an acquisition target, particularly in the event there is overlap among investment mandates.

● Our Sponsor invested in us an aggregate of approximately $8,925,000, comprised of the $25,000 purchase price for the Founder Shares and the $8,900,000 purchase price for the Private Placement Warrants. On March 15, 2024, pursuant to the Class A Conversion, our Sponsor converted 4,300,000 Founder Shares into Class A Conversion Shares. Assuming a trading price of $10.00 per share upon consummation of the Proposed Business Combination or another Initial Business Combination, the 8,625,000 aggregate number of Founder Shares and Class A Conversion Shares would have an aggregate implied value of $86,250,000. Even if the trading price of our ordinary shares were as low as $1.03 per share, and the Private Placement Warrants were worthless, the aggregate value of the Founder Shares and Class A Conversion Shares would be equal to the Sponsor's initial investment in us.

● On November 14, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor was permitted, but not obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15<sup>th</sup> day of each subsequent month), or portion thereof, that is needed by the Company to complete an Initial Business Combination until March 16, 2024, resulting in a maximum contribution of $450,000. As of March 16, 2024, the Sponsor had deposited the maximum contribution of $450,000. Pursuant to the Member Agreement, the amounts owed to the Sponsor under the Extension Note were forgiven. Before such amounts were forgiven, we were to repay the Extension Note out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account were to be used to repay the Extension Note. As of June 30, 2025, and December 31, 2024, 2023, and 2022, we had borrowings of $0 , $0, $300,000 and $0, respectively for extension payments.

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● On November 14, 2023, to document existing and future Working Capital Loans, the Company issued the unsecured, Convertible Note to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of an Initial Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the earlier of (i) March 16, 2026, or such later date by which the Company must consummate an Initial Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of an Initial Business Combination or Maturity Date. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into Warrants to purchase Class A Ordinary Shares of the Company, at a conversion price of $1.50 per Warrant, with each Warrant entitling the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. If the Company completes the Proposed Business Combination or another Initial Business Combination, the Company will repay the Convertible Note out of the proceeds of the Trust Account released to the Company (unless the Sponsor elects to convert the outstanding balance into Warrants or other arrangements are made). In the event that the Proposed Business Combination or another Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Convertible Note but no proceeds held in the Trust Account would be used to repay the Convertible Note.

● Our Sponsor also agreed that, following the effectiveness of the Third Extension, the Sponsor or an affiliate would deposit into the Trust Account the lesser of (i) $0.03 per Class A Ordinary Share that remains outstanding and is not redeemed or (ii) an aggregate of $90,000. Between March 16, 2024 and September 26, 2024, the Contributors made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Pursuant to the Member Agreement, the amounts owed to the Contributors for the non-interest bearing loans in connection with the Third Extension were forgiven. Before such amounts were forgiven, we were to repay such loans out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay such loans but no proceeds held in the Trust Account were to be used to repay such loans.

We are not prohibited from pursuing an Initial Business Combination with a company that is affiliated with our Sponsor, officers or directors. In the event we seek to complete our Initial Business Combination with a company that is affiliated with our Sponsor or any of our officers or directors, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that such Initial Business Combination is fair to our Company from a financial point of view. We are not required to obtain such an opinion in any other context. The Proposed Business Combination with iRocket is not a transaction with a company that is affiliated with our Sponsor or any of our founders, officers or directors.

Furthermore, in no event will our Sponsor or any of our existing officers or directors, or their respective affiliates, be paid by us any finder's fee, consulting fee or other compensation prior to, or for any services they render in order to effectuate, the completion of our Initial Business Combination, including the Proposed Business Combination. Further, commencing on the date our securities were first listed on the NYSE, we are required to pay our Sponsor $10,000 per month for office space, secretarial and administrative services provided to us.

We cannot assure investors that any of the above-mentioned conflicts will be resolved in our favor.

If we seek shareholder approval, as we intend to do with respect to the Proposed Business Combination, we will complete the Proposed Business Combination or such other Initial Business Combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Proposed Business Combination or such other Initial Business Combination. In such case, our Sponsor and each member of our management team have agreed to vote their Founder Shares and Public Shares in favor of the Proposed Business Combination or such other Initial Business Combination. As our Sponsor owns approximately 98.2% of our ordinary shares, we will receive the approval of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting for the Proposed Business Combination or another Initial Business Combination.

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**Limitation on Liability and Indemnification of Officers and Directors**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our Charter provides for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect. We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the indemnification provided for in our Charter. We expect to purchase a policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the Trust Account, and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the Trust Account for any reason whatsoever (except to the extent they are entitled to funds from the Trust Account due to their ownership of Public Shares). Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the Trust Account or (ii) we consummate an Initial Business Combination, including the Proposed Business Combination.

Our indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

**Item 11. Executive Compensation.**

None of our executive officers or directors have received any cash compensation for services rendered to us. We pay monthly recurring expenses of $10,000 to our Sponsor for office space, administrative and support services. Upon completion of an Initial Business Combination, including the Proposed Business Combination, or our liquidation, the Company will cease paying these monthly fees.

Our Sponsor, executive officers, directors, or any of their respective affiliates, are reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, executive officers, directors and our or their affiliates.

After the completion of the Proposed Business Combination or another Initial Business Combination, directors or members of our management team who remain with us may be paid consulting, management or other fees from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our shareholders in connection with the Proposed Business Combination or another proposed Initial Business Combination.

We may not take any action to ensure that members of our management team maintain their positions with us after the consummation of the Proposed Business Combination or another Initial Business Combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after the Proposed Business Combination or other Initial Business Combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management's motivation in identifying or selecting iRocket or another target business, but we do not believe that the ability of our management to remain with us after the consummation of the Proposed Business Combination our Initial Business Combination was, or would be, a determining factor in our decision to proceed with the Proposed Business Combination or any other potential Initial Business Combination. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment.

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**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

We have no compensation plans under which equity securities are authorized for issuance.

The following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this Annual Report, by:

● each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares;

● each of our executive officers, directors and director nominees; and

● all our executive officers, directors and director nominees as a group.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of Warrants as they are not exercisable within 60 days of the date of this Annual Report.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner<sup>(1)</sup>** | **Number of<br> Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned** | **Approximate<br> Percentage<br> of<br> Outstanding<br> Class A<br> Ordinary<br> Shares** | **Number of<br> Class B<br> Ordinary<br> Shares<br> Beneficially<br> Owned** | **Approximate<br> Percentage<br> of<br> Outstanding<br> Class B<br> Ordinary<br> Shares** | **Approximate<br> Percentage<br> of<br> Outstanding<br> Ordinary<br> Shares** |
| Ross Holding Company LLC | 4300000 | 96.5% | 4325000<sup>(2)(3)</sup> | 100.0% | 98.2% |
| Stephen J. Toy |  |  | *—* |  |  |
| Nadim Z. Qureshi |  |  | *—* |  |  |
| Lord William Astor |  |  |  |  |  |
| Larry Kudlow |  |  |  |  |  |
| Nick Peterson |  |  |  |  |  |
| *All officers and directors as a group (six individuals)* | 4300000 | 96.5% | 4325000 | 100% | 98.2% |

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(1) Unless
otherwise noted, the business address of each of the shareholders is 1177 Avenue of the Americas, 5th Floor, New York, NY 10036.

(2) The
shares are held in the name of our Sponsor. Our Sponsor is controlled by Stephen J. Toy and Nadim Z. Qureshi, who are the Managing Members
of the Sponsor.

(3) Interests
shown consist of 4,300,000 Class A Conversion Shares, classified as Class A Ordinary Shares and 4,325,000 Class B ordinary shares, classified
as Class B ordinary shares. Such Founder Shares will automatically convert into Class A Ordinary Shares at the time of our Initial Business
Combination or earlier at the option of the holders thereof as described in Exhibit 4.5 to this Annual Report, "*Description of the Company's Securities* ". Our Sponsor exercised the option to convert 4,300,000 Class B ordinary shares into 4,325,000
Class A Ordinary Shares on March 15, 2024.

Our Sponsor beneficially owns 98.2% of our issued and outstanding ordinary shares. Our Sponsor has the right to elect all of our directors prior to the consummation of our Initial Business Combination as a result of holding all of the Founder Shares. In addition, because of this ownership block, our Sponsor may be able to effectively influence the outcome of all matters requiring approval by our shareholders, including amendments to our Charter and approval of significant corporate transactions, including approval of an Initial Business Combination.

On January 22, 2021, our Sponsor paid $25,000, or approximately $0.003 per share, to cover certain expenses on our behalf in consideration of 8,625,000 Founder Shares. Our Founder Shares will automatically convert into Class A Ordinary Shares, on a one-for-one basis, upon the completion of an Initial Business Combination. The number of Founder Shares issued was determined based on the expectation that the Founder Shares would represent 20% of the outstanding ordinary shares upon completion of the Initial Public Offering.

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Concurrently with the completion of the Initial Public Offering, our Sponsor purchased an aggregate of 5,933,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, or $8.9 million in the aggregate. An aggregate of $345.0 million from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants was placed in a Trust Account such that the Trust Account held $345.0 million at the time of closing of the Initial Public Offering. Each whole Private Placement Warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to certain adjustments.

On March 15, 2024, our Sponsor exercised its right to convert an aggregate of 4,300,000 of its Founder Shares into an equal number of Class A Conversion Shares in the Class A Conversion. Pursuant to the Class A Conversion, our Sponsor agreed to waive its redemption rights with respect to such Class A Conversion Shares in connection with a shareholder vote to approve the Proposed Business Combination or another Initial Business Combination and its right to receive any distribution from the Trust Account with respect to such Class A Conversion Shares (for the avoidance of doubt, such Class A Conversion Shares will not be Public Shares).

Our Sponsor and our executive officers and directors are deemed to be our "promoters" as such term is defined under the federal securities laws. See "*Item 13. Certain Relationships and Related Transactions, and Director Independence*" below for additional information regarding our relationships with our promoters.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

**Founder Shares**

On January 22, 2021, the Sponsor paid $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 8,625,000 Founder Shares.

Our Sponsor, officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares (including the Class A Conversion Shares) until the earlier to occur of: (A) one year after the completion of the Initial Business Combination and (B) subsequent to the Initial Business Combination, (x) if the closing price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share 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, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property. However, in connection with the Proposed Business Combination, the lock-up will be modified such that the lock-up period will only be six months after the Proposed Business Combination, and notwithstanding such lock-up, permit the holders of Founder Shares (including the Class A Conversion Shares) to sell up to 15% of such shares.

**Private Placement Warrants**

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 5,933,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $8.9 million. Each Private Placement Warrant is exercisable for one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete the Proposed Business Combination or another Initial Business Combination by March 16, 2026, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

**Administrative Services**

Commencing on the date that the Company's securities were first listed on the NYSE, the Company entered into an agreement with the Sponsor whereby, the Company agreed to pay the Sponsor a total of $10,000 per month for office space and secretarial and administrative support services. Upon completion of an Initial Business Combination or its liquidation, the Company will cease paying these monthly fees.

**Related Party Loans**

On January 21, 2021, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the "<u>IPO Promissory Note</u>"). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. As of March 16, 2021, the Company borrowed approximately $90,000 under the IPO Promissory Note. The Company repaid the IPO Promissory Note in full on March 19, 2021. Subsequent to the repayment, the facility was no longer available to the Company.

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On November 14, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued a promissory note (the "<u>Extension Note</u>") in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor was permitted, but not obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15th day of each subsequent month), or portion thereof, that is needed by the Company to complete an Initial Business Combination until March 16, 2024, resulting in a maximum extension payment of $450,000. The Extension Note bears no interest and is repayable in full upon (a) the date of the consummation of an Initial Business Combination, and (b) the date of the liquidation of the Company. As of March 16, 2024, the Sponsor had deposited the maximum contribution of $450,000. Pursuant to the Member Agreement, the amounts owed to the Sponsor under the Extension Note were forgiven. Before such amounts were forgiven, we were to repay the Extension Note out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account were to be used to repay the Extension Note. As of June 30, 2025, and December 31, 2024, 2023, and 2022, we had borrowings of $0 $0, $300,000 and $0, respectively for extension payments.

Between March 16, 2024 and September 26, 2024, the Contributors made monthly deposits of $80,055.99 ($480,335.94 in the aggregate) to the Trust Account, which deposits were in the form of non-interest bearing loans. Pursuant to the Member Agreement, the amounts owed to the Contributors for the non-interest bearing loans in connection with the Third Extension were forgiven. Before such amounts were forgiven, we were to repay such loans out of the proceeds of the Trust Account released to us and other proceeds of the transaction if we completed an Initial Business Combination. In the event that we did not complete an Initial Business Combination, we were to be permitted to use a portion of the proceeds held outside the Trust Account to repay such loans but no proceeds held in the Trust Account were to be used to repay such loans.

In order to finance transaction costs in connection with an Initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may loan the Company Working Capital Loans as may be required. If the Company completes an Initial Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that no business combination is closed, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except as described below, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

On November 14, 2023, to document existing and future Working Capital Loans, the Company issued the Convertible Note to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the Maturity Date, which is the earlier of (i) March 16, 2026, or such later date by which the Company must consummate a Business Combination pursuant to its Charter (as may be amended by shareholder vote) and (ii) the effective date of an Initial Business Combination. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into Warrants to purchase Class A Ordinary Shares of the Company, at a conversion price of $1.50 per Warrant, with each Warrant entitling the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. If the Company completes an Initial Business Combination, the Company will repay the Convertible Note out of the proceeds of the Trust Account released to the Company (unless the Sponsor elects to convert the outstanding balance into Warrants). Otherwise, the Convertible Note would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Convertible Note but no proceeds held in the Trust Account would be used to repay the Convertible Note.

**Registration and Shareholder Rights**

The holders of the Founder Shares and Private Placement Warrants and Warrants that may be issued upon conversion of the Working Capital Loans, if any, were entitled to registration rights pursuant to a registration and shareholder rights agreement dated March 16, 2021. These holders are entitled to certain demand and "piggyback" registration rights. However, the registration and shareholder rights agreement provides that the Company would not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

In addition, pursuant to the registration and shareholder rights agreement, our Sponsor, upon and following consummation of an Initial Business Combination other than the Proposed Business Combination, will be entitled to nominate three individuals for election to our board of directors, as long as the Sponsor holds any securities covered by the registration and shareholder rights agreement.

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Pursuant to the terms of the Merger Agreement, simultaneously with the Closing, Holdco, Sponsor, certain affiliates of Sponsor, the Company, and certain shareholders of iRocket will enter into an registration rights agreement, pursuant to which, among other things, (i) Holdco will agree to register for resale, pursuant to Rule 415 under the Securities Act of 1933, as amended, within certain period after the closing date, certain Holdco Ordinary Shares and other equity securities of Holdco held by certain parties from time to time, (ii) holders of registrable securities will be granted certain takedown, demand, block trade and piggyback registration rights with respect to their registrable securities, in each case, on the terms and subject to the conditions set forth therein, and (iii) the Registration and Shareholder Rights Agreement, dated as of March 16, 2021, by and between the Company, Sponsor and certain other parties thereto, will be terminated as of the Closing.

**Policy for Approval of Related Party Transactions**

The Audit Committee of our board of directors has adopted a charter providing for the review, approval and/or ratification of "related party transactions," which are those transactions required to be disclosed pursuant to Item 404 of Regulation S-K as promulgated by the SEC, by the Audit Committee. At its meetings, the Audit Committee shall be provided with the details of each new, existing, or proposed related party transaction, including the terms of the transaction, any contractual restrictions that the Company has already committed to, the business purpose of the transaction, and the benefits of the transaction to the Company and to the relevant related party. Any member of the committee who has an interest in the related party transaction under review by the committee shall abstain from voting on the approval of the related party transaction, but may, if so requested by the chairman of the committee, participate in some or all of the committee's discussions of the related party transaction. Upon completion of its review of the related party transaction, the committee may determine to permit or to prohibit the related party transaction.

**Director Independence**

Both NYSE and Nasdaq listing standards require that a majority of our board of directors be independent. Although the Company is not currently subject to such rules since our securities were delisted from the NYSE, our board of directors has nevertheless determined that Lord William Astor and Larry Kudlow are "independent directors" as defined by both NYSE listing standards and Nasdaq listing standards. Our independent directors have regularly scheduled meetings at which only independent directors are present. Prior to his resignation, our board of directors had also determined that Edward A. Snyder was an independent director.

**Item 14. Principal Accounting Fees and Services.**

The following is a summary of fees paid to WithumSmith+Brown, PC, for services rendered.

 

*Audit Fees*. Audit fees consist of fees for professional services rendered for the audit of our year-end financial statements, reviews of our quarterly financial statements and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings. The aggregate fees for WithumSmith+Brown, PC for audit fees, inclusive of required filings with the SEC for the years ended December 31, 2024, 2023 and 2022, and of services rendered in connection with the Initial Public Offering, totaled approximately $183,560, $144,000 and $110,000, respectively.

 

*Audit-Related Fees*. Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our year-end financial statements and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards. We did not pay WithumSmith+Brown, PC any audit-related fees for the years ended December 31, 2024, 2023 and 2022.

 

*Tax Fees*. Tax fees consist of fees billed for professional services relating to tax compliance, tax planning and tax advice. The aggregate fees for WithumSmith+Brown, PC for tax fees for the years ended December 31, 2024, 2023 and 2022 totaled $0, $4,160 and $0, respectively.

 

*All Other Fees*. All other fees consist of fees billed for all other services. We did not pay WithumSmith+Brown, PC any other fees for the years ended December 31, 2024, 2023 and 2022.

**Pre-Approval Policy**

Our audit committee was formed upon the consummation of our Initial Public Offering. As a result, the audit committee did not pre-approve all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our board of directors. Since the formation of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

[**Table of Contents**](#TableOfContents)

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

(a) The
following documents are filed as part of this Form 10-K:

(1) Consolidated
Financial Statements:

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#a_001) | F-2 |
| [Consolidated Balance Sheets](#a_002) | F-3 |
| [Consolidated Statements of Operations](#a_003) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Deficit](#a_004) | F-5 |
| [Consolidated Statements of Cash Flows](#a_005) | F-6 |
| [Notes to Consolidated Financial Statements](#a_006) | F-7 to F-46 |

---

(2) Financial
Statement Schedules:

None.

(3) Exhibits

We hereby file as part of this Report the exhibits listed in the attached Exhibit Index. Exhibits which are incorporated herein by reference can be inspected and copied at the public reference facilities maintained by the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Copies of such material can also be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates or on the SEC website at www.sec.gov.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 3.1\* | [Amended and Restated Memorandum and Articles of Association, as amended March 13, 2023, September 15, 2023, March 15, 2024 and September 26, 2024.](bpgcacqex3-1.htm) |
| 4.1 | [Specimen Unit Certificate, previously filed as an exhibit to our Registration Statement on Form S-1 (File No 333-252633) filed on March 2, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121006925/nt10019343x2_ex4-1.htm) |
| 4.2 | [Specimen Class A Ordinary Share Certificate, previously filed as an exhibit to our Registration Statement on Form S-1 (File No 333-252633) filed on March 2, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121006925/nt10019343x2_ex4-2.htm) |
| 4.3 | [Specimen Warrant Certificate, previously filed as an exhibit to our Registration Statement on Form S-1 (File No 333-252633) filed on March 2, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121006925/nt10019343x2_ex4-3.htm) |
| 4.4 | [Warrant Agreement, dated March 16, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex4-1.htm) |
| 4.5\* | [Description of the Company's Securities.](bpgcacqex4-5.htm) |
| 10.1 | [Form of Letter Agreement, dated March 16, 2021, by and among the Company, its each of its executive officers and its directors, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-1.htm) |
| 10.2 | [Letter Agreement, dated March 16, 2021, between the Company and Ross Holding Company LLC, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-2.htm) |
| 10.3 | [Form of Indemnity Agreement, dated March 16, 2021, between the Company and each of its officers and directors, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-3.htm) |
| 10.4 | [Investment Management Trust Agreement, dated March 16, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-4.htm) |
| 10.5 | [Registration and Shareholders Rights Agreement, dated March 16, 2021, by and among the Company, Ross Holding Company LLC and the other holders party thereto, as trustee, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-5.htm) |

---

[**Table of Contents**](#TableOfContents)

---

| | |
|:---|:---|
| 10.6 | [Private Placement Warrants Purchase Agreement, dated March 11, 2021, by and between the Company and Ross Holding Company LLC, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-6.htm) |
| 10.7 | [Administrative Services Agreement, dated March 16, 2021, by and between the Company and Ross Holding Company LLC, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-7.htm) |
| 10.8 | [Securities Subscription Agreement, dated January 22, 2021, between the Registrant and the Sponsor, by and between the Company and Ross Holding Company LLC, previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2021 and incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1841610/000114036121008750/nt10019343x10_ex10-8.htm) |
| 19.1\* | [Insider Trading Policy.](bpgcacqex19-1.htm) |
| 21.1\* | [List of Subsidiaries.](bpgcacqex21-1.htm) |
| 24.1\* | [Power of Attorney (including on the signature page herein).](#p_001) |
| 31.1\* | [Certification of Chief Executive Officer and Director Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](bpgcacqex31-1.htm) |
| 31.2\* | [Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](bpgcacqex31-2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](bpgcacqex32-1.htm) |
| 32.2\*\* | [Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](bpgcacqex32-2.htm) |
| 97.1\* | [Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1.](bpgcacqex97-1.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because the XBRL tags are embedded within the Inline XBRL 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.DRF | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interaction Data File (formatted as inline XBRL with application taxonomy extension information contained in Exhibit 101). |

---

\* Filed herewith.

\*\* Furnished herewith.

**Item 16. Form 10-K Summary.**

None.

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | F-2 |
| &nbsp;&nbsp;&nbsp;Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#a_002) | F-3 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#a_003) | F-4 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Shareholders' Deficit](#a_004) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#a_005) | F-6 |
| [Notes to Consolidated Financial Statements](#a_006) | F-7 to F-46 |

---

[**Table of Contents**](#TableOfContents)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and the Board of Directors of

BPGC Acquisition Corp. (formerly known as Ross Acquisition Corp. II):

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of BPGC Acquisition Corp. (formerly known as Ross Acquisition Corp. II) (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in shareholders' deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, if the Company is unable to raise additional funds to alleviate liquidity needs and complete a business combination by March 16, 2026, then the Company will cease all operations except for the purpose of liquidating. The liquidity condition and date for mandatory liquidation and subsequent dissolution raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company's auditor since 2021.

New York, New York

November 28, 2025

PCAOB Number 100

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP.**

**CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 AND 2023**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **Assets:** |  |  |
| Current assets: |  |  |
| Cash | $— | $10420 |
| Prepaid expenses | 2500 | 2500 |
| **Total current assets** | 2500 | 12920 |
| Cash held in Trust Account | 1811803 | 55054019 |
| **Total Assets** | $**1814303** | $**55066939** |
| **Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit:** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $1182929 | $2279788 |
| Accrued expenses | 526954 | 5245293 |
| Due to related party |  | 319634 |
| Note payable - related party |  | 300000 |
| **Total current liabilities** | 1709883 | 8144715 |
| Derivative warrant liabilities | 1818070 | 1046000 |
| Deferred underwriting commissions | 6037500 | 6037500 |
| **Total liabilities** | 9565453 | 15228215 |
| **Commitments and Contingencies (see Note 5)** |  |  |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 155,614 and 5,041,098 shares at redemption value of approximately $11.00 and $10.90 per share as of December 31, 2024 and 2023, respectively | 1711803 | 54954019 |
| **Shareholders' Deficit:** |  |  |
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of December 31, 2024 and 2023 |  |  |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no non-redeemable shares issued or outstanding as of December 31, 2024 and 2023 |  |  |
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding as of December 31, 2024 and 2023 | 863 | 863 |
| Additional paid-in capital | 3276427 |  |
| Accumulated deficit | (12740243) | (15116158) |
| **Total shareholders' deficit** | (9462953) | (15115295) |
| **Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit** | $**1814303** | $**55066939** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** |
|  | **2024** | **2023** |
| General and administrative expenses | $689672 | $2236658 |
| Forgiveness of debt | (3574933) |  |
| General and administrative expenses - related party |  | 120000 |
| **Gain (loss) from operations** | **2885261** | **(2356658)** |
| Other (expense) income, net: |  |  |
| Change in fair value of derivative warrant liabilities | (772070) | (174330) |
| Income from interest in operating account | 5 | 8 |
| Gain on waived deferred underwriter commission |  | 457625 |
| Gain from extinguishment of note payable |  | 990000 |
| Gain from extinguishment of extension loans | 893055 |  |
| Income from cash and investments held in Trust Account | 1212294 | 5584168 |
| **Net income** | $**4218545** | $**4500813** |
| **Weighted average shares outstanding of Class A ordinary shares, basic and diluted** | 2482623 | 11534919 |
| **Basic and diluted net income per share, Class A ordinary share** | $0.38 | $0.22 |
| **Weighted average shares outstanding of Class B ordinary shares, basic and diluted** | 8625000 | 8625000 |
| **Basic and diluted net income per share, Class B ordinary share** | $0.38 | $0.22 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP.**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | | |
|  | **Class A** | **Class A** | **Class B** | **Class B** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance - December 31, 2022** |  | $**—** | **8625000** | $**863** | $**—** | $**(18322677)** | $**(18321814)** |
| Net income |  |  |  |  |  | 4500813 | 4500813 |
| Increase in redemption value of Class A ordinary shares subject to possible redemption (restated) |  |  |  |  |  | (1294294) | (1294294) |
| **Balance - December 31, 2023** |  |  | 8625000 | 863 |  | (15116158) | (15115295) |
| Capital contribution |  |  |  |  | 3276427 |  | 3276427 |
| Net income |  |  |  |  |  | 4218545 | 4218545 |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (1842630) | (1842630) |
| **Balance - December 31, 2024** |  | $**—** | **8625000** | $**863** | $**3276427** | $**(12740243)** | $**(9462953)** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** |
|  | **2024** | **2023** |
| **Cash Flows from Operating Activities:** |  |  |
| Net income | $4218545 | $4500813 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| Change in fair value of derivative warrant liabilities | 772070 | 174330 |
| Income from cash and investments held in Trust Account | (1212294) | (5584168) |
| Gain on waiver of deferred underwriter commission |  | (457625) |
| Gain from extinguishment of note payable |  | (990000) |
| Gain from extinguishment of liabilities | (893055) |  |
| Changes in operating assets and liabilities: |  |  |
| Prepaid expenses |  | 37500 |
| Accounts payable | 96196 | 785209 |
| Accrued expenses | (3080502) | 1512658 |
| **Net cash used in operating activities** | (99040) | (21283) |
| **Cash Flows from Investing Activities:** |  |  |
| Cash withdrawn from trust in connection with redemption | 55084846 | 302152511 |
| Cash deposited in Trust Account | (630336) | (1290000) |
| **Net cash provided by investing activities** | 54454510 | 300862511 |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from note payable |  | 990000 |
| Proceeds from note payable - related party | 630336 | 300000 |
| Proceeds from due to related party | 98846 |  |
| Repayment of due to related party | (10226) |  |
| Redemption of Class A shares | (55084846) | (302152512) |
| **Net cash used in financing activities** | (54365890) | (300862512) |
| **Net change in cash** | (10420) | (21284) |
| **Cash - beginning of the year** | 10420 | 31704 |
| **Cash - end of the year** | $**—** | $**10420** |
| **Supplemental disclosure of noncash financing activities:** |  |  |
| Accounts payable paid by the Sponsor | $— | $258605 |
| Reclass from accounts payable to due to related party | $— | $61029 |
| Capital contribution from related party for debt cancellation | $3276427 | $— |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2024 AND 2023**

**Note 1 - Description of Organization and Business Operations**

BPGC Acquisition Corp. (f/k/a Ross Acquisition Corp II) ("BPGC") was incorporated as a Cayman Islands exempted company on January 19, 2021. BPGC was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (an "Initial Business Combination"). BPGC changed its name on September 10, 2024 from Ross Acquisition Corp II to BPGC Acquisition Corp.

BPGC has two wholly owned subsidiaries, APRINOIA Therapeutics Merger Sub 2, Inc. ("Merger Sub 2"), an exempted company incorporated with limited liability under the laws of the Cayman Islands, which was formed on December 21, 2022, and APRINOIA Therapeutics Merger Sub 3, Inc. ("Merger Sub 3"), an exempted company incorporated with limited liability under the laws of the Cayman Islands, which was formed on December 21, 2022. BPGC and its subsidiaries are collectively referred to as the "Company".

As of December 31, 2024, the Company had not commenced any operations. All activity for the period from January 19, 2021 (inception) through December 31, 2024 relates to the Company's formation and the initial public offering (the "Initial Public Offering") described below, and, since the Initial Public Offering, the search for a prospective Initial Business Combination. The Company generates no operating revenues and will not generate any operating revenues until after the completion of its Initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

The Company's sponsor is Ross Holding Company LLC, a Cayman Islands limited liability company (the "Sponsor"). The registration statement for the Company's Initial Public Offering was declared effective on March 11, 2021. On March 16, 2021, the Company consummated its Initial Public Offering of 34,500,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units being offered, the "Public Shares"), including 4,500,000 additional Units to cover over-allotments (the "Over-Allotment Units"), at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.9 million, of which approximately $12.1 million was for deferred underwriting commissions (see Note 5).

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement ("Private Placement") of 5,933,333 warrants (each, a "Private Placement Warrant" and collectively, the "Private Placement Warrants"), at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of $8.9 million (see Note 4).

Upon the closing of the Initial Public Offering and the Private Placement, $345.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account ("Trust Account"), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and has been only in U.S. "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or 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 U.S. government treasury obligations, as determined by the Company, or cash, until the earlier of (i) the completion of an Initial Business Combination and (ii) the distribution of the Trust Account as described below.

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating an Initial Business Combination. There is no assurance that the Company will be able to complete an Initial Business Combination successfully. The Company must complete one or more Initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing of the agreement to enter into the Initial Business Combination. However, the Company will only complete an Initial Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act.

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The Company will provide the holders of the Public Shares (the "Public Shareholders") with the opportunity to redeem all or a portion of their Public Shares upon the completion of an Initial Business Combination either (i) in connection with a shareholder meeting called to approve the Initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of an Initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares were classified as temporary equity in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 480, "Distinguishing Liabilities from Equity." In such case, the Company will proceed with an Initial Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of an Initial Business Combination and a majority of the shares voted are voted in favor of the Initial Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which was adopted upon the consummation of the Initial Public Offering, as amended (the "Amended and Restated Memorandum and Articles of Association"), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission ("SEC") and file tender offer documents with the SEC prior to completing an Initial Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with an Initial Business Combination, the initial shareholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of an Initial Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company adopted an insider trading policy which requires insiders to (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) to clear all trades with the Company's legal counsel prior to execution. In addition, the initial shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of an Initial Business Combination.

Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.

The Sponsor, officers and directors (the "initial shareholders") agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a) that would modify the substance or timing of the Company's obligation to redeem 100% of its Public Shares if the Company does not complete an Initial Business Combination by March 16, 2026, or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Amended and Restated Memorandum and Articles of Association (the "Combination Period"), or (b) with respect to any other provision relating to shareholders' rights or pre-Initial Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.

If the Company is unable to complete an 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 and not previously released to the Company to pay its tax obligations, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (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 remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company's obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

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On March 13, 2023, the Company held an extraordinary general meeting of shareholders (the "First Extraordinary General Meeting") to approve (i) a proposal to amend the Company's Amended and Restated Memorandum and Articles of Association (the "First Extension Amendment Proposal") to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2023 by up to six months in one month increments subject to deposit of $165,000 into the Trust Account for each month by which such date is extended (such extension, the "First Extension" and such later date, the "First Extension Date") and (ii) a proposal to allow the adjournment of the First Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal (the "First Adjournment Proposal"). The First Extension Amendment Proposal was approved. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million. On March 31, 2023, APRINOIA made a deposit of $165,000 to the Trust Account. On April 13, 2023, APRINOIA made a second deposit of $165,000 to the Trust Account. On May 12, 2023, APRINOIA made a third deposit of $165,000 to the Trust Account. On June 15, 2023, APRINOIA made a fourth deposit of $165,000 to the Trust Account. On July 12, 2023, APRINOIA made a fifth deposit of $165,000 to the Trust Account. On August 16, 2023, APRINOIA made a sixth deposit of $165,000 to the Trust Account. The date by which the Company must complete an Initial Business Combination was extended from March 16, 2023 to September 16, 2023. Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Business Combination Agreement, the Company, APRINOIA, PubCo and the Merger Subs mutually agreed to terminate the Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Business Combination Agreement) pursuant to the Termination Agreement. Further, under the Termination Agreement, each of RAC, Merger Sub 2 and Merger Sub 3 released APRINOIA, PubCo and Merger Sub 1, and each of their representatives, affiliates, agents and assigns, and each of APRINOIA, PubCo and Merger Sub 1 released RAC, Merger Sub 2 and Merger Sub 3, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action, liabilities or damages relating to the Business Combination Agreement and the other Transaction Documents, except for certain provisions that survive the termination pursuant to the terms of the Business Combination Agreement, or for breaches of the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company's Current Report on Form 8-K filed with the SEC on August 21, 2023.

***Extraordinary General Meeting in Lieu of Annual Meeting***

On September 15, 2023, the Company held an extraordinary general meeting in lieu of annual meeting of shareholders (the "Second Extraordinary General Meeting") to approve (i) a proposal to amend the Company's Memorandum and Articles of Association to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2023 to March 16, 2024 (such proposal, the "Second Extension Amendment Proposal", such extension, the "Second Extension" and March 16, 2024, the "Second Extended Date"), (ii) a proposal to amend the Company's Amended and Restated Memorandum and Articles of Association to delete the limitations that the Company shall not consummate a business combination or redeem shares if such actions would cause the Company's net tangible assets to be less than $5,000,001 (the "Redemption Limitation Amendment Proposal"), (iii) a proposal to elect Larry Kudlow as Class I director of the Company's board of directors (the "Director Election Proposal" and, together with the Second Extension Amendment Proposal and the Redemption Limitation Amendment Proposal, the "Proposals") and (iv) a proposal to allow the adjournment of the Second Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Proposals (the "Second Adjournment Proposal"), each as more fully described in the proxy statement filed by the Company with the Securities and Exchange Commission on August 31, 2023. The Second Extension Amendment Proposal, the Director Election Proposal and the Redemption Limitation Amendment Proposal were each approved. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of 1,339,804 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million.

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On March 6, 2024, the Company held an extraordinary general meeting of shareholders (the "Third Extraordinary General Meeting") to, amongst other things, approve (i) a proposal to amend the Company's Memorandum and Articles of Association to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2024 to September 16, 2024 (such proposal, the "Third Extension Amendment Proposal", such extension, the "Third Extension" and, together with the First Extension and the Second Extension, the "Extensions" and September 16, 2024, the "Third Extension Date") as more fully described in the proxy statement filed by the Company with the Securities and Exchange Commission on February 26, 2024. The Third Extension Amendment Proposal was approved. In connection with the vote to approve the Third Extension Amendment Proposal, the holders of 2,372,565 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.02 per share, for an aggregate redemption amount of approximately $26.2 million.

On September 10, 2024, the Company filed a definitive proxy statement with the SEC relating to the Extraordinary General Meeting. At the Extraordinary General Meeting, shareholders approved two amendments to the Company's Amended and Restated Memorandum and Articles of Association. The first amendment (the "Extension Amendment") extended the date by which the Company has to consummate a business combination from September 16, 2024 to March 16, 2026 (the "Extension"). The second amendment (the "Name Change Amendment") (i) changed of name of the Company from Ross Acquisition Corp II to "BPGC Acquisition Corp."; and (ii) amended the Company's Amended and Restated Articles of Association to reflect such change of name of the Company. In connection with the vote to approve the Extension Amendment Proposal, the holders of 2,512,919 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million.

On March 18, 2024, the Company received notice from the NYSE that it would suspend the listing of the Company's (i) Class A ordinary shares, par value $0.0001 per share (the "Class A Ordinary Shares"), (ii) warrants, each exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share (the "Warrants") and (iii) units, each consisting of one Class A Ordinary Share and one-third of one Warrant (the "Units" and, collectively with the Class A Ordinary Shares and the Warrants, the "Securities") from the NYSE before market open today and commence delisting proceedings with respect to such securities. The NYSE determined to take these actions because Sections 102.06e and 802.01B of the NYSE's Listed Company Manual do not permit a special purpose acquisition company, such as the Company, to remain listed for more than three years after the Company's initial public offering without completing an initial business combination. The Company has not completed an initial business combination before March 16, 2024, which is the three-year anniversary of its initial public offering. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision. The Company does not intend to appeal the NYSE Regulation staff's decision.

The Sponsor has agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete an Initial Business Combination within the Combination Period. However, if the Sponsor or members of the Company's management team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete an Initial Business Combination within the Combination Period. Certain underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete an Initial Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company's indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company's independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

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***Terminated Business Combination***

On January 17, 2023, the Company entered into a Business Combination Agreement (the "Business Combination Agreement"), with APRINOIA Therapeutics Inc., an exempted company incorporated with limited liability under the laws of the Cayman Islands ("APRINOIA"), APRINOIA Therapeutics Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands ("PubCo"), APRINOIA Therapeutics Merger Sub 1, Inc., an exempted company incorporated with limited liability under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo ("Merger Sub 1"), Merger Sub 2 and Merger Sub 3 (Merger Sub 3, together with Merger Sub 1 and Merger Sub 2, the "Merger Subs"). The transactions contemplated by the Business Combination Agreement are referred to herein as the "Terminated Business Combination."

The terms of the Terminated Business Combination and the other transactions contemplated thereby are summarized in the Company's Current Report on Form 8-K filed with the SEC on January 18, 2023.

Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Business Combination Agreement, RAC, APRINOIA, PubCo and the Merger Subs mutually agreed to terminate the Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Business Combination Agreement) pursuant to the terms of a termination agreement entered into by and between each of the parties to the Business Combination Agreement (the "Termination Agreement"). Further, under the Termination Agreement, each of RAC, Merger Sub 2 and Merger Sub 3 released APRINOIA, PubCo and Merger Sub 1, and each of their representatives, affiliates, agents and assigns, and each of APRINOIA, PubCo and Merger Sub 1 released RAC, Merger Sub 2 and Merger Sub 3, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action, liabilities or damages, except for certain provisions that survive the termination pursuant to the terms of the Business Combination Agreement, or for breaches of the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company's Current Report on Form 8-K filed with the SEC on August 21, 2023.

***Risks and Uncertainties***

Management is currently evaluating the impact of the current global economic uncertainty, rising interest rates, high inflation, high energy prices, supply chain disruptions, the Israel – Hamas conflict and the Russia – Ukraine war (including the impact of any sanctions imposed in response thereto) and has concluded that while it is reasonably possible that any of these could have a negative effect on the Company's financial position, results of operations and/or search for a target company, the specific impact is not readily determinable as of the date of these consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact its business and its ability to complete an initial Business Combination.

***Liquidity and Going Concern***

As of December 31, 2024, the Company had approximately $0 in its operating bank account and working capital deficit of approximately $1.7 million.

The Company's liquidity needs through December 31, 2024 and prior were satisfied through a payment of $25,000 from the Sponsor to purchase certain expenses in exchange for the issuance of the Founder Shares, the loan of approximately $90,000 from the Sponsor under the Note (as defined in Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on March 19, 2021. In addition, in order to finance transaction costs in connection with an Initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 4).

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On November 14, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued a promissory note (the "Extension Note") in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor was permitted, but not obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15th day of each subsequent month), or portion thereof, that is needed by the Company to complete an Initial Business Combination until March 16, 2024, resulting in a maximum extension payment of $450,000. The Extension Note bears no interest and is repayable in full upon (a) the date of the consummation of an Initial Business Combination, and (b) the date of the liquidation of the Company. If the Company completes an Initial Business Combination, the Company will repay the Extension Note out of the proceeds of the Trust Account released to the Company. Otherwise, the Extension Note would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Extension note but no proceeds held in the Trust Account would be used to repay the Extension Note. As of December 31, 2024 and 2023, the Company had borrowings of $0 and $300,000, respectively, for extension payments (now documented by the Extension Note).

On November 14, 2023, to document existing and future Working Capital Loans, the Company issued an unsecured, convertible promissory note (the "Convertible Note") to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the earlier of (i) September 16, 2024, or such later date by which the Company must consummate a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of a Business Combination (such earlier date, the "Maturity Date"). The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into warrants to purchase Class A ordinary shares of the Company, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. There were no borrowings under this note as of December 31, 2024.

If the Company is required to seek additional capital, the Company would need to borrow additional funds from the Sponsor, the Company's management team or other third parties to operate or may be forced to liquidate. Except with respect to the Extension Note and the Convertible Note, none of the Sponsor, members of the management team nor any of their affiliates is under any obligation to advance funds to the Company in such circumstances. If the Company completes an Initial Business Combination, the Company will repay the Convertible Note out of the proceeds of the Trust Account released to the Company (unless the Sponsor elects to convert the outstanding balance into warrants). Otherwise, the Convertible Note would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Convertible Note but no proceeds held in the Trust Account would be used to repay the Convertible Note.

In connection with the Company's assessment of going concern considerations in accordance with ASC 205-40, "Presentation of Financial Statements - Going Concern," the Company has until March 16, 2026 to consummate an Initial Business Combination. As previously reported, on January 17, 2023, the Company signed the Business Combination Agreement with, among other parties, APRINOIA Therapeutics, Inc. On August 21, 2023, as previously reported, the Business Combination Agreement was terminated. On September 15, 2023, the Company's shareholders voted to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2023 to March 16, 2024 or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Amended and Restated Memorandum and Articles of Association. On March 6, 2024, the Company's shareholders voted to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2024 to September 16, 2024 or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Amended and Restated Memorandum and Articles of Association. On September 10, 2024, the Company's shareholders voted to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2024 to March 16, 2026 or such later date by which the Company must complete an Initial Business Combination pursuant to an amendment to the Company's Amended and Restated Memorandum and Articles of Association. It is uncertain that the Company will be able to consummate an Initial Business Combination by March 16, 2026. Additionally, the Company may not have sufficient liquidity to fund the working capital needs of the Company until one year from the issuance of these consolidated financial statements. If an Initial Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should an Initial Business Combination not occur, and potential subsequent dissolution, raise substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 16, 2026.

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**Note 2** - **Basis of Presentation and Summary of Significant Accounting Policies**

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***Basis of Presentation***

The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations of the SEC.

***Principles of Consolidation***

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The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

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***Emerging Growth Company***

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (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 shareholder 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 an emerging growth 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 an 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 Company's consolidated 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.

***Use of Estimates***

The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company's 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 consolidated financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. 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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

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***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2024 or 2023.

***Cash and Investments Held in the Trust Account***

The Company's Trust Account consists of cash as of December 31, 2024 and 2023.

***Fair Value of Financial Instruments***

The fair value of the Company's assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, "Fair Value Measurements," equals or approximates the carrying amounts represented in the consolidated balance sheets, except for the warrant liabilities (see Note 9).

***Fair Value Measurements***

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

***Derivative Warrant Liabilities***

The Company accounts for the warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, "Distinguishing Liabilities from Equity" ("ASC 480"), and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements from equity classification under ASC 815, including whether the warrants are indexed to the Company's own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgement, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

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For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company determined that the Public Warrants and Private Placement Warrants are precluded from equity classification and are reflected on the consolidated balance sheets as Derivative warrant liabilities. See Note 8 for valuation methodology of warrants.

***Offering Costs Associated with the Initial Public Offering***

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the consolidated statements of operations. Offering costs associated with the Class A ordinary shares issued were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

***Class A Ordinary Shares Subject to Possible Redemption***

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, "Distinguishing Liabilities from Equity." Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders' equity (deficit). The Company's Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2023 (including the consummation of the over-allotment), 155,614 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' deficit section of the Company's consolidated balance sheets.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering (including the consummation of the over-allotment), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.

***Income Taxes***

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which prescribes a recognition threshold and a measurement attribute for the consolidated financial statement recognition and measurement of tax positions 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. The Company's management determined that the Cayman Islands is the Company's only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of December 31, 2024 and 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company's consolidated financial statements. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

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***Net Income per Ordinary Share***

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. This presentation assumes an Initial Business Combination as the most likely outcome. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period.

The calculation of diluted net income does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering (including the consummation of the over-allotment) and the private placement warrants to purchase an aggregate of 17,433,333 Class A ordinary shares in the calculation of diluted income per share, because in the calculation of diluted income per share, their exercise is contingent upon future events. As a result, diluted net income per share is the same as basic net income per share for the years ended December 31, 2024 and 2023. All accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per ordinary share:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| Basic and diluted net income per ordinary share: |  |  |  |  |
| *Numerator:* |  |  |  |  |
| Allocation of net income | $942871 | $3275674 | $2575234 | $1925579 |
| *Denominator:* |  |  |  |  |
| Basic and diluted weighted average ordinary shares outstanding | 2482623 | 8625000 | 11534919 | 8625000 |
| Basic and diluted net income per ordinary share | $0.38 | $0.38 | $0.22 | $0.22 |

---

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disaggregated information about a reporting entity's effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December 31, 2025. The Company is currently evaluating the impacts of adoption of this ASU.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic ASC 280) Improvements to Reportable Segment Disclosures". ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. The enhancements under this update require disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss, require disclosure of other segment items by reportable segment and a description of the composition of other segment items, require annual disclosures under ASC 280 to be provided in interim periods, clarify use of more than one measure of segment profit or loss by the CODM, require that the title of the CODM be disclosed with an explanation of how the CODM uses the reported measures of segment profit or loss to make decisions, and require that entities with a single reportable segment provide all disclosures required by this update and required under ASC 280. The Company adopted ASU 2023-07 for the annual period ended December 31, 2024.

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In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions". The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual consolidated financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments **–** Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements.

The Company's management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the Company's consolidated financial statements.

**Note 3 - Initial Public Offering**

On March 16, 2021, the Company consummated its Initial Public Offering of 34,500,000 Units, including the issuance of 4,500,000 Over-Allotment Units, as a result of the underwriters' partial exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.9 million, of which approximately $12.1 million was for deferred underwriting commissions.

Each Unit consists of one share of Class A ordinary share, and one-third of one redeemable warrant (each, a "Public Warrant"). Each Public Warrant entitles the holder to purchase one share of Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment.

On March 13, 2023, the Company held an extraordinary general meeting of shareholders (the "First Extraordinary General Meeting") to approve (i) a proposal to amend the Company's amended and restated memorandum and articles of association (the "First Extension Amendment Proposal") to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2023 to September 16, 2023 and (ii) a proposal to allow the adjournment of the First Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the First Extension Amendment Proposal (the "First Adjournment Proposal"). The First Extension Amendment Proposal was approved. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million.

On September 15, 2023, the Company held an extraordinary general meeting in lieu of annual meeting of shareholders (the "Second Extraordinary General Meeting") to approve (i) a proposal to amend the Company's Memorandum and Articles of Association to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2023 to March 16, 2024 (such proposal, the "Second Extension Amendment Proposal", such extension, the "Second Extension" and March 16, 2024, the "Second Extended Date"), (ii) a proposal to amend the Company's Amended and Restated Memorandum and Articles of Association to delete the limitations that the Company shall not consummate a business combination or redeem shares if such actions would cause the Company's net tangible assets to be less than $5,000,001 (the "Redemption Limitation Amendment Proposal"), (iii) a proposal to elect Larry Kudlow as Class I director of the Company's board of directors (the "Director Election Proposal" and, together with the Second Extension Amendment Proposal and the Redemption Limitation Amendment Proposal, the "Proposals") and (iv) a proposal to allow the adjournment of the Second Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Proposals (the "Second Adjournment Proposal"), each as more fully described in the proxy statement filed by the Company with the Securities and Exchange Commission on August 31, 2023. The Second Extension Amendment Proposal, the Director Election Proposal and the Redemption Limitation Amendment Proposal were each approved. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of 1,339,804 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million.

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On March 6, 2024, the Company held an extraordinary general meeting (the "Extraordinary General Meeting") to approve a proposal to amend the Company's amended and restated Memorandum and Articles of Association to extend the date by which the Company has to consummate Business Combination from March 16, 2024 to September 16, 2024 (the "Extension Amendment Proposal"). The shareholders approved the amendment to the Company's amended and restated Memorandum and Articles of Association and on March 15, 2024 the board of directors of the Company elected to implement the Extension. In connection with the vote to approve the Extension Amendment Proposal, the holders of 2,372,565 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash. As the board of directors of the Company has elected to implement the Extension, the Company will redeem such shares for cash.

On September 10, 2024, the Company filed a definitive proxy statement with the SEC relating to the Extraordinary General Meeting. At the Extraordinary General Meeting, shareholders approved two amendments to the Company's Amended and Restated Memorandum and Articles of Association. The first amendment (the "Extension Amendment") extended the date by which the Company has to consummate a business combination from September 16, 2024 to March 16, 2026 (the "Extension"). The second amendment (the "Name Change Amendment") (i) changed of name of the Company from Ross Acquisition Corp II to "BPGC Acquisition Corp."; and (ii) amended the Company's Amended and Restated Articles of Association to reflect such change of name of the Company. In connection with the vote to approve the Extension Amendment Proposal, the holders of 2,512,919 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million. The Company will redeem such shares for cash.

**Note 4 - Related Party Transactions**

***Founder Shares***

On January 22, 2021, the Sponsor paid $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 8,625,000 Class B ordinary shares, par value $0.0001 (the "Founder Shares"). The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company's issued and outstanding shares after the Initial Public Offering. On March 16, 2021, the underwriters fully exercised their over-allotment option; thus, these 1,125,000 Founder Shares were no longer subject to forfeiture.

The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of an Initial Business Combination and (B) subsequent to an Initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share 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, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.

***Private Placement Warrants***

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 5,933,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of $8.9 million.

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Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete an Initial Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

The Sponsor and the Company's officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of an Initial Business Combination.

***Related Party Loans***

On January 21, 2021, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the "Note"). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. As of March 16, 2021, the Company borrowed approximately $90,000 under the Note. The Company repaid the Note in full on March 19, 2021. Subsequent to the repayment, the facility was no longer available to the Company.

On November 6, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor may, but will not be obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15th day of each subsequent month), or portion thereof, that is needed by the Company to complete an Initial Business Combination until March 16, 2024, resulting in a maximum extension payment of $450,000. If the Sponsor advises the Company that it will not deposit the next $75,000 payment, then the Company will, 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 and not previously released to the Company to pay its tax obligations, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any). The Extension Note bears no interest and is repayable in full upon (a) the date of the consummation of an Initial Business Combination, and (b) the date of the liquidation of the Company. If the Company completes an Initial Business Combination, the Company will repay the Extension Note out of the proceeds of the Trust Account released to the Company. Otherwise, the Extension Note would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account would be used to repay the Extension Note. As of December 31, 2024, the Company had borrowings of $930,336 for extension payments (documented by the Extension Note) which were forgiven as part of the Member Agreement, as discussed below, and a contribution of capital of $930,336 was recognized. As of December 31, 2023, the Company had borrowings of $300,000 for extension payments (now documented by the Extension Note) which are reported as note payable - related party in the accompanying consolidated balance sheets and subsequent forgiven as part of the $930,336 contribution of capital.

In order to finance transaction costs in connection with an Initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may loan the Company funds as may be required ("Working Capital Loans"). On November 14, 2023, to document existing and future Working Capital Loans, the Company issued the Convertible Note, an unsecured, convertible promissory note, to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the Maturity Date, which is the earlier of (i) September 16, 2024, or such later date by which the Company must consummate a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of a Business Combination. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into warrants to purchase Class A ordinary shares of the Company, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. If the Company completes an Initial Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of December 31, 2024 and 2023, the Company did not have any borrowings related to the Working Capital Loans.

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If the Company is required to seek additional capital, the Company would need to borrow additional funds from the Sponsor, the Company's management team or other third parties to operate or may be forced to liquidate. Except with respect to the Extension Note and the Convertible Note, none of the Sponsor, members of the management team nor any of their affiliates is under any obligation to advance funds to the Company in such circumstances.

***Administrative Support Agreement***

Commencing on the date that the Company's securities were first listed on the NYSE, the Company agreed to pay the Sponsor a total of $10,000 per month for office space, secretarial and administrative services. Upon completion of the Initial Business Combination or the Company's liquidation, the Company will cease paying these monthly fees. As a result of the Member Agreement the Company terminated the administrative support agreement and forgave $300,000 accrued from the year ended December 31, 2023. For the years ended December 31, 2024 and 2023, the Company incurred expenses of $0 and $120,000 under this agreement, respectively. As of December 31, 2024 and 2023, the Company had accrued $0 and $300,000, respectively, for services in connection with such agreement which are reported as accounts payable on the accompanying consolidated balance sheets. The $300,000 accrued as of December 31, 2023, was forgiven in the year ended December 31, 2024, and was recorded as a capital contribution on the statements of shareholders' deficit.

***Due to Related Party***

 ****

During the year ended December 31, 2024, management employees paid for Company payables totaling $98,845 on behalf of the Company and the Company repaid $10,225 to management employees. During the year ended December 31, 2023, the Sponsor has paid for Company payables totaling $258,605 on behalf of the Company and a total of $61,029 expenses paid by management employees. Amounts of $319,634 are included in due to related party on the consolidated balance sheet as of December 31, 2023. As of December 31, 2024, amounts of $408,254 were forgiven as part of the Member Agreement, as discussed below, and a contribution of capital of $408,254 was recognized.

***Member Agreement***

On September 13, 2024 (the "Effective Date"), Wilbur L. Ross Jr. ("Ross"), Tobias W. Welo ("Welo"), Nadim Z. Qureshi ("Qureshi") and Stephen J. Toy ("Toy" and together with Qureshi, the "Continuing Managers") entered into a member agreement (the "Member Agreement"). Ross irrevocably resigned as a manager of the Sponsor and the Continuing Managers agreed to serve as managers pursuant to the A&R Limited Liability Company Agreement of the Sponsor (the "A&R LLC Agreement"). Ross agreed to be responsible for seventy-two percent (72%), Qureshi agreed to be responsible for fourteen percent (14%) and Toy agreed to be responsible for fourteen percent (14%) of the total fees owed to certain vendors prior to the Effective Date; provided that, in no event would Ross be obligated to pay an amount in excess of the lesser of (i) 25% of the aggregate original undiscounted amount of such invoices and (ii) $1,550,000 (the "Ross Cap"). As a result of the Member Agreement, the Company recognized a capital contribution of $1,637,837 expenses paid by Ross, Qureshi and Toy on behalf of the Company.

**Note 5 - Commitments and Contingencies**

***Notes Payable***

On March 31, 2023, the Company and APRINOIA entered into an Advance Agreement (the "Advance Agreement"), pursuant to which APRINOIA agreed to advance to the Company up to $990,000, to deposit into the Company's trust account for the benefit of the holders of Class A ordinary shares of the Company that were not redeemed in connection with the extension of the Company's termination date from March 16, 2023 to September 16, 2023 or such earlier date as determined by the board of directors of the Company. The advances contemplated by the Advance Agreement bear no interest and are repayable in full upon the date of the consummation of transactions contemplated by the Business Combination Agreement or the date of the liquidation of the Company or an event of default of the Company.

APRINOIA advanced the first amount equal to $165,000 on March 31, 2023. APRINOIA was required to advance up to five additional equal amounts equal to $165,000 for each month (commencing on April 16, 2023, and no later than on the 16th day of each subsequent month), or portion thereof, that was needed by the Company to complete an Initial Business Combination until September 16, 2023 or such earlier date as determined by the board of directors of the Company. On April 13, 2023, APRINOIA made a second deposit of $165,000 to the Trust Account. On May 12, 2023, APRINOIA made a third deposit of $165,000 to the Trust Account. On June 15, 2023, APRINOIA made a fourth deposit of $165,000 to the Trust Account. On July 12, 2023, APRINOIA made a fifth deposit of $165,000 to the Trust Account. On August 16, 2023, APRINOIA made a sixth deposit of $165,000 to the Trust Account.

Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Business Combination Agreement, the Company, APRINOIA, PubCo and the Merger Subs mutually agreed to terminate the Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Business Combination Agreement) pursuant to the Termination Agreement. Further, under the Termination Agreement, each of RAC, Merger Sub 2 and Merger Sub 3 released APRINOIA, PubCo and Merger Sub 1, and each of their representatives, affiliates, agents and assigns, and each of APRINOIA, PubCo and Merger Sub 1 released RAC, Merger Sub 2 and Merger Sub 3, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action, liabilities or damages relating to the Business Combination Agreement and the other Transaction Documents, except for certain provisions that survive the termination pursuant to the terms of the Business Combination Agreement, or for breaches of the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company's Current Report on Form 8-K filed with the SEC on August 21, 2023. As of December 31, 2023, pursuant to the Termination, the balance under the Advance Agreement was extinguished.

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On November 14, 2023, to document existing and future Working Capital Loans, the Company issued an unsecured, Convertible Promissory Note to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the earlier of (i) March 16, 2024, or such later date by which the Company must consummate a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of a Business Combination or Maturity Date. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into warrants to purchase Class A ordinary shares of the Company, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering.

In connection with the vote to approve the Extension Amendment Proposal, the Sponsor agreed to deposit into the Trust Account the lesser of (i) $0.03 per Class A Ordinary Share that remains outstanding and is not redeemed or (ii) an aggregate of $90,000 or such Monthly Amount. If a business combination is not consummated by April 16, 2024, the Contributor may, but will not be obligated to, deposit the Monthly Amount for each calendar month (commencing on April 16, 2024 and ending on the 15th day of each subsequent month), or portion thereof, that is needed by the Company to complete a business combination until September 16, 2024, resulting in a maximum extension payment of $540,000. If the Contributor advises the Company that it will not deposit the next Monthly Amount, then the Company will, 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 and not previously released to the Company to pay its tax obligations, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any). As of December 31, 2024, the Company had borrowings of $480,336 which were forgiven as part of the Member Agreement, and a contribution of capital of $480,336 was recognized.

***Registration and Shareholder Rights***

The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans, if any, were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon consummation of the Initial Public Offering. These holders were entitled to certain demand and "piggyback" registration rights. However, the registration and shareholder rights agreement provided that the Company would not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

***Underwriting Agreement***

The Company granted the underwriters a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On March 16, 2021, the underwriters fully exercised their over-allotment option.

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $6.9 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $12.1 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an Initial Business Combination, subject to the terms of the underwriting agreement.

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On January 19, 2023, the Company received a waiver of underwriter fees from one of the underwriters in which the underwriter waived its entitlement to the payment of any deferred underwriting commission to be paid under the terms of the underwriting agreement. As such, $6,037,500 has been forgiven, of which $5,579,875 is presented in the consolidated statements of changes in shareholders' deficit as part of increase in redemption value and $457,625 is recognized as a gain on waived deferred underwriter commission on the consolidated statements of operations.

On January 23, 2023, the Company received a waiver of underwriter fees from a second underwriter in which the underwriter waived the right to receive its deferred underwriting commissions payable upon the consummation of the Business Combination under the terms of the underwriting agreement. The second underwriter did not waive the right to receive its deferred underwriting commission payable upon the consummation of any other Initial Business Combination.

**Note 6 - Class A Ordinary Shares Subject to Possible Redemption**

The Company's Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of future events. The Company is authorized to issue 100,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company's Class A ordinary shares are entitled to one vote for each share. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million. As of December 31, 2024 and 2023, there were 155,614 and 5,041,098 Class A ordinary shares outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the consolidated balance sheets, respectively.

The Class A ordinary shares subject to possible redemption reflected on the consolidated balance sheets are reconciled on the following table:

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| | |
|:---|:---|
| **Class A ordinary shares subject to possible redemption as of December 31, 2022** | $**350232362** |
| Less: |  |
| Redemptions | (302152512) |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 1294294 |
| Gain of Waiver of Deferred Underwriting Fees | 5579875 |
| **Class A ordinary shares subject to possible redemption as of December 31, 2023** | **54954019** |
| Less: |  |
| Redemptions | (55084846) |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 1842630 |
| **Class A ordinary shares subject to possible redemption as of December 31, 2024** | $**1711803** |

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**Note 7 - Shareholders' Deficit**

***Preference Shares****-* The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. As of December 31, 2024 and 2023, there were no preference shares issued or outstanding.

***Class A Ordinary Shares***-The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. In connection with the vote to approve the First, Second, Third and Fourth Extension Amendment Proposal on March 15, 2023, September 13, 2023, March 6, 2024 and September 10, 2024, holders of 28,119,098, 1,339,804, 2,372,565 and 2,512,919 Class A ordinary shares, respectively, properly exercised their right to redeem their shares for cash. As of December 31, 2024 and 2023, there were 155,614 and 5,041,098 Class A ordinary shares issued and outstanding, respectively. All Class A ordinary shares are subject to possible redemption and have been classified as temporary equity (see Note 6).

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***Class B Ordinary Shares***- The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of December 31, 2024 and 2023, there were 8,625,000 Class B ordinary shares issued and outstanding.

Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on the election of the Company's directors prior to the Initial Business Combination.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares 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 Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the Initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company's management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.

**Note 8 - Warrants**

As of December 31, 2024 and 2023, the Company had 11,500,000 Public Warrants and 5,933,333 Private Placement Warrants outstanding. Public Warrants may only be exercised for a whole number of shares.

The Public Warrants will become exercisable on the later of (a) 30 days after the completion of an Initial Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than twenty business days after the closing of the Initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Initial Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The warrants have an exercise price of $11.50 per whole share and will expire five years after the completion of an Initial Business Combination or earlier upon redemption or liquidation.

[**Table of Contents**](#TableOfContents)

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the Initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company's 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 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 Class A ordinary shares 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, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described below under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00" and "Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00" will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

***Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $18.00.***

Once the warrants become exercisable, the Company may redeem the Public Warrants for cash (except with respect to the Private Placement Warrants):

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon a minimum of 30 days' prior written notice of redemption; and

● if, and only if, the last reported sale price (the "closing price") of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for redemption, as described above, management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. Except as set forth below, none of the private placement warrants will be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees.

***Redemption of warrants for Class A ordinary shares when the price per Class A ordinary share equals or exceeds $10.00.***

Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

● in whole and not in part;

● at $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the agreed redemption date and the "fair market value" of the Company's Class A ordinary shares;

● if, and only if, the last reported sale price (the "closing price") of the Company's Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and

● the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

[**Table of Contents**](#TableOfContents)

The "fair market value" of the Class A ordinary shares for the above purpose shall mean the volume weighted average price of the Class A ordinary shares during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

If the Company has not completed the Initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

**Note 9 - Fair Value Measurements**

The following tables present information about the Company's liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Description** | **Quoted<br> Prices in**<br> **Active<br> Markets**<br>**(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs <br> (Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs<br> (Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities – Public warrants | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1187950 |
| Derivative warrant liabilities – Private placement warrants | $— | $— | $630120 |

---

To value the Public warrants and Private placement warrants, the Company used a lattice model and utilized the following key inputs for the Public and Private placement warrants:

---

| | |
|:---|:---|
|  | **December 31,<br> 2024** |
| Warrant exercise price | $11.50 |
| Term (years) | 5.00 |
| Risk-free rate | 4.33% |
| Business combination probability | 2.25% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| <br>**Description** | **Quoted Prices in** <br> **Active<br> Markets**<br>**(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs<br> (Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs <br> (Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities - Public warrants | $— | $690000 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative warrant liabilities - Private placement warrants | $— | $356000 | $— |

---

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement, when the Public Warrants were separately listed and traded in an active market in May 2021. The estimated fair value of the Private Warrants was transferred from a Level 3 measurement to a Level 2 fair value measurement as of May 2021, as the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant. The estimated fair value of the Public Warrants transferred from a Level 1 measurement to a Level 2 fair value measurement, due to lack of activity, during the year ended December 31, 2023 was $690,000. The estimated fair value of the Public and Private Warrants transferred from a Level 2 measurement to a Level 3 fair value measurement, due to the delisting of the shares, during the year ended December 31, 2024 was $1,037,300 and $356,000, respectively.

Level 1 assets include investments in U.S. Treasury securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

[**Table of Contents**](#TableOfContents)

The initial fair value of the Public Warrants issued in connection with the Initial Public Offering was estimated using a Lattice model and the Private Placement Warrants were estimated using Lattice model. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrants' traded market price will be used as the fair value. The estimated fair value of the Public Warrants, prior to being traded in an active market, and of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Lattice model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary share warrants based on implied volatility from the Company's traded warrants and from historical volatility of select peer company's ordinary shares that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. Any changes in these assumptions can change the valuation significantly.

For the year ended December 31, 2024, the Company recognized a loss in the consolidated statements of operations resulting from an increase in fair value of the derivative warrant liabilities of approximately $772,000 presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statement of operations. For the year ended December 31, 2023, the Company recognized a loss in the consolidated statement of operations resulting from a increase in fair value of the derivative warrant liabilities of approximately $24,000 presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statements of operations.

**Note 10 - Segment Information**

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their consolidated financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and 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 Financial Officer who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable 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 consolidated statements of operations as net income or loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Cash held in Trust Account | $1811803 | $55054019 |
| Cash | $— | $10420 |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> year ended<br> December 31,<br> 2024** | **For the<br> year ended<br> December 31,<br> 2023** |
| General and administrative expenses | $689672 | $2236658 |
| General and administrative expenses - related party | $— | $120000 |

---

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative expenses, as reported on the consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items included in net income or loss are reported on the consolidated statements of operations and described within their respective disclosures.

**Note 11 - Subsequent Events**

The Company evaluated subsequent events and transactions that occurred up to the date consolidated financial statements were issued. Based upon this review, except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

On July 22, 2025, the Company entered into a Merger Agreement with iRocket Technologies, Inc., a Delaware corporation ("Holdco"), iRocket Merger Sub, LLC, a Delaware limited liability company ("Holdco Merger Sub"), BPGC Merger Sub, Inc., a Delaware corporation ("Acquiror Merger Sub"), and Innovative Rocket Technologies Inc.

Incorporated herein is expanded disclosure of the quarterly information for the three and six months ended June 30, 2025, three months ended March 31, 2025, three and nine months ended September 30, 2024, the three and six-months ended June 30, 2024, the three months ended March 31, 2024, and as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024.

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP.**

**INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **September 30,**<br>**2024** | **June 30,**<br>**2024** | **March 31,**<br>**2024** |
| **Assets:** |  |  |  |  |  |
| Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $- | $- | $10424 | $10423 | $10421 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 20829 | 10000 | 5000 | 7500 | 10000 |
| **Total current assets** | 20829 | 10000 | 15424 | 17923 | 20421 |
| Investments held in Trust Account | 1840768 | 1826148 | 1795733 | 30214699 | 29654438 |
| **Total Assets** | $**1861597** | $**1836148** | $**1811157** | $**30232622** | $**29674859** |
| **Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit:** |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1223326 | $1199632 | $1672252 | $2370604 | $2363597 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1676312 | 533196 | 4824781 | 6295587 | 6217975 |
| &nbsp;&nbsp;&nbsp;Due to related party |  |  |  | 368479 | 368479 |
| &nbsp;&nbsp;&nbsp;Note payable - related party | - | - | - | 770224 | 530056 |
| **Total current liabilities** | 2899638 | 1732828 | 6497033 | 9804894 | 9480107 |
| Derivative warrant liabilities | 7101840 | 1820370 | 1794220 | 1751820 | 1586730 |
| Deferred underwriting commissions | 6037500 | 6037500 | 6037500 | 6037500 | 6037500 |
| **Total liabilities** | 16038978 | 9590698 | 14328753 | 17594214 | 17104337 |
| **Commitments and Contingencies (Note 5)** |  |  |  |  |  |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 155,614, 155,614, 155,614, 2,668,533, and 2,668,533 shares at redemption value of approximately $11.19, $11.09, $10.90, $11.29 and $11.08 per share as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024, respectively | 1740768 | 1726148 | 1695733 | 30114699 | 29554438 |
| **Shareholders' Deficit:** |  |  |  |  |  |
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024 |  |  |  |  |  |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no non-redeemable shares issued and outstanding as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024 |  |  |  |  |  |
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024 | 863 | 863 | 863 | 863 | 863 |
| Additional paid-in capital | 3276427 | 3276427 | 3286653 |  |  |
| Accumulated deficit | (19195439) | (12757988) | (17500845) | (17477154) | (16984779) |
| **Total shareholders' deficit** | (15918149) | (9480698) | (14213329) | (17476291) | (16983916) |
| **Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit** | $**1861597** | $**1836148** | $**1811157** | $**30232622** | $**29674859** |

---

See accompanying notes to the interim consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP. INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended<br> June 30, 2025** | **For the six months ended<br> June 30, 2025** | **For the three months ended<br> March 31, 2025** | **For the <br> three months<br> ended<br> September 30, 2024** | **For the<br> nine months<br> ended<br> September 30, 2024** | **For the three months ended<br> June 30, 2024** | **For the six months ended<br> June 30, 2024** | **For the three months ended<br> March 31, 2024** |
| General and administrative expenses | $1155981 | $1171427 | $15445 | $714235 | $1899190 | $87119 | $1184955 | $1097836 |
| General and administrative expenses - related party | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (1155981) | (1171427) | (15445) | (714235) | (1899190) | (87119) | (1184955) | (1097836) |
| Other income (expenses): |  |  |  |  |  |  |  |  |
| Change in fair value of derivative warrant liabilities | (5281470) | (5283770) | (2300) | (42400) | (748220) | (165090) | (705820) | (540730) |
| Gain from extinguishment of debt |  |  |  | 893055 | 893055 |  |  |  |
| Income from interest in operating account |  |  |  | 1 | 4 | 2 | 3 | 1 |
| **Income from investments held in Trust Account** | 14620 | 28965 | 14345 | 314398 | 1196224 | 320093 | 881826 | 561733 |
| Net (loss) income | $(6422831) | $(6426232) | $(3400) | $450819 | $(558127) | $67886 | $(1008946) | $(1076832) |
| **Weighted average shares outstanding of Class A ordinary shares, basic and diluted** | 155614 | 155614 | 155614 | 2560967 | 3263955 | 2668533 | 3620166 | 4571799 |
| **Basic and diluted net (loss) income per share, Class A ordinary share** | $(0.73) | $(0.73) | $(0.00) | $0.04 | $(0.05) | $0.01 | $(0.08) | $(0.08) |
| **Weighted average shares outstanding of Class B ordinary shares, basic and diluted** | 8625000 | 8625000 | 8625000 | 8625000 | 8625000 | 8625000 | 8625000 | 8625000 |
| **Basic and diluted net (loss) income per share, Class B ordinary share** | $(0.73) | $(0.73) | $(0.00) | $0.04 | $(0.05) | $0.01 | $(0.08) | $(0.08) |

---

See accompanying notes to the interim consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP. INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | | |
|  | **Class A** | **Class A** | **Class B** | **Class B** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance - December 31, 2023** |  | $**&nbsp;&nbsp;&nbsp;&nbsp; -** | **8625000** | $**863** | $**-** | $**(15116158)** | $**(15115295)** |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (791789) | (791789) |
| Net loss |  | - | - | - |  | (1076832) | (1076832) |
| **Balance - March 31, 2024** |  | **-** | **8625000** | **863** | **-** | **(16984779)** | **(16983916)** |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (560261) | (560261) |
| Net income |  | - | - | - |  | 67886 | 67886 |
| **Balance - June 30, 2024** |  | **-** | **8625000** | **863** | **-** | **(17477154)** | **(17476291)** |
| Contribution of capital |  |  |  |  | 3286653 |  | 3286653 |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (474510) | (474510) |
| Net income |  | - | - | - | - | 450819 | 450819 |
| **Balance - September 30, 2024** |  | **-** | **8625000** | **863** | **3286653** | **(17500845)** | **(14213329)** |
| Contribution of capital |  |  |  |  | (10226) |  | (10226) |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (16070) | (16070) |
| Net income |  | - | - | - | - | 4776672 | 4776672 |
| **Balance - December 31, 2024** |  | **-** | **8625000** | **863** | **3276427** | **(12740243)** | **(9462953)** |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (14345) | (14345) |
| Net loss |  | - | - | - | - | (3400) | (3400) |
| **Balance - March 31, 2025** |  | **-** | **8625000** | **863** | **3276427** | **(12757988)** | **(9480698)** |
| Increase in redemption value of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (14620) | (14620) |
| Net loss |  | - | - | - | - | (6422831) | (6422831) |
| **Balance - June 30, 2025** |  | $**-** | **8625000** | $**863** | $**3276427** | $**(19195439)** | $**(15918149)** |

---

See accompanying notes to the interim consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BPGC ACQUISITION CORP. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,<br> 2025** | **For the three months<br> ended<br> March 31, 2025** | **For the nine months <br> ended September 30, 2024** | **For the six months ended June 30,<br> 2024** | **For the three months ended<br> March 31,<br> 2024** |
| **Cash Flows from Operating Activities:** |  |  |  |  |  |
| Net (loss) income | $(6426232) | $(3400) | $(558127) | $(1008946) | $(1076832) |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative warrant liabilities | 5283770 | 2300 | 748220 | 705820 | 540730 |
| &nbsp;&nbsp;&nbsp;Offering costs associated with derivative liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income from investments held in Trust Account | (28965) | (14345) | (1196224) | (881826) | (561733) |
| &nbsp;&nbsp;&nbsp;Gain from extinguishment of liabilities |  |  | (893055) |  |  |
| Changes in operating assets and liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (18329) | (7500) | (2500) | (5000) | (7500) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 40398 | 16703 | 585519 | 90816 | 83809 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1149358 | 6242 | 1217325 | 1050294 | 972682 |
| &nbsp;&nbsp;&nbsp;Due to related party | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | - | - | (98842) | (48842) | (48844) |
| **Cash Flows from Investing Activities:** |  |  |  |  |  |
| Cash withdrawn from trust in connection with redemption |  |  | 55084846 | 26191370 | 26191370 |
| Cash deposited in Trust Account | - | - | (630336) | (470224) | (230056) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by investing activities** | - | - | 54454510 | 25721146 | 25961314 |
| **Cash Flows from Financing Activities:** |  |  |  |  |  |
| Proceeds from redemption of Class A Shares |  |  | (55084846) | (26191370) | (26191370) |
| Proceeds from advance from related party |  |  | 98846 | 48845 | 48845 |
| Proceeds from note payable - related party | - | - | 630336 | 470224 | 230056 |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | - | - | (54355664) | (25672301) | (25912469) |
| **Net change in cash** |  |  | 4 | 3 | 1 |
| **Cash - beginning of the period** | - | - | 10420 | 10420 | 10420 |
| **Cash - end of the period** | $**-** | $**-** | $**10424** | $**10423** | $**10421** |

---

See accompanying notes to the interim consolidated financial statements.

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**BPGC ACQUISITION CORP. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**Note 1 - Basis of Presentation and Summary of Significant Accounting Policies**

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission SEC ("SEC"). Accordingly, certain disclosures included in the annual consolidated financial statements have been condensed or omitted from these unaudited condensed consolidated financial statements as they are not required for interim consolidated financial statements under U.S. GAAP and the rules of the SEC. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the three and six months ended June 30, 2025, three months ended March 31, 2025 and since inception are not necessarily indicative of the results that may be expected through December 31, 2025, or any future period. Operating results for the three and nine months ended September 30, 2024, three and six months ended June 30, 2024, three months ended March 31, 2024 and since inception are not necessarily indicative of the results that may be expected through December 31, 2024, or any future period.

***Principles of Consolidation***

 ****

The accompanying consolidated financial statements include the accounts of BPGC Acquisition Corp. (f/k/a Ross Acquisition Corp. II) the Company and its wholly owned subsidiaries (collectively referred to as the "Company"). All significant intercompany balances and transactions have been eliminated in consolidation.

 ****

***Emerging Growth Company***

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (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 shareholder 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 an emerging growth 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 an 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 Company's consolidated 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.

***Use of Estimates***

The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company's 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 consolidated financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. 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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

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***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

 ****

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024.

***Cash and Investments Held in the Trust Account***

The Company's Trust Account consists of cash as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024.

***Fair Value of Financial Instruments***

The fair value of the Company's assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") FASB ASC Topic 820, "Fair Value Measurements," equals or approximates the carrying amounts represented in the consolidated balance sheets, except for the warrant liabilities (see Note 9).

***Fair Value Measurements***

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

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***Derivative Warrant Liabilities***

The Company accounts for the warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, "Distinguishing Liabilities from Equity" ("ASC 480"), and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements from equity classification under ASC 815, including whether the warrants are indexed to the Company's own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgement, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company determined that the Public Warrants and Private Placement Warrants are precluded from equity classification and are reflected on the consolidated balance sheets as Derivative warrant liabilities. See Note 8 for valuation methodology of warrants.

***Offering Costs Associated with the Initial Public Offering***

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the consolidated statements of operations. Offering costs associated with the Class A ordinary shares issued were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

***Class A Ordinary Shares Subject to Possible Redemption***

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, "Distinguishing Liabilities from Equity." Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders' equity (deficit). The Company's Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024, and March 31, 2024 (including the consummation of the over-allotment), 155,614, 155,614, 155,614, 2,668,533 and 2,668,533 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' deficit section of the Company's consolidated balance sheets, respectively.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Effective with the closing of the Initial Public Offering (including the consummation of the over-allotment), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.

***Income Taxes***

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which prescribes a recognition threshold and a measurement attribute for the consolidated financial statement recognition and measurement of tax positions 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. The Company's management determined that the Cayman Islands is the Company's only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024, and March 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

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There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company's consolidated financial statements. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

***Net (Loss) Income per Ordinary Share***

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. This presentation assumes an Initial Business Combination as the most likely outcome. Net (loss) income per ordinary share is calculated by dividing the net (loss) income by the weighted average shares of ordinary shares outstanding for the respective period.

The calculation of diluted net (loss) income does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering (including the consummation of the over-allotment) and the private placement warrants to purchase an aggregate of 17,433,333 Class A ordinary shares in the calculation of diluted income per share, because in the calculation of diluted income per share, their exercise is contingent upon future events. As a result, diluted net (loss) income per share is the same as basic net (loss) income per share for the three and six months ended June 30, 2025, three months ended March 31, 2025, three and nine months ended September 30, 2024, three and six months ended June 30, 2024, and three months ended March 31, 2024. All accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net (loss) income per ordinary share:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** | **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** | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** | **Class A** | **Class B** | **Class A** | **Class B** |
| Basic and diluted net (loss) income per common share |  |  |  |  |  |  |  |  |
| Numerator: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of net (loss) income | $(113828) | $(6309003) | $16041 | $51845 | $(113889) | $(6312342) | $(298285) | $(710661) |
| Denominator: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted weighted average common shares outstanding | 155614 | 8625000 | 2668533 | 8625000 | 155614 | 8625000 | 3620166 | 8625000 |
| &nbsp;&nbsp;&nbsp;Basic and diluted net (loss) income per common share | $(0.73) | $(0.73) | $0.01 | $0.01 | $(0.73) | $(0.73) | $(0.08) | $(0.08) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| Basic and diluted net loss per ordinary share: |  |  |  |  |
| Numerator: |  |  |  |  |
| Allocation of net loss | $(60) | $(3340) | $(373050) | $(703782) |
| Denominator: |  |  |  |  |
| Basic and diluted weighted average ordinary shares outstanding | 155614 | 8625000 | 4571799 | 8625000 |
| Basic and diluted net loss per ordinary share | $(0.00) | $(0.00) | $(0.08) | $(0.08) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended <br> September 30,** | **For the Three Months Ended <br> September 30,** | **For the Nine Months Ended<br> September 30,** | **For the Nine Months Ended<br> September 30,** |
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| Basic and diluted net (loss) per ordinary share: |  |  |  |  |
| *Numerator:* |  |  |  |  |
| Allocation of net (loss) | $103213 | $347606 | $(153226) | $(404901) |
| *Denominator:* |  |  |  |  |
| Basic and diluted weighted average ordinary shares outstanding | 2560967 | 8625000 | 3263955 | 8625000 |
| Basic and diluted net (loss) per ordinary share | $0.04 | $0.04 | $(0.05) | $(0.05) |

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**Note 2 - Liquidity and Going Concern**

In connection with the Company's assessment of going concern considerations in accordance with ASC 205-40, "Presentation of Financial Statements - Going Concern," the Company has until March 16, 2026 to consummate an Initial Business Combination. It is uncertain that the Company will be able to consummate an Initial Business Combination by March 16, 2026. Additionally, the Company may not have sufficient liquidity to fund the working capital needs of the Company until one year from the issuance of these consolidated financial statements. If an Initial Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should an Initial Business Combination not occur, and potential subsequent dissolution, raise substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 16, 2026

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**Note 3 - Initial Public Offering**

On March 16, 2021, the Company consummated its Initial Public Offering of 34,500,000 Units, including the issuance of 4,500,000 Over-Allotment Units, as a result of the underwriters' partial exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.9 million, of which approximately $12.1 million was for deferred underwriting commissions.

Each Unit consists of one share of Class A ordinary share, and one-third of one redeemable warrant (each, a "Public Warrant"). Each Public Warrant entitles the holder to purchase one share of Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment.

On March 13, 2023, the Company held an extraordinary general meeting of shareholders (the "First Extraordinary General Meeting") to approve (i) a proposal to amend the Company's amended and restated memorandum and articles of association (the "First Extension Amendment Proposal") to extend the date by which the Company has to consummate an Initial Business Combination from March 16, 2023 to September 16, 2023 and (ii) a proposal to allow the adjournment of the First Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the First Extension Amendment Proposal (the "First Adjournment Proposal"). The First Extension Amendment Proposal was approved. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million.

On September 15, 2023, the Company held an extraordinary general meeting in lieu of annual meeting of shareholders (the "Second Extraordinary General Meeting") to approve (i) a proposal to amend the Company's Memorandum and Articles of Association to extend the date by which the Company has to consummate an Initial Business Combination from September 16, 2023 to March 16, 2024 (such proposal, the "Second Extension Amendment Proposal", such extension, the "Second Extension" and March 16, 2024, the "Second Extended Date"), (ii) a proposal to amend the Company's Amended and Restated Memorandum and Articles of Association to delete the limitations that the Company shall not consummate a business combination or redeem shares if such actions would cause the Company's net tangible assets to be less than $5,000,001 (the "Redemption Limitation Amendment Proposal"), (iii) a proposal to elect Larry Kudlow as Class I director of the Company's board of directors (the "Director Election Proposal" and, together with the Second Extension Amendment Proposal and the Redemption Limitation Amendment Proposal, the "Proposals") and (iv) a proposal to allow the adjournment of the Second Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Proposals (the "Second Adjournment Proposal"), each as more fully described in the proxy statement filed by the Company with the Securities and Exchange Commission on August 31, 2023. The Second Extension Amendment Proposal, the Director Election Proposal and the Redemption Limitation Amendment Proposal were each approved. In connection with the vote to approve the Second Extension Amendment Proposal, the holders of 1,339,804 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.74 per share, for an aggregate redemption amount of approximately $14.4 million.

On March 6, 2024, the Company held an extraordinary general meeting (the "Extraordinary General Meeting") to approve a proposal to amend the Company's amended and restated Memorandum and Articles of Association to extend the date by which the Company has to consummate Business Combination from March 16, 2024 to September 16, 2024 (the "Extension Amendment Proposal"). The shareholders approved the amendment to the Company's amended and restated Memorandum and Articles of Association and on March 15, 2024 the board of directors of the Company elected to implement the Extension. In connection with the vote to approve the Extension Amendment Proposal, the holders of 2,372,565 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash. As the board of directors of the Company has elected to implement the Extension, the Company will redeem such shares for cash.

On September 10, 2024, the Company filed a definitive proxy statement with the SEC relating to the Extraordinary General Meeting. At the Extraordinary General Meeting, shareholders approved two amendments to the Company's Amended and Restated Memorandum and Articles of Association. The first amendment (the "Extension Amendment") extended the date by which the Company has to consummate a business combination from September 16, 2024 to March 16, 2026 (the "Extension"). The second amendment (the "Name Change Amendment") (i) changed of name of the Company from Ross Acquisition Corp II to "BPGC Acquisition Corp."; and (ii) amended the Company's Amended and Restated Articles of Association to reflect such change of name of the Company. In connection with the vote to approve the Extension Amendment Proposal, the holders of 2,512,919 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.50 per share, for an aggregate redemption amount of approximately $28.9 million. The Company will redeem such shares for cash.

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**Note 4 - Related Party Transactions**

***Founder Shares***

On January 22, 2021, the Sponsor paid $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 8,625,000 Class B ordinary shares, par value $0.0001 (the "Founder Shares"). The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company's issued and outstanding shares after the Initial Public Offering. On March 16, 2021, the underwriters fully exercised their over-allotment option; thus, these 1,125,000 Founder Shares were no longer subject to forfeiture.

The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of an Initial Business Combination and (B) subsequent to an Initial Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share 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, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.

***Private Placement Warrants***

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 5,933,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of $8.9 million.

Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete an Initial Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

The Sponsor and the Company's officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of an Initial Business Combination.

***Related Party Loans***

On January 21, 2021, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the "Note"). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. As of March 16, 2021, the Company borrowed approximately $90,000 under the Note. The Company repaid the Note in full on March 19, 2021. Subsequent to the repayment, the facility was no longer available to the Company.

On November 6, 2023, to document the deposits by the Sponsor into the Trust Account in connection with the implementation of the Second Extension Amendment Proposal, the Company issued the Extension Note in the aggregate principal amount of up to $450,000 to the Sponsor. Pursuant to the Extension Note, and in connection with the implementation of the Second Extension Amendment Proposal, the Sponsor may, but will not be obligated to, deposit $75,000 for each calendar month (commencing on September 16, 2023 and ending on the 15th day of each subsequent month), or portion thereof, that is needed by the Company to complete an Initial Business Combination until March 16, 2024, resulting in a maximum extension payment of $450,000. If the Sponsor advises the Company that it will not deposit the next $75,000 payment, then the Company will, 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 and not previously released to the Company to pay its tax obligations, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any). The Extension Note bears no interest and is repayable in full upon (a) the date of the consummation of an Initial Business Combination, and (b) the date of the liquidation of the Company. If the Company completes an Initial Business Combination, the Company will repay the Extension Note out of the proceeds of the Trust Account released to the Company. Otherwise, the Extension Note would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Extension Note but no proceeds held in the Trust Account would be used to repay the Extension Note. As of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024, the Company had borrowings of $0, $0, $930,336, $770,724, and $530,056 respectively, for extension payments (documented by the Extension Note) which was forgiven as part of the Member Agreement, and a contribution of capital of $930,336 was recognized.

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In order to finance transaction costs in connection with an Initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may loan the Company funds as may be required ("Working Capital Loans"). On November 14, 2023, to document existing and future Working Capital Loans, the Company issued the Convertible Note, an unsecured, convertible promissory note, to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the Maturity Date, which is the earlier of (i) September 16, 2024, or such later date by which the Company must consummate a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of a Business Combination. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into warrants to purchase Class A ordinary shares of the Company, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering. If the Company completes an Initial Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that an Initial Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of June 30 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024, the Company did not have any borrowings related to the Working Capital Loans.

If the Company is required to seek additional capital, the Company would need to borrow additional funds from the Sponsor, the Company's management team or other third parties to operate or may be forced to liquidate. Except with respect to the Extension Note and the Convertible Note, none of the Sponsor, members of the management team nor any of their affiliates is under any obligation to advance funds to the Company in such circumstances.

***Administrative Support Agreement***

Commencing on the date that the Company's securities were first listed on the NYSE, the Company agreed to pay the Sponsor a total of $10,000 per month for office space, secretarial and administrative services. Upon completion of the Initial Business Combination or the Company's liquidation, the Company will cease paying these monthly fees. For the three and six months ended June 30, 2025, the Company incurred expenses of $0 under this agreement. For the three months ended March 31, 2025, the Company incurred expenses of $0 under this agreement. For the three and nine months ended September 30, 2024, the Company incurred expenses of $0 under this agreement. For the three and six months ended June 30, 2024, the Company incurred expenses of $0 under this agreement. For the three months ended March 31, 2024, the Company incurred expenses of $0 under this agreement. As of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024, and March 31, 2024, the Company had accrued approximately $300,000 for services in connection with such agreement which is reported as accounts payable on the accompanying consolidated balance sheets.

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***Due to Related Party***

 ****

During the three and six months ended June 30, 2025, management employees paid for Company payables totalling $0 on behalf of the Company. During the three months ended March 31, 2025, management employees paid for Company payables totalling $0 on behalf of the Company. During the three and nine months ended September 30, 2024, management employees paid for Company payables totalling $50,000 and $98,845 on behalf of the Company, respectively. During the three and six months ended June 30, 2024, management employees paid for Company payables totalling $48,845 on behalf of the Company. Amounts of $368,479 are included in due to related party on the consolidated balance sheets as of June 30, 2024, and March 31, 2024. As of June 30, 2025, March 31, 2025 and September 30, 2025, amounts of $408,254, $418,479 and $418,479 of payments made by management employees were forgiven as part of the Member Agreement, as discussed below, and a contribution of capital of $408,254, $418,479 and $418,479 was recognized, respectively.

***Member Agreement***

On September 13, 2024 (the "Effective Date"), Wilbur L. Ross Jr. ("Ross"), Tobias W. Welo ("Welo"), Nadim Z. Qureshi ("Qureshi") and Stephen J. Toy ("Toy" and together with Qureshi, the "Continuing Managers") entered into a member agreement (the "Member Agreement"). Ross irrevocably resigned as a manager of the Sponsor and the Continuing Managers agreed to serve as managers pursuant to the A&R Limited Liability Company Agreement of the Sponsor (the "A&R LLC Agreement"). Ross agreed to be responsible for seventy-two percent (72%), Qureshi agreed to be responsible for fourteen percent (14%) and Toy agreed to be responsible for fourteen percent (14%) of the total fees owed to certain vendors prior to the Effective Date; provided that, in no event would Ross be obligated to pay an amount in excess of the lesser of (i) 25% of the aggregate original undiscounted amount of such invoices and (ii) $1,550,000 (the "Ross Cap"). As a result of the Member Agreement, the Company recognized a capital contribution of $1,637,837 expenses paid by Ross, Qureshi and Toy on behalf of the Company.

**Note 5 - Commitments and Contingencies**

***Notes Payable***

On March 31, 2023, the Company and APRINOIA entered into an Advance Agreement (the "Advance Agreement"), pursuant to which APRINOIA agreed to advance to the Company up to $990,000, to deposit into the Company's trust account for the benefit of the holders of Class A ordinary shares of the Company that were not redeemed in connection with the extension of the Company's termination date from March 16, 2023 to September 16, 2023 or such earlier date as determined by the board of directors of the Company. The advances contemplated by the Advance Agreement bear no interest and are repayable in full upon the date of the consummation of transactions contemplated by the Business Combination Agreement or the date of the liquidation of the Company or an event of default of the Company.

APRINOIA advanced the first amount equal to $165,000 on March 31, 2023. APRINOIA was required to advance up to five additional equal amounts equal to $165,000 for each month (commencing on April 16, 2023, and no later than on the 16th day of each subsequent month), or portion thereof, that was needed by the Company to complete an Initial Business Combination until September 16, 2023 or such earlier date as determined by the board of directors of the Company. On April 13, 2023, APRINOIA made a second deposit of $165,000 to the Trust Account. On May 12, 2023, APRINOIA made a third deposit of $165,000 to the Trust Account. On June 15, 2023, APRINOIA made a fourth deposit of $165,000 to the Trust Account. On July 12, 2023, APRINOIA made a fifth deposit of $165,000 to the Trust Account. On August 16, 2023, APRINOIA made a sixth deposit of $165,000 to the Trust Account.

Effective as of August 21, 2023 and in accordance with Section 11.01(a) of the Business Combination Agreement, the Company, APRINOIA, PubCo and the Merger Subs mutually agreed to terminate the Business Combination Agreement and, consequently, the other Transaction Documents (as defined in the Business Combination Agreement) pursuant to the Termination Agreement. Further, under the Termination Agreement, each of RAC, Merger Sub 2 and Merger Sub 3 released APRINOIA, PubCo and Merger Sub 1, and each of their representatives, affiliates, agents and assigns, and each of APRINOIA, PubCo and Merger Sub 1 released RAC, Merger Sub 2 and Merger Sub 3, and each of their representatives, affiliates, agents and assigns, for any claims, causes of action, liabilities or damages relating to the Business Combination Agreement and the other Transaction Documents, except for certain provisions that survive the termination pursuant to the terms of the Business Combination Agreement, or for breaches of the Termination Agreement. Further details regarding the termination and the Termination Agreement may be found in the Company's Current Report on Form 8-K filed with the SEC on August 21, 2023. As of December 31, 2023, pursuant to the Termination, the balance under the Advance Agreement was extinguished.

On November 14, 2023, to document existing and future Working Capital Loans, the Company issued an unsecured, Convertible Promissory Note to the Sponsor, pursuant to which the Company can borrow up to $1,500,000 from the Sponsor, for ongoing expenses reasonably related to the business of the Company and the consummation of a Business Combination. All unpaid principal under the Convertible Note will be due and payable in full on the earlier of (i) March 16, 2024, or such later date by which the Company must consummate a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended by shareholder vote) and (ii) the effective date of a Business Combination or Maturity Date. The Sponsor has the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note, up to an aggregate amount of $1,500,000, into warrants to purchase Class A ordinary shares of the Company, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants sold concurrently with the Company's Initial Public Offering.

[**Table of Contents**](#TableOfContents)

In connection with the vote to approve the Extension Amendment Proposal, the Sponsor agreed to deposit into the Trust Account the lesser of (i) $0.03 per Class A Ordinary Share that remains outstanding and is not redeemed or (ii) an aggregate of $90,000 or such Monthly Amount. If a business combination is not consummated by April 16, 2024, the Contributor may, but will not be obligated to, deposit the Monthly Amount for each calendar month (commencing on April 16, 2024 and ending on the 15th day of each subsequent month), or portion thereof, that is needed by the Company to complete a business combination until September 16, 2024, resulting in a maximum extension payment of $540,000. If the Contributor advises the Company that it will not deposit the next Monthly Amount, then the Company will, 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 and not previously released to the Company to pay its tax obligations, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any). As of December 31, 2024 and 2023, the Company had borrowings of $480,336 and $0, respectively, for extension payments (now documented by the Extension Note). As of June 30, 2025, March 31, 2025 and September 30, 2024, the Company had borrowings of $450,000, respectively, for extension payments (now documented by the Extension Note) which was forgiven as part of the Member Agreement, and a contribution of capital of $450,000 was recognized. As of June 30, 2024, and March 31, 2024, the Company had borrowings of $450,000, respectively, and are reported as note payable - related party in the accompanying consolidated balance sheets as of June 30, 2024 and March 31, 2024.

***Registration and Shareholder Rights***

The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans, if any, were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon consummation of the Initial Public Offering. These holders were entitled to certain demand and "piggyback" registration rights. However, the registration and shareholder rights agreement provided that the Company would not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

***Underwriting Agreement***

The Company granted the underwriters a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On March 16, 2021, the underwriters fully exercised their over-allotment option.

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $6.9 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $12.1 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an Initial Business Combination, subject to the terms of the underwriting agreement.

On January 19, 2023, the Company received a waiver of underwriter fees from one of the underwriters in which the underwriter waived its entitlement to the payment of any deferred underwriting commission to be paid under the terms of the underwriting agreement. As such, $6,037,500 has been forgiven, of which $5,579,875 is presented in the consolidated statements of changes in shareholders' deficit as part of increase in redemption value and $457,625 is recognized as a gain on waived deferred underwriter commission on the consolidated statements of operations.

On January 23, 2023, the Company received a waiver of underwriter fees from a second underwriter in which the underwriter waived the right to receive its deferred underwriting commissions payable upon the consummation of the Business Combination under the terms of the underwriting agreement. The second underwriter did not waive the right to receive its deferred underwriting commission payable upon the consummation of any other Initial Business Combination.

[**Table of Contents**](#TableOfContents)

**Note 6 - Class A Ordinary Shares Subject to Possible Redemption**

The Company's Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of future events. The Company is authorized to issue 100,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company's Class A ordinary shares are entitled to one vote for each share. In connection with the vote to approve the First Extension Amendment Proposal, the holders of 28,119,098 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.23 per share, for an aggregate redemption amount of approximately $287.7 million. As of December 31, 2024 and 2023, there were 155,614 and 5,041,098 Class A ordinary shares outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the consolidated balance sheets, respectively.

The Class A ordinary shares subject to possible redemption reflected on the consolidated balance sheets are reconciled on the following table:

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| | |
|:---|:---|
| **Class A ordinary shares subject to possible redemption as of December 31, 2023** | $**54954019** |
| Less: |  |
| Redemptions | (26191370) |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 791789 |
| **Class A ordinary shares subject to possible redemption as of March 31, 2024** | **29554438** |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 560261 |
| **Class A ordinary shares subject to possible redemption as of June 30, 2024** | **30114699** |
| Less: |  |
| Redemptions | (28893476) |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 474510 |
| **Class A ordinary shares subject to possible redemption as of September 30, 2024** | **1695733** |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 16070 |
| **Class A ordinary shares subject to possible redemption as of December 31, 2024** | **1711803** |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 14345 |
| **Class A ordinary shares subject to possible redemption as of March 31, 2025** | **1726148** |
| Plus: |  |
| Increase in redemption value of Class A ordinary shares subject to possible redemption | 14620 |
| **Class A ordinary shares subject to possible redemption as of June 30, 2025** | $**1740768** |

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**Note 7 - Shareholders' Deficit**

***Preference Shares****-* The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. As of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024, there were no preference shares issued or outstanding.

***Class A Ordinary Shares***-The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. In connection with the vote to approve the First, Second, Third and Fourth Extension Amendment Proposal on March 15, 2023, September 13, 2023, March 6, 2024 and September 10, 2024, holders of 28,119,098, 1,339,804, 2,372,565 and 2,512,919 Class A ordinary shares, respectively, properly exercised their right to redeem their shares for cash. As of December 31, 2024 and 2023, there were 155,614 and 5,041,098 Class A ordinary shares issued and outstanding, respectively. All Class A ordinary shares are subject to possible redemption and have been classified as temporary equity (see Note 6).

[**Table of Contents**](#TableOfContents)

***Class B Ordinary Shares***- The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024, there were 8,625,000 Class B ordinary shares issued and outstanding.

Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on the election of the Company's directors prior to the Initial Business Combination.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares 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 Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the Initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company's management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.

**Note 8 - Warrants**

As of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024, the Company had 11,500,000 Public Warrants and 5,933,333 Private Placement Warrants outstanding. Public Warrants may only be exercised for a whole number of shares.

The Public Warrants will become exercisable on the later of (a) 30 days after the completion of an Initial Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than twenty business days after the closing of the Initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Initial Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

[**Table of Contents**](#TableOfContents)

The warrants have an exercise price of $11.50 per whole share and will expire five years after the completion of an Initial Business Combination or earlier upon redemption or liquidation.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the Initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company's 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 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 Class A ordinary shares 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, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described below under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00" and "Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00" will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

***Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $18.00.***

Once the warrants become exercisable, the Company may redeem the Public Warrants for cash (except with respect to the Private Placement Warrants):

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon a minimum of 30 days' prior written notice of redemption; and

● if, and only if, the last reported sale price (the "closing price") of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for redemption, as described above, management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. Except as set forth below, none of the private placement warrants will be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees.

***Redemption of warrants for Class A ordinary shares when the price per Class A ordinary share equals or exceeds $10.00.***

Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

● in whole and not in part;

● at $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the agreed redemption date and the "fair market value" of the Company's Class A ordinary shares;

● if, and only if, the last reported sale price (the "closing price") of the Company's Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and

● the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

[**Table of Contents**](#TableOfContents)

The "fair market value" of the Class A ordinary shares for the above purpose shall mean the volume weighted average price of the Class A ordinary shares during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

If the Company has not completed the Initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

**Note 9 - Fair Value Measurements**

The following tables present information about the Company's liabilities that are measured at fair value on a recurring basis as of June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024 and March 31, 2024 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

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| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| <br>**Description** | **Quoted Prices in**<br> **Active Markets**<br>**(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs**<br> **(Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs**<br> **(Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities – Public warrants | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $4644850 |
| Derivative warrant liabilities – Private placement warrants | $— | $— | $2456990 |

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| | | | |
|:---|:---|:---|:---|
| | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| <br>**Description** | **Quoted Prices in** <br> **Active Markets**<br>**(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs**<br> **(Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs**<br> **(Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities - Public warrants | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1190250 |
| Derivative warrant liabilities - Private placement warrants | $— | $— | $630120 |

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| | | | |
|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| <br>**Description** | **Quoted Prices in**<br> **Active Markets**<br> **(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs**<br> **(Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs**<br> **(Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities – Public warrants | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1173000 |
| Derivative warrant liabilities – Private placement warrants | $— | $— | $621220 |

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| | | | |
|:---|:---|:---|:---|
| | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| <br>**Description** | **Quoted Prices in** <br> **Active Markets**<br> **(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs**<br> **(Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs**<br> **(Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities - Public warrants | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1144250 |
| Derivative warrant liabilities - Private placement warrants | $— | $— | $607570 |

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[**Table of Contents**](#TableOfContents)

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| | | | |
|:---|:---|:---|:---|
| | **March 31, 2024** | **March 31, 2024** | **March 31, 2024** |
| <br>**Description** | **Quoted Prices in**<br> **Active Markets**<br> **(Level 1)** | **Significant Other**<br> **Observable** <br> **Inputs**<br> **(Level 2)** | **Significant** <br> **Other**<br> **Unobservable** <br> **Inputs**<br> **(Level 3)** |
| **Liabilities:** | | | |
| Derivative warrant liabilities – Public warrants | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1037300 |
| Derivative warrant liabilities – Private placement warrants | $— | $— | $549430 |

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Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement, when the Public Warrants were separately listed and traded in an active market in May 2021. The estimated fair value of the Private Warrants was transferred from a Level 3 measurement to a Level 2 fair value measurement as of May 2021, as the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant. The estimated fair value of the Public and Private Warrants transferred from a Level 2 measurement to a Level 3 fair value measurement, due to the delisting of the shares, during the three months ended March 31, 2024 was $1,037,300 and $356,000, respectively. There were no transfers from any level for the three and six months ended June 30, 2025, three months ended March 31, 2025, three months ended September 30, 2024, and the three months ended June 30, 2024.

Level 1 assets include investments in U.S. Treasury securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The initial fair value of the Public Warrants issued in connection with the Initial Public Offering was estimated using a Lattice model and the Private Placement Warrants were estimated using Lattice model. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrants' traded market price will be used as the fair value. The estimated fair value of the Public Warrants, prior to being traded in an active market, and of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Lattice model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary share warrants based on implied volatility from the Company's traded warrants and from historical volatility of select peer company's ordinary shares that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. Any changes in these assumptions can change the valuation significantly.

For the three and six months ended June 30, 2025, the Company recognized a loss in the consolidated statements of operations resulting from an increase in fair value of the derivative warrant liabilities of approximately $5.3 million presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statements of operations. For the three months ended March 31, 2025, the Company recognized a loss in the consolidated statements of operations resulting from an increase in fair value of the derivative warrant liabilities of approximately $2,000 presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2024, the Company recognized a loss in the consolidated statements of operations resulting from an increase in fair value of the derivative warrant liabilities of approximately $42,000 and $0.7 million presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statements of operations For the three and six months ended June 30, 2024, the Company recognized a loss in the consolidated statements of operations resulting from an increase in fair value of the derivative warrant liabilities of approximately $0.1 million and $0.7 million presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statements of operations. For the three months ended March 31, 2024, the Company recognized a loss in the consolidated statements of operations resulting from an increase in fair value of the derivative warrant liabilities of approximately $0.5 million presented as change in fair value of derivative warrant liabilities in the accompanying consolidated statements of operations.

**Note 10 - Segment Information**

ASC Topic 280, "Segment Reporting," 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 that engage in business activities from which it may recognize revenues and incur expenses, and 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 Financial Officer who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.

[**Table of Contents**](#TableOfContents)

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 consolidated statements of operations as net income or loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **September 30,**<br>**2024** | **June 30,**<br>**2024** | **March 31,**<br>**2024** |
| Investments held in Trust Account | $1840768 | $1826148 | $1795733 | $30214699 | $29654438 |
| Cash | $— | $— | $10424 | $10423 | $10421 |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> three months ended<br> June 30,<br> 2025** | **For the<br> six months ended<br> June 30,<br> 2025** |
| General and administrative expenses | $1155981 | $1171427 |

---

---

| | |
|:---|:---|
|  | **For the<br> three months ended<br> March 31,<br> 2025** |
| General and administrative expenses | $15445 |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> three months ended<br> September 30,<br> 2024** | **For the<br> nine months ended<br> September 30,<br> 2024** |
| General and administrative expenses | $714235 | $1899190 |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> three months ended<br> June 30,<br> 2024** | **For the<br> six months ended<br> June 30,<br> 2024** |
| General and administrative expenses | $87119 | $1184955 |

---

---

| | |
|:---|:---|
|  | **For the<br> three months ended<br> March 31,<br> 2024** |
| General and administrative expenses | $1097836 |

---

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative expenses, as reported on the consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items included in net income or loss are reported on the consolidated statements of operations and described within their respective disclosures.

**Note 11 - Subsequent Events**

The Company evaluated subsequent events and transactions that occurred up to the date consolidated financial statements were issued. Based upon this review, except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

On July 22, 2025, the Company entered into a Merger Agreement with iRocket Technologies, Inc., a Delaware corporation ("Holdco"), iRocket Merger Sub, LLC, a Delaware limited liability company ("Holdco Merger Sub"), BPGC Merger Sub, Inc., a Delaware corporation ("Acquiror Merger Sub"), and Innovative Rocket Technologies Inc.

[**Table of Contents**](#TableOfContents)

**SIGNATURES**

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in New York City, New York, on November 28, 2025.

**BPGC Acquisition Corp.**

---

| | |
|:---|:---|
| By: | /s/ Nadim Qureshi |
| Name: | Nadim Qureshi |
| Title: | President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Nadim Qureshi and Stephen J. Toy and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| /s/ Nadim Qureshi | /s/ Nadim Qureshi |
| Name: | Nadim Qureshi |
| Title: | *President, Chief Executive Officer and Chairman of the Board <br> (Principal Executive Officer)* |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| /s/ Stephen J. Toy | /s/ Stephen J. Toy |
| Name: | Stephen J. Toy |
| Title: | *Chief Financial Officer<br> (Principal Financial and Accounting Officer)* |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| /s/ Lord William Astor | /s/ Lord William Astor |
| Name: | Lord William Astor |
| Title: | *Director* |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| /s/ Larry Kudlow | /s/ Larry Kudlow |
| Name: | Larry Kudlow |
| Title: | *Director* |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| /s/ Nick Peterson | /s/ Nick Peterson |
| Name: | Nick Peterson |
| Title: | *Director* |
| Date: | November 28, 2025 |

---

## Exhibit 3.1

**Exhibit 3.1**

**AMENDMENT**

**TO THE**

**AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**ROSS ACQUISITION CORP II**

(the "Company")

RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY

RESOLVED, as a special resolution,

&nbsp;&nbsp;&nbsp;&nbsp;1. That
 the name of the Company is changed from Ross Acquisition Corp II to BPGC Acquisition Corp.

&nbsp;&nbsp;&nbsp;&nbsp;2. That
 the Amended and Restated Articles of Association of Association of the Company be amended
 by the deletion of all reference to "Ross Acquisition Corp II" and replaced with
 "BPGC Acquisition Corp."

**AMENDMENT**

**TO THE**

**AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**ROSS ACQUISITION CORP II**

(the "Company")

RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY

RESOLVED, as a special resolution, that articles 49.7 and 49.8 of the Amended and Restated Articles of Association of the Company be deleted and replaced as follows:

"49.7 In the event that the Company does not consummate a Business Combination by March 16, 2026 (or such earlier date as determined by the Board), or such later time as the Members may approve in accordance with the Articles, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) cease
 all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 and not previously released to the Company (less taxes payable and up to US$100,000
 of interest to pay dissolution expenses), divided by the number of then Public Shares in
 issue, which redemption will completely extinguish public Members' rights as Members
 (including the right to receive further liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 promptly as reasonably possible following such redemption, subject to the approval of the
 Company's remaining Members and the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law."

"49.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 modify the substance or timing of the Company's obligation to allow redemption in connection
 with a Business Combination or redeem 100 per cent of the Public Shares if the Company does
 not consummate a Business Combination by March 16, 2026, or such later time as the Members
 may approve in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to any other provision relating to Members' rights or pre-Business Combination
 activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment 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 and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject to the Redemption Limitation."

**AMENDMENT**

**TO THE**

**AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**ROSS ACQUISITION CORP II**

(the "Company")

RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY

RESOLVED, as a special resolution, that articles 49.7 and 49.8 of the Amended and Restated Articles of Association of the Company be deleted and replaced as follows:

"49.7 In the event that the Company does not consummate a Business Combination by September 16, 2024 (or such earlier date as determined by the Board), or such later time as the Members may approve in accordance with the Articles, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) cease
 all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 and not previously released to the Company (less taxes payable and up to US$100,000
 of interest to pay dissolution expenses), divided by the number of then Public Shares in
 issue, which redemption will completely extinguish public Members' rights as Members
 (including the right to receive further liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 promptly as reasonably possible following such redemption, subject to the approval of the
 Company's remaining Members and the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law."

"49.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 modify the substance or timing of the Company's obligation to allow redemption in connection
 with a Business Combination or redeem 100 per cent of the Public Shares if the Company does
 not consummate a Business Combination by September 16, 2024, or such later time as the Members
 may approve in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to any other provision relating to Members' rights or pre-Business Combination
 activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment 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 and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject to the Redemption Limitation."

**AMENDMENT**<br> **TO THE**<br> **AMENDED AND RESTATED**<br> **MEMORANDUM AND ARTICLES OF ASSOCIATION**<br> **OF**<br> **ROSS ACQUISITION CORP II**

(the "Company")

RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY

RESOLVED, as a special resolution, that articles 49.7 and 49.8 of the Amended and Restated Articles of Association of the Company be deleted and replaced as follows:

"49.7 In the event that the Company does not consummate a Business Combination by March 16, 2024 (or such earlier date as determined by the Board), or such later time as the Members may approve in accordance with the Articles, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) cease
all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses),
divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members' rights as Members
(including the right to receive further liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;(c) as
promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining Members and the Directors,
liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law."

"49.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
modify the substance or timing of the Company's obligation to allow redemption in connection with a Business Combination or redeem
100 per cent of the Public Shares if the Company does not consummate a Business Combination by March 16, 2024, or such later time as
the Members may approve in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) with
respect to any other provision relating to Members' rights or pre-Business Combination activity, each holder of Public Shares who
is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval
or effectiveness of any such amendment 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 and not previously released to the Company to pay its taxes,
divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject
to the Redemption Limitation."

RESOLVED, as a special resolution, that articles 49.2, 49.4 and 49.5 of the Amended and Restated Articles of Association of the Company be deleted and replaced as follows:

"49.2 Prior to the consummation of a Business Combination, the Company shall either:

&nbsp;&nbsp;&nbsp;&nbsp;(a) submit
such Business Combination to its Members for approval; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) provide
Members with the opportunity to have their Shares repurchased by means of a tender offer for a per-Share repurchase 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 such Business Combination, including interest earned on the Trust Account (net of taxes paid or payable, if any), divided by the number
of then issued Public Shares."

"49.4 At a general meeting called for the purposes of approving a Business Combination pursuant to this Article, in the event that such Business Combination is approved by Ordinary Resolution, the Company shall be authorised to consummate such Business Combination."

"49.5 Any Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may, in connection with any vote on a Business Combination, elect to have their Public Shares redeemed for cash, in accordance with any applicable requirements provided for in the related proxy materials (the "**IPO Redemption**"), provided that no such Member acting together with any Affiliate of his or any other person with whom he is acting in concert or as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring, holding, or disposing of Shares may exercise this redemption right with respect to more than 15 per cent of the Public Shares in the aggregate without the prior consent of the Company and provided further that any beneficial holder of Public Shares on whose behalf a redemption right is being exercised must identify itself to the Company in connection with any redemption election in order to validly redeem such Public Shares. If so demanded, the Company shall pay any such redeeming Member, regardless of whether he is voting for or against such proposed Business Combination, a per-Share redemption 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 Business Combination, including interest earned on the Trust Account (such interest shall be net of taxes payable) and not previously released to the Company to pay its taxes, divided by the number of then issued Public Shares (such redemption price being referred to herein as the "Redemption Price"), but only in the event that the applicable proposed Business Combination is approved and consummated."

**AMENDMENT**<br> **TO THE**<br> **AMENDED AND RESTATED**<br> **MEMORANDUM AND ARTICLES OF ASSOCIATION**<br> **OF**<br> **ROSS ACQUISITION CORP II**

(the "Company")

RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY

RESOLVED, as a special resolution, that articles 49.7 and 49.8 of the Amended and Restated Articles of Association of the Company be deleted and replaced as follows:

"49.7 In the event that the Company does not consummate a Business Combination by September 16, 2023 (or such earlier date as determined by the Board), or such later time as the Members may approve in accordance with the Articles, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) cease
all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses),
divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members' rights as Members
(including the right to receive further liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;(c) as
promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining Members and the Directors,
liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law."

"49.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
modify the substance or timing of the Company's obligation to allow redemption in connection with a Business Combination or redeem
100 per cent of the Public Shares if the Company does not consummate a Business Combination by September 16, 2023, or such later time
as the Members may approve in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) with
respect to any other provision relating to Members' rights or pre-Business Combination activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment 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 and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject to the Redemption Limitation."

THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS<br> COMPANY LIMITED BY SHARES

AMENDED AND RESTATED

MEMORANDUM AND ARTICLES OF ASSOCIATION

OF

ROSS ACQUISITION CORP II

(ADOPTED BY SPECIAL RESOLUTION DATED 1 MARCH 2021 AND EFFECTIVE ON 1 MARCH 2021)

**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS<br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION<br> OF<br> ROSS ACQUISITION CORP II<br> (ADOPTED BY SPECIAL RESOLUTION DATED 1 MARCH 2021 AND EFFECTIVE ON 1 MARCH 2021)**

1 The name of the Company is Ross Acquisition Corp II.

---

| | |
|:---|:---|
| 2 | The Registered Office of the Company shall be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide. |

---

---

| | |
|:---|:---|
| 3 | The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

---

---

| | |
|:---|:---|
| 5 | The share capital of the Company is US$55,100 divided into 500,000,000 Class A ordinary shares of a par value of US$0.0001 each, 50,000,000 Class B ordinary shares of a par value of US$0.0001 each and 1,000,000 preference shares of a par value of US$0.0001 each. |

---

---

| | |
|:---|:---|
| 6 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | Capitalised terms that are not defined in this Amended and Restated Memorandum of Association bear the respective meanings given to them in the Amended and Restated Articles of Association of the Company. |

---

**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS<br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> ARTICLES OF ASSOCIATION<br> OF<br> ROSS ACQUISITION CORP II<br> (ADOPTED BY SPECIAL RESOLUTION DATED 1 MARCH 2021 AND EFFECTIVE ON 1 MARCH 2021)**

---

| | |
|:---|:---|
| 1 | **Interpretation** |

---

1.1 In
 the Articles Table A in the First Schedule to the Statute does not apply and, unless there
 is something in the subject or context inconsistent therewith:

---

| | |
|:---|:---|
| **"Affiliate"** | in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person's home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. |
| **"Applicable Law"** | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. |
| **"Articles"** | means these amended and restated articles of association of the Company. |
| **"Audit Committee"** | means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| **"Auditor"** | means the person for the time being performing the duties of auditor of the Company (if any). |

---

---

| | |
|:---|:---|
| **"Business Combination"** | means a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the "**target business**"), which Business Combination: (a) as long as the securities of the Company are listed on the New York Stock Exchange, must occur with one or more target businesses that together have an aggregate fair market value of at least 80 per cent of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing of the definitive agreement to enter into such Business Combination; and (b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations. |
| **"business day"** | means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City. |
| **"Clearing House"** | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| **"Class A Share"** | means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| **"Class B Share"** | means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| **"Company"** | means the above named company. |
| **"Company's Website"** | means the website of the Company and/or its web-address or domain name (if any). |
| **"Compensation Committee"** | means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| **"Designated Stock Exchange"** | means any United States national securities exchange on which the securities of the Company are listed for trading, including the New York Stock Exchange. |
| **"Directors"** | means the directors for the time being of the Company. |
| **"Dividend"** | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| **"Electronic Communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. |

---

---

| | |
|:---|:---|
| **"Electronic Record"** | has the same meaning as in the Electronic Transactions Act. |
| **"Electronic"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands. **Transactions Act"** |
| **"Equity-linked Securities"** | means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt. |
| **"Exchange Act"** | means the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| **"Founders"** | means all Members immediately prior to the consummation of the IPO. |
| **"Independent Director"** | has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be. |
| **"IPO"** | means the Company's initial public offering of securities. |
| **"Member"** | has the same meaning as in the Statute. |
| **"Memorandum"** | means the amended and restated memorandum of association of the Company. |
| **"Nominating and Corporate Governance Committee"** | means the nominating and corporate governance committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| **"Officer"** | means a person appointed to hold an office in the Company. |
| **"Ordinary Resolution"** | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |

---

---

| | |
|:---|:---|
| **"Over-Allotment Option"** | means the option of the Underwriters to purchase up to an additional 15 per cent of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions. |
| **"Preference Share"** | means a preference share of a par value of US$0.0001 in the share capital of the Company. |
| **"Public Share"** | means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO. |
| **"Redemption Notice"** | means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein. |
| **"Register of Members"** | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. |
| **"Registered Office"** | means the registered office for the time being of the Company. |
| **"Representative"** | means a representative of the Underwriters. |
| **"Seal"** | means the common seal of the Company and includes every duplicate seal. |
| **"Exchange Commission"** | means the United States Securities and Exchange Commission. |
| **"Share"** | means a Class A Share, a Class B Share, or a Preference Share and includes a fraction of a share in the Company. |
| **"Special Resolution"** | subject to Article 29.4, has the same meaning as in the Statute, and includes a unanimous written resolution. |
| **"Sponsor"** | means Ross Holding Company LLC, a Cayman Islands limited liability company, and its successors or assigns. |
| **"Statute"** | means the Companies Act (As Revised) of the Cayman Islands. |
| **"Tax Filing Authorised Person"** | means such person as any Director shall designate from time to time, acting severally. |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |
| **"Trust Account"** | means the trust account established by the Company upon the consummation of the IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited. |
| **"Underwriter"** | means an underwriter of the IPO from time to time and any successor underwriter. |

---

1.2 In
 the Articles:

(a) words
 importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include corporations as well as any other legal or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written"
 and "in writing" include all modes of representing or reproducing words in visible
 form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall"
 shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references
 to provisions of any law or regulation shall be construed as references to those provisions
 as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 phrase introduced by the terms "including", "include", "in particular"
 or any similar expression shall be construed as illustrative and shall not limit the sense
 of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 term "and/or" is used herein to mean both "and" as well as "or."
 The use of "and/or" in certain contexts in no respects qualifies or modifies the
 use of the terms "and" or "or" in others. The term "or" shall
 not be interpreted to be exclusive and the term "and" shall not be interpreted
 to require the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings
 are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 requirements as to delivery under the Articles include delivery in the form of an Electronic
 Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 requirements as to execution or signature under the Articles including the execution of the
 Articles themselves can be satisfied in the form of an electronic signature as defined in
 the Electronic Transactions Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) sections
 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 term "clear days" in relation to the period of a notice means that period excluding
 the day when the notice is received or deemed to be received and the day for which it is
 given or on which it is to take effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 term "holder" in relation to a Share means a person whose name is entered in the
 Register of Members as the holder of such Share.

---

| | |
|:---|:---|
| 2 | **Commencement of Business** |

---

2.1 The
 business of the Company may be commenced as soon after incorporation of the Company as the
 Directors shall see fit.

2.2 The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in or about the formation and establishment of the Company, including the expenses of registration.

---

| | |
|:---|:---|
| 3 | **Issue of Shares and other Securities** |

---

3.1 Subject
 to the provisions, if any, in the Memorandum (and to any direction that may be given by the
 Company in general meeting) and, where applicable, the rules and regulations of the Designated
 Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory
 authority or otherwise under Applicable Law, and without prejudice to any rights attached
 to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose
 of Shares (including fractions of a Share) with or without preferred, deferred or other rights
 or restrictions, whether in regard to Dividends or other distributions, voting, return of
 capital or otherwise and to such persons, at such times and on such other terms as they think
 proper, and may also (subject to the Statute and the Articles) vary such rights, save that
 the Directors shall not allot, issue, grant options over or otherwise dispose of Shares (including
 fractions of a Share) to the extent that it may affect the ability of the Company to carry
 out a Class B Ordinary Share Conversion set out in the Articles.

3.2 The
 Company may issue rights, options, warrants or convertible securities or securities of similar
 nature conferring the right upon the holders thereof to subscribe for, purchase or receive
 any class of Shares or other securities in the Company on such terms as the Directors may
 from time to time determine.

3.3 The
 Company may issue units of securities in the Company, which may be comprised of whole or
 fractional Shares, rights, options, warrants or convertible securities or securities of similar
 nature conferring the right upon the holders thereof to subscribe for, purchase or receive
 any class of Shares or other securities in the Company, upon such terms as the Directors
 may from time to time determine. The securities comprising any such units which are issued
 pursuant to the IPO can only be traded separately from one another on the 52nd day following
 the date of the prospectus relating to the IPO unless the Representative(s) determines that
 an earlier date is acceptable, subject to the Company having filed a current report on Form
 8-K with the Securities and Exchange Commission and a press release announcing when such
 separate trading will begin. Prior to such date, the units can be traded, but the securities
 comprising such units cannot be traded separately from one another.

3.4 The
 Company shall not issue Shares to bearer.

---

| | |
|:---|:---|
| 4 | **Register of Members** |

---

4.1 The
 Company shall maintain or cause to be maintained the Register of Members in accordance with
 the Statute.

4.2 The
 Directors may determine that the Company shall maintain one or more branch registers of Members
 in accordance with the Statute. The Directors may also determine which register of Members
 shall constitute the principal register and which shall constitute the branch register or
 registers, and to vary such determination from time to time.

---

| | |
|:---|:---|
| 5 | **Closing Register of Members or Fixing Record Date** |

---

5.1 For
 the purpose of determining Members entitled to notice of, or to vote at any meeting of Members
 or any adjournment thereof, or Members entitled to receive payment of any Dividend or other
 distribution, or in order to make a determination of Members for any other purpose, the Directors
 may, after notice has been given by advertisement in an appointed newspaper or any other
 newspaper or by any other means in accordance with the rules and regulations of the Designated
 Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory
 authority or otherwise under Applicable Law, provide that the Register of Members shall be
 closed for transfers for a stated period which shall not in any case exceed forty days.

5.2 In
 lieu of, or apart from, closing the Register of Members, the Directors may fix in advance
 or arrears a date as the record date for any such determination of Members entitled to notice
 of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose
 of determining the Members entitled to receive payment of any Dividend or other distribution,
 or in order to make a determination of Members for any other purpose.

5.3 If
 the Register of Members is not so closed and no record date is fixed for the determination
 of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled
 to receive payment of a Dividend or other distribution, the date on which notice of the meeting
 is sent or the date on which the resolution of the Directors resolving to pay such Dividend
 or other distribution is passed, as the case may be, shall be the record date for such determination
 of Members. When a determination of Members entitled to vote at any meeting of Members has
 been made as provided in this Article, such determination shall apply to any adjournment
 thereof.

---

| | |
|:---|:---|
| 6 | **Certificates for Shares** |

---

6.1 A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. Share certificates shall be signed by one or more
 Directors or other person authorised by the Directors. The Directors may authorise certificates
 to be issued with the authorised signature(s) affixed by mechanical process. All certificates
 for Shares shall be consecutively numbered or otherwise identified and shall specify the
 Shares to which they relate. All certificates surrendered to the Company for transfer shall
 be cancelled and, subject to the Articles, no new certificate shall be issued until the former
 certificate representing a like number of relevant Shares shall have been surrendered and
 cancelled.

6.2 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 more than one person and delivery of a certificate to one joint holder shall be a sufficient
 delivery to all of them.

6.3 If
 a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms
 (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred
 by the Company in investigating evidence, as the Directors may prescribe, and (in the case
 of defacement or wearing out) upon delivery of the old certificate.

6.4 Every
 share certificate sent in accordance with the Articles will be sent at the risk of the Member
 or other person entitled to the certificate. The Company will not be responsible for any
 share certificate lost or delayed in the course of delivery.

6.5 Share
 certificates shall be issued within the relevant time limit as prescribed by the Statute,
 if applicable, or as the rules and regulations of the Designated Stock Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law may from time to time determine, whichever is shorter, after the allotment
 or, except in the case of a Share transfer which the Company is for the time being entitled
 to refuse to register and does not register, after lodgement of a Share transfer with the
 Company.

---

| | |
|:---|:---|
| 7 | **Transfer of Shares** |

---

7.1 Subject
 to the terms of the Articles, any Member may transfer all or any of his Shares by an instrument
 of transfer provided that such transfer complies with the rules and regulations of the Designated
 Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory
 authority or otherwise under Applicable Law. If the Shares in question were issued in conjunction
 with rights, options, warrants or units issued pursuant to the Articles on terms that one
 cannot be transferred without the other, the Directors shall refuse to register the transfer
 of any such Share without evidence satisfactory to them of the like transfer of such right,
 option, warrant or unit.

7.2 The
 instrument of transfer of any Share shall be in writing in the usual or common form or in
 a form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law or in any other form approved by the Directors and shall be executed by or
 on behalf of the transferor (and if the Directors so require, signed by or on behalf of the
 transferee) and may be under hand or, if the transferor or transferee is a Clearing House
 or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution
 as the Directors may approve from time to time. The transferor shall be deemed to remain
 the holder of a Share until the name of the transferee is entered in the Register of Members.

---

| | |
|:---|:---|
| 8 | **Redemption, Repurchase and Surrender of Shares** |

---

8.1 Subject
 to the provisions of the Statute, and, where applicable, the rules and regulations of the
 Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent
 regulatory authority or otherwise under Applicable Law, the Company may issue Shares that
 are to be redeemed or are liable to be redeemed at the option of the Member or the Company.
 The redemption of such Shares, except Public Shares, shall be effected in such manner and
 upon such other terms as the Company may, by Special Resolution, determine before the issue
 of such Shares. With respect to redeeming or repurchasing the Shares:

(a) Members
 who hold Public Shares are entitled to request the redemption of such Shares in the circumstances
 described in the Business Combination Article hereof;

(b) Class
 B Shares held by the Sponsor shall be surrendered by the Sponsor for no consideration on
 a pro-rata basis to the extent that the Over-Allotment Option is not exercised in full so
 that the Founders will own 20 per cent of the Company's issued Shares after the IPO (exclusive
 of any securities purchased in a private placement simultaneously with the IPO); and

(c) Public
 Shares shall be repurchased by way of tender offer in the circumstances set out in the Business
 Combination Article hereof.

8.2 Subject
 to the provisions of the Statute, and, where applicable, the rules and regulations of the
 Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent
 regulatory authority or otherwise under Applicable Law, the Company may purchase its own
 Shares (including any redeemable Shares) in such manner and on such other terms as the Directors
 may agree with the relevant Member. For the avoidance of doubt, redemptions, repurchases
 and surrenders of Shares in the circumstances described in the Article above shall not require
 further approval of the Members.

8.3 The
 Company may make a payment in respect of the redemption or purchase of its own Shares in
 any manner permitted by the Statute, including out of capital.

8.4 The
 Directors may accept the surrender for no consideration of any fully paid Share.

---

| | |
|:---|:---|
| 9 | **Treasury Shares** |

---

9.1 The
 Directors may, prior to the purchase, redemption or surrender of any Share, determine that
 such Share shall be held as a Treasury Share.

9.2 The
 Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms
 as they think proper (including, without limitation, for nil consideration).

---

| | |
|:---|:---|
| 10 | **Variation of Rights of Shares** |

---

10.1 Subject
 to Article 3.1, if at any time the share capital of the Company is divided into different
 classes of Shares, all or any of the rights attached to any class (unless otherwise provided
 by the terms of issue of the Shares of that class) may, whether or not the Company is being
 wound up, be varied without the consent of the holders of the issued Shares of that class
 where such variation is considered by the Directors not to have a material adverse effect
 upon such rights; otherwise, any such variation shall be made only with the consent
 in writing of the holders of not less than two thirds of the issued Shares of that class
 (other than with respect to a waiver of the provisions of the Class B Ordinary Share Conversion
 Article hereof, which as stated therein shall only require the consent in writing of the
 holders of a majority of the issued Shares of that class), or with the approval of a resolution
 passed by a majority of not less than two thirds of the votes cast at a separate meeting
 of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve
 the right, notwithstanding that any such variation may not have a material adverse effect,
 to obtain consent from the holders of Shares of the relevant class. To any such meeting all
 the provisions of the Articles relating to general meetings shall apply *mutatis mutandis*,
 except that the necessary quorum shall be one person holding or representing by proxy at
 least one third of the issued Shares of the class and that any holder of Shares of the class
 present in person or by proxy may demand a poll.

10.2 For
 the purposes of a separate class meeting, the Directors may treat two or more or all the
 classes of Shares as forming one class of Shares if the Directors consider that such class
 of Shares would be affected in the same way by the proposals under consideration, but in
 any other case shall treat them as separate classes of Shares.

10.3 The
 rights conferred upon the holders of the Shares of any class issued with preferred or other
 rights shall not, unless otherwise expressly provided by the terms of issue of the Shares
 of that class, be deemed to be varied by the creation or issue of further Shares ranking
 pari passu therewith or Shares issued with preferred or other rights.

---

| | |
|:---|:---|
| 11 | **Commission on Sale of Shares** |

---

The Company may, in so far as the Statute permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

---

| | |
|:---|:---|
| 12 | **Non Recognition of Trusts** |

---

The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

---

| | |
|:---|:---|
| 13 | **Lien on Shares** |

---

13.1 The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)
 registered in the name of a Member (whether solely or jointly with others) for all debts,
 liabilities or engagements to or with the Company (whether presently payable or not) by such
 Member or his estate, either alone or jointly with any other person, whether a Member or
 not, but the Directors may at any time declare any Share to be wholly or in part exempt from
 the provisions of this Article. The registration of a transfer of any such Share shall operate
 as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend
 to any amount payable in respect of that Share.

13.2 The
 Company may sell, in such manner as the Directors think fit, any Shares on which the Company
 has a lien, if a sum in respect of which the lien exists is presently payable, and is not
 paid within fourteen clear days after notice has been received or deemed to have been received
 by the holder of the Shares, or to the person entitled to it in consequence of the death
 or bankruptcy of the holder, demanding payment and stating that if the notice is not complied
 with the Shares may be sold.

13.3 To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or his nominee shall be registered as the holder of the Shares comprised in
 any such transfer, and he shall not be bound to see to the application of the purchase money,
 nor shall his title to the Shares be affected by any irregularity or invalidity in the sale
 or the exercise of the Company's power of sale under the Articles.

13.4 The
 net proceeds of such sale after payment of costs, shall be applied in payment of such part
 of the amount in respect of which the lien exists as is presently payable and any balance
 shall (subject to a like lien for sums not presently payable as existed upon the Shares before
 the sale) be paid to the person entitled to the Shares at the date of the sale.

---

| | |
|:---|:---|
| 14 | **Call on Shares** |

---

14.1 Subject
 to the terms of the allotment and issue of any Shares, the Directors may make calls upon
 the Members in respect of any monies unpaid on their Shares (whether in respect of par value
 or premium), and each Member shall (subject to receiving at least fourteen clear days' notice
 specifying the time or times of payment) pay to the Company at the time or times so specified
 the amount called on the Shares. A call may be revoked or postponed, in whole or in part,
 as the Directors may determine. A call may be required to be paid by instalments. A person
 upon whom a call is made shall remain liable for calls made upon him notwithstanding the
 subsequent transfer of the Shares in respect of which the call was made.

14.2 A
 call shall be deemed to have been made at the time when the resolution of the Directors authorising
 such call was passed.

14.3 The
 joint holders of a Share shall be jointly and severally liable to pay all calls in respect
 thereof.

14.4 If
 a call remains unpaid after it has become due and payable, the person from whom it is due
 shall pay interest on the amount unpaid from the day it became due and payable until it is
 paid at such rate as the Directors may determine (and in addition all expenses that have
 been incurred by the Company by reason of such non-payment), but the Directors may waive
 payment of the interest or expenses wholly or in part.

14.5 An
 amount payable in respect of a Share on issue or allotment or at any fixed date, whether
 on account of the par value of the Share or premium or otherwise, shall be deemed to be a
 call and if it is not paid all the provisions of the Articles shall apply as if that amount
 had become due and payable by virtue of a call.

14.6 The
 Directors may issue Shares with different terms as to the amount and times of payment of
 calls, or the interest to be paid.

14.7 The
 Directors may, if they think fit, receive an amount from any Member willing to advance all
 or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until
 the amount would otherwise become payable) pay interest at such rate as may be agreed upon
 between the Directors and the Member paying such amount in advance.

14.8 No
 such amount paid in advance of calls shall entitle the Member paying such amount to any portion
 of a Dividend or other distribution payable in respect of any period prior to the date upon
 which such amount would, but for such payment, become payable.

---

| | |
|:---|:---|
| 15 | **Forfeiture of Shares** |

---

15.1 If
 a call or instalment of a call remains unpaid after it has become due and payable the Directors
 may give to the person from whom it is due not less than fourteen clear days' notice requiring
 payment of the amount unpaid together with any interest which may have accrued and any expenses
 incurred by the Company by reason of such non-payment. The notice shall specify where payment
 is to be made and shall state that if the notice is not complied with the Shares in respect
 of which the call was made will be liable to be forfeited.

15.2 If
 the notice is not complied with, any Share in respect of which it was given may, before the
 payment required by the notice has been made, be forfeited by a resolution of the Directors.
 Such forfeiture shall include all Dividends, other distributions or other monies payable
 in respect of the forfeited Share and not paid before the forfeiture.

15.3 A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors think fit and at any time before a sale, re-allotment or disposition
 the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes
 of its disposal a forfeited Share is to be transferred to any person the Directors may authorise
 some person to execute an instrument of transfer of the Share in favour of that person.

15.4 A
 person any of whose Shares have been forfeited shall cease to be a Member in respect of them
 and shall surrender to the Company for cancellation the certificate for the Shares forfeited
 and shall remain liable to pay to the Company all monies which at the date of forfeiture
 were payable by him to the Company in respect of those Shares together with interest at such
 rate as the Directors may determine, but his liability shall cease if and when the Company
 shall have received payment in full of all monies due and payable by him in respect of those
 Shares.

15.5 A
 certificate in writing under the hand of one Director or Officer that a Share has been forfeited
 on a specified date shall be conclusive evidence of the facts stated in it as against all
 persons claiming to be entitled to the Share. The certificate shall (subject to the execution
 of an instrument of transfer) constitute a good title to the Share and the person to whom
 the Share is sold or otherwise disposed of shall not be bound to see to the application of
 the purchase money, if any, nor shall his title to the Share be affected by any irregularity
 or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the
 Share.

15.6 The
 provisions of the Articles as to forfeiture shall apply in the case of non payment of any
 sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on
 account of the par value of the Share or by way of premium as if it had been payable by virtue
 of a call duly made and notified.

---

| | |
|:---|:---|
| 16 | **Transmission of Shares** |

---

16.1 If
 a Member dies, the survivor or survivors (where he was a joint holder), or his legal personal
 representatives (where he was a sole holder), shall be the only persons recognised by the
 Company as having any title to his Shares. The estate of a deceased Member is not thereby
 released from any liability in respect of any Share, for which he was a joint or sole holder.

16.2 Any
 person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation
 or dissolution of a Member (or in any other way than by transfer) may, upon such evidence
 being produced as may be required by the Directors, elect, by a notice in writing sent by
 him to the Company, either to become the holder of such Share or to have some person nominated
 by him registered as the holder of such Share. If he elects to have another person registered
 as the holder of such Share he shall sign an instrument of transfer of that Share to that
 person. The Directors shall, in either case, have the same right to decline or suspend registration
 as they would have had in the case of a transfer of the Share by the relevant Member before
 his death or bankruptcy or liquidation or dissolution, as the case may be.

16.3 A
 person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or
 dissolution of a Member (or in any other case than by transfer) shall be entitled to the
 same Dividends, other distributions and other advantages to which he would be entitled if
 he were the holder of such Share. However, he shall not, before becoming a Member in respect
 of a Share, be entitled in respect of it to exercise any right conferred by membership in
 relation to general meetings of the Company and the Directors may at any time give notice
 requiring any such person to elect either to be registered himself or to have some person
 nominated by him be registered as the holder of the Share (but the Directors shall, in either
 case, have the same right to decline or suspend registration as they would have had in the
 case of a transfer of the Share by the relevant Member before his death or bankruptcy or
 liquidation or dissolution or any other case than by transfer, as the case may be). If the
 notice is not complied with within ninety days of being received or deemed to be received
 (as determined pursuant to the Articles), the Directors may thereafter withhold payment of
 all Dividends, other distributions, bonuses or other monies payable in respect of the Share
 until the requirements of the notice have been complied with.

---

| | |
|:---|:---|
| 17 | **Class B Ordinary Share Conversion** |

---

17.1 The
 rights attaching to the Class A Shares and Class B Shares shall rank *pari passu* in
 all respects, and the Class A Shares and Class B Shares shall vote together as a single class
 on all matters (subject to the Variation of Rights of Shares Article and the Appointment
 and Removal of Directors Article hereof) with the exception that the holder of a Class B
 Share shall have the conversion rights referred to in this Article.

17.2 Class
 B Shares shall automatically convert into Class A Shares on a one-for-one basis (the "**Initial Conversion Ratio** "): (a) at any time and from time to time at the option of the holders
 thereof; or (b) automatically on the day of the consummation of a Business Combination.

17.3 Notwithstanding
 the Initial Conversion Ratio, in the case that additional Class A Shares or any other Equity-linked
 Securities, are issued, or deemed issued, by the Company in excess of the amounts offered
 in the IPO and related to the consummation of a Business Combination, all Class B Shares
 in issue shall automatically convert into Class A Shares at the time of the consummation
 of a Business Combination at a ratio for which the Class B Shares shall convert into Class
 A Shares will be adjusted (unless the holders of a majority of the Class B Shares in issue
 agree to waive such anti-dilution adjustment with respect to any such issuance or deemed
 issuance) so that the number of Class A Shares issuable upon conversion of all Class B Shares
 will equal, on an as-converted basis, in the aggregate, 20 per cent of the sum of all Class
 A Shares and Class B Shares in issue upon completion of the IPO plus all Class A Shares and
 Equity-linked Securities issued or deemed issued in connection with a Business Combination,
 excluding any Shares or Equity-linked Securities issued, or to be issued, to any seller in
 a Business Combination and any private placement warrants issued to the Sponsor or its Affiliates
 upon conversion of working capital loans made to the Company.

17.4 Notwithstanding
 anything to the contrary contained herein, the foregoing adjustment to the Initial Conversion
 Ratio may be waived as to any particular issuance or deemed issuance of additional Class
 A Shares or Equity-linked Securities by the written consent or agreement of holders of a
 majority of the Class B Shares then in issue consenting or agreeing separately as a separate
 class in the manner provided in the Variation of Rights of Shares Article hereof.

17.5 The
 foregoing conversion ratio shall also be adjusted to account for any subdivision (by share
 subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or
 otherwise) or combination (by share consolidation, exchange, reclassification, recapitalisation
 or otherwise) or similar reclassification or recapitalisation of the Class A Shares in issue
 into a greater or lesser number of shares occurring after the original filing of the Articles
 without a proportionate and corresponding subdivision, combination or similar reclassification
 or recapitalisation of the Class B Shares in issue.

17.6 Each
 Class B Share shall convert into its pro rata number of Class A Shares pursuant to this Article.
 The pro rata share for each holder of Class B Shares will be determined as follows: each
 Class B Share shall convert into such number of Class A Shares as is equal to the product
 of 1 multiplied by a fraction, the numerator of which shall be the total number of Class
 A Shares into which all of the Class B Shares in issue shall be converted pursuant to this
 Article and the denominator of which shall be the total number of Class B Shares in issue
 at the time of conversion.

17.7 References
 in this Article to "**converted** ", "**conversion**" or "**exchange** "
 shall mean the compulsory redemption without notice of Class B Shares of any Member and,
 on behalf of such Members, automatic application of such redemption proceeds in paying for
 such new Class A Shares into which the Class B Shares have been converted or exchanged at
 a price per Class B Share necessary to give effect to a conversion or exchange calculated
 on the basis that the Class A Shares to be issued as part of the conversion or exchange will
 be issued at par. The Class A Shares to be issued on an exchange or conversion shall be registered
 in the name of such Member or in such name as the Member may direct.

17.8 Notwithstanding
 anything to the contrary in this Article, in no event may any Class B Share convert into
 Class A Shares at a ratio that is less than one-for-one.

---

| | |
|:---|:---|
| 18 | **Amendments of Memorandum and Articles of Association and Alteration of Capital** |

---

18.1 The
 Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights,
 priorities and privileges annexed thereto, as the Company in general meeting may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert
 all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 subdivision of its existing Shares or any of them divide the whole or any part of its share
 capital into Shares of smaller amount than is fixed by the Memorandum or into Shares without
 par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 any Shares that at the date of the passing of the Ordinary Resolution have not been taken
 or agreed to be taken by any person and diminish the amount of its share capital by the amount
 of the Shares so cancelled.

18.2 All
 new Shares created in accordance with the provisions of the preceding Article shall be subject
 to the same provisions of the Articles with reference to the payment of calls, liens, transfer,
 transmission, forfeiture and otherwise as the Shares in the original share capital.

18.3 Subject
 to the provisions of the Statute and the provisions of the Articles as regards the matters
 to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter
 or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter
 or add to the Memorandum with respect to any objects, powers or other matters specified therein;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce
 its share capital or any capital redemption reserve fund.

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| | |
|:---|:---|
| 19 | **Offices and Places of Business** |

---

Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

---

| | |
|:---|:---|
| 20 | **General Meetings** |

---

20.1 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

20.2 The
 Company may, but shall not (unless required by the Statute) be obliged to, in each year hold
 a general meeting as its annual general meeting, and shall specify the meeting as such in
 the notices calling it. Any annual general meeting shall be held at such time and place as
 the Directors shall appoint. At these meetings the report of the Directors (if any) shall
 be presented.

20.3 The
 Directors, the chief executive officer or the chairman of the board of Directors may call
 general meetings, and, for the avoidance of doubt, Members shall not have the ability to
 call general meetings.

20.4 Members
 seeking to bring business before the annual general meeting or to nominate candidates for
 appointment as Directors at the annual general meeting must deliver notice to the principal
 executive offices of the Company not less than 120 calendar days before the date of the Company's
 proxy statement released to Members in connection with the previous year's annual general
 meeting or, if the Company did not hold an annual general meeting the previous year, or if
 the date of the current year's annual general meeting has been changed by more than 30 days
 from the date of the previous year's annual general meeting, then the deadline shall
 be set by the board of Directors with such deadline being a reasonable time before the Company
 begins to print and send its related proxy materials.

---

| | |
|:---|:---|
| 21 | **Notice of General Meetings** |

---

21.1 At
 least five clear days' notice shall be given of any general meeting. Every notice shall specify
 the place, the day and the hour of the meeting and the general nature of the business to
 be conducted at the general meeting and shall be given in the manner hereinafter mentioned
 or in such other manner if any as may be prescribed by the Company, provided that a general
 meeting of the Company shall, whether or not the notice specified in this Article has been
 given and whether or not the provisions of the Articles regarding general meetings have been
 complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all of the Members entitled to attend and vote
 thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an extraordinary general meeting, by a majority in number of the Members having
 a right to attend and vote at the meeting, together holding not less than ninety-five per
 cent in par value of the Shares giving that right.

21.2 The
 accidental omission to give notice of a general meeting to, or the non receipt of notice
 of a general meeting by, any person entitled to receive such notice shall not invalidate
 the proceedings of that general meeting.

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| | |
|:---|:---|
| 22 | **Proceedings at General Meetings** |

---

22.1 No
 business shall be transacted at any general meeting unless a quorum is present. The holders
 of a majority of the Shares being individuals present in person or by proxy or if a corporation
 or other non-natural person by its duly authorised representative or proxy shall be a quorum.

22.2 A
 person may participate at a general meeting by conference telephone or other communications
 equipment by means of which all the persons participating in the meeting can communicate
 with each other. Participation by a person in a general meeting in this manner is treated
 as presence in person at that meeting.

22.3 A
 resolution (including a Special Resolution) in writing (in one or more counterparts) signed
 by or on behalf of all of the Members for the time being entitled to receive notice of and
 to attend and vote at general meetings (or, being corporations or other non-natural persons,
 signed by their duly authorised representatives) shall be as valid and effective as if the
 resolution had been passed at a general meeting of the Company duly convened and held.

22.4 If
 a quorum is not present within half an hour from the time appointed for the meeting to commence,
 the meeting shall stand adjourned to the same day in the next week at the same time and/or
 place or to such other day, time and/or place as the Directors may determine, and if at the
 adjourned meeting a quorum is not present within half an hour from the time appointed for
 the meeting to commence, the Members present shall be a quorum.

22.5 The
 Directors may, at any time prior to the time appointed for the meeting to commence, appoint
 any person to act as chairman of a general meeting of the Company or, if the Directors do
 not make any such appointment, the chairman, if any, of the board of Directors shall preside
 as chairman at such general meeting. If there is no such chairman, or if he shall not be
 present within fifteen minutes after the time appointed for the meeting to commence, or is
 unwilling to act, the Directors present shall elect one of their number to be chairman of
 the meeting.

22.6 If
 no Director is willing to act as chairman or if no Director is present within fifteen minutes
 after the time appointed for the meeting to commence, the Members present shall choose one
 of their number to be chairman of the meeting.

22.7 The
 chairman may, with the consent of a meeting at which a quorum is present (and shall if so
 directed by the meeting) adjourn the meeting from time to time and from place to place, but
 no business shall be transacted at any adjourned meeting other than the business left unfinished
 at the meeting from which the adjournment took place.

22.8 When
 a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall
 be given as in the case of an original meeting. Otherwise it shall not be necessary to give
 any such notice of an adjourned meeting.

22.9 If,
 prior to a Business Combination, a notice is issued in respect of a general meeting and the
 Directors, in their absolute discretion, consider that it is impractical or undesirable for
 any reason to hold that general meeting at the place, the day and the hour specified in the
 notice calling such general meeting, the Directors may postpone the general meeting to another
 place, day and/or hour provided that notice of the place, the day and the hour of the rearranged
 general meeting is promptly given to all Members. No business shall be transacted at any
 postponed meeting other than the business specified in the notice of the original meeting.

22.10 When
 a general meeting is postponed for thirty days or more, notice of the postponed meeting shall
 be given as in the case of an original meeting. Otherwise it shall not be necessary to give
 any such notice of a postponed meeting. All proxy forms submitted for the original general
 meeting shall remain valid for the postponed meeting. The Directors may postpone a general
 meeting which has already been postponed.

22.11 A
 resolution put to the vote of the meeting shall be decided on a poll.

22.12 A
 poll shall be taken as the chairman directs, and the result of the poll shall be deemed to
 be the resolution of the general meeting at which the poll was demanded.

22.13 A
 poll demanded on the election of a chairman or on a question of adjournment shall be taken
 forthwith. A poll demanded on any other question shall be taken at such date, time and place
 as the chairman of the general meeting directs, and any business other than that upon which
 a poll has been demanded or is contingent thereon may proceed pending the taking of the poll.

22.14 In
 the case of an equality of votes the chairman shall be entitled to a second or casting vote.

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| | |
|:---|:---|
| 23 | **Votes of Members** |

---

23.1 Subject
 to any rights or restrictions attached to any Shares, every Member present in any such manner
 shall have one vote for every Share of which he is the holder.

23.2 In
 the case of joint holders the vote of the senior holder who tenders a vote, whether in person
 or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised
 representative or proxy), shall be accepted to the exclusion of the votes of the other joint
 holders, and seniority shall be determined by the order in which the names of the holders
 stand in the Register of Members.

23.3 A
 Member of unsound mind, or in respect of whom an order has been made by any court, having
 jurisdiction in lunacy, may vote by his committee, receiver, curator bonis, or other person
 on such Member's behalf appointed by that court, and any such committee, receiver, curator
 bonis or other person may vote by proxy.

23.4 No
 person shall be entitled to vote at any general meeting unless he is registered as a Member
 on the record date for such meeting nor unless all calls or other monies then payable by
 him in respect of Shares have been paid.

23.5 No
 objection shall be raised as to the qualification of any voter except at the general meeting
 or adjourned general meeting at which the vote objected to is given or tendered and every
 vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance
 with this Article shall be referred to the chairman whose decision shall be final and conclusive.

23.6 Votes
 may be cast either personally or by proxy (or in the case of a corporation or other non-natural
 person by its duly authorised representative or proxy). A Member may appoint more than one
 proxy or the same proxy under one or more instruments to attend and vote at a meeting. Where
 a Member appoints more than one proxy the instrument of proxy shall specify the number of
 Shares in respect of which each proxy is entitled to exercise the related votes.

23.7 A
 Member holding more than one Share need not cast the votes in respect of his Shares in the
 same way on any resolution and therefore may vote a Share or some or all such Shares either
 for or against a resolution and/or abstain from voting a Share or some or all of the Shares
 and, subject to the terms of the instrument appointing him, a proxy appointed under one or
 more instruments may vote a Share or some or all of the Shares in respect of which he is
 appointed either for or against a resolution and/or abstain from voting a Share or some or
 all of the Shares in respect of which he is appointed.

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| | |
|:---|:---|
| 24 | **Proxies** |

---

24.1 The
 instrument appointing a proxy shall be in writing and shall be executed under the hand of
 the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation
 or other non natural person, under the hand of its duly authorised representative. A proxy
 need not be a Member.

24.2 The
 Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument
 of proxy sent out by the Company, specify the manner by which the instrument appointing a
 proxy shall be deposited and the place and the time (being not later than the time appointed
 for the commencement of the meeting or adjourned meeting to which the proxy relates) at which
 the instrument appointing a proxy shall be deposited. In the absence of any such direction
 from the Directors in the notice convening any meeting or adjourned meeting or in an instrument
 of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically
 at the Registered Office not less than 48 hours before the time appointed for the meeting
 or adjourned meeting to commence at which the person named in the instrument proposes to
 vote.

24.3 The
 chairman may in any event at his discretion declare that an instrument of proxy shall be
 deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner
 permitted, or which has not been declared to have been duly deposited by the chairman, shall
 be invalid.

24.4 The
 instrument appointing a proxy may be in any usual or common form (or such other form as the
 Directors may approve) and may be expressed to be for a particular meeting or any adjournment
 thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include
 the power to demand or join or concur in demanding a poll.

24.5 Votes
 given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the previous death or insanity of the principal or revocation of the proxy or of the authority
 under which the proxy was executed, or the transfer of the Share in respect of which the
 proxy is given unless notice in writing of such death, insanity, revocation or transfer was
 received by the Company at the Registered Office before the commencement of the general meeting,
 or adjourned meeting at which it is sought to use the proxy.

---

| | |
|:---|:---|
| 25 | **Corporate Members** |

---

25.1 Any
 corporation or other non-natural person which is a Member may in accordance with its constitutional
 documents, or in the absence of such provision by resolution of its directors or other governing
 body, authorise such person as it thinks fit to act as its representative at any meeting
 of the Company or of any class of Members, and the person so authorised shall be entitled
 to exercise the same powers on behalf of the corporation which he represents as the corporation
 could exercise if it were an individual Member.

25.2 If
 a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise
 such persons as it sees fit to act as its representative at any meeting of the Company or
 at any meeting of any class of Members provided that the authorisation shall specify the
 number and class of Shares in respect of which each such representative is so authorised.
 Each person so authorised under the provisions of this Article shall be deemed to have been
 duly authorised without further evidence of the facts and be entitled to exercise the same
 rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person was
 the registered holder of such Shares held by the Clearing House (or its nominee(s)).

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| | |
|:---|:---|
| 26 | **Shares that May Not be Voted** |

---

Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

---

| | |
|:---|:---|
| 27 | **Directors** |

---

27.1 There
 shall be a board of Directors consisting of not less than one person provided however that
 the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors.

27.2 The
 Directors shall be divided into three classes: Class I, Class II and Class III. The number
 of Directors in each class shall be as nearly equal as possible. Upon the adoption of the
 Articles, the existing Directors shall by resolution classify themselves as Class I, Class
 II or Class III Directors. The Class I Directors shall stand appointed for a term expiring
 at the Company's first annual general meeting, the Class II Directors shall stand appointed
 for a term expiring at the Company's second annual general meeting and the Class III
 Directors shall stand appointed for a term expiring at the Company's third annual general
 meeting. Commencing at the Company's first annual general meeting, and at each annual
 general meeting thereafter, Directors appointed to succeed those Directors whose terms expire
 shall be appointed for a term of office to expire at the third succeeding annual general
 meeting after their appointment. Except as the Statute or other Applicable Law may otherwise
 require, in the interim between annual general meetings or extraordinary general meetings
 called for the appointment of Directors and/or the removal of one or more Directors and the
 filling of any vacancy in that connection, additional Directors and any vacancies in the
 board of Directors, including unfilled vacancies resulting from the removal of Directors
 for cause, may be filled by the vote of a majority of the remaining Directors then in office,
 although less than a quorum (as defined in the Articles), or by the sole remaining Director.
 All Directors shall hold office until the expiration of their respective terms of office
 and until their successors shall have been appointed and qualified. A Director appointed
 to fill a vacancy resulting from the death, resignation or removal of a Director shall serve
 for the remainder of the full term of the Director whose death, resignation or removal shall
 have created such vacancy and until his successor shall have been appointed and qualified.

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| | |
|:---|:---|
| 28 | **Powers of Directors** |

---

28.1 Subject
 to the provisions of the Statute, the Memorandum and the Articles and to any directions given
 by Special Resolution, the business of the Company shall be managed by the Directors who
 may exercise all the powers of the Company. No alteration of the Memorandum or Articles and
 no such direction shall invalidate any prior act of the Directors which would have been valid
 if that alteration had not been made or that direction had not been given. A duly convened
 meeting of Directors at which a quorum is present may exercise all powers exercisable by
 the Directors.

28.2 All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted,
 endorsed or otherwise executed as the case may be in such manner as the Directors shall determine
 by resolution.

28.3 The
 Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement
 to any Director who has held any other salaried office or place of profit with the Company
 or to his widow or dependants and may make contributions to any fund and pay premiums for
 the purchase or provision of any such gratuity, pension or allowance.

28.4 The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and assets (present and future) and uncalled capital or any part
 thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities
 whether outright or as security for any debt, liability or obligation of the Company or of
 any third party.

---

| | |
|:---|:---|
| 29 | **Appointment and Removal of Directors** |

---

29.1 Prior
 to the closing of a Business Combination, the Company may by Ordinary Resolution of the holders
 of the Class B Shares appoint any person to be a Director or may by Ordinary Resolution of
 the holders of the Class B Shares remove any Director. For the avoidance of doubt, prior
 to the closing of a Business Combination, holders of Class A Shares shall have no right to
 vote on the appointment or removal of any Director.

29.2 The
 Directors may appoint any person to be a Director, either to fill a vacancy or as an additional
 Director provided that the appointment does not cause the number of Directors to exceed any
 number fixed by or in accordance with the Articles as the maximum number of Directors.

29.3 After
 the closing of a Business Combination, the Company may by Ordinary Resolution appoint any
 person to be a Director or may by Ordinary Resolution remove any Director.

29.4 Prior
 to the closing of a Business Combination, Article 29.1 may only be amended by a Special Resolution
 passed by at least 90 per cent of such Members as, being entitled to do so, vote in person
 or, where proxies are allowed, by proxy at a general meeting of which notice specifying the
 intention to propose the resolution as a special resolution has been given, or by way of
 unanimous written resolution.

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| | |
|:---|:---|
| 30 | **Vacation of Office of Director** |

---

The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director gives notice in writing to the Company that he resigns the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director absents himself (for the avoidance of doubt, without being represented by proxy)
 from three consecutive meetings of the board of Directors without special leave of absence
 from the Directors, and the Directors pass a resolution that he has by reason of such absence
 vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Director dies, becomes bankrupt or makes any arrangement or composition with his creditors
 generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 of the other Directors (being not less than two in number) determine that he should be removed
 as a Director, either by a resolution passed by all of the other Directors at a meeting of
 the Directors duly convened and held in accordance with the Articles or by a resolution in
 writing signed by all of the other Directors.

---

| | |
|:---|:---|
| 31 | **Proceedings of Directors** |

---

31.1 The
 quorum for the transaction of the business of the Directors may be fixed by the Directors,
 and unless so fixed shall be a majority of the Directors then in office.

31.2 Subject
 to the provisions of the Articles, the Directors may regulate their proceedings as they think
 fit. Questions arising at any meeting shall be decided by a majority of votes. In the case
 of an equality of votes, the chairman shall have a second or casting vote.

31.3 A
 person may participate in a meeting of the Directors or any committee of Directors by conference
 telephone or other communications equipment by means of which all the persons participating
 in the meeting can communicate with each other at the same time. Participation by a person
 in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise
 determined by the Directors, the meeting shall be deemed to be held at the place where the
 chairman is located at the start of the meeting.

31.4 A
 resolution in writing (in one or more counterparts) signed by all the Directors or all the
 members of a committee of the Directors or, in the case of a resolution in writing relating
 to the removal of any Director or the vacation of office by any Director, all of the Directors
 other than the Director who is the subject of such resolution shall be as valid and effectual
 as if it had been passed at a meeting of the Directors, or committee of Directors as the
 case may be, duly convened and held.

31.5 A
 Director may, or other Officer on the direction of a Director shall, call a meeting of the
 Directors by at least two days' notice in writing to every Director which notice shall set
 forth the general nature of the business to be considered unless notice is waived by all
 the Directors either at, before or after the meeting is held. To any such notice of a meeting
 of the Directors all the provisions of the Articles relating to the giving of notices by
 the Company to the Members shall apply *mutatis mutandis.* 

31.6 The
 continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding
 any vacancy in their body, but if and so long as their number is reduced below the number
 fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing
 Directors or Director may act for the purpose of increasing the number of Directors to be
 equal to such fixed number, or of summoning a general meeting of the Company, but for no
 other purpose.

31.7 The
 Directors may elect a chairman of their board and determine the period for which he is to
 hold office; but if no such chairman is elected, or if at any meeting the chairman is
 not present within five minutes after the time appointed for the meeting to commence, the
 Directors present may choose one of their number to be chairman of the meeting.

31.8 All
 acts done by any meeting of the Directors or of a committee of the Directors shall, notwithstanding
 that it is afterwards discovered that there was some defect in the appointment of any Director,
 and/or that they or any of them were disqualified, and/or had vacated their office and/or
 were not entitled to vote, be as valid as if every such person had been duly appointed and/or
 not disqualified to be a Director and/or had not vacated their office and/or had been entitled
 to vote, as the case may be.

31.9 A
 Director may be represented at any meetings of the board of Directors by a proxy appointed
 in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall
 for all purposes be deemed to be that of the appointing Director.

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| | |
|:---|:---|
| 32 | **Presumption of Assent** |

---

A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

---

| | |
|:---|:---|
| 33 | **Directors' Interests** |

---

33.1 A
 Director may hold any other office or place of profit under the Company (other than the office
 of Auditor) in conjunction with his office of Director for such period and on such terms
 as to remuneration and otherwise as the Directors may determine.

33.2 A
 Director may act by himself or by, through or on behalf of his firm in a professional capacity
 for the Company and he or his firm shall be entitled to remuneration for professional services
 as if he were not a Director.

33.3 A
 Director may be or become a director or other officer of or otherwise interested in any company
 promoted by the Company or in which the Company may be interested as a shareholder, a contracting
 party or otherwise, and no such Director shall be accountable to the Company for any remuneration
 or other benefits received by him as a director or officer of, or from his interest in, such
 other company.

33.4 No
 person shall be disqualified from the office of Director or prevented by such office from
 contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such
 contract or any contract or transaction entered into by or on behalf of the Company in which
 any Director shall be in any way interested be or be liable to be avoided, nor shall any
 Director so contracting or being so interested be liable to account to the Company for any
 profit realised by or arising in connection with any such contract or transaction by reason
 of such Director holding office or of the fiduciary relationship thereby established. A Director
 shall be at liberty to vote in respect of any contract or transaction in which he is interested
 provided that the nature of the interest of any Director in any such contract or transaction
 shall be disclosed by him at or prior to its consideration and any vote thereon.

33.5 A
 general notice that a Director is a shareholder, director, officer or employee of any specified
 firm or company and is to be regarded as interested in any transaction with such firm or
 company shall be sufficient disclosure for the purposes of voting on a resolution in respect
 of a contract or transaction in which he has an interest, and after such general notice it
 shall not be necessary to give special notice relating to any particular transaction.

---

| | |
|:---|:---|
| **34** | **Minutes** |

---

The Directors shall cause minutes to be made in books kept for the purpose of recording all appointments of Officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting.

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| | |
|:---|:---|
| **35** | **Delegation of Directors' Powers** |

---

35.1 The
 Directors may delegate any of their powers, authorities and discretions, including the power
 to sub-delegate, to any committee consisting of one or more Directors (including, without
 limitation, the Audit Committee, the Compensation Committee and the Nominating and Corporate
 Governance Committee). Any such delegation may be made subject to any conditions the Directors
 may impose and either collaterally with or to the exclusion of their own powers and any such
 delegation may be revoked or altered by the Directors. Subject to any such conditions, the
 proceedings of a committee of Directors shall be governed by the Articles regulating the
 proceedings of Directors, so far as they are capable of applying.

35.2 The
 Directors may establish any committees, local boards or agencies or appoint any person to
 be a manager or agent for managing the affairs of the Company and may appoint any person
 to be a member of such committees, local boards or agencies. Any such appointment may be
 made subject to any conditions the Directors may impose, and either collaterally with or
 to the exclusion of their own powers and any such appointment may be revoked or altered by
 the Directors. Subject to any such conditions, the proceedings of any such committee, local
 board or agency shall be governed by the Articles regulating the proceedings of Directors,
 so far as they are capable of applying.

35.3 The
 Directors may adopt formal written charters for committees and, if so adopted, shall review
 and assess the adequacy of such formal written charters on an annual basis. Each of these
 committees shall be empowered to do all things necessary to exercise the rights of such committee
 set forth in the Articles and shall have such powers as the Directors may delegate pursuant
 to the Articles and as required by the rules and regulations of the Designated Stock Exchange,
 the Securities and Exchange Commission and/or any other competent regulatory authority or
 otherwise under Applicable Law. Each of the Audit Committee, the Compensation Committee and
 the Nominating and Corporate Governance Committee, if established, shall consist of such
 number of Directors as the Directors shall from time to time determine (or such minimum number
 as may be required from time to time by the rules and regulations of the Designated Stock
 Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
 or otherwise under Applicable Law). For so long as any class of Shares is listed on the Designated
 Stock Exchange, the Audit Committee, the Compensation Committee and the Nominating and Corporate
 Governance Committee shall be made up of such number of Independent Directors as is required
 from time to time by the rules and regulations of the Designated Stock Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law.

35.4 The
 Directors may by power of attorney or otherwise appoint any person to be the agent of the
 Company on such conditions as the Directors may determine, provided that the delegation is
 not to the exclusion of their own powers and may be revoked by the Directors at any time.

35.5 The
 Directors may by power of attorney or otherwise appoint any company, firm, person or body
 of persons, whether nominated directly or indirectly by the Directors, to be the attorney
 or authorised signatory of the Company for such purpose and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under the
 Articles) and for such period and subject to such conditions as they may think fit, and any
 such powers of attorney or other appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorneys or authorised signatories as the
 Directors may think fit and may also authorise any such attorney or authorised signatory
 to delegate all or any of the powers, authorities and discretions vested in him.

35.6 The
 Directors may appoint such Officers as they consider necessary on such terms, at such remuneration
 and to perform such duties, and subject to such provisions as to disqualification and removal
 as the Directors may think fit. Unless otherwise specified in the terms of his appointment
 an Officer may be removed by resolution of the Directors or Members. An Officer may vacate
 his office at any time if he gives notice in writing to the Company that he resigns his office.

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| | |
|:---|:---|
| 36 | **No Minimum Shareholding** |

---

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

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| | |
|:---|:---|
| 37 | **Remuneration of Directors** |

---

37.1 The
 remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors
 shall determine, provided that no cash remuneration shall be paid to any Director by the
 Company prior to the consummation of a Business Combination. The Directors shall also, whether
 prior to or after the consummation of a Business Combination, be entitled to be paid all
 travelling, hotel and other expenses properly incurred by them in connection with their attendance
 at meetings of Directors or committees of Directors, or general meetings of the Company,
 or separate meetings of the holders of any class of Shares or debentures of the Company,
 or otherwise in connection with the business of the Company or the discharge of their duties
 as a Director, or to receive a fixed allowance in respect thereof as may be determined by
 the Directors, or a combination partly of one such method and partly the other.

37.2 The
 Directors may by resolution approve additional remuneration to any Director for any services
 which in the opinion of the Directors go beyond his ordinary routine work as a Director.
 Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or
 otherwise serves it in a professional capacity shall be in addition to his remuneration as
 a Director.

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| | |
|:---|:---|
| 38 | **Seal** |

---

38.1 The
 Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the
 authority of the Directors or of a committee of the Directors authorised by the Directors.
 Every instrument to which the Seal has been affixed shall be signed by at least one person
 who shall be either a Director or some Officer or other person appointed by the Directors
 for the purpose.

38.2 The
 Company may have for use in any place or places outside the Cayman Islands a duplicate Seal
 or Seals each of which shall be a facsimile of the common Seal of the Company and, if the
 Directors so determine, with the addition on its face of the name of every place where it
 is to be used.

38.3 A
 Director or Officer, representative or attorney of the Company may without further authority
 of the Directors affix the Seal over his signature alone to any document of the Company required
 to be authenticated by him under seal or to be filed with the Registrar of Companies in the
 Cayman Islands or elsewhere wheresoever.

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| | |
|:---|:---|
| 39 | **Dividends, Distributions and Reserve** |

---

39.1 Subject
 to the Statute and this Article and except as otherwise provided by the rights attached to
 any Shares, the Directors may resolve to pay Dividends and other distributions on Shares
 in issue and authorise payment of the Dividends or other distributions out of the funds of
 the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend
 unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend
 specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution
 shall be paid except out of the realised or unrealised profits of the Company, out of the
 share premium account or as otherwise permitted by law.

39.2 Except
 as otherwise provided by the rights attached to any Shares, all Dividends and other distributions
 shall be paid according to the par value of the Shares that a Member holds. If any Share
 is issued on terms providing that it shall rank for Dividend as from a particular date, that
 Share shall rank for Dividend accordingly.

39.3 The
 Directors may deduct from any Dividend or other distribution payable to any Member all sums
 of money (if any) then payable by him to the Company on account of calls or otherwise.

39.4 The
 Directors may resolve that any Dividend or other distribution be paid wholly or partly by
 the distribution of specific assets and in particular (but without limitation) by the distribution
 of shares, debentures, or securities of any other company or in any one or more of such ways
 and where any difficulty arises in regard to such distribution, the Directors may settle
 the same as they think expedient and in particular may issue fractional Shares and may fix
 the value for distribution of such specific assets or any part thereof and may determine
 that cash payments shall be made to any Members upon the basis of the value so fixed in order
 to adjust the rights of all Members and may vest any such specific assets in trustees in
 such manner as may seem expedient to the Directors.

39.5 Except
 as otherwise provided by the rights attached to any Shares, Dividends and other distributions
 may be paid in any currency. The Directors may determine the basis of conversion for any
 currency conversions that may be required and how any costs involved are to be met.

39.6 The
 Directors may, before resolving to pay any Dividend or other distribution, set aside such
 sums as they think proper as a reserve or reserves which shall, at the discretion of the
 Directors, be applicable for any purpose of the Company and pending such application may,
 at the discretion of the Directors, be employed in the business of the Company.

39.7 Any
 Dividend, other distribution, interest or other monies payable in cash in respect of Shares
 may be paid by wire transfer to the holder or by cheque or warrant sent through the post
 directed to the registered address of the holder or, in the case of joint holders, to the
 registered address of the holder who is first named on the Register of Members or to such
 person and to such address as such holder or joint holders may in writing direct. Every such
 cheque or warrant shall be made payable to the order of the person to whom it is sent. Any
 one of two or more joint holders may give effectual receipts for any Dividends, other distributions,
 bonuses, or other monies payable in respect of the Share held by them as joint holders.

39.8 No
 Dividend or other distribution shall bear interest against the Company.

39.9 Any
 Dividend or other distribution which cannot be paid to a Member and/or which remains unclaimed
 after six months from the date on which such Dividend or other distribution becomes payable
 may, in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the Dividend or other distribution shall remain as a debt due to the Member.
 Any Dividend or other distribution which remains unclaimed after a period of six years from
 the date on which such Dividend or other distribution becomes payable shall be forfeited
 and shall revert to the Company.

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| | |
|:---|:---|
| 40 | **Capitalisation** |

---

The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company.

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| | |
|:---|:---|
| 41 | **Books of Account** |

---

41.1 The
 Directors shall cause proper books of account (including, where applicable, material underlying
 documentation including contracts and invoices) to be kept with respect to all sums of money
 received and expended by the Company and the matters in respect of which the receipt or expenditure
 takes place, all sales and purchases of goods by the Company and the assets and liabilities
 of the Company. Such books of account must be retained for a minimum period of five years
 from the date on which they are prepared. Proper books shall not be deemed to be kept if
 there are not kept such books of account as are necessary to give a true and fair view of
 the state of the Company's affairs and to explain its transactions.

41.2 The
 Directors shall determine whether and to what extent and at what times and places and under
 what conditions or regulations the accounts and books of the Company or any of them shall
 be open to the inspection of Members not being Directors and no Member (not being a Director)
 shall have any right of inspecting any account or book or document of the Company except
 as conferred by Statute or authorised by the Directors or by the Company in general meeting.

41.3 The
 Directors may cause to be prepared and to be laid before the Company in general meeting profit
 and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts
 as may be required by law.

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| | |
|:---|:---|
| 42 | **Audit** |

---

42.1 The
 Directors may appoint an Auditor of the Company who shall hold office on such terms as the
 Directors determine.

42.2 Without
 prejudice to the freedom of the Directors to establish any other committee, if the Shares
 (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange,
 and if required by the rules and regulations of the Designated Stock Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law, the Directors shall establish and maintain an Audit Committee as a committee
 of the Directors and shall adopt a formal written Audit Committee charter and review and
 assess the adequacy of the formal written charter on an annual basis. The composition and
 responsibilities of the Audit Committee shall comply with the rules and regulations of the
 Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent
 regulatory authority or otherwise under Applicable Law. The Audit Committee shall meet at
 least once every financial quarter, or more frequently as circumstances dictate.

42.3 If
 the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock
 Exchange, the Company shall conduct an appropriate review of all related party transactions
 on an ongoing basis and shall utilise the Audit Committee for the review and approval of
 potential conflicts of interest.

42.4 The
 remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).

42.5 If
 the office of Auditor becomes vacant by resignation or death of the Auditor, or by his becoming
 incapable of acting by reason of illness or other disability at a time when his services
 are required, the Directors shall fill the vacancy and determine the remuneration of such
 Auditor.

42.6 Every
 Auditor of the Company shall have a right of access at all times to the books and accounts
 and vouchers of the Company and shall be entitled to require from the Directors and Officers
 such information and explanation as may be necessary for the performance of the duties of
 the Auditor.

42.7 Auditors
 shall, if so required by the Directors, make a report on the accounts of the Company during
 their tenure of office at the next annual general meeting following their appointment in
 the case of a company which is registered with the Registrar of Companies as an ordinary
 company, and at the next extraordinary general meeting following their appointment in the
 case of a company which is registered with the Registrar of Companies as an exempted company,
 and at any other time during their term of office, upon request of the Directors or any general
 meeting of the Members.

42.8 Any
 payment made to members of the Audit Committee (if one exists) shall require the review and
 approval of the Directors, with any Director interested in such payment abstaining from such
 review and approval.

42.9 The
 Audit Committee shall monitor compliance with the terms of the IPO and, if any non-compliance
 is identified, the Audit Committee shall be charged with the responsibility to take all action
 necessary to rectify such non-compliance or otherwise cause compliance with the terms of
 the IPO.

42.10 At
 least one member of the Audit Committee shall be an "audit committee financial expert"
 as determined by the rules and regulations of the Designated Stock Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law. The "audit committee financial expert" shall have such past employment
 experience in finance or accounting, requisite professional certification in accounting,
 or any other comparable experience or background which results in the individual's
 financial sophistication.

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| | |
|:---|:---|
| 43 | **Notices** |

---

43.1 Notices
 shall be in writing and may be given by the Company to any Member either personally or by
 sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown
 in the Register of Members (or where the notice is given by e-mail by sending it to the e-mail
 address provided by such Member). Notice may also be served by Electronic Communication in
 accordance with the rules and regulations of the Designated Stock Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or by placing it
 on the Company's Website.

43.2 Where
 a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier;
 service of the notice shall be deemed to be effected by delivery of the notice to a courier
 company, and shall be deemed to have been received on the third day (not including Saturdays
 or Sundays or public holidays) following the day on which the notice was delivered to the
 courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) post;
 service of the notice shall be deemed to be effected by properly addressing, pre paying and
 posting a letter containing the notice, and shall be deemed to have been received on the
 fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands) following
 the day on which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cable,
 telex or fax; service of the notice shall be deemed to be effected by properly addressing
 and sending such notice and shall be deemed to have been received on the same day that it
 was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) e-mail
 or other Electronic Communication; service of the notice shall be deemed to be effected by
 transmitting the e-mail to the e-mail address provided by the intended recipient and shall
 be deemed to have been received on the same day that it was sent, and it shall not be necessary
 for the receipt of the e-mail to be acknowledged by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing
 it on the Company's Website; service of the notice shall be deemed to have been effected
 one hour after the notice or document was placed on the Company's Website.

43.3 A
 notice may be given by the Company to the person or persons which the Company has been advised
 are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in
 the same manner as other notices which are required to be given under the Articles and shall
 be addressed to them by name, or by the title of representatives of the deceased, or trustee
 of the bankrupt, or by any like description at the address supplied for that purpose by the
 persons claiming to be so entitled, or at the option of the Company by giving the notice
 in any manner in which the same might have been given if the death or bankruptcy had not
 occurred.

43.4 Notice
 of every general meeting shall be given in any manner authorised by the Articles to every
 holder of Shares carrying an entitlement to receive such notice on the record date for such
 meeting except that in the case of joint holders the notice shall be sufficient if given
 to the joint holder first named in the Register of Members and every person upon whom the
 ownership of a Share devolves by reason of his being a legal personal representative or a
 trustee in bankruptcy of a Member where the Member but for his death or bankruptcy would
 be entitled to receive notice of the meeting, and no other person shall be entitled to receive
 notices of general meetings.

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| | |
|:---|:---|
| 44 | **Winding Up** |

---

44.1 If
 the Company shall be wound up, the liquidator shall apply the assets of the Company in satisfaction
 of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the
 rights attaching to any Shares, in a winding up:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the assets available for distribution amongst the Members shall be insufficient to repay
 the whole of the Company's issued share capital, such assets shall be distributed so that,
 as nearly as may be, the losses shall be borne by the Members in proportion to the par value
 of the Shares held by them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the assets available for distribution amongst the Members shall be more than sufficient to
 repay the whole of the Company's issued share capital at the commencement of the winding
 up, the surplus shall be distributed amongst the Members in proportion to the par value of
 the Shares held by them at the commencement of the winding up subject to a deduction from
 those Shares in respect of which there are monies due, of all monies payable to the Company
 for unpaid calls or otherwise.

44.2 If
 the Company shall be wound up the liquidator may, subject to the rights attaching to any
 Shares and with the approval of a Special Resolution of the Company and any other approval
 required by the Statute, divide amongst the Members in kind the whole or any part of the
 assets of the Company (whether such assets shall consist of property of the same kind or
 not) and may for that purpose value any assets and determine how the division shall be carried
 out as between the Members or different classes of Members. The liquidator may, with the
 like approval, vest the whole or any part of such assets in trustees upon such trusts for
 the benefit of the Members as the liquidator, with the like approval, shall think fit, but
 so that no Member shall be compelled to accept any asset upon which there is a liability.

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| | |
|:---|:---|
| 45 | **Indemnity and Insurance** |

---

45.1 Every
 Director and Officer (which for the avoidance of doubt, shall not include auditors of the
 Company), together with every former Director and former Officer (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability,
 action, proceeding, claim, demand, costs, damages or expenses, including legal expenses,
 whatsoever which they or any of them may incur as a result of any act or failure to act in
 carrying out their functions other than such liability (if any) that they may incur by reason
 of their own actual fraud, wilful neglect or wilful default. No Indemnified Person shall
 be liable to the Company for any loss or damage incurred by the Company as a result (whether
 direct or indirect) of the carrying out of their functions unless that liability arises through
 the actual fraud, wilful neglect or wilful default of such Indemnified Person. No person
 shall be found to have committed actual fraud, wilful neglect or wilful default under this
 Article unless or until a court of competent jurisdiction shall have made a finding to that
 effect.

45.2 The
 Company shall advance to each Indemnified Person reasonable attorneys' fees and other costs
 and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
 involving such Indemnified Person for which indemnity will or could be sought. In connection
 with any advance of any expenses hereunder, the Indemnified Person shall execute an undertaking
 to repay the advanced amount to the Company if it shall be determined by final judgment or
 other final adjudication that such Indemnified Person was not entitled to indemnification
 pursuant to this Article. If it shall be determined by a final judgment or other final adjudication
 that such Indemnified Person was not entitled to indemnification with respect to such judgment,
 costs or expenses, then such party shall not be indemnified with respect to such judgment,
 costs or expenses and any advancement shall be returned to the Company (without interest)
 by the Indemnified Person.

45.3 The
 Directors, on behalf of the Company, may purchase and maintain insurance for the benefit
 of any Director or Officer against any liability which, by virtue of any rule of law, would
 otherwise attach to such person in respect of any negligence, default, breach of duty or
 breach of trust of which such person may be guilty in relation to the Company.

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| | |
|:---|:---|
| 46 | **Financial Year** |

---

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

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| | |
|:---|:---|
| 47 | **Transfer by Way of Continuation** |

---

If the Company is exempted as defined in the Statute, it shall, subject to the provisions of the Statute and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

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| | |
|:---|:---|
| 48 | **Mergers and Consolidations** |

---

The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Statute) upon such terms as the Directors may determine and (to the extent required by the Statute) with the approval of a Special Resolution.

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| | |
|:---|:---|
| 49 | **Business Combination** |

---

49.1 Notwithstanding
 any other provision of the Articles, this Article shall apply during the period commencing
 upon the adoption of the Articles and terminating upon the first to occur of the consummation
 of a Business Combination and the full distribution of the Trust Account pursuant to this
 Article. In the event of a conflict between this Article and any other Articles, the provisions
 of this Article shall prevail.

49.2 Prior
 to the consummation of a Business Combination, the Company shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit
 such Business Combination to its Members for approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide
 Members with the opportunity to have their Shares repurchased by means of a tender offer
 for a per-Share repurchase 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 such
 Business Combination, including interest earned on the Trust Account (net of taxes paid or
 payable, if any), divided by the number of then issued Public Shares, provided that the Company
 shall not repurchase Public Shares in an amount that would cause the Company's net tangible
 assets to be less than US$5,000,001 upon consummation of such Business Combination or following
 such repurchases.

49.3 If
 the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of
 the Exchange Act in connection with a proposed Business Combination, it shall file tender
 offer documents with the Securities and Exchange Commission prior to completing such Business
 Combination which contain substantially the same financial and other information about such
 Business Combination and the redemption rights as is required under Regulation 14A of the
 Exchange Act. If, alternatively, the Company holds a general meeting to approve a proposed
 Business Combination, the Company will conduct any redemptions in conjunction with a proxy
 solicitation pursuant to Regulation 14A of the Exchange Act, and not pursuant to the tender
 offer rules, and file proxy materials with the Securities and Exchange Commission.

49.4 At
 a general meeting called for the purposes of approving a Business Combination pursuant to
 this Article, in the event that such Business Combination is approved by Ordinary Resolution,
 the Company shall be authorised to consummate such Business Combination, provided that the
 Company shall not consummate such Business Combination unless the Company has net tangible
 assets of at least US$5,000,001 immediately prior to, or upon such consummation of, or any
 greater net tangible asset or cash requirement that may be contained in the agreement relating
 to, such Business Combination.

49.5 Any
 Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may,
 in connection with any vote on a Business Combination, elect to have their Public Shares
 redeemed for cash, in accordance with any applicable requirements provided for in the related
 proxy materials (the "**IPO Redemption** "), provided that no such Member acting
 together with any Affiliate of his or any other person with whom he is acting in concert
 or as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring,
 holding, or disposing of Shares may exercise this redemption right with respect to more than
 15 per cent of the Public Shares in the aggregate without the prior consent of the Company
 and provided further that any beneficial holder of Public Shares on whose behalf a redemption
 right is being exercised must identify itself to the Company in connection with any redemption
 election in order to validly redeem such Public Shares. If so demanded, the Company shall
 pay any such redeeming Member, regardless of whether he is voting for or against such proposed
 Business Combination, a per-Share redemption 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 Business Combination, including interest earned on the Trust Account
 (such interest shall be net of taxes payable) and not previously released to the Company
 to pay its taxes, divided by the number of then issued Public Shares (such redemption price
 being referred to herein as the "**Redemption Price** "), but only in the event
 that the applicable proposed Business Combination is approved and consummated. The Company
 shall not redeem Public Shares that would cause the Company's net tangible assets to
 be less than US$5,000,001 following such redemptions (the "**Redemption Limitation** ").

49.6 A
 Member may not withdraw a Redemption Notice once submitted to the Company unless the Directors
 determine (in their sole discretion) to permit the withdrawal of such redemption request
 (which they may do in whole or in part).

49.7 In
 the event that the Company does not consummate a Business Combination within 24 months from
 the consummation of the IPO, or such later time as the Members may approve in accordance
 with the Articles, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cease
 all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 and not previously released to the Company (less taxes payable and up to US$100,000
 of interest to pay dissolution expenses), divided by the number of then Public Shares in
 issue, which redemption will completely extinguish public Members' rights as Members (including
 the right to receive further liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 promptly as reasonably possible following such redemption, subject to the approval of the
 Company's remaining Members and the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

49.8 In
 the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 modify the substance or timing of the Company's obligation to allow redemption in connection
 with a Business Combination or redeem 100 per cent of the Public Shares if the Company does
 not consummate a Business Combination within 24 months from the consummation of the IPO,
 or such later time as the Members may approve in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to any other provision relating to Members' rights or pre-Business Combination
 activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment 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 and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject to the Redemption Limitation.

49.9 A
 holder of Public Shares shall be entitled to receive distributions from the Trust Account
 only in the event of an IPO Redemption, a repurchase of Shares by means of a tender offer
 pursuant to this Article, or a distribution of the Trust Account pursuant to this Article.
 In no other circumstance shall a holder of Public Shares have any right or interest of any
 kind in the Trust Account.

49.10 After
 the issue of Public Shares, and prior to the consummation of a Business Combination, the
 Company shall not issue additional Shares or any other securities that would entitle the
 holders thereof to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive
 funds from the Trust Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote
 as a class with Public Shares on a Business Combination.

49.11 A
 Director may vote in respect of a Business Combination in which such Director has a conflict
 of interest with respect to the evaluation of such Business Combination. Such Director must
 disclose such interest or conflict to the other Directors.

49.12 As
 long as the securities of the Company are listed on the New York Stock Exchange, the Company
 must complete one or more Business Combinations having an aggregate fair market value of
 at least 80 per cent of the assets held in the Trust Account (excluding the deferred underwriting
 commissions and taxes payable on the income earned on the Trust Account) at the time of the
 Company's signing a definitive agreement in connection with a Business Combination. A Business
 Combination must not be effectuated with another blank cheque company or a similar company
 with nominal operations.

49.13 The
 Company may enter into a Business Combination with a target business that is Affiliated with
 the Sponsor, a Founder, a Director or an Officer. In the event the Company seeks to consummate
 a Business Combination with a target that is Affiliated with the Sponsor, a Founder, a Director
 or an Officer, the Company, or a committee of Independent Directors, will obtain an opinion
 from an independent investment banking firm or another valuation or appraisal firm that regularly
 renders fairness opinions on the type of target business the Company is seeking to acquire
 that is a member of the United States Financial Industry Regulatory Authority or an independent
 accounting firm that such a Business Combination is fair to the Company from a financial
 point of view.

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| | |
|:---|:---|
| **50** | **Certain Tax Filings** |

---

Each Tax Filing Authorised Person and any such other person, acting alone, as any Director shall designate from time to time, are authorised to file tax forms SS-4, W-8 BEN, W-8 IMY, W-9, 8832 and 2553 and such other similar tax forms as are customary to file with any US state or federal governmental authorities or foreign governmental authorities in connection with the formation, activities and/or elections of the Company and such other tax forms as may be approved from time to time by any Director or Officer. The Company further ratifies and approves any such filing made by any Tax Filing Authorised Person or such other person prior to the date of the Articles.

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| | |
|:---|:---|
| **51** | **Business Opportunities** |

---

51.1 To
 the fullest extent permitted by Applicable Law, no individual serving as a Director or an
 Officer ()"**Management**") shall have any duty, except and to the extent expressly
 assumed by contract, to refrain from engaging directly or indirectly in the same or similar
 business activities or lines of business as the Company. To the fullest extent permitted
 by Applicable Law, the Company renounces any interest or expectancy of the Company in, or
 in being offered an opportunity to participate in, any potential transaction or matter which
 may be a corporate opportunity for Management, on the one hand, and the Company, on the other.
 Except to the extent expressly assumed by contract, to the fullest extent permitted by Applicable
 Law, Management shall have no duty to communicate or offer any such corporate opportunity
 to the Company and shall not be liable to the Company or its Members for breach of any fiduciary
 duty as a Member, Director and/or Officer solely by reason of the fact that such party pursues
 or acquires such corporate opportunity for itself, himself or herself, directs such corporate
 opportunity to another person, or does not communicate information regarding such corporate
 opportunity to the Company.

51.2 Except
 as provided elsewhere in this Article, the Company hereby renounces any interest or expectancy
 of the Company in, or in being offered an opportunity to participate in, any potential transaction
 or matter which may be a corporate opportunity for both the Company and Management, about
 which a Director and/or Officer who is also a member of Management acquires knowledge.

51.3 To
 the extent a court might hold that the conduct of any activity related to a corporate opportunity
 that is renounced in this Article to be a breach of duty to the Company or its Members, the
 Company hereby waives, to the fullest extent permitted by Applicable Law, any and all claims
 and causes of action that the Company may have for such activities. To the fullest extent
 permitted by Applicable Law, the provisions of this Article apply equally to activities conducted
 in the future and that have been conducted in the past.

## Exhibit 4.5

**Exhibit 4.5**

**DESCRIPTION OF SECURITIES**

As of December 31, 2024, BPGC Acquisition Corp. (f/k/a Ross Acquisition Corp. II) ("we," "us", "our" or the "Company") had the following three classes of securities registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): (i) its Class A ordinary shares, $0.0001 par value per share ("Class A ordinary shares"), (ii) its warrants, exercisable for one Class A ordinary share for $11.50 per share, and (iii) its units, consisting of one Class A ordinary share and one-third of one redeemable warrant to purchase one Class A ordinary share. References to our "Sponsor" refer to Ross Holding Company LLC. The following description of our securities is not complete and may not contain all the information you should consider before investing in our securities. This description is summarized from, and qualified in its entirety by reference to, our amended and restated memorandum and articles of association (as amended, our "Memorandum and Articles of Association") and the warrant agreement, by and among us and Continental Stock Transfer & Trust Company, dated as of March 16, 2021 (the "Warrant Agreement"), which are incorporated herein by reference and filed as exhibits to our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), and applicable Cayman Islands law. Any terms used but not defined herein shall have the meanings ascribed to such terms in the Annual Report.

**General**

Pursuant to our Memorandum and Articles of Association, we are authorized to issue 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, par value $0.0001 per share ("Class B ordinary shares"), as well as 1,000,000 preference shares, $0.0001 par value each.

**Units**

Each unit had an offering price of $10.00 and consists of one Class A ordinary share (such Class A ordinary shares, the "Public Shares") and one-third of one redeemable warrant (such warrants, the "Public Warrants"). Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described herein. Pursuant to the Warrant Agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.

The Public Shares and Public Warrants comprising the units began separate trading on May 3, 2021. Holders have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a whole warrant.

Additionally, the units will automatically separate into their component parts and will not be traded after completion of our Initial Business Combination.

**Ordinary Shares**

On October 31, 2025, 8,780,614 of our ordinary shares were outstanding including:

● 4,455,614 Class A ordinary shares, of which 155,614 are Public Shares; and

● 4,325,000 Class B ordinary shares held by our Sponsor.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our Memorandum and Articles of Association, or as required by applicable provisions of the Companies Act (As Revised) of the Cayman Islands (as the same may be amended from time to time, the "Companies Act") or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our Memorandum and Articles of Association; such actions include amending our Memorandum and Articles of Association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. In connection with our Initial Business Combination, we may enter into an agreement or other arrangement with the shareholders of the target with respect to voting and other corporate governance matters following completion of our Initial Business Combination, and such agreement or arrangement may provide for, or the target shareholders may require that such agreement provide for, nomination, designation or representation rights on the board of directors of the combined entity that may not be proportionate to our shareholders' or such target shareholders' ownership interest in the combined company. Prior to our Initial Business Combination, only holders of our Class B ordinary shares have the right to vote on the election of directors under our Memorandum and Articles of Association. Holders of our Public Shares are not entitled to vote on the election of directors during such time. In addition, prior to the completion of an Initial Business Combination, holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason. The provisions of our Memorandum and Articles of Association governing the appointment or removal of directors prior to our Initial Business Combination may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our shareholder meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares.

Because our Memorandum and Articles of Association authorizes the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into an Initial Business Combination, we may (depending on the terms of such Initial Business Combination) be required to increase the number of Class A ordinary shares which we will be authorized to issue at the same time as our shareholders vote on the Initial Business Combination to the extent we seek shareholder approval in connection with our Initial Business Combination.

Our securities were listed on the NYSE, but on March 18, 2024, we received notice from the NYSE informing it that the NYSE would suspend the listing of our securities, including the Class A ordinary shares, warrants and units, from the NYSE and commence delisting proceedings with respect to such securities. The NYSE determined to take these actions because Sections 102.06e and 802.01B of the NYSE's Listed Company Manual do not permit a special purpose acquisition company, such as us, to remain listed for more than three years after the company's initial public offering without completing an initial business combination. We had not completed our Initial Business Combination before March 16, 2024, which is the three-year anniversary of our Initial Public Offering. On April 3, 2024, the NYSE notified the SEC that our securities would be delisted from the exchange effective April 15, 2024. In accordance with the NYSE corporate governance requirements, we were required to hold an annual meeting each year, beginning one year after our first fiscal year end following our listing on the New York Stock Exchange. There is no requirement under the Companies Act for us to hold annual or shareholder meetings to elect directors. We may not hold an annual meeting of shareholders to elect new directors prior to the consummation of our Initial Business Combination. Prior to the completion of an Initial Business Combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our Class B ordinary shares. In addition, prior to the completion of an Initial Business Combination, holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason.

We will provide our remaining public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of our 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 our Initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding Public Shares, subject to the limitations described herein. The amount in the Trust Account was initially anticipated to be $10.00 per Public Share. The redemption rights will include the requirement that a beneficial owner must identify itself in order to validly redeem its shares. Our Sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any Founder Shares (including the Class A Conversion Shares) and Public Shares held by them in connection with (i) the completion of our Initial Business Combination and (ii) a shareholder vote to approve an amendment to our Memorandum and Articles of Association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Initial Business Combination or to redeem 100% of our Public Shares if we do not complete our Initial Business Combination before March 16, 2026 or (B) with respect to any other provision relating to the rights of holders of our Public Shares or pre-Initial Business Combination activity. Unlike some special purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their Initial Business Combinations and provide for related redemptions of Public Shares for cash upon completion of such Initial Business Combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our Initial Business Combination. Our Memorandum and Articles of Association require these tender offer documents to contain substantially the same financial and other information about our Initial Business Combination and the redemption rights as is required under the SEC's proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Following the redemptions of Public Shares in connection with implementation of the Extensions, only 155,614 Public Shares remain outstanding. As a result, the Sponsor controls approximately 98.2% of our outstanding ordinary shares and has control over actions requiring a shareholder vote. We will not need any of the remaining Public Shares to be voted in favor of any Initial Business Combination in order for it to be approved. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our Initial Business Combination once a quorum is obtained. Our Memorandum and Articles of Association requires that at least five clear days' notice will be given of any shareholder meeting.

If we seek shareholder approval of our Initial Business Combination and we do not conduct redemptions in connection with our Initial Business Combination pursuant to the tender offer rules, our Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its Public Shares with respect to Excess Shares, without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against our Initial Business Combination. Our shareholders' inability to redeem the Excess Shares reduces their influence over our ability to complete our Initial Business Combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our Initial Business Combination. And, as a result, such shareholders will continue to hold that number of Excess Shares and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

If we seeks shareholder approval, we will complete our Initial Business Combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our Sponsor and each member of our management team have agreed to vote their Founder Shares (including the Class A Conversion Shares) and Public Shares in favor of our Initial Business Combination. Following the redemptions of Class A ordinary shares in connection with implementation of the Extensions, only 155,614 Public Shares remain outstanding. As a result, the Sponsor controls 98.2% of our ordinary shares and has control over actions requiring a shareholder vote. We will not need any of the remaining Public Shares to be voted in favor of any Initial Business Combination in order for it to be approved. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all.

Pursuant to our Memorandum and Articles of Association, if we have not consummated an Initial Business Combination by March 16, 2026, 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 and not previously released to us to pay our income taxes, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders (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 shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our Sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (including the Class A Conversion Shares) they hold if we fail to consummate an Initial Business Combination by March 16, 2026 (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if we fail to complete our Initial Business Combination within the prescribed time frame). Our Memorandum and Articles of Association provides that, if we wind up for any other reason prior to the consummation of our Initial Business Combination, we will follow the foregoing procedures with respect to the liquidation of the Trust Account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

In the event of a liquidation, dissolution or winding up of the Company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their Public Shares for cash at a per share price equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding Public Shares, upon the completion of our Initial Business Combination, subject to the limitations described herein.

**Founder Shares**

The Founder Shares (including the Class A Conversion Shares) were initially designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in our Initial Public Offering, and holders of Founder Shares (including the Class A Conversion Shares) have the same shareholder rights as public shareholders, except that: (a) prior to our Initial Business Combination, only holders of the Class B ordinary shares have the right to vote on the election of directors and holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason; (b) the Founder Shares (including the Class A Conversion Shares) are subject to certain transfer restrictions, as described in more detail below; (c) our Sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founder Shares (including the Class A Conversion Shares) (ii) to waive their redemption rights with respect to their Founder Shares (including the Class A Conversion Shares) and Public Shares in connection with a shareholder vote to approve an amendment to our Memorandum and Articles of Association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Initial Business Combination or to redeem 100% of our Public Shares if we do not complete our Initial Business Combination within the timeframe prescribed in our Memorandum and Articles of Association or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-Initial Business Combination activity; and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (including the Class A Conversion Shares) they hold if we fail to consummate an Initial Business Combination within the timeframe prescribed in our Memorandum and Articles of Association (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if we fail to complete our Initial Business Combination within the prescribed time frame); (d) the Class B ordinary shares will automatically convert into our Class A ordinary shares at the time of our Initial Business Combination or earlier at the option of the holders thereof as described herein; and (e) the Founder Shares (including the Class A Conversion Shares) are entitled to registration rights. If we seeks shareholder approval, we will complete our Initial Business Combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Initial Business Combination. In such case, our Sponsor and each member of our management team have agreed to vote their Founder Shares (including the Class A Conversion Shares) and Public Shares in favor of our Initial Business Combination. Following the redemptions of Public Shares in connection with implementation of the Extensions, only 155,614 Public Shares remain outstanding. As a result, the Sponsor controls 98.2% of our ordinary shares and has control over actions requiring a shareholder vote. We will not need any of the remaining Public Shares to be voted in favor of any Initial Business Combination in order for it to be approved.

The Founder Shares (including the Class A Conversion Shares) were initially designated as Class B ordinary shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if we do not consummate an Initial Business Combination) at the time of our Initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by us in connection with or in relation to the consummation of our Initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in our Initial Business Combination and any private placement warrants issued to our Sponsor, its affiliates or any member of our management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

Except as described herein, our Sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares (including the Class A Conversion Shares) until the earliest of (A) one year after the completion of our Initial Business Combination and (B) subsequent to our Initial Business Combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our Initial Business Combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor and our directors and executive officers with respect to any Founder Shares (including the Class A Conversion Shares).

Prior to our Initial Business Combination, only holders of our Class B ordinary shares will have the right to vote on the election of directors. Holders of our Public Shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an Initial Business Combination, holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason. These provisions of our Memorandum and Articles of Association may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our shareholder meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our Initial Business Combination, except as required by law, holders of our Class B ordinary shares and holders of our Public Shares will vote together as a single class, with each share entitling the holder to one vote.

**Preference Shares**

Our Memorandum and Articles of Association authorizes 1,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of the Company or the removal of existing management. We have no preference shares issued and outstanding at the date hereof.

**Warrants**

 

*Public Shareholders' Warrants*

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one year from the closing of our Initial Public Offering and 30 days after the completion of our Initial Business Combination, except as discussed in the immediately succeeding paragraph. Pursuant to the Warrant Agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our Initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to us satisfying our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

We have agreed that as soon as practicable, but in no event later than twenty business days after the closing of our Initial Business Combination, we will use our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our Initial Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the Warrant Agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of our Initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when we 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, but we will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the "fair market value" (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The "fair market value" as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the ten trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.

 

*Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.*

Once the warrants become exercisable, we 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 a minimum of 30 days' prior written notice of redemption to each warrant holder; and

● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*——Anti-Dilution Adjustments*") for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders.

We will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*—Anti-Dilution Adjustments*") as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

*Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.*

Once the warrants become exercisable, we may redeem the outstanding warrants:

● in whole and not in part;

● at $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the "fair market value" of Class A ordinary shares (as defined below) except as otherwise described below;

● if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*—Anti-Dilution Adjustments*") for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and

● if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*—Anti-Dilution Adjustments* "), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the "fair market value" of Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of the Class A ordinary shares during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends.

Pursuant to the Warrant Agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our Initial Business Combination. The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our Initial Business Combination.

The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading "*—Anti-Dilution Adjustments*" below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading "—*Anti-Dilution Adjustments*" below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading "*—Anti-Dilution Adjustments*" and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading "*—Anti-Dilution Adjustments*" below, the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Redemption Date** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** |
| **(period to expiration of warrants)** | **≤$10.00** | **11.00** | **12.00** | **13.00** | **14.00** | **15.00** | **16.00** | **17.00** | **≥18.00** |
| 60 months | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 |
| 57 months | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 |
| 54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 |
| 51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 |
| 48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 |
| 45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 |
| 42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 |
| 39 months | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 |
| 36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 |
| 33 months | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 |
| 30 months | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 |
| 27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 |
| 24 months | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 |
| 21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 |
| 18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 |
| 15 months | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 |
| 12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 |
| 9 months | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 |
| 6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 |
| 3 months | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 |
| 0 months |  |  | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |

---

The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted average price of the Class A ordinary shares during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of the Class A ordinary shares during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class A ordinary shares.

This redemption feature differs from the typical warrant redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per Public Share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under "*—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00*." Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of our Initial Public Offering. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believes it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

As stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50.

No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the Warrant Agreement (for instance, if we are not the surviving company in our Initial Business Combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, we (or surviving company) will use commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

 

*Redemption procedures.*

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise.

 

*Anti-Dilution Adjustments.*

If the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary shares, or by a split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the "historical fair market value" (as defined below) will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) "historical fair market value" means the volume weighted average price of Class A ordinary shares as reported during the ten trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the warrants are outstanding and unexpired, pays a dividend or makes a distribution in cash, securities or other assets to all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed Initial Business Combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our Memorandum and Articles of Association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Initial Business Combination or to redeem 100% of our Public Shares if we do not complete our Initial Business Combination within the timeframe prescribed by our Memorandum and Articles of Association or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-Initial Business Combination activity, or (e) in connection with the redemption of our Public Shares upon our failure to complete our Initial Business Combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.

If the number of outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares.

Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.

In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our Initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our Sponsor or its affiliates, without taking into account any Founder Shares (including the Class A Conversion Shares) held by our 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 our Initial Business Combination on the date of the consummation of our Initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our Initial Business Combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under "*—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00*" and "*—Redemption of warrants when the price per Class A ordinary shares equals or exceeds $10.00*" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under "*—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00*" will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by public shareholders as provided for in our Memorandum and Articles of Association or as a result of the redemption of Public Share if a proposed Initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the Warrant Agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based on the Black-Scholes value (as defined in the Warrant Agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

The warrants were issued in registered form under a Warrant Agreement. The Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correcting any mistake, including to conform the provisions of the Warrant Agreement to the description of the terms of the warrants and the Warrant Agreement set forth in the prospectus for our Initial Public Offering, or defective provision (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated by and in accordance with the Warrant Agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the Warrant Agreement as the parties to the Warrant Agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 65% of the then-outstanding Public Warrants is required to make any change that adversely affects the interests of the registered holders. Shareholders should review a copy of the Warrant Agreement, which is filed as an exhibit to the registration statement, for a complete description of the terms and conditions applicable to the warrants.

The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

No fractional warrants will be issued upon separation of the units and only whole warrants will trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder.

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the Warrant Agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States are the sole and exclusive forum.

**Private Placement Warrants**

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in our Initial Public Offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our Initial Business Combination (except pursuant to limited exceptions to our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described under "*—Warrants —Public Shareholders' Warrants —Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00*") so long as they are held by our Sponsor or its permitted transferees (except as otherwise set forth herein). Our Sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. If the private placement warrants are held by holders other than our Sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in our Initial Public Offering. Any amendment to the terms of the private placement warrants or any provision of the Warrant Agreement with respect to the private placement warrants will require a vote of holders of at least 65% of the number of the then outstanding private placement warrants.

Except as described above under "*—Warrants—Public Shareholders' Warrants —Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00*," if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the "Sponsor fair market value" (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the "Sponsor fair market value" means the average reported closing price of the Class A ordinary shares for the ten trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent.

In order to fund working capital deficiencies or 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 funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants.

**Dividends**

We have not paid any cash dividends on its ordinary shares to date and does not intend to pay cash dividends prior to the completion of our Initial Business Combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our Initial Business Combination. The payment of any cash dividends subsequent to our Initial Business Combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection with an Initial Business Combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

**Our Transfer Agent and Warrant Agent**

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

**Our Memorandum and Articles of Association**

Our Memorandum and Articles of Association contains provisions designed to provide certain rights and protections relating to our Initial Public Offering that apply to us until the completion of our Initial Business Combination. These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's shareholders entitled to vote and so voting at a shareholder meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company's articles of association, by a unanimous written resolution of all of the company's shareholders. Other than as described above, our Memorandum and Articles of Association provides that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a shareholder meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

Our Sponsor and its permitted transferees, if any, who collectively beneficially own 98.2% of our ordinary shares, will participate in any vote to amend our Memorandum and Articles of Association and will have the discretion to vote in any manner they choose. Specifically, our Memorandum and Articles of Association provides, among other things, that:

● If we have not consummated an Initial Business Combination by March 16, 2026, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no 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 and not previously released to us to pay our income taxes that were paid by us or are payable by us, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders (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 shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

● Prior to or in connection with our Initial Business Combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the Trust Account or (ii) vote as a class with our Public Shares (a) on our Initial Business Combination or on any other proposal presented to shareholders prior to or in connection with the completion of an Initial Business Combination or (b) to approve an amendment to our Memorandum and Articles of Association to (x) extend the time we have to consummate an Initial Business Combination beyond March 16, 2026 or (y) amend the foregoing provisions;

● Although we do not intend to enter into a business combination with a target business that is affiliated with our Sponsor, Founders, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that such a business combination is fair to us from a financial point of view;

● If a shareholder vote on our Initial Business Combination is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our Public Shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our Initial Business Combination which contain substantially the same financial and other information about our Initial Business Combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

● So long as our securities are then listed on an applicable stock exchange, our Initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into our Initial Business Combination;

● If our shareholders approve an amendment to our Memorandum and Articles of Association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Initial Business Combination or to redeem 100% of our Public Shares if we do not complete our Initial Business Combination by March 16, 2026 or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-Initial Business Combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval 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 and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding Public Shares, subject to the limitations described herein; and

● We will not effectuate our Initial Business Combination solely with another blank check company or a similar company with nominal operations.

The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires the approval of the holders of at least two-thirds of such company's issued and outstanding ordinary shares who attend and vote at a shareholder meeting or by way of unanimous written resolution. A company's articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating to our structure and business plan which are contained in our Memorandum and Articles of Association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their Public Shares.

**Registration and Shareholder Rights**

The holders of the Founder Shares (including the Class A Conversion Shares), private placement warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to a registration and shareholder rights agreement signed prior to or on the effective date of our Initial Public Offering. 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. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the Founder Shares (including the Class A Conversion Shares), as described in the following paragraph, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our Initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

Except as described herein, our Sponsor and our directors and executive officers have agreed not to transfer, assign or sell their Founder Shares (including the Class A Conversion Shares) until the earliest of (A) one year after the completion of our Initial Business Combination and (B) subsequent to our Initial Business Combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our Initial Business Combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of our Sponsor with respect to any Founder Shares (including the Class A Conversion Shares).

In addition, pursuant to the registration and shareholder rights agreement, our Sponsor, upon and following consummation of an Initial Business Combination, will be entitled to nominate three individuals for election to our board of directors, as long as our Sponsor holds any securities covered by the registration and shareholder rights agreement.

**Listing of Securities**

Our units, Class A ordinary shares and warrants were listed on the New York Stock Exchange (the "NYSE"). On March 18, 2024, we received notice from the NYSE informing us that it would suspend the listing of our units, Class A ordinary shares and warrants and commence delisting proceedings with respect to such securities. The NYSE determined to take these actions because Sections 102.06e and 802.01B of the NYSE's Listed Company Manual do not permit a special purpose acquisition company, such as us, to remain listed for more than three years after tits initial public offering without completing an initial business combination. We had not completed our Initial Business Combination before March 16, 2024, which is the three-year anniversary of the Initial Public Offering. On April 3, 2024, the NYSE notified the SEC that our securities would be delisted from the exchange effective April 15, 2024. As of the date of the Annual Report, our securities are not quoted on an over-the-counter market.

## Exhibit 19.1

**Exhibit 19.1**

**BPGC ACQUISITION CORP.** 

**POLICY REGARDING INSIDER TRADING AND**

**DISSEMINATION OF INSIDE INFORMATION**

**I.**  **<u>INTRODUCTION</u>** 

This Policy Regarding Insider Trading and Dissemination of Inside Information (this "***Policy***") describes the amended and restated policy of BPGC Acquisition Corp. (the "***Company***") regarding:

● the trading of securities while you are in possession of Inside Information (as defined below) ( ***"insider trading"***) about the Company or any other company; and

● other misuse of material non-public information ( ***"Inside Information"***) of the Company or any other company.

Your obligations and potential liability under securities laws dealing with insider trading abuses are also outlined below.

This Policy provides an overview of the most significant aspects involved in insider trading. Every director, officer and employee of the Company must read and retain this Policy.

**II.**  **<u>Statement of the Policy</u>** 

No director, officer, employee or other Insider (as defined below) shall:

● trade in securities of the Company or any other company while in possession of Inside Information concerning the Company or such other company;

● disseminate Inside Information of the Company or any other company to others (except for legitimate Company purposes in accordance with Company communications policies; <u>provided</u> that the disclosing person reasonably does not expect the recipient to trade in securities, or disseminate the information to others who may trade in securities, while in possession of such Inside Information); or

● engage in any other action or conduct to take advantage of Inside Information.

The prohibited dissemination of Inside Information includes the disclosure through written, oral or electronic means to all persons or entities, including friends, family members, business contacts or others.

Even the appearance of improper conduct must be avoided to preserve the Company's reputation for adhering to high ethical standards of conduct. Accordingly, conduct which merely suggests the possibility of insider trading may be deemed by the Company, in its sole discretion, to be a violation of this Policy.

**III.**  **<u>Federal Law Prohibiting Insider Trading</u>** 

Rule 10b-5 under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), has been determined by the courts to prohibit trading by an Insider (as defined below) of any securities (debt or equity) of a company on the basis of Inside Information about such company. Liability under Rule 10b-5 can apply to trading in the Company's securities or the securities of <u>any</u> other company if one is in possession of Inside Information about the company whose securities are traded. **The prohibition against insider trading applies to the Company's officers, directors, employees and other Insiders at all times regardless of whether or not the Company is observing a scheduled or special "blackout" period.**

Liability under Rule 10b-5 may attach not only to Insiders who trade while in possession of Inside Information, but also, under certain circumstances, to (i) Insiders who disclose or tip Inside Information (tippers) to third parties without trading themselves, and (ii) third parties (such as relatives, business associates or friends) who have received Inside Information from Insiders (tippees) and trade while in possession of that Inside Information.

**IV.**  **<u>The Consequences of Insider Trading</u>** 

Individuals who trade on material non-public information (or tip information to others) can be subject to an array of civil and criminal penalties. Violations are taken very seriously by the U.S. Securities and Exchange Commission, the federal agency responsible for enforcing the law in this area. Potential sanctions include:

● disgorgement of profits gained or losses avoided and interest thereon;

● a civil penalty of up to three times the profit gained or loss avoided;

● a bar from acting as an officer or director of a publicly traded company;

● a criminal fine (no matter how small the profit or the lack thereof) of up to $1 million; and

● a jail term of up to ten years.

These penalties can apply even if the individual is not a director, officer or senior manager. In addition to the potentially severe civil and criminal penalties for violation of the insider trading laws, violation of this Policy may result in the imposition of Company sanctions, including dismissal. A conviction or finding of liability for insider trading can also result in individuals being banned generally from employment in the securities or financial industries or other employment, and even a mere allegation of insider trading can result in severe harm to one's professional and personal reputation.

A transaction that may be necessary or seem justifiable for independent reasons (including a need to raise money for a personal financial emergency) is neither an exception to this Policy nor a safeguard against prosecution for violation of insider trading laws.

For a company (as well as possibly any supervisory person) that fails to take appropriate steps to prevent illegal trading, a civil penalty of the greater of $1 million or three times the profit gained or loss avoided as a result of an employee's violation and a criminal fine of up to $2.5 million may be imposed. There are also likely to be shareholder lawsuits and adverse publicity arising from such illegal conduct.

**V.**  **<u>Who Is an "Insider" for Purposes of the Insider Trading Prohibitions?</u>** 

An ***"Insider"*** for purposes of insider trading law is <u>any person</u> who possesses Inside Information; the status results from such possession and not simply a person's position, if any, with the Company. Accordingly, Insiders subject to liability for insider trading are not solely those executive officers and directors who are required to report their securities transactions of Company ordinary shares under Section 16 of the Exchange Act and who are also often referred to as "insiders" for purposes of that law. The category of potential Insiders for purposes of insider trading law includes not only the Company's directors, officers and employees, but also outside professional advisors and business consultants who have access to Inside Information prior to its public release and absorption by the securities markets.

**VI.**  **<u>Persons Covered by the Policy</u>** 

This Policy covers the directors, officers and employees of the Company, and outside professional advisors and business consultants of the Company who have access to Inside Information of the Company, as well as their Family Members and Controlled Entities.

"***Family Members"*** include a person's spouse, partner, financially dependent children, relative, or other members of such person's immediate household to whose support such person contributes or whose investments such person controls.

"***Controlled Entities"*** include any legal entities controlled by a person, such as any corporations, partnerships, or trusts.

**VII.**  **<u>Individual Responsibility</u>** 

Persons subject to this Policy have ethical and legal obligations to maintain the confidentiality of Inside Information and to not trade while in possession of Inside Information. Each individual is responsible for making sure that he or she complies with this Policy, and that any Family Member or Controlled Entity also complies with this policy. In all cases, the responsibility for determining whether an individual is in possession of Inside Information rests with that individual, and any action on the part of the Company, the Administrator (as defined under the caption "Administration of the Policy") or any other employee or director pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws. You could be subject to severe legal penalties and disciplinary action by the Company for any conduct prohibited by this Policy or applicable securities laws, as described above in more detail under the heading "The Consequences of Insider Trading."

**VIII.**  **<u>Transactions Covered by thIS Policy</u>** 

The trading covered by this Policy includes all types of transactions and securities, including ordinary shares, options or warrants to purchase ordinary shares, or any other type of securities, including (but not limited to) preferred shares, convertible debentures, as well as derivative securities that are issued by third parties, such as exchange-traded put or call options or swaps relating to securities of the Company or another company with respect to which an Insider possesses Inside Information.

**IX.**  **<u>What is Material Non-Public Information?</u>** 

***Material information*** is any information that a reasonable investor would consider important in arriving at a decision to buy, sell or hold the securities of a company and/or would view its disclosure as significantly altering the total mix of information otherwise made available.

 ****

***Non-Public information*** is information that is not generally known to the public.

<u>Examples</u>. Examples of non-public information that generally would be regarded as material and thus Inside Information include:

● financial information, such as revenues, expenses, earnings, new sales or investment returns;

● information about a transaction that will affect the financial condition or performance of the company in a significant manner, such as a pending or proposed merger, acquisition, tender offer, sale of assets, or disposition of a subsidiary, or entering into or terminating a significant contract;

● earnings estimates;

● a stock split or the offering of additional securities;

● major litigation;

● changes in senior management;

● major new products; and

● the gain or loss of a substantial customer.

Either positive or negative information may be material. The foregoing list is not exhaustive; other types of information may be material at any particular time, depending upon all the circumstances.

**X.**  **<u>Trading</u>** 

This Policy permits an Insider to trade securities beginning at the close of regular trading on the second full Trading Day after all Inside Information has been disclosed to the public through general release to the national news media, which will provide the securities markets a sufficient opportunity to absorb and evaluate the information.

"***Trading Day***" means a day on which the principal U.S. stock exchange on which the Company's ordinary shares are then listed is open for trading.

For example, if Inside Information (including quarterly or annual earnings) is disclosed at (a) 8:00 a.m., Eastern Time, on a Monday, then trading may commence after 4:00 p.m., Eastern Time, on Tuesday, (b) 10:00 a.m., Eastern Time, on Monday, then trading may commence after 4:00 p.m., Eastern Time, on Wednesday or (c) 5:00 p.m., Eastern Time, on Monday, then trading may commence after 4:00 p.m., Eastern Time, on Wednesday.

Please refer to the paragraph below captioned "Additional Procedures" for additional restrictions on trading.

**XI.**  **<u>Transactions Not Subject to this Policy</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  ***Bona Fide Gifts*** 

Bona fide gifts are not transactions subject to this Policy, unless the person making the gift has reason to believe that the recipient intends to sell the Company securities while the person making the gift is aware of Inside Information or during a blackout period to which the person making the gift is subject; <u>provided</u> that bona fide gifts of Company securities by directors, officers who have been designated by the Company's Board of Directors (the "***Board***") as "officers" for purposes of Section 16 of the Exchange Act (collectively with the directors, "***Section 16 Reporting Persons***") and certain other employees who may be designated by the Administrator from time to time ("***Designated Individuals***") are subject to the pre-clearance procedures set forth below under the caption "Additional Procedures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  ***Option Exercises*** 

This Policy does not apply to the exercise of an employee option acquired pursuant to the Company's plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements; <u>provided</u> that such exercises by Section 16 Reporting Persons and Designated Individuals are subject to the pre-clearance procedures set forth below under the caption "Additional Procedures." This Policy does apply, however, to any sale of shares as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  ***Restricted Share Awards*** 

This Policy does not apply to the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares to satisfy tax withholding requirements upon the vesting of any restricted shares; <u>provided</u> that such exercise by Section 16 Reporting Persons and Designated Individuals is subject to the pre-clearance procedures set forth below under the caption "Additional Procedures." This Policy does apply, however, to any market sale of restricted shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  ***Mutual Funds*** 

Transactions in mutual funds that are invested in securities of the Company or another company with respect to which an Insider possesses Inside Information are not transactions subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  ***Other Similar Transactions*** 

Any other purchase of Company securities from the Company or sales of Company securities to the Company are not subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**  ***Rule 10b5-1 Plans*** 

Securities trading pursuant to contracts, plans or instructions complying with the requirements of Rule 10b5-1(c)(1) under the Exchange Act ("***Rule 10b5-1 Plans***") and entered into in good faith while the person entering into the Rule 10b5-1 Plan is not in possession of Inside Information is not subject to this Policy, <u>provided</u> that the adoption and maintenance of any such Rule 10b5-1 Plan by such person must be approved by the Administrator and must comply with the requirements of Rule 10b5-1(c)(1).

**XII.**  **<u>Special and Prohibited Transactions</u>** 

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this Policy engage in certain types of transactions. Therefore any persons covered by this Policy must comply with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  ***Hedging Transactions*** 

Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such hedging transactions may permit a director, officer or employee to continue to own Company securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as the Company's other shareholders. Therefore, directors, officers and employees, as well as their Family Members and Controlled Entities, are prohibited from engaging in any such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  ***Margin Accounts and Pledged Securities*** 

In order to avoid a margin sale or foreclosure sale at a time when a pledgor, who is a Company director, officer or employee, or their Family Members or Controlled Entities, is aware of Inside Information or otherwise is not permitted to trade Company securities due to a blackout period, no Company director, officer or employee, or their Family Members or Controlled Entities, may hold Company securities in a margin account or otherwise pledge (or hypothecate) Company securities as collateral for a loan without first obtaining prior approval from the Administrator. Pre-clearance is required for such transactions because Company securities held in a margin account may be sold by the broker without the customer's consent if the customer fails to meet a margin call and Company securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Any Company director, officer or employee, or their Family Members or Controlled Entities, preparing to pledge Company securities or hold such securities in a margin account must submit a request for approval to the Administrator at least two weeks prior to the proposed execution of documents evidencing the proposed pledge or margin account. In its request, such Company director, officer or employee, or their Family Members or Controlled Entities, shall:

● enclose copies of the governing documents evidencing the proposed pledge or margin account, which governing documents must provide such person with the opportunity to substitute or provide additional collateral or to repay the loan before the pledged Company securities may be sold; and

● undertake to the Company (in form and manner satisfactory to the Administrator and the Company) (i) to maintain adequate financial capacity to repay the loan or cover the margin call, as applicable, without resort to the pledged Company securities and (ii) to substitute or provide additional collateral or repay the loan in the event of a borrower default or margin call, as applicable, at a time when such person is aware of Inside Information or otherwise is not permitted to trade Company securities due to a blackout period.

The above is not meant to restrict the rehypothecation or lending of securities held in a brokerage account; <u>provided</u> that the securities are permitted to be held in such account in accordance with this Policy.

**XIII.**  **<u>Additional Procedures</u>** 

The Company has established additional procedures in order to assist the Company in the administration of this Policy, to facilitate compliance with laws prohibiting insider trading while in possession of Inside Information, and to avoid the appearance of any impropriety. These additional procedures are applicable only to those individuals described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  ***Pre-Clearance Procedures*** 

Section 16 Reporting Persons and Designated Individuals, as well as their Family Members and Controlled Entities, may not engage in any transaction in Company securities without first obtaining pre-clearance of the transaction from the Administrator in order to determine compliance with this Policy, insider trading laws, Section 16 of the Exchange Act and Rule 144 promulgated under the Securities Act of 1933, as amended ("***Rule 144***"). A person requesting pre-clearance should submit the request to the Administrator (and, in the case of a request by the Chief Executive Officer, also notify the Chief Financial Officer) at least two business days in advance of the proposed transaction. The Administrator may determine not to permit the transaction if it is not in compliance this Policy, insider trading laws, Section 16 of the Exchange Act or Rule 144. If a person seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in Company securities, and should not inform any other person of the restriction.

When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any Inside Information about the Company, and should describe fully those circumstances to the Administrator. If the requestor is a Section 16 insider, the requestor should also indicate whether he or she has effected any non-exempt "opposite-way" transactions within the past six months, and should be prepared to report the proposed transaction on an appropriate Form 4 or Form 5. The requestor should also be prepared to comply with Rule 144 and file Form 144, if necessary, at the time of any sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  ***Special Blackout Periods*** 

From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. So long as the event remains material and nonpublic, the persons with knowledge of the event who are designated by the Administrator may not trade Company securities. In that situation, the Administrator may notify these persons that they should not trade in the Company's securities, without disclosing the reason for the restriction. The existence of an event-specific blackout period or extension of a blackout period may not be announced to the Company as a whole, and should not be communicated to any other person. Even if the Administrator has not designated you as a person who should not trade due to an event-specific restriction, you should not trade while aware of Inside Information.

**XIV.**  **<u>Post-Termination Transactions</u>** 

If an individual is in possession of Inside Information or subject to any blackout period or other Company-imposed trading restrictions when his or her service terminates, that individual may not trade in Company securities until that information has become public, is no longer material or such blackout period or Company-imposed trading restriction has expired.

**XV.**  **<u>Administration of thIS Policy</u>** 

The Company's Chief Executive Officer, or in his absence the Chief Financial Officer, or with respect to matters involving the Company's Chief Executive Officer, the Chief Financial Officer (the "***Administrator***"), shall be responsible for administration of this Policy, including the matters for which the Administrator is specifically designated herein as administering or deciding and all other matters. All determinations and interpretations by the Administrator shall be subject to review by the Audit Committee, whose determinations shall be final.

**XVI.**  **<u>Company Assistance / Reporting of Violations</u>** 

Any person who has any questions about this Policy or about specific transactions may obtain additional guidance from the Administrator. You should contact the Administrator immediately if you know or have reason to believe that this Policy has been or is about to be violated.

## Exhibit 21.1

**Exhibit 21.1**

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| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction of formation** |
| APRINOIA Therapeutics Merger Sub 2, Inc. | Cayman Islands |
| APRINOIA Therapeutics Merger Sub 3, Inc. | Cayman Islands |
| BPGC Merger Sub, Inc. | Delaware |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Principal Executive Officer Pursuant to<br> Exchange Act Rule 13a-14(a)/15d-14(a)<br> as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Nadim Qureshi, certify that:

1. I have reviewed this Annual Report on Form 10-K of BPGC Acquisition
Corp.;

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. The registrant's other certifying officer(s) and I are 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;a. Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our 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;c. Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our 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;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. The registrant's other certifying officer(s) and I have disclosed,
based on our 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;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;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: November 28, 2025

---

| | | |
|:---|:---|:---|
| By: | /s/ Nadim Qureshi | /s/ Nadim Qureshi |
|  | Name: | Nadim Qureshi |
|  | Title: | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Financial Officer Pursuant to<br> Exchange Act Rule 13a-14(a)/15d-14(a)<br> as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Stephen J. Toy, certify that:

1. I have reviewed this Annual Report on Form 10-K of BPGC Acquisition
Corp.;

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. The registrant's other certifying officer(s) and I are 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;a. Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our 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;c. Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our 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;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. The registrant's other certifying officer(s) and I have disclosed,
based on our 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;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;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: November 28, 2025

---

| | | |
|:---|:---|:---|
| By: | /s/ Stephen J. Toy | /s/ Stephen J. Toy |
|  | Name: | Stephen J. Toy |
|  | Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Principal Executive Officer Pursuant to<br> 18 U.S.C. Section 1350<br> as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Nadim Qureshi, Principal Executive Officer of BPGC Acquisition Corp. (the "Company"), hereby certify, that, to my knowledge:

1. the Annual Report on Form 10-K for the year ended December 31,
2024 (the "Report") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

2. the information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company.

Date: November 28, 2025

---

| | | |
|:---|:---|:---|
| By: | /s/ Nadim Qureshi | /s/ Nadim Qureshi |
|  | Name: | Nadim Qureshi |
|  | Title: | Chief Executive Officer (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Principal Financial Officer Pursuant to<br> 18 U.S.C. Section 1350<br> as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Stephen J. Toy, Principal Financial Officer of BPGC Acquisition Corp. (the "Company"), hereby certify, that, to my knowledge:

1. the Annual Report on Form 10-K for the year ended December 31,
2024 (the "Report") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

2. the information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company.

Date: November 28, 2025

---

| | | |
|:---|:---|:---|
| By: | /s/ Stephen J. Toy | /s/ Stephen J. Toy |
|  | Name: | Stephen J. Toy |
|  | Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |

---

## Exhibit 97.1

**Exhibit 97.1**

**BPGC ACQUISITION CORP.**

**POLICY FOR THE<br> RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

A. OVERVIEW

In accordance with the applicable rules of The New York Stock Exchange (the "***NYSE***") Listed Company Manual (the ***"NYSE Rules"***), Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***") ("***Rule 10D-1***"), the Board of Directors (the "***Board***") of BPGC Acquisition Corp. (the "***Company***") has adopted this Policy (the "***Policy***") to provide for the recovery of erroneously awarded Incentive-based Compensation from Executive Officers. All capitalized terms used and not otherwise defined herein shall have the meanings set forth in Section H, below.

B. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of an Accounting Restatement, the Company will reasonably promptly recover the Erroneously Awarded Compensation Received in accordance with NYSE Rules and Rule 10D-1 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After an Accounting Restatement,
the Compensation Committee (if composed entirely of independent directors, or in the absence of such a committee, a majority of independent
directors serving on the Board) (the "  ***Committee***") shall determine the amount of any Erroneously Awarded Compensation
Received by each Executive Officer and shall promptly notify each Executive Officer with a written notice containing the amount of any
Erroneously Awarded Compensation and a demand for repayment or return of such compensation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For Incentive-based Compensation
based on (or derived from) the Company's stock price or total shareholder return, where the amount of Erroneously Awarded Compensation
is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The amount to be repaid or returned
shall be determined by the Committee based on a reasonable estimate of the effect of the Accounting Restatement on the Company's
stock price or total shareholder return upon which the Incentive-based Compensation was Received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Company shall maintain documentation
of the determination of such reasonable estimate and provide the relevant documentation as required to the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall have discretion
to determine the appropriate means of recovering Erroneously Awarded Compensation based on the particular facts and circumstances. Notwithstanding
the foregoing, except as set forth in Section B(2) below, in no event may the Company accept an amount that is less than the amount of
Erroneously Awarded Compensation in satisfaction of an Executive Officer's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that the Executive
Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under any duplicative recovery obligations
established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously
Awarded Compensation that is subject to recovery under this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the extent that an Executive
Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall take all actions reasonable and
appropriate to recover such Erroneously Awarded Compensation from the applicable Executive Officer. The applicable Executive Officer shall
be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering
such Erroneously Awarded Compensation in accordance with the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section B(1) above if the Committee (which, as specified above, is composed entirely of independent directors or in the absence of such a committee, a majority of the independent directors serving on the Board) determines that recovery would be impracticable *and* any of the following two conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee has determined
that the direct expenses paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before making
this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Compensation, have documented such attempt(s)
and provided such documentation to the NYSE; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Recovery would likely cause
an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the
requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder.

C. DISCLOSURE REQUIREMENTS

The Company shall file all disclosures with respect to this Policy required by applicable U.S. Securities and Exchange Commission ("***SEC***") filings and rules.

D. PROHIBITION OF INDEMNIFICATION

The Company shall not be permitted to insure or indemnify any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company's enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Company's right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy).

E. ADMINISTRATION AND INTERPRETATION

This Policy shall be administered by the Committee, and any determinations made by the Committee shall be final and binding on all affected individuals.

The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy and for the Company's compliance with NYSE Rules, Section 10D, Rule 10D-1 and any other applicable law, regulation, rule or interpretation of the SEC or the NYSE promulgated or issued in connection therewith.

F. AMENDMENT; TERMINATION

The Committee may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary. Notwithstanding anything in this Section F to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule or NYSE Rule.

G. OTHER RECOVERY RIGHTS

This Policy shall be binding and enforceable against all Executive Officers and, to the extent required by applicable law or guidance from the SEC or the NYSE, their beneficiaries, heirs, executors, administrators or other legal representatives. The Committee intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with an Executive Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Executive Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any policy of the Company or any provision in any employment agreement, equity award agreement, compensatory plan, agreement or other arrangement.

H. DEFINITIONS

For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "***Accounting Restatement***" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a "Big R" restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "***Clawback Eligible Incentive Compensation***" means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable NYSE Rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "***Clawback Period***" means, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date (as defined below), and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "***Erroneously Awarded Compensation***" means, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "***Executive Officer***" means each individual who is currently or was previously designated as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act. For the avoidance of doubt, the identification of an executive officer for purposes of this Policy shall include each executive officer who is or was identified pursuant to Item 401(b) of Regulation S-K or Item 6.A of Form 20-F, as applicable, as well as the principal financial officer and principal accounting officer (or, if there is no principal accounting officer, the controller).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "***Financial Reporting Measures***" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company's financial statements or included in a filing with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "***Incentive-based Compensation***" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "***NYSE***" means the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) "***Received***" means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive-based Compensation to the Executive Officer occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) "***Restatement Date***" means the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

Effective as of December 1, 2023.

**Exhibit A**

**ATTESTATION AND ACKNOWLEDGEMENT OF POLICY FOR THE RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

By my signature below, I acknowledge and agree that:

● I have received and read the attached Policy for the Recovery of Erroneously Awarded Compensation of BPGC Acquisition Corp. (this "  ***Policy*** ").

● I hereby agree to abide by all of the terms of this Policy both during and after my employment with the Company, including, without limitation, by promptly repaying or returning any Erroneously Awarded Compensation to the Company as determined in accordance with this Policy.

● I hereby waive any right to the indemnification, insurance or advancement of expenses by the Company with respect to any Erroneously Awarded Compensation in accordance with Section D of this Policy.

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