# EDGAR Filing Document

**Accession Number:** 0001865861
**File Stem:** 0001493152-25-024332
**Filing Date:** 2025-11
**Character Count:** 90865
**Document Hash:** 67a74e92ed8c2419342c90468372535e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-024332.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001493152-25-024332

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cactus Acquisition Corp. 1 Ltd
- **CENTRAL INDEX KEY:** 0001865861
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 981598362
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40981
- **FILM NUMBER:** 251500293

**BUSINESS ADDRESS:**
- **STREET 1:** 4B CEDAR BROOK DRIVE
- **CITY:** CRANBURY
- **STATE:** NJ
- **ZIP:** 08512
- **BUSINESS PHONE:** 609-495-2222

**MAIL ADDRESS:**
- **STREET 1:** 4B CEDAR BROOK DRIVE
- **CITY:** CRANBURY
- **STATE:** NJ
- **ZIP:** 08512

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

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

For the fiscal quarter ended September 30, 2025

☐ **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 **001-40981**

**Cactus Acquisition Corp. 1 Ltd.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **333-258042** | **N/A** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**11 Deer Park Drive, Suite 204 Monmouth Junction, NJ 088512** (Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(609) 495-2216**

**Former Address**

NA

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

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A ordinary shares, par value $0.0001 per share** | **CCTSF** | **Over The Counter (OTC) Market** |
| **Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50** | **CTSWF** | **Over The Counter (OTC) Markets** |
| **Units, each consisting of one Class A ordinary share and one-half of a redeemable warrant** | **CTSUF** | **Over The Counter (OTC) Markets** |

---

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 Section 15(d) of the Exchange 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, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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

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

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

As of October 30, 2025, 3,926,061 Class A ordinary shares, par value $0.0001 per share, and 1 Class B ordinary share, par value $0.0001 per share, were issued and outstanding.

Documents Incorporated by Reference: None.

**CACTUS ACQUISITION CORP. 1 LTD.**

**QUARTERLY REPORT ON FORM 10-Q**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_001) | iii |
| [PART I](#a_002) | F-1 |
| &nbsp;&nbsp;&nbsp;[Item 1. Financial Statements.](#a_003) | F-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Balance Sheets](#f_001) | F-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Statement of Operations](#f_002) | F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Statements of Changes in Capital Deficiency](#f_003) | F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Statement of Cash Flows](#f_004) | F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Financial Statements (unaudited)](#f_005) | F-6 |
| &nbsp;&nbsp;&nbsp;[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](#a_004) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 3. Quantitative and Qualitative Disclosures About Market Risk.](#a_005) | 5 |
| &nbsp;&nbsp;&nbsp;[Item 4. Controls and Procedures.](#a_006) | 6 |
| [PART II](#a_007) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 1. Legal Proceedings.](#a_008) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 1A. Risk Factors.](#a_009) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 1B. Unresolved Staff Comments.](#a_010) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 1C. Cybersecurity.](#a_011) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#a_012) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 3. Defaults Upon Senior Securities.](#a_013) | 8 |
| &nbsp;&nbsp;&nbsp;[Item 4. Mine Safety Disclosures.](#a_014) | 8 |
| &nbsp;&nbsp;&nbsp;[Item 5. Other Information.](#a_015) | 8 |
| &nbsp;&nbsp;&nbsp;[Item 6. Exhibits.](#a_016) | 8 |
| [SIGNATURES](#a_017) | 9 |

---

i

**CERTAIN TERMS**

Unless otherwise stated in this Quarterly Report on Form 10-Q (this "*Quarterly Report*"), references to:

● "**Board** "
 our board of directors from time to time;

● "**initial business combination**" are to a merger, share exchange, asset acquisition, share purchase, reorganization or similar business
 combination with one or more businesses;"

● "**Class A ordinary shares**" are to our Class A ordinary shares, par value $0.0001 per share;

● "**Class B ordinary shares**" are to our Class B ordinary shares, par value $0.0001 per share;

● "**combination period**" are from the closing of the IPO to November 2, 2026 (or such earlier date
 as determined by the Board) reflecting the first extension, the second extension, third extension, and fourth extension that we have to consummate
 an initial business combination; provided that the combination period may be further extended pursuant to an amendment to the amended
 and restated memorandum and articles of association and consistent with applicable laws, regulations and stock exchange rules;

● "**Companies Law**" are to the Companies Law (2021 Revision) of the Cayman Islands, as the same may be amended from time to time;

● "**founders shares**" are to our 3,162,499 Class A ordinary shares and 1 Class B ordinary share, in the aggregate, initially purchased
 in the form of Class B ordinary shares in a private placement (2,875,000 shares), or received in a share dividend (287,500 shares),
 by our original sponsor prior to our IPO, and the 1 Class A ordinary shares that will be issued upon the automatic conversion of
 those the remaining 1 Class B ordinary shares at the time of our initial business combination (for the avoidance of doubt, such Class
 A ordinary shares will not be "public shares");

● "**founder share conversion**" are to the conversion by our original sponsor 3,162,499 of the 3,162,500 founders shares from Class B
 ordinary shares to Class A ordinary shares on October 24, 2023;

● "fourth **extension**" are to the extension, to November 2, 2026, of the deadline for our entry into
an initial business combination under our amended and restated memorandum and articles of association;

● "fourth **extension meeting**" is to the extraordinary general meeting held on October 31, 2025 approval
for, among related matters, the fourth extension;

● "**management** "
 or our "**management team**" are to our officers and directors;

● "**original sponsor**" are to Cactus Healthcare Management LP, a Delaware limited partnership, including, where applicable, its affiliates;

● "**private warrants**" are to the 4,866,667 warrants that were issued and sold to our original sponsor in a private placement simultaneously
 with the closing of our initial public offering;

● "**public shareholders**" are to the holders of our public shares, including our original sponsor, officers and directors to the extent
 our original sponsor, officers or directors purchase public shares, provided their status as a "public shareholder" shall
 only exist with respect to such public shares;

● "**public shares**" are to our Class A ordinary shares sold as part of the public units in our initial public offering (whether they
 were purchased in our initial public offering or thereafter in the open market);

● "**public units**" are to the units (consisting of public shares and warrants) sold in our initial public offering;

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

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

● "**sponsor alliance**" are to the transfers of 80% of the founders shares and 80% of the private warrants held by the original sponsor
 to the first successor sponsor, including all agreements executed in connection with such transfers, which closed on February 23,
 2024;

● "**sponsor purchase agreement**" are to the sponsor purchase agreement dated February 9, 2024, among our original sponsor, the successor
 sponsor and us;

● "**sponsor shareholders**" are to our original sponsor, Cactus Healthcare Management LP, the successor sponsor, EVGI Ltd, and the current
 sponsor, ARWM Inc Pte. Ltd;

● "**successor sponsor**" are to EVGI Ltd, an English private limited company, including, where applicable, its affiliates;

● "third **extension**" are to the extension, to November 2, 2025, of the deadline for our entry into an initial business combination
 under our amended and restated memorandum and articles of association;

● "third **extension meeting**" is to the extraordinary general meeting held on November 1, 2024 approval for, among related matters,
 the third extension;

● "**trust account**" are to the U.S.-based trust account at J.P. Morgan Chase Bank, N.A. maintained by Continental Stock Transfer &
 Trust Company, acting as trustee;

● "**trust agreement**" are to the investment management trust agreement, dated as of November 2, 2021, by and between our company and
 Continental Stock Transfer & Trust Company, as trustee;

● "**unit** "
 are to a unit consisting of one Class A ordinary share and one-half warrant;

ii

● "**warrants** "
 are to our redeemable warrants sold as part of the public units in our initial public offering (whether they were purchased in our
 initial public offering or thereafter in the open market) and the private warrants;

● "**we**,"
 "**us**," "**our**," "**the company**" or "**our company**" are to Cactus
 Acquisition Corp. 1 Limited, a Cayman Islands exempted company;

● "**2024 SPAC Rules**" are to the new rules and regulations for special purpose acquisition companies adopted by the SEC on January
 24, 2024, which became effective on July 1, 2024; and

● "**$**,"
 "**US$**" and "**U.S. dollar**" each refer to the United States dollar.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements contained in this Quarterly Report are forward-looking in nature. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report may include, for example, statements about:

● our ability to consummate the business combination with Tembo e-LV B.V. pursuant to the Business Combination Agreement entered into on August 29, 2024;

● the expected benefits of the business combination with Tembo e-LV B.V., including the future financial and operating performance of the combined company;

● our ability to obtain the required shareholder and regulatory approvals and satisfy other closing conditions under the Business Combination Agreement;

● the anticipated timing of the closing of the business combination and listing of the combined company on the Nasdaq Stock Market;

● our potential ability to obtain additional financing to support transaction expenses or post-closing operations;

● our success in retaining or recruiting, or changes required in, our officers, key employees, or directors following the business combination;

● our officers and directors allocating their time to other businesses and potential conflicts of interest;

● risks related to the business and operations of Tembo and the markets in which it operates;

● the use of proceeds not held in our trust account at Bank of America, N.A., maintained by Continental Stock Transfer & Trust Company as trustee;

● our trust account not being subject to claims of third parties; or

● our financial performance following our initial public offering or following the completion of the business combination.

Forward-looking statements are subject to numerous risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected in such statements, including those discussed in "Risk Factors" and elsewhere in this Quarterly Report.

The forward-looking statements contained in this Quarterly 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 in "*Item 1A. Risk Factors*". 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.

iii

**PART I**

**Item 1. Financial Statements.** 

**CACTUS ACQUISITION CORP. 1 LIMITED**

**UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**AS OF SEPTEMBER 30, 2025, AND FOR THE NINE MONTHS AND THREE MONTHS ENDED ON THAT DATE**

INDEX

---

| | |
|:---|:---|
|  | **Page** |
| **[Condensed Balance Sheets](#f_001)** | F-2 |
| **[Condensed Statements of Operations](#f_002)** | F-3 |
| **[Condensed Statements of Changes in Capital Deficiency](#f_003)** | F-4 |
| **[Condensed Statements of Cash Flows](#f_004)** | F-5 |
| **[Notes to the Condensed Financial Statements](#f_005)** | F-6 – F-15 |

---

**CACTUS ACQUISITION CORP. 1 LIMITED**

UNAUDITED CONDENSED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Note** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  |  | **U.S. Dollars in thousands** | **U.S. Dollars in thousands** |
| **A s s e t s** |  |  |  |
| **CURRENT ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 34 | 196 |
| **TOTAL CURRENT ASSETS** |  | 42 | 204 |
| **NON-CURRENT ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash held in trust account |  | 9263 | 8980 |
| **TOTAL ASSETS** |  | 9305 | 9184 |
| **Liabilities, shares subject to possible redemption and capital deficiency** |  |  |  |
| **CURRENT LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities |  | 1037 | 952 |
| &nbsp;&nbsp;&nbsp;Sponsor loan |  | 836 | 689 |
| &nbsp;&nbsp;&nbsp;Promissory notes |  | 880 | 632 |
| **TOTAL CURRENT LIABILITIES** |  | 2753 | 2273 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |
| **CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION: 763,572 shares at September 30, 2025 and December 31, 2024, at a redemption value of $12.13 per share and $11.76 per share, respectively** |  | 9263 | 8980 |
| **CAPITAL DEFICIENCY:** | 4 |  |  |
| &nbsp;&nbsp;&nbsp;Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized, 3,162,499 shares issued and outstanding at September 30, 2025 and December 31, 2024 |  | \* | \* |
| &nbsp;&nbsp;&nbsp;Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized, 1 share issued and outstanding at September 30, 2025 and December 31, 2024 |  | \* | \* |
| &nbsp;&nbsp;&nbsp;Preference Shares, $0.0001 par value; 5,000,000 shares authorized, no shares issued and outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid in capital |  | 2 | 285 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | (2713) | (2354) |
| **TOTAL CAPITAL DEFICIENCY** |  | (2711) | (2069) |
| **TOTAL LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND CAPITAL DEFICIENCY** |  | 9305 | 9184 |

---

---

| | |
|:---|:---|
| <sup>(\*)</sup> | Represents an amount less than 1 thousand US Dollars |

---

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

**CACTUS ACQUISITION CORP. 1 LIMITED**

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended <br> September 30, 2025** | **Nine months ended <br> September 30, 2024** | **Three months ended <br> September 30, 2025** | **Three months ended <br> September 30, 2024** |
|  | **U.S. Dollars in thousands** | **U.S. Dollars in thousands** | **U.S. Dollars in thousands** | **U.S. Dollars in thousands** |
|  | **Except per share data** | **Except per share data** | **Except per share data** | **Except per share data** |
| INTEREST EARNED ON MARKETABLE SECURITIES HELD IN TRUST ACCOUNT | 283 | 840 | 95 | 283 |
| OPERATING EXPENSES | (542) | (936) | (256) | (394) |
| FINANCIAL EXPENSES | (100) | (210) | (38) | (105) |
| **NET LOSS FOR THE PERIOD** | (359) | (306) | (199) | (216) |
| **WEIGHTED AVERAGE OF CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION** | 763592 | 1912371 | 763592 | 1912371 |
| **BASIC AND DILUTED EARNINGS PER CLASS A ORDINARY SHARE SUBJECT TO POSSIBLE REDEMPTION, see Note 5** | 0.58 | 0.30 | 0.28 | 0.08 |
| **WEIGHTED AVERAGE OF NON-REDEEMABLE CLASS A AND CLASS B ORDINARY SHARES OUTSTANDING** | 3162500 | 3162500 | 3162500 | 3162500 |
| **BASIC AND DILUTED INCOME (LOSS) PER NON-REDEEMABLE CLASS A AND CLASS B ORDINARY SHARE, see Note 5** | (0.26) | 1.23 | (0.13) | (0.12) |

---

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

**CACTUS ACQUISITION CORP. 1 LIMITED**

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN CAPITAL DEFICIENCY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary shares** | **Class A Ordinary shares** | **Class B Ordinary shares** | **Class B Ordinary shares** | | | |
|  | **Number of shares** | **Par value** | **Number of shares** | **Par value** | **Additional**<br>**paid-in<br> capital** |<br>**Accumulated Deficit** |<br>**Total** |
|  | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** |
| **BALANCE AT JANUARY 1, 2025** | 3162499 | \* | 1 | \* | 285 | (2354) | (2069) |
| &nbsp;&nbsp;&nbsp;Accretion of Class A common stock subject to redemption amount as of September 30, 2025 |  |  |  |  | (571) |  | (571) |
| &nbsp;&nbsp;&nbsp;Sponsor surrender of 125,000 founder shares |  |  |  |  | 288 |  | 288 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  |  | (359) | (359) |
| **BALANCE AT SEPTEMBER 30, 2025** | 3162499 | - | 1 | \* | 2 | (2713) | (2711) |
| **BALANCE AT JULY 1, 2025:** | 3162499 | - | 1 | \* | 97 | (2514) | (2417) |
| Accretion of Class A common stock subject to redemption amount as of September 30, 2025 |  |  |  |  | (272) |  | (272) |
| Sponsor surrender of 75,000 founder shares |  |  |  |  | 177 |  | 177 |
| Net loss for the period |  |  |  |  |  | (199) | (199) |
| **BALANCE AT SEPTEMBER 30, 2025** | 3162499 | - | 1 | \* | 2 | (2713) | (2711) |
| **BALANCE AT JANUARY 1, 2024:** | 3162499 | \* | 1 | \* | - | (5470) | (5470) |
| &nbsp;&nbsp;&nbsp;Sponsor loan waiver |  |  |  |  | 860 |  | 860 |
| &nbsp;&nbsp;&nbsp;Valuation of promissory note |  |  |  |  | 246 |  | 246 |
| &nbsp;&nbsp;&nbsp;Accretion of Class A common stock subject to redemption amount as of September 30, 2025 |  |  |  |  | (1013) |  | (1013) |
| &nbsp;&nbsp;&nbsp;Underwriters' deferred compensation waiver |  |  |  |  |  | 4428 | 4428 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  |  | (306) | (306) |
| **BALANCE AT SEPTEMBER 30, 2024** | 3162499 | - | 1 | \* | 93 | (1348) | (1255) |
| **BALANCE AT JULY 1, 2024:** | 3162499 | - | 1 | \* | 435 | (1132) | (697) |
| Accretion of Class A common stock subject to redemption amount as of September 30, 2024 |  |  |  |  | (342) |  | (342) |
| Net loss for the period |  | - |  |  |  | (216) | (216) |
| **BALANCE AT SEPTEMBER 30, 2024** | 3162499 | - | 1 | \* | 93 | (1348) | (1255) |

---

---

| | |
|:---|:---|
| <sup>(\*)</sup> | Represents an amount less than 1 thousand US Dollars |

---

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

**CACTUS ACQUISITION CORP. 1 LIMITED**

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br> September 30, 2025** | **Nine months ended<br> September 30, 2024** |
|  | **U.S. Dollars in thousands** | **U.S. Dollars in thousands** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | (359) | (306) |
| &nbsp;&nbsp;&nbsp;Financial expenses | 100 | 210 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in prepaid expenses | 162 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses | 85 | (213) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (12) | (339) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sponsor loan | 95 | 687 |
| &nbsp;&nbsp;&nbsp;Proceeds from promissory note | 200 | 600 |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 295 | 1287 |
| **NET CHANGE IN CASH, CASH EQUIVALENTS AND CASH HELD IN A TRUST ACCOUNT** | 283 | 948 |
| **CASH, CASH EQUIVALENTS AND CASH HELD IN A TRUST ACCOUNT AT BEGINNING OF THE PERIOD** | 8988 | 21239 |
| **CASH, CASH EQUIVALENTS AND CASH HELD IN A TRUST ACCOUNT AT END OF THE PERIOD** | 9271 | 22187 |
| **RECONCILIATION OF CASH, CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS HELD IN TRUST ACCOUNT:** |  |  |
| Cash and cash equivalents | 8 | 13 |
| Cash held in trust account | 9263 | 22174 |
| **CASH, CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS HELD IN TRUST ACCOUNT AT END OF THE PERIOD** | 9271 | 22187 |
| **SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:** |  |  |
| &nbsp;&nbsp;&nbsp;Sponsor loan waiver |  | 860 |
| &nbsp;&nbsp;&nbsp;Valuation of promissory note |  | 246 |
| &nbsp;&nbsp;&nbsp;Underwriters' deferred compensation waiver |  | 4428 |

---

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

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

**NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Organization and General** 

Cactus Acquisition Corp. 1 Limited (hereafter – the Company) is a blank check company, incorporated on April 19, 2021 as a Cayman Islands exempted company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (hereafter – the Business Combination).

The Company may pursue a business combination target in any business or industry and across any geographical region. However, the original sponsor focused its search on technology-based healthcare businesses domiciled in Israel and that conduct all or a substantial portion of their activities in Israel. Upon the completion of the sale of 80% of the original sponsor's equity to a second sponsor on February 23, 2024 (see Note 6), the Company altered the focus of its search on emerging technology companies globally, and particularly those in the energy renewables sector.

The Company is an early stage and an emerging growth company, and as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

All activity for the period from inception through September 30, 2025 relates to the Company's formation, its initial public offering (the "Public offering") described below, and activities to identify a business combination target. The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the private placement (as defined below in Note 3). The Company has selected December 31 as its fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Sponsor and Financing** 

On February 9, 2024, the Company's first sponsor, Cactus Healthcare Management, L.P. ("Cactus LP"), entered into a sponsor securities purchase agreement with EVGI Limited ("EVGI"), the Company's second sponsor, pursuant to which, on February 23, 2024, Cactus LP transferred to EVGI 80% of the securities of the Company owned by Cactus LP prior to the transaction.

On April 29, 2024, a subsequent sponsor securities purchase agreement was executed between EVGI, the Company's second sponsor, and ARWM Pte Limited (ARWM"), the Company's third sponsor, pursuant to which, on May 16, 2024, EVGI transferred to ARWM 100% of the securities of the Company owned by EVGI prior to the transaction.

See Note 6 - Related Party Transactions regarding Second Sponsor Alliance, Third Sponsor Alliance, and Promissory Notes for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Trust Account** 

The proceeds held in the Trust Account are invested in money market funds registered under the Investment Company Act and compliant with Rule 2a-7 thereof that maintain a stable net asset value of $1.00. Unless and until the Company completes the Initial Business Combination, it may pay its expenses only from the net proceeds of the Public Offering held outside the Trust Account.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 1 - GENERAL** (continued)**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Extension Amendments / Business Combination** 

On November 1, 2024, the Company held an extraordinary general meeting (the "Third Extension Meeting), at which the Company's shareholders voted to approve the Third Extension, which extended the mandatory liquidation date from November 2, 2024 to November 2, 2025. A total of 1,148,799 Class A ordinary shares were redeemed in connection with the Third Extension, resulting in 3,926,071 Class A ordinary shares outstanding, consisting of 763,572 publicly-held Class A ordinary shares and 3,162,499 founders shares.

Pursuant to the October 29, 2024, non-redemption agreement as it related to the Third Extension, since a business combination did not close by May 2, 2025, the Sponsor is obligated to transfer to the non-redeeming shareholder, an additional 25,000 founder shares held by it per month beginning on May 3, 2025 and ending on October 2, 2025 (up to 150,000 founder shares). The 75,000 Class A shares due to the Non-Redeeming Shareholder for the quarter ended September 30, 2025 has an implied value of $2.36 per share, or an aggregate value of $177,000. The $177,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price at the measurement date of $11.79, and assigning a probability of acquisition of 20%. This 177,000 value consideration is reflected in the shareholders equity section of the financial statements.

On April 2, 2024, the Company entered into a non-binding heads of agreement with Tembo e-LV B.V. (Tembo), a private company incorporated under the laws of the Netherlands. On August 29, 2024, the Company and Tembo signed a Business Combination Agreement. The parties are advancing activities towards consummating a business combination transaction.

On October 31, 2025 (See Note 10 – Subsequent Events), the Company held an extraordinary general meeting (the "Fourth Extension Meeting), at which the Company's shareholders voted to approve the Fourth Extension, which extended the mandatory liquidation date from November 2, 2025 to November 2, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Substantial Doubt about the Company's Ability to Continue as a Going Concern** 

On November 2, 2024, the Company extended the date by which the Company has to consummate an Initial Business Combination from November 2, 2024 to November 2, 2025, the mandatory liquidation date.

On October 31, 2025 (See Note 10 - Subsequent Events), the Company extended the date by which the Company has to consummate an Initial Business Combination from November 2, 2025 to November 2, 2026, the mandatory liquidation date. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company intends to complete an Initial Business Combination before the mandatory liquidation date.

However, there can be no assurance that the Company will be able to consummate any business combination ahead of the mandatory liquidation date, nor that they will be able to raise sufficient funds to complete an Initial Business Combination. These matters raise substantial doubt about the Company's ability to continue as a going concern, for the subsequent twelve months following the issuance date of these financial statements.

No adjustments have been made to the carrying amounts of assets or liabilities should the Company fail to obtain financial support in its search for an Initial Business Combination, nor if it is required to liquidate after the mandatory liquidation date.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 1 - GENERAL** (continued)**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Emerging Growth Company** 

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make a comparison of the Company's 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Notice of Delisting** 

On October 29, 2024, the Company received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) stating that because the Company had not completed an initial business combination within 36 months of the effective date of its registration statement in connection with its initial public offering, it was not in compliance with Nasdaq IM 5101-2 and was therefore subject to delisting.

On November 2, 2024, the Company secured shareholder approval to extend its life by 12 months, to November 2, 2025. Trading in the Company's securities on NASDAQ was suspended at the opening of business on November 5, 2024 and trading of the Company's securities on the OTC market commenced on November 6, 2024, under the symbol CCTSF. The delisting and commencement of trading on OTC does not affect the Company's previously announced business combination agreement with Tembo, as both parties continue to work to effectuate the completion of the transaction. The combined company intends to apply for up-listing on the Nasdaq Stock Market in connection with the completion of the business combination.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:**

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereafter – U.S. GAAP) and the regulations of the Securities Exchange Commission (hereafter – SEC). The significant accounting policies used in the preparation of the financial statements are as follows:

**Basis of Presentation**

The Company's unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the SEC for interim financial information and the instructions to Form 10-Q.

Certain disclosures included in the financial statements as of, and for the year ended, December 31, 2024, have been condensed or omitted from these financial statements as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. These unaudited condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year.

These unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements.

The accounting policies applied in the preparation of the unaudited condensed financial statements are consistent with those applied in the preparation of the annual financial statements as of December 31, 2024.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 3 - PUBLIC OFFERING**

In the Initial Public Offering, the Company issued and sold 12,650,000 units at an offering price of $10.00 per unit (the "Units"). The Sponsor purchased an aggregate of 4,866,667 Private Warrants (as defined below) at a price of $1.50 per Private Warrant, approximately $7,300,000 in the aggregate.

Each Unit consists of one Class A ordinary share, $0.0001 par value, and one-half of one warrant, with each whole warrant exercisable for one Class A ordinary share (each, a "Warrant" and, collectively, the "Warrants"). Each Warrant entitles the holder thereof to purchase one whole Class A ordinary share at a price of $11.50 per share, subject to adjustment. No fractional shares will be issued upon exercise of the Warrants and only whole Warrants will trade. Each Warrant will become exercisable 30 days after the completion of the Company's initial Business Combination and will expire at 5:00 p.m., New York City time, five years after the completion of the initial Business Combination or earlier upon redemption (only in the case of the Warrants sold in the Public Offering, or the "Public Warrants") or liquidation.

Once the Public Warrants become exercisable, the Company may redeem them 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, if and only if the last reported sale price of the Company's Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) 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.

The Warrants sold in the Private Placement (the "Private Warrants") are identical to the Public Warrants except that: (1) they (including the ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the sponsor until 30 days after the completion of the initial business combination; (2) they (including the ordinary shares issuable upon exercise of these warrants) are not registered but are entitled to registration rights; and (3) prior to being sold in the open market or transferred into "street name", they are not redeemable by the Company.

The Company paid an underwriting commission of 2.0% of the gross proceeds of the Public Offering, or $2,530,000, in the aggregate, to the underwriters at the closings of the Public Offering. See Note 6 for more information regarding the waiver of an additional fee that was payable to the underwriters upon the consummation of an Initial Business Combination.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 4 - CAPITAL DEFICIENCY:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Ordinary Shares** 

*Class A ordinary shares*

The Company is authorized to issue up to 500,000,000 Class A ordinary shares of $0.0001 par value each. Pursuant to the initial Public Offering on December 31, 2022 the Company issued and sold an aggregate of 12,650,000 Class A ordinary shares as part of the Units sold in the respective transaction. The Units (which also included Warrants) were sold at a price of $10 per Unit, and for an aggregate consideration of $126,500 thousand in the Public. See Note 3 above for further information regarding those share issuances.

*Class B ordinary shares*

The Company is authorized to issue up to 50,000,000 Class B ordinary shares of $0.0001 par value each. On May 14, 2021, the Company issued 2,875,000 Class B ordinary shares of $0.0001 par value each for a total consideration of $25 thousand to the Sponsor. In October 2021, the Company effected a stock share dividend of 0.1 shares for each founder share outstanding, resulting in an aggregate of 3,162,500 founder shares outstanding and held by the Sponsor and the Company's directors.

Class B ordinary shares are convertible into Class A ordinary shares, on a one-to-one basis, at any time and from time to time at the option of the holder, or automatically on the day of the business combination. Class B ordinary shares also possess the sole right to vote for the election or removal of directors, until the consummation of an initial business combination.

On October 24, 2023, the Sponsor converted 3,162,499 of the 3,162,500 founders shares from Class B ordinary shares to Class A ordinary shares, leaving only one Class B ordinary share outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Preference shares** 

The Company is authorized to issue up to 5,000,000 Preference Shares of $0.0001 par value each. As of September 30, 2025 and 2024, the Company has no Preference shares issued and outstanding.

**NOTE 5** - **EARNINGS PER SHARE:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Basic** 

As of September 30, 2025 and 2024, the Company had two classes of ordinary shares, Class A ordinary shares (out of which 763,592 shares are subject to possible redemption) and Class B ordinary shares. In order to determine the net loss attributable to each class, the Company first considered the total earnings (loss) allocable to both sets of shares. This is calculated using the total earnings (loss) less any Interest Earned on Investments Held in Trust Account. The accretion to redemption value of the Class A ordinary shares subject to possible redemption is fully allocated to the Class A ordinary shares subject to redemption.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 5** - **EARNINGS PER SHARE (continued):**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended<br> September 30, 2025** | **Nine months ended<br> September 30, 2024** | **Three months ended<br> September 30, 2025** | **Three months ended<br> September 30, 2024** |
|  | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** | **U.S. dollars in thousands (except share data)** |
| Net loss for the period | (359) | (306) | (199) | (216) |
| Less - interest earned on marketable securities held in trust account | (283) | (840) | (95) | (283) |
| Net loss excluding interest | (642) | (1146) | (294) | (499) |
| **Class A ordinary shares subject to possible redemption:** |  |  |  |  |
| Numerator: |  |  |  |  |
| Net loss excluding interest | (125) | (432) | (57) | (188) |
| Accretion on Class A ordinary shares subject to possible redemption to redemption amount ("Accretion") | 571 | 1013 | 272 | 342 |
|  | 446 | 581 | 215 | 154 |
| Denominator: |  |  |  |  |
| Weighted average of class A ordinary shares subject to possible redemption | 763592 | 1912371 | 763592 | 1912371 |
| **Basic and diluted earnings per Class A ordinary share subject to possible redemption** | 0.58 | 0.30 | 0.28 | 0.08 |
| **Non-redeemable Class A and Class B ordinary shares:** |  |  |  |  |
| Numerator: |  |  |  |  |
| Net loss excluding interest | (517) | (714) | (237) | (311) |
| Sponsor loan waiver |  | 335 |  |  |
| Accretion | (288) | (171) | (177) | (57) |
| Underwriters' deferred compensation waiver | – | 4428 | – | - |
|  | (805) | 3878 | (414) | (368) |
| Denominator: |  |  |  |  |
| Weighted average of non-redeemable Class A and Class B ordinary shares outstanding | 3162500 | 3162500 | 3162500 | 3162500 |
| **Basic and diluted earnings (loss) per non-redeemable Class A and Class B ordinary share** | (0.26) | 1.23 | (0.13) | (0.12) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Diluted** 

As of September 30, 2025, the Company did not have any dilutive securities or any other contracts which could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 6 - RELATED PARTY TRANSACTIONS:**

**Promissory notes**

On May 17, 2024, the Company issued an unsecured promissory note to the Company's third sponsor, ARWM Inc Pte. Ltd. (the "Lender") with a principal amount up to $500,000 (the "Note"). The Note is repayable in full upon the earlier of (a) November 1, 2024, (b) the date of the consummation of the Company's initial business combination or (c) the date of the liquidation of the Company (such earlier date, the "Maturity Date"). The Note bears no interest, however, an establishment fee, a line fee and an exit fee totaling in aggregate 9.0% per annum are payable on the Maturity Date. At the option of Lender, at any time on or prior to the Maturity Date, any unpaid principal amount outstanding under this Note may be converted into whole warrants of the Company to purchase common stock of the Company at a conversion price equal to $1.00 per Warrant. If Lender elects such conversion, the terms of such Warrants shall be identical to the warrants issued in connection with Company's initial public offering that closed on November 2, 2021 (the "Private Placement Warrants").

The Company and the Lender signed a Note extension on November 1, 2024 to extend the Maturity Date from November 1, 2024 to June 30, 2025, and on July 29, 2025 to extend the Maturity Date to June 30, 2026. All other terms of the Note remain unchanged by the Note extension.

The Lender advanced $95,000 during the nine months ended September 30, 2025 and $20,000 during the three months ended September 30, 2025. The balance due the Lender as of September 30, 2025 was $836,000 (reflected as Sponsor loan on the balance sheet), which consisted of $758,000 of advances under the Note plus $78,000 of accrued interest.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 6 - RELATED PARTY TRANSACTIONS** (continued)**:**

**Third Sponsor Alliance**

On April 29, 2024, a subsequent sponsor securities purchase agreement was executed between EVGI, the Company's second sponsor, and ARWM Pte Limited ("ARWM"), the Company's third sponsor, pursuant to which, EVGI agreed to transfer to ARWM on the closing (a) an aggregate of 2,360,000 founders' shares, consisting of 2,359,999 Class A ordinary shares of the Company, or 46.50% of the outstanding Class A Ordinary Shares, and 1 Class B ordinary share of the Company ("Class B Ordinary Share"), or 100% of the outstanding Class B Ordinary Shares and (b) 3,893,334 private placement warrants ("Private Warrants") that had been purchased by the first Sponsor concurrently with the Company's IPO. Prior to the closing of the Third Sponsor Alliance, 170,000 Class A Ordinary Shares owned by EVGI were transferred to EVGI Designees. The transferred securities constituted 100% of the securities of the Company owned by EVGI prior to transaction.

On May 16, 2024, the parties completed the closing and as part of the closing of the Third Sponsor Alliance, the Company introduced a change in management and the board of directors of the Company.

**NOTE 7 - PROMISSORY NOTES - UNRELATED PARTIES:**

**Energi Holding Limited** 

On March 25, 2024, the Company issued an unsecured promissory note to Energi Holding Limited ("Energi"), unrelated party, with a principal amount up to $600,000 (the "Note"). The Note is repayable in full upon the earlier of (a) November 1, 2024, (b) the date of the consummation of the Company's initial business combination or (c) the date of the liquidation of the Company (such earlier date, the "Maturity Date"). The Note bears no interest, however, an establishment fee, a line fee and an exit fee totaling in aggregate 9.0% per annum, are payable on the Maturity Date. On March 25, 2024, Energi advanced $600,000 to the Company under the Note.

The Company and Energi signed a Note extension to extend the Maturity Date from November 1, 2024 to November 2, 2025. All other terms of the Note remain unchanged by the Note extension. The Company is currently in discussions with Energi regarding a potential extension of the Maturity Date beyond November 2, 2025.

As an inducement for Energi Lender to fund the Note, EVGI Limited ("EVGI"), the second sponsor, and Energi agreed that (a) Sponsor and Energi shall enter into an agreement pursuant to which Energi may elect upon forfeiture of its rights to payment of amounts outstanding under the Note to receive a number of the Company's Class A Ordinary Shares held of record by the Sponsor to be determined in such agreement and (b) Sponsor shall transfer to Energi 600,000 of the Company's Class A ordinary shares held of record by Sponsor, or subsequent sponsors, for no consideration at such time and on such terms as shall be agreed. The Sponsor's inducement was recognized as a deduction from the $600,000 note in an amount of $246,000, which was recognized in subsequent periods as finance expenses.

**CACTUS ACQUISITION CORP. 1 LIMITED**

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (continued)

**NOTE 7 - PROMISSORY NOTES - UNRELATED PARTIES** (continued)**:**

The $246,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price of $10.00 and assigning a probability of acquisition of 15%. This $246,000 value consideration is reflected as an increase to additional paid in capital and a reduction to the note liability for debt issuance costs.

The balance due Energi as of September 30, 2025 was $675,000, which consisted of $600,000 of advances under the Note plus $75,000 of accrued interest**.**

**Hali International Limited** 

On July 17, 2025, the Company issued an unsecured promissory note to Hali International Limited ("Hali"), unrelated party, with a principal amount of $200,000 (the "Note"). The Note is repayable in full on or prior to December 31, 2025 (the "Maturity Date"). The Note bears interest at 12% per annum.

The balance due Hali as of September 30, 2025 was $205,000, which consisted of $200,000 of advances under the Note plus $5,000 of accrued interest**.**

See Note 10 – Subsequent Events, Promissory Note, for additional information.

The total balance due under Promissory Notes – unrelated parties as of September 30, 2025 was $880,000, which consisted of $800,000 of advances under the Note plus $80,000 of accrued interest.

**NOTE 8 - COMMITMENTS AND CONTINGENCIES**

**Extension Amendment**

Pursuant to the October 29, 2024, non-redemption agreement as it related to the Third Extension (See Note 1d), since a business combination did not close by May 2, 2025, the Sponsor is obligated to transfer to the non-redeeming shareholder, an additional 25,000 founder shares held by it per month beginning on May 3, 2025 and ending on October 2, 2025 (up to 150,000 founder shares). For the quarters ended September 30, 2025 and June 30, 2025, the value of 75,000 and 50,000 shares, respectively, were reflected in the shareholders equity section of the of the financial statements (See Note 1d).

**NOTE 9 - FINANCIAL INCOME AND EXPENSES**

Financial income represents interest earned on funds in the Trust account (see Note 2d), which amounted to $283,000 for the nine months ended September 30, 2025 and $840,000 for the nine months ended September 30, 2024. Financial expenses represent $52,000 on the Sponsor loan (see Note 6b) and $48,000 on the Promissory notes (see Note 7), for a total amount of $100,000 for the nine months ended September 30, 2025 and represent $210,000 on the Promissory notes for the nine months ended September 30, 2024.

**NOTE 10 - SUBSEQUENT EVENTS**

**Promissory Note**

On October 15, 2025, the Company issued an unsecured promissory note to Hali, unrelated party, with a principal amount of $150,000 (the "Note"). The Note is repayable in full on or prior to October 14, 2026 (the "Maturity Date"). The Note bears interest at 12% per annum.

**Extension Amendment / Business Combination**

On October 31, 2025, the Company held an extraordinary general meeting (the "Fourth Extension Meeting), at which the Company's shareholders voted to approve the Fourth Extension, which extended the mandatory liquidation date from November 2, 2025 to November 2, 2026. A total of 711,333 Class A ordinary shares were redeemed in connection with the Fourth Extension, resulting in 3,214,738 Class A ordinary shares outstanding, consisting of 52,239 publicly-held Class A ordinary shares and 3,162,499 founders shares. Accordingly, on November 14, 2025, $8,660,805.78 was distributed from the Trust Account to the shareholders who redeemed their shares.

If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company intends to complete an Initial Business Combination before the mandatory liquidation date, however, there is no guarantee that such an Initial Business Combination will be completed.

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

**Overview**

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We completed our initial public offering in November 2021, and since that time, we have engaged in discussions with potential business combination target companies; we have reached a definitive agreement with a specific target company with respect to an initial business combination with us. We intend to effectuate our initial business combination using cash from the proceeds of our initial public offering and the private placement of the private warrants, our shares, debt or a combination of cash, shares and debt.

The issuance of additional ordinary shares in a business combination (by our company, or by a target company that will serve as the public company following the business combination and in which target company shareholders may possess a majority interest):

● may significantly dilute the equity interest of investors in our initial public offering, which dilution would increase if the anti-dilution provisions of the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary 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 of control if a substantial number of our (or the target company's) 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; and

● may adversely affect prevailing market prices for our Class A ordinary shares and/or warrants.

Similarly, if we or the target company issue(s) debt securities or otherwise incur significant indebtedness, it could result in:

● default and foreclosure on our assets if our operating revenues after an 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 security is payable on demand;

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

● our inability to pay dividends on our 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 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.

As indicated in the accompanying financial statements, at September 30, 2025 we had $8,000 of cash and $2,711,000 of working capital deficiency. Further, we expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.

**Business Combination Agreement**

On August 29, 2024, we signed a Business Combination Agreement (BCA) with Tembo e-LV B.V. (Tembo), a private company incorporated under the laws of the Netherlands,.

On May 29, 2025, VivoPower International PLC, which owns 100% of Tembo, announced that they had received a non-binding proposal from Energi Holdings limited ("Energi") for a direct strategic acquisition of VivoPower's subsidiary, Tembo. Energi, headquartered in Abu Dhabi, is a global energy solutions company with $1 billion in annual revenues and operations spanning the Middle East, Africa, South Asia, Europe, and Southeast Asia. The proposal from Energi outlines its intention to acquire 51% of Tembo based on a total enterprise value of $200 million. The parties have agreed to work towards negotiating a final structure and binding transaction documents. In addition, Energi expressed its support for Tembo's planned business combination with us.

Regarding Energi, on March 25, 2024, we issued an unsecured promissory note to Energi, with the principal amount of $600,000. The Note has a maturity date of November 2, 2025. We are in discussions with Energi to extend to the due date past November 2, 2025.The balance due Energi as of September 30, 2025 was approximately $675,000. It is anticipated that the outstanding amount will be converted to equity at the time of the proposed business combination with Tembo and Energi transaction.

Currently, it is anticipated that VivoPower will maintain control of Tembo absent the proposed Energi transaction.

The closing of the business combination remains subject to regulatory approvals, including SEC clearance of the Form F-4 registration statement, the completion of financial audits under PCAOB standards, shareholder approvals, and other customary conditions.

**Delisting from Nasdaq**

On October 29, 2024, we received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) stating that because we had not completed an initial business combination within 36 months of the effective date of its registration statement in connection with its initial public offering, we were not in compliance with Nasdaq IM 5101-2 and therefore subject to delisting. Trading in our securities on NASDAQ was suspended at the opening of business on November 5, 2024 and trading of our securities on the OTC market commenced on November 6, 2024, under the symbol CCTSFF. The delisting and commencement of trading on OTC does not affect our business combination agreement with Tembo, as both parties continue to work to effectuate the completion of the transaction. The combined company intends to apply for up-listing on the Nasdaq Stock Market in connection with the completion of the business combination.

**Extension Amendments / Business Combination**

On November 1, 2024, we held an extraordinary general meeting, at which our shareholders voted to approve the Third Extension, which extended the mandatory liquidation date from November 2, 2024 to November 2, 2025. A total of 1,148,799 Class A ordinary shares were redeemed in connection with the Third Extension, resulting in 3,926,071 Class A ordinary shares outstanding, consisting of 763,572 publicly-held Class A ordinary shares and 3,162,499 founders shares. Accordingly, on November 13, 2024, $13,389,826 was distributed from the Trust Account to the shareholders who redeemed their shares.

Pursuant to the October 29, 2024, non-redemption agreement as it related to the Third Extension, since a business combination did not close by May 2, 2025, the Sponsor is obligated to transfer to the non-redeeming shareholder, an additional 25,000 founder shares held by it per month beginning on May 3, 2025 and ending on October 2, 2025 (up to 150,000 founder shares). The 75,000 and 50,000 Class A shares due to the Non-Redeeming Shareholder for the quarter ended September 30, 2025 and June 30, 2025, respectively, has an implied value of $2.36 and $2.22, respectively, per share, or an aggregate value of $177,000 and $111,000, respectively. The $177,000 and $111,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price at the measurement date of $11.79 and $11.12, respectively, and assigning a probability of acquisition of 20%. This 177,000 and $111,000 value consideration is reflected in the shareholders equity section of the financial statements.

On October 31, 2025, we held an extraordinary general meeting (the "Fourth Extension Meeting), at which the Company's shareholders voted to approve the Fourth Extension, which extended the mandatory liquidation date from November 2, 2025 to November 2, 2026. A total of 711,333 Class A ordinary shares were redeemed in connection with the Fourth Extension, resulting in 3,214,738 Class A ordinary shares outstanding, consisting of 52,239 publicly-held Class A ordinary shares and 3,162,499 founders shares. Accordingly, on November 14, 2025, $8,660,805.78 was distributed from the Trust Account to the shareholders who redeemed their shares.

**Recent Developments**

***Promissory Notes***

On July 17, 2025, the Company issued an unsecured promissory note to Hali International Limited ("Hali"), unrelated party, with a principal amount of $200,000 (the "Note"). The Note is repayable in full on or prior to December 31, 2025 (the "Maturity Date"). The Note bears interest at 12% per annum.

On October 15, 2025, we issued an unsecured promissory note to Hali, unrelated party, with a principal amount of $150,000 (the "Note"). The Note is repayable in full on or prior to October 14, 2026 (the "Maturity Date"). The Note bears interest at 12% per annum.

**Results of Operations**

We have not engaged in any revenue-generating operations to date. Our only activities since inception have been organizational activities, preparations for our initial public offering, and, subsequent to our initial public offering, searching for, and due diligence related to, potential target companies with which to consummate a business combination transaction. We have not and we will not generate any operating revenues until after completion of our initial business combination. We generate non-operating income in the form of interest income on funds held in our trust account after our initial public offering. There has been no significant change in our financial or trading position and no material adverse change has occurred since the September 30, 2025 date of our unaudited financial statements contained in this Quarterly Report, other than as reflected in the subsequent events note of the financial statements. After our initial public offering, which was consummated in November 2021, we have been incurring increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses related to our search for a target company.

For the quarter ended September 30, 2025, we had a net loss of approximately $199,000, which consisted of $95,000 of interest and dividend income and realized gains on marketable securities held in our trust account, less operating and financial expenses of $294,000.

**Liquidity and Capital Resources**

As of September 30, 2025, we had approximately $8,000 in our operating bank account, and a working capital deficit of $2,711,000.

Our liquidity needs to date have been satisfied through loans from the sponsors and third-party promissory notes to cover certain operating expenses.

On May 17, 2024, we issued an unsecured promissory note to our third sponsor, ARWM Inc Pte. Ltd. (the "Lender"). The Note's original maturity date of September 30, 2025 has been extended to September 30, 2026. The balance due the Lender as of September 30, 2025 was approximately $836,000. If we do not consummate an Initial Business Combination by the maturity date the Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

On March 25, 2024, we issued an unsecured promissory note to Energi Holding Limited ("Energi"), unrelated party, with a principal amount of $600,000 (the "Note"). The Note has a maturity date of November 2, 2025, but the parties are in discussions to extend the date. The balance due Energi as of September 30, 2025 was approximately $675,000. If the Company does not consummate an initial business combination by the maturity date, the Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

On July 17, 2025, we issued an unsecured promissory note to unrelated party, with a principal amount of $200,000 (the "Note"). The Note is repayable in full on or prior to December 31, 2025 (the "Maturity Date"). The Note bears interest at 12% per annum.

On October 15, 2025, we issued an unsecured promissory note to Hali International Limited ("Hali"), unrelated party, with a principal amount of $150,000 (the "Note"). The Note is repayable in full on or prior to October 14, 2026 (the "Maturity Date"). The Note bears interest at 12% per annum.

We intend to use substantially all of the funds held in our trust account, including any amounts representing interest earned on our trust account (which interest shall be net of taxes payable), minus amounts paid out to redeeming shareholders, as consideration to complete our initial business combination. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in our trust account (less any amounts paid out to redeeming shareholders) will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

Prior to our initial business combination, we are using the proceeds held outside of our trust account primarily to structure, negotiate and complete a business combination, and pay for administrative and support services.

As of November 14, 2025, approximately $75,000 is available to us outside of the trust account to fund our working capital requirements. Because of the anticipated costs of consummating the identified target business, we have requested additional loans from several third parties. While, if obtained, we anticipate that these loans will suffice for the period leading up to our initial business combination, there can be no assurance that the loans will be obtained and, if they are, consummating an initial business combination may be greater than what we currently estimate would be needed to do so. Consequently, we may have insufficient funds available to operate our business prior to our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate our trust account. That required liquidation date would be less than 12 months after the date of this Annual Report. That, among other factors, raises substantial doubt about our ability to continue as a going concern. See "*Item 1 - Risk Factors – Risks Relating to our Search for, and Consummation of or Inability to Consummate, a Business Combination - Because the funds being held outside of the trust account are insufficient to allow us to operate for the remainder of the combination period , that could limit the amount available to fund our search for a target business or businesses and complete our initial business combination, as we will depend on additional loans third parties to fund those activities*" in our 2024 Annual Report.

Moreover, given the significant percentage of our public shareholders that have elected to redeem their shares in connection with our first extension meeting, our second extension meeting, our third extension meeting, and our article amendment meeting, and may elect to redeem at a meeting to approve a business combination, thereby reducing our cash resources, we likely will need to secure third party financing in order to successfully effect such a business combination and there can be no assurance that it will be available to us on terms acceptable to us or at all. Subject to compliance with applicable securities laws, we would only raise financing by issuing additional securities simultaneously with the completion of our business combination. We cannot assure you that our plans for that financing or to consummate an initial business combination will be successful.

**Off-Balance Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results**

As of September 30, 2025, we did not have any off-balance sheet arrangements as described in Item 303 of Regulation S-K and did not have any commitments for capital expenditures or contractual obligations. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

**Critical Accounting Estimates**

None.

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

The net proceeds from our initial public offering and the sale of the private warrants held in the trust account, after reduction for payments made for the redemption of a portion of the public shares in connection with the first extension meeting, conversion amendment meeting, second extension meeting, and third extension meeting, are invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 (the "**Investment Company Act**"), which invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

**ITEM 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the SEC's rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management evaluated, with the participation of our chief executive officer/chief financial officer, whom we refer to as our Certifying Officer, the effectiveness of our disclosure controls and procedures as of September 30, 2025, pursuant to Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act. Based upon that evaluation, our chief executive officer/chief financial officer concluded that our disclosure controls and procedures were not effective as of September 30, 2025 because of the material weakness in our internal control due to the previously-reported material weakness in our controls over financial reporting related to the accounting for the assignment of founder shares by the sponsor to directors, and insufficient finance personnel leading to lack of segregation of duties and financial reporting risks. As a result, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with U.S. GAAP. Accordingly, Company management believes that the financial statements included in this Form 10-Q present fairly, in all material respects, our financial position, results of operations and cash flows for the period presented. We will continue to improve these processes to ensure that the nuances of such significant or non-routine transactions are effectively evaluated in the context of the appropriate accounting standards.

***Changes in Internal Control over Financial Reporting***

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II**

**ITEM 1. Legal Proceedings**

None.

**ITEM 1A. Risk Factors**

There have been no material changes with respect to the risk factors disclosed in our 2024 Annual Report.

**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 material cybersecurity threats. However, we do depend on the digital technologies of third parties, including information systems, infrastructure and cloud applications and services, 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. In the event of a cybersecurity incident impacting us, the management team will report to the board of directors and provide updates on the management team's incident response plan for addressing and mitigating any risks associated with such an incident. As an early-stage company without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We also lack 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 material adverse consequences on our business and lead to financial loss. We have established certain processes for identifying, evaluating, and managing material risks from cybersecurity threats as a part of our overall technology management strategy. These processes are designed and reassessed on a periodic basis to help protect our technology assets and operations from internal and external security threats.

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

*Unregistered Sales*

Nothing that has not been previously reported.

**ITEM 3. Defaults Upon Senior Securities**

None.

**ITEM 4. Mine Safety Disclosures**

Not applicable.

**ITEM 5. Other Information**

None.

**ITEM 6. Exhibits**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

---

| | |
|:---|:---|
| **No.** | **Description of Exhibit** |
| 31.1\* | [Certification of the Registrant's Chief Executive Officer (Principal Executive Officer) Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-1.htm) |
| 31.2\* | [Certification of the Registrant's Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-2.htm) |
| 32.1\*\* | [Certification of the Registrant's Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-1.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith.

\*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, as amended, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized, on November 19, 2025.

---

| | |
|:---|:---|
| **Cactus Acquisition Corp. 1 Limited** | **Cactus Acquisition Corp. 1 Limited** |
| By: | */s/ Adam Ridgway* |
| Name: | Adam Ridgway |
| Title: | Chief Executive Officer, Principal Financial and Accounting Officer, and Director |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Quarterly Report on Form 10-Q has been signed by the following persons in the capacity and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| */s/ Adam Ridgway* | Chief Executive Officer, Principal Financial and Accounting Officer, and Director | November 19, 2025 |
| Adam Ridgway |  |  |
| */s/ Terry Alan Farris* | Director, Chairman of the Board | November 19, 2025 |
| Terry Alan Farris |  |  |
| */s/ Rainer Michael Preiss* | Director | November 19, 2025 |
| Ranier Michael Preiss |  |  |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER<br> PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Adam Ridgway, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Cactus Acquisition Corp. 1 Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 19, 2025 | By: | */s/ Adam Ridgway* |
|  | Name: | Adam Ridgway |
|  | Title: | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER<br> PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Adam Ridgway, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Cactus Acquisition Corp. 1 Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 19, 2025 | By: | */s/ Adam Ridgway* |
|  | Name: | Adam Ridgway |
|  | Title: | Chief Executive Officer and Principal Financial and Accounting Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND PRINCIPAL ACCOUNTING OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the "**Form 10-Q**") for the quarter ended September 30, 2025, of Cactus Acquisition Corp. 1 Ltd (the "**Company**"). I, Adam Ridgway, the Chief Executive Officer and Principal Accounting Officer of the Company, certify that, based on my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in this report.

---

| | | |
|:---|:---|:---|
| Date: November 19, 2025 | By: | */s/ Adam Ridgway* |
|  | Name: | Adam Ridgway |
|  | Title: | Chief Executive Officer and Principal Financial and Accounting Officer |

---

**The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.**