# EDGAR Filing Document

**Accession Number:** 0002098669
**File Stem:** 0001493152-26-023099
**Filing Date:** 2026-5
**Character Count:** 111378
**Document Hash:** 2a0ea818a632d25a21c054638d20ebba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-023099.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001493152-26-023099

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** United Acquisition Corp. I
- **CENTRAL INDEX KEY:** 0002098669
- **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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43084
- **FILM NUMBER:** 26979171

**BUSINESS ADDRESS:**
- **STREET 1:** 7100 W CAMINO REAL SUITE 302-48
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33433
- **BUSINESS PHONE:** 212-847-3248

**MAIL ADDRESS:**
- **STREET 1:** 7100 W CAMINO REAL SUITE 302-48
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33433

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(MARK ONE)**

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

**For the quarter ended March 31, 2026**

☐ **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: 001-43084**

**UNITED ACQUISITION CORP. I**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **98-1893434** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **7100 W. Camino Real, Suite 302-48**<br> **Boca Raton, Florida** | **33433** |
| (Address of principal executive offices) | (Zip Code) |

---

**(212) 847-3248**

(Registrant's telephone number)

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant** | **UACU** | **NYSE American LLC** |
| **Class A ordinary shares, par value $0.0001 per share** | **UAC** | **NYSE American LLC** |
| **Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50** | **UACW** | **NYSE American LLC** |

---

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

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

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

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

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

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

As of May 14, 2026, there were 10,459,580 Class A ordinary shares, $0.0001 par value and 3,394,100 Class B ordinary shares, $0.0001 par value, issued and outstanding.

**UNITED ACQUISITION CORP. I**

**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Part I. Financial Information](#sa_001) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 1. Interim Financial Statements](#sa_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#sa_003) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statement of Operations for the Three Months Ended March 31, 2026 (Unaudited)](#sa_004) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statement of Changes in Shareholders' Deficit for the Three Months Ended March 31, 2026 (Unaudited)](#sa_005) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statement of Cash Flows for the Three Months Ended March 31, 2026 (Unaudited)](#sa_006) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Financial Statements (Unaudited)](#sa_007) | 5 |
| &nbsp;&nbsp;&nbsp;[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#sa_008) | 15 |
| &nbsp;&nbsp;&nbsp;[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#sa_009) | 17 |
| &nbsp;&nbsp;&nbsp;[Item 4. Controls and Procedures](#sa_010) | 17 |
| [Part II. Other Information](#sa_011) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 1. Legal Proceedings](#sa_012) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 1A. Risk Factors](#sa_013) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#sa_014) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 3. Defaults Upon Senior Securities](#sa_015) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 4. Mine Safety Disclosures](#sa_016) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 5. Other Information](#sa_017) | 18 |
| &nbsp;&nbsp;&nbsp;[Item 6. Exhibits](#sa_018) | 19 |
| [Signatures](#sa_019) | 20 |

---

i

**PART I - FINANCIAL INFORMATION**

**Item 1. Interim Financial Statements.**

**UNITED ACQUISITION CORP. I**

**CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2026** | **December 31,**<br> **2025** |
|  | (unaudited) | |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $2150377 | $1960 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 14457 | 28600 |
| &nbsp;&nbsp;&nbsp;Prepaid insurance – short-term | 107231 |  |
| **Total Current Assets** | **2272065** | **30560** |
| &nbsp;&nbsp;&nbsp;Deferred offering costs |  | 330108 |
| &nbsp;&nbsp;&nbsp;Prepaid insurance – long-term | 89359 |  |
| &nbsp;&nbsp;&nbsp;Marketable securities held in Trust Account | 102398022 |  |
| **TOTAL ASSETS** | $**104759446** | $**360668** |
| **Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders' Deficit:** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | $135018 | $287500 |
| &nbsp;&nbsp;&nbsp;Accrued offering costs | 85000 | 12000 |
| &nbsp;&nbsp;&nbsp;Promissory note – related party |  | 85670 |
| **Total Current Liabilities** | **220018** | **385170** |
| &nbsp;&nbsp;&nbsp;Deferred underwriting fee | 3563805 |  |
| **Total Liabilities** | **3783823** | **385170** |
| **Commitments and Contingencies (Note 6)** |  |  |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 10,182,300 shares at redemption value of $10.05 and $0 per share as of March 31, 2026 and December 31, 2025, respectively | 102369271 |  |
| **Shareholders' Deficit** |  |  |
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2026 and December 31, 2025 |  |  |
| Class A ordinary shares, $0.0001 par value; 100,000,000 shares authorized; 277,280 and 0 shares issued and outstanding (excluding 10,182,300 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025, respectively | 28 |  |
| Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 3,394,100 and 3,833,333 shares issued and outstanding<sup>(1)(2)(3)</sup> as of March 31, 2026 and December 31, 2025 | 339 | 383 |
| Additional paid-in capital |  | 370617 |
| Accumulated deficit | (1394015) | (395502) |
| **Total Shareholders' Deficit** | **(1393648)** | **(24502)** |
| **Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders' Deficit** | $**104759446** | $**360668** |

---

(1) Included 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters
 (Note 7).

(2) On
 November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding,
 resulting in the Sponsor holding an aggregate of 3,833,333 founder shares (Note 7). All share and per-share data have been retrospectively
 presented.

(3) As
 a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were
 no longer subject to forfeiture. On March 14, 2026, the underwriters' over-allotment option expired, resulting in 439,233 founder
 shares being forfeited to the Company (Note 7).

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

**UNITED ACQUISITION CORP. I**

**CONDENSED STATEMENT OF OPERATIONS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026**

**(UNAUDITED)**

---

| | |
|:---|:---|
| General and administrative costs | $297512 |
| &nbsp;&nbsp;&nbsp;**Loss from operations** | **(297512)** |
| Other income: |  |
| &nbsp;&nbsp;&nbsp;Change in over-allotment liability | 82463 |
| &nbsp;&nbsp;&nbsp;Interest earned on marketable securities held in Trust Account | 575022 |
| Other income | 657485 |
| **Net income** | $**359973** |
| Weighted average shares outstanding, Class A ordinary shares | 7024441 |
| **Basic and diluted net income per Class A ordinary share** | $**0.03** |
| Weighted average shares outstanding, Class B ordinary shares<sup>(1)(2)(3)</sup> | 3365423 |
| **Basic net income per Class B ordinary share** | $**0.03** |
| Weighted average shares outstanding, Class B ordinary shares<sup>(1)(2)(3)</sup> | 3394100 |
| **Diluted net income per Class B ordinary share** | $**0.03** |

---

(1) Excludes 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters
 (Note 7).

(2) On
 November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding,
 resulting in the Sponsor holding an aggregate of 3,833,333 founder shares (Note 7). All share and per-share data have been retrospectively
 presented.

(3) As
 a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were
 no longer subject to forfeiture. On March 14, 2026, the underwriters' over-allotment option expired, resulting in 439,233 founder
 shares being forfeited to the Company (Note 7).

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

**UNITED ACQUISITION CORP. I**

**CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026**

**(UNAUDITED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class B** | **Class B** | | | |
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance as of December 31, 2025**<sup>(1)(2)</sup> | **—** | $**—** | **3833333** | $**383** | $**370617** | $**(395502)** | $**(24502)** |
| Accretion for Class A ordinary shares to redemption amount |  |  |  |  | (6313868) | (1358486) | (7672354) |
| Sale of Private Placement Units | 277280 | 28 |  |  | 2772772 |  | 2772800 |
| Sale of Private Placement Warrants |  |  |  |  | 1754545 |  | 1754545 |
| Fair value of Public Warrants at issuance |  |  |  |  | 1527345 |  | 1527345 |
| Allocated value of transaction costs to Class A shares |  |  |  |  | (111455) |  | (111455) |
| Forfeiture of founder shares<sup>(3)</sup> | **—** | **—** | (439233) | (44) | 44 |  |  |
| Net income |  |  |  |  |  | 359973 | 359973 |
| **Balance at March 31, 2026 (unaudited)** | **277280** | $**28** | **3394100** | $**339** | $**—** | $**(1394015)** | $**(1393648)** |

---

(1) Includes 500,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters
 (Note 7).

(2) On
 November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding,
 resulting in the Sponsor holding an aggregate of 3,833,333 founder shares (Note 7). All share and per-share data have been retrospectively
 presented.

(3) As
 a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were
 no longer subject to forfeiture. On March 14, 2026, the underwriters' over-allotment option expired, resulting in 439,233 founder
 shares being forfeited to the Company (Note 7).

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

**UNITED ACQUISITION CORP. I**

**CONDENSED STATEMENT OF CASH FLOWS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026**

**(UNAUDITED)**

---

| | |
|:---|:---|
| **Cash Flows from Operating Activities:** |  |
| Net income | $359973 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Payment of general and administrative costs through prepayments | (24982) |
| &nbsp;&nbsp;&nbsp;Payment of formation, general, and administrative costs through promissory note – related party | 12000 |
| &nbsp;&nbsp;&nbsp;Interest earned on marketable securities held in Trust Account | (575022) |
| &nbsp;&nbsp;&nbsp;Change in fair value of over-allotment liability | (82463) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 14143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term prepaid insurance | (107231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term prepaid insurance | (89359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 123018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(369923)** |
| **Cash Flows from Investing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Investment of cash into Trust Account | (101823000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(101823000)** |
| **Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of Units, net of underwriting discounts paid | 100295655 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of Private Placement Units | 2772800 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of Private Placement Warrants | 1754545 |
| &nbsp;&nbsp;&nbsp;Repayment of promissory note - related party | (97671) |
| &nbsp;&nbsp;&nbsp;Payment of offering costs | (383989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **104341340** |
| **Net Change in Cash** | **2148417** |
| Cash – Beginning of period | 1960 |
| **Cash – End of period** | $**2150377** |
| **Noncash investing and financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Offering costs included in accrued offering costs | $180657 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs paid by related party | $977 |

---

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

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

**1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS**

***Organization and General***

 ****

United Acquisition Corp. I (the "Company") was incorporated as a Cayman Islands exempted company with limited liability on October 22, 2025. The Company is a newly organized blank check company or special purpose acquisition company ("SPAC"), formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses (the "Business Combination"). The Company has not selected any specific Business Combination target. Its efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

As of March 31, 2026, the Company had not commenced any operations. All activity for the period from October 22, 2025 (inception) through March 31, 2026 relates to the Company's formation and the initial public offering ("Initial Public Offering") described below. The Company will not generate any operating revenues until after completion of the Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on investments from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

***Sponsor, Founder and Financing***

 ****

The Company's sponsor is United Acquisition SPAC LLC (the "Sponsor"). The registration statement for the Company's Initial Public Offering was declared effective on January 28, 2026. On January 30, 2026, the Company consummated the Initial Public Offering of 10,000,000 units (the "Units"), at $10.00 per Unit, generating gross proceeds of $100,000,000. Each Unit consists of one Class A ordinary share (each, a "Public Share" and collectively, the "Public Shares") and one-quarter of one redeemable warrant (each, a "Public Warrant" and collectively, the "Public Warrants"). Each whole Public Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 275,000 private placement units (each, a "Private Placement Unit" and collectively, the "Private Placement Units") at a price of $10.00 per Private Placement Unit, generating gross proceeds of $2,750,000. Each Private Placement Unit consists of one Class A ordinary share and one-quarter of one redeemable warrant (each, a "Private Placement Warrant" and collectively, the "Private Placement Warrants"). Of those 275,000 Private Placement Units, the Sponsor purchased 175,000 Private Placement Units, and the underwriters purchased 100,000 Private Placement Units. In addition, the Company consummated the sale of an aggregate of 2,333,333 Private Placement Warrants, at a price of $0.75 per Private Placement Warrant, $1,750,000 in the aggregate, to the Sponsor.

Transaction costs amounted to $5,536,580, consisting of $1,500,000 of cash underwriting fees, $3,500,000 of deferred underwriting fees, and $536,580 of other offering costs.

On February 12, 2026, the Company consummated the closing of an additional 182,300 Units sold pursuant to the underwriters' partial exercise of their over-allotment option, generating gross proceeds of $1,823,000. On February 12, 2026, simultaneously with the sale of additional Units, the Company consummated the private sale of an additional 2,280 Private Placement Units to the Sponsor and underwriters generating gross proceeds of $22,800. Of those 2,280 Private Placement Units, the Sponsor purchased 457 Private Placement Units while the underwriters purchased 1,823 Private Placement Units. In addition, the Company also consummated the private sale of an additional 6,060 Private Placement Warrants to the Sponsor generating gross proceeds of $4,545.

Additional transaction costs amounted to $91,150, consisting of $27,345 of cash underwriting fees and $63,805 of deferred underwriting fees.

***The Trust Account***

 ****

Following the closing of the Initial Public Offering, on January 30, 2026, an amount of $100,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units, Private Placement Units, and Private Placement Warrants was placed in a U.S.-based trust account (the "Trust Account"), with Continental Stock Transfer & Trust Company acting as trustee. Following the sale of the additional Units, on February 12, 2026, all of the net proceeds from the sale of additional Units and additional Private Placement Units and Warrants totaling to $1,823,000 were added to the Trust Account. The funds in the Trust Account may be invested or held only in either (i) U.S. government treasury obligations 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 which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. Funds will remain in the Trust Account until the earlier of (i) the completion of the Business Combination or (ii) the distribution of the Trust Account as described below. The Company is permitted to withdraw amounts from the Trust Account (i) to fund its working capital requirements, which amount will be the lesser of $500,000 or 5% of the interest earned on the Trust Account, and/or (ii) to pay its taxes (other than excise taxes, if any), provided that all permitted withdrawals can only be made (x) from interest and not from the principal held in the Trust Account and (y) only to the extent such interest is in amount sufficient to cover the permitted withdrawal amount ("permitted withdrawals"). As of March 31, 2026 and December 31, 2025, the Company had $28,751 and $0 available for withdrawal, respectively, for working capital purposes and has not withdrawn any amounts for working capital from the Trust Account as of March 31, 2026.

The Company will provide the holders of the Public Shares, or the "public shareholders," with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to consummation of the initial Business Combination, including interest (which interest shall be net of permitted withdrawals), divided by the number of then issued and outstanding Public Shares, subject to limitations. The amount in the Trust Account will initially be $10.00 per public share.

***Business Combination***

 ****

The Company's management ("Management") has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially all of the net proceeds of the Initial Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, "Target Business" must be one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less the deferred underwriting commissions and the taxes payable on interest earned) at the time the Company signs a definitive agreement in connection with the Business Combination. There is no assurance that the Company will be able to successfully effect a Business Combination.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

The Company, after signing a definitive agreement for a Business Combination, will either (i) seek shareholder approval of the Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against or vote at all with respect to the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of permitted withdrawals) or (ii) provide shareholders with the opportunity to have their shares redeemed by the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, net of taxes payable, if any. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to redeem their shares in a tender offer will be made by the Company, solely in its 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 the Company to seek shareholder approval unless a vote is required by the New York Stock Exchange rules. If the Company seeks shareholder approval, it will complete its Business Combination only if it obtains the approval of an ordinary resolution under Cayman Islands law and its amended and restated memorandum and articles of association, save if the Business Combination is structured as a statutory merger or consolidation with another company under the laws of the Cayman Islands which would require the approval of a special resolution.

The Company has 24 months from the closing date of the Initial Public Offering, or until such earlier liquidation date as the Company's board of directors may approve, to complete its initial Business Combination (the "Completion Window"). If the Company does not complete a Business Combination within the Completion Window, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten (10) business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of permitted withdrawals, and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, 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 (ii) and (iii) above) to obligations under the Cayman Islands laws to provide for claims of creditors and the requirements of other applicable law. The initial shareholders each entered into agreements with the Company, pursuant to which they agreed (1) to waive their redemption rights with respect to their founder shares (as defined below), Private Placement Units, Private Placement Warrants and shares underlying any Private Placement Warrants and Private Placement Units held in connection with the consummation of the initial Business Combination or a tender offer conducted prior to a Business Combination or in connection with it; and (2) to waive their rights to liquidating distributions from the Trust Account with respect to the founder shares and any shares underlying the Private Placement Units or Private Placement Warrants if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the Completion Window.

The ordinary shares subject to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 480, "Distinguishing Liabilities from Equity."

***Liquidity and Capital Resources***

 ****

As of March 31, 2026, the Company had cash of $2,150,377 held outside of the Trust Account and working capital of $2,052,047. The Company will use such funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

In connection with the Company's assessment of going concern in accordance with FASB ASC Topic 205-40, "Presentation of Financial Statements - Going Concern", the Company does not believe it will need to raise additional funds in order to meet the expenditures required to operate its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the Initial Business Combination. Management has determined that the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the unaudited condensed financial statements.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

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

The accompanying unaudited condensed financial statements should be read in conjunction with the Company's prospectus for its Initial Public Offering as filed with the SEC on January 29, 2026, as well as the Company's Current Report on Form 8-K, as filed with the SEC on February 5, 2026. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future periods.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

***Emerging Growth Company***

 ****

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended (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 auditor 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 Securities Exchange Act of 1934, as amended (the "Exchange Act")) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the 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.

***Fair Value of Financial Instruments***

 ****

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

***Use of Estimates***

 ****

The preparation of the unaudited condensed financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements. Actual results could differ from those estimates.

***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 cash of $2,150,377 and $1,960 and did not have any cash equivalents as of March 31, 2026 and December 31, 2025, respectively.

 ****

***Marketable Securities Held in Trust Account***

As of March 31, 2026 and December 31, 2025, the assets held in the Trust Account were in money market funds invested primarily in U.S. Treasuries, amounting to $102,398,022 and $0, respectively.

 **

***Concentration of Credit Risk***

 **

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage 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.

 **

***Deferred Offering Costs***

 **

The Company complies with the requirements of the FASB ASC Topic 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, "Expenses of Offering." Deferred Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, "Debt with Conversion and Other Options," addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares. On January 30, 2026, upon completion of the Initial Public Offering, and on February 12, 2026 upon the sale of the additional Units as a result of the underwriters' partial exercise of their over-allotment option, offering costs allocated to the Public Shares subject to possible redemption are charged to temporary equity and offering costs allocated to the Public Warrants, Private Placement Units, and Private Placement Warrants are charged to shareholders' deficit as Public and Private Placement Warrants, after Management's evaluation, are accounted for under equity treatment.

***Income Taxes***

 ****

The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the 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 recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands, and the Company believes it is presently not subject to income taxes or income tax filing requirements in the United States. As such, the Company's tax provision was zero for the period presented.

***Derivative Financial Instruments***

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, "Derivatives and Hedging". For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statement of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriters' over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and is accounted for as a liability pursuant to FASB ASC Topic 480 since the over-allotment option was not exercised at the time of the Initial Public Offering.

***Warrant Instruments***

 ****

The Company accounted for the Public and Private Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, "Derivatives and Hedging". Accordingly, the Company evaluated and classified the warrant instruments under equity treatment at their assigned value.

***Share-Based Payment Arrangements***

 ****

The Company accounts for share awards in accordance with FASB ASC Topic 718, "Compensation—Stock Compensation," which requires that all equity awards be accounted for at their "fair value." Fair value is measured on the grant date and is equal to the underlying value of the share. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition becomes probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company's initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited.

***Class A Ordinary Shares Subject to Possible Redemption***

The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company's liquidation, or if there is a shareholder vote or tender offer in connection with the Company's initial Business Combination. In accordance with FASB ASC 480-10-S99, the Company classifies Public Shares subject to possible redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of March 31, 2026, 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 condensed balance sheet. As of March 31, 2026, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheet are reconciled in the following table:

SCHEDULE OF ORDINARY CLASS OF SHARES

---

| | |
|:---|:---|
| Gross proceeds | $101823000 |
| Less: |  |
| Proceeds allocated to Public Warrants | (1527345) |
| Proceeds allocated to the over-allotment option | (82463) |
| Public Shares issuance costs | (5516275) |
| Plus: |  |
| Remeasurement of carrying value to redemption value | 7672354 |
| **Class A ordinary shares subject to possible redemption, March 31, 2026** | $**102369271** |

---

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

***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. Net income per ordinary share is calculated by dividing the net income by the weighted average ordinary shares outstanding for the respective period.

With respect to the accretion of Class A ordinary shares subject to possible redemption and consistent with FASB ASC 480-10-S99-3A, the Company treated accretion in the same manner as a dividend paid to the shareholders in the calculation of the net income per ordinary share.

The following table reflects the calculation of basic and diluted net income per ordinary share:

SCHEDULE OF NET LOSS PER COMMON SHARE

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Class A** | **Class B** |
| *Basic net income per ordinary share* |  |  |
| Numerator: |  |  |
| Allocation of net income | $243373 | $116600 |
| Denominator |  |  |
| Basic weighted average ordinary shares outstanding | 7024441 | 3365423 |
| Basic net income per ordinary share | $0.03 | $0.03 |

---

 ****

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Class A** | **Class B** |
| *Diluted net income per ordinary share* |  |  |
| Numerator: |  |  |
| Allocation of net income | $242703 | $117270 |
| Denominator |  |  |
| Diluted weighted average ordinary shares outstanding | 7024441 | 3394100 |
| Diluted net income per ordinary share | $0.03 | $0.03 |

---

***Recent Accounting Pronouncements***

 ****

The Company does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's unaudited condensed financial statements.

**3. INITIAL PUBLIC OFFERING**

Pursuant to the Initial Public Offering on January 30, 2026, the Company sold 10,000,000 Units, at a purchase price of $10.00 per Unit, generating gross proceeds of $100,000,000. On February 12, 2026, the Company consummated the closing of an additional 182,300 Units sold pursuant to the underwriters' partial exercise of their over-allotment option, at $10.00 per additional Unit, generating gross proceeds of $1,823,000. Each Unit consists of one Public Share and one-quarter of one Public Warrant. Each Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

**Warrants —** As of March 31, 2026 and December 31, 2025, there were 2,545,575 and 0 Public Warrants and 2,408,713 and 0 Private Placement Warrants outstanding, respectively. Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, at any time commencing on the later of 12 months from the closing of the Initial Public Offering and after the completion of the initial Business Combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants are issued upon separation of the Units and only whole warrants will trade. The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of the completion of an initial Business Combination, or earlier upon redemption.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

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 Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company's 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 greater of (i) the Market Value or (ii) the price at which the Company issues the additional Class A ordinary shares or equity-linked securities. On the exercise of any warrant, the exercise price will be paid directly to the Company and not placed in the Trust Account.

The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration under the Securities Act of the warrant shares and thereafter use its best efforts to cause the registration statement to become effective and to maintain the effectiveness of such registration statement until the expiration of the warrants. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the issuance of the warrant shares and a current prospectus relating thereto.

If a registration statement covering the issuance of the warrant shares is not effective within 90 days following the consummation of the initial Business Combination, warrant holders may nevertheless, until such time as there is such an effective registration statement and during any period when the Company shall have failed to maintain such an effective registration statement, exercise warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act. In this circumstance, each holder would pay the exercise price by surrendering warrants exercisable for the 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 such warrants and the difference between the exercise price of such warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair market value" means the average reported last sale price of the Class A ordinary shares for the ten trading days ending on the third trading day prior to the date of exercise.

*Redemption of Warrants:* The Company may redeem the outstanding 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 (the "30-day redemption period"); and

● if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $16.50 per share (as adjusted for share splits, dividends, 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 will send the notice of redemption to the warrant holders.

The Company will not redeem the warrants unless a registration statement under the Securities Act covering the issuance of the warrant shares underlying the warrants to be so redeemed is then effective and a current prospectus relating to those warrant shares is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by the Company, it 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 foregoing conditions are satisfied and the Company issues a notice of redemption, each warrant holder may exercise his, her or its warrants prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $16.50 trigger price (as adjusted) as well as the $11.50 exercise price (as adjusted) after the redemption notice is issued. The redemption criteria for the warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the exercise price so that if the share price declines as a result of the redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants. If the Company calls the warrants for redemption as described above, Management will have the option to require all holders that wish to exercise warrants to do so on a "cashless basis." In making such determination, Management will consider, among other factors, the Company's cash position, the number of warrants that are outstanding and the dilutive effect on the Company's shareholders of issuing the maximum number of warrant shares issuable upon exercise of outstanding warrants. In such event, the holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of warrant shares underlying the warrants to be so exercised, and the difference between the exercise price of the warrants and the fair market value by (y) the fair market value.

No fractional Class A ordinary share will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

**4. PRIVATE PLACEMENT**

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 275,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating gross proceeds of $2,750,000. Each Private Placement Unit consists of one Class A ordinary share and one-quarter of one Private Placement Warrant. Of those 275,000 Private Placement Units, the Sponsor purchased 175,000 Private Placement Units, and the underwriters purchased 100,000 Private Placement Units. In addition, the Company also consummated the sale of an aggregate of 2,333,333 Private Placement Warrants, at a price of $0.75 per Private Placement Warrant, $1,750,000 in the aggregate, to the Sponsor.

On February 12, 2026, simultaneously with the sale of additional Units, the Company consummated the private sale of an additional 2,280 Private Placement Units to the Sponsor and underwriters generating gross proceeds of $22,800. Of those 2,280 Private Placement Units, the Sponsor purchased 457 Private Placement Units while the underwriters purchased 1,823 Private Placement Units. In addition, the Company also consummated the private sale of an additional 6,060 Private Placement Warrants to the Sponsor generating gross proceeds of $4,545.

The Private Placement Warrants are identical to the Public Warrants except that (i) the Private Placement Warrants may be exercised for cash or on a cashless basis, (ii) the Private Placement Warrants and the Class A ordinary shares issuable upon exercise thereof may be subject to certain transfer restrictions contained in the letter agreement among the Company, the Sponsor and other parties thereto, as amended from time to time, (iii) the Private Placement Warrants will not be redeemable by the Company, and (iv) the holders of the Private Placement Warrants (including Class A ordinary shares issuable upon exercise thereof) may be entitled to certain registration rights. With respect to any cashless exercise of the Private Placement Warrants, the "fair market value" means, at the discretion of the holder, either (x) the average last reported sale price of the Public Shares for the ten trading days ending on the third trading day prior to the date of exercise or (y) the last reported sale price of the Public Shares for the trading day prior to the date of exercise.

A portion of the purchase price of the Private Placement Units and Private Placement Warrants was added to the proceeds of Initial Public Offering held in the Trust Account. If the initial Business Combination is not completed within the Completion Window, the proceeds from the sale of the Private Placement Units and 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).

**5. RELATED PARTY TRANSACTIONS**

***Founder Shares***

 ****

On October 24, 2025, the Sponsor purchased 2,875,000 Class B ordinary shares (the "founder shares") from the Company for an aggregate purchase price of $25,000, or $0.009 per share. On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares. All share and per-share data have been retrospectively presented. Up to 500,000 founder shares were subject to forfeiture depending on the extent to which the underwriters' over-allotment option was exercised during the Initial Public Offering. As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were no longer subject to forfeiture. On March 14, 2026, the underwriters' over-allotment option expired, resulting in 439,233 founder shares being forfeited by the Sponsor for no consideration.

The forfeiture was adjusted depending on the extent to which the over-allotment option was not exercised in full by the underwriters such that the Sponsor owns 25% of the Company's issued and outstanding Class A and Class B ordinary shares (excluding any Class A ordinary shares underlying the Private Placement Units). On November 26, 2025, the Sponsor transferred 25,000 founder shares each to four of the Company's independent directors (an aggregate of 100,000 founder shares) at their original purchase price of $0.007 per share. The founder shares transferred to the independent directors were not subject to forfeiture.

The founder shares granted to the independent directors and advisors are in the scope of FASB ASC Topic 718. Under FASB ASC Topic 718, stock-based compensation associated with equity-classified awards is measured at fair value on the assignment date. A third-party valuation firm valued the founder shares as of November 26, 2025. The probability of de-SPAC and instrument specific market adjustment was assumed to be 35.0%; the implied Class A share price was $9.88; and volatility of 7.5%. The valuation has identified the fair value of the founder shares to be $3.46 per share as of grant date. The total fair value of the 100,000 founder shares purchased by the four independent directors was $346,000. The Company recognized share-based compensation expense of $346,000 at the grant date.

***Promissory Note — Related Party***

 ****

The Sponsor had agreed to loan the Company an aggregate of up to $300,000, which was amended and restated on November 26, 2025 to increase the principal amount to $500,000, to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest bearing and unsecured with maturity date at the earlier of April 23, 2026 or the closing of the Initial Public Offering. On January 30, 2026, the Company had borrowed $97,671, which has been paid in full by the Company at the closing of the Initial Public Offering and the borrowings under the promissory note are no longer available.

***Administrative Service Agreement***

 ****

Commencing on January 28, 2026, the date that the registration statement for the Company's Initial Public Offering was declared effective, the Company agreed to pay the Sponsor, or affiliates of the Sponsor, a monthly fee of $20,000 for office space, utilities and secretarial and administrative services. Upon completion of the initial Business Combination or liquidation, the Company will cease paying these monthly fees. For the three months ended March 31, 2026, $40,000 has been incurred and paid for these services.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

***Related Party Loans***

 ****

In order to finance transaction costs in connection with a 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, loan the Company up to $1,500,000 (the "Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans are convertible into additional units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. The terms of such loans by the Company's officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2026 and December 31, 2025, no such Working Capital Loans were outstanding.

**6. COMMITMENTS AND CONTINGENCIES**

***Risks and Uncertainties***

 ****

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

***Registration Rights***

 ****

The Company's initial shareholders and their permitted transferees can demand that the Company register the founder shares, the Private Placement Units, the Private Placement Warrants and underlying securities and any securities issued upon conversion of Working Capital Loans, pursuant to an agreement signed on the date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company register such securities. The holders of a majority of these securities or units issued in payment of working capital loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain piggyback registration rights on registration statements filed after the Company's consummation of a Business Combination. Notwithstanding anything to the contrary, the underwriters may only make a demand on one occasion and only during the five-year period beginning on the effective date of the Initial Public Offering. In addition, the underwriters may participate in a piggyback registration only during the seven-year period beginning on the effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such registration statement.

***Underwriting Agreement***

 ****

The Company granted the Underwriters a 45-day option to purchase up to 1,500,000 additional Units to cover any over-allotments, at the Initial Public Offering price less the underwriting discounts. On February 12, 2026, the underwriters partially exercised their over-allotment option and purchased an additional 182,300 Units. The underwriters had 45 days from the date of the Initial Public Offering to purchase the remaining 1,317,700 Units. On March 14, 2026, the underwriters' over-allotment option expired for the 1,317,700 Units.

The underwriters were entitled to a cash underwriting discount of $1,500,000 (1.50% of the gross proceeds of the Units sold in the Initial Public Offering) paid at the closing of the Initial Public Offering. The underwriters were entitled to a cash underwriting discount of $0.15 per additional Unit or $27,345 in aggregate, paid on February 12, 2026.

Additionally, the underwriters are entitled to a deferred underwriting discount of 3.50% of the gross proceeds of the Initial Public Offering held in the Trust Account, $3,500,000 in the aggregate, due upon the completion of the Company's initial Business Combination subject to the terms of the underwriting agreement. The underwriters are also entitled to a deferred underwriting discount of 3.50% of the gross proceeds of the sale of additional Units held in the Trust Account, $63,805 in the aggregate, due upon the completion of the Company's initial Business Combination subject to the terms of the underwriting agreement.

**7. SHAREHOLDERS' DEFICIT**

***Preference Shares***

 ****

The Company is authorized to issue 1,000,000 shares of preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the board of directors. As of March 31, 2026 and December 31, 2025, there were no preference shares issued or outstanding.

***Class A Ordinary Shares***

 ****

The Company is authorized to issue 100,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of March 31, 2026 and December 31, 2025, there were 277,280 and 0 Class A ordinary shares issued and outstanding, excluding 10,182,300 shares subject to possible redemption, respectively.

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

***Class B Ordinary Shares***

 ****

The Company is authorized to issue 10,000,000 Class B ordinary shares with a par value of $0.0001 per share. On November 26, 2025, the Company effected a share dividend of approximately 0.33 shares for each Class B ordinary share outstanding, resulting in the Sponsor holding an aggregate of 3,833,333 founder shares. All share and per-share data have been retrospectively presented. At March 31, 2026 and December 31, 2025, there were 3,394,100 and 3,833,333 Class B ordinary shares issued and outstanding, respectively. As of December 31, 2025 and March 31, 2026, an aggregate of up to 500,000 and 0 Class B ordinary shares were subject to forfeiture to the extent that the underwriters' over-allotment option was not exercised in full or in part so that the number of founder shares would equal 25% of the Company's issued and outstanding ordinary shares (excluding any Class A ordinary shares underlying the Private Placement Units) after the Initial Public Offering, respectively. As a result of the partial exercise by the underwriters of the over-allotment option on February 12, 2026, 60,767 founder shares were no longer subject to forfeiture. On March 14, 2026, the underwriters' over-allotment option expired, resulting in 439,233 founder shares being forfeited by the Sponsor for no consideration.

The founder shares will automatically convert into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. The Class A ordinary shares issuable in connection with the conversion of the founder shares may result in material dilution to public shareholders due to the anti-dilution rights of the founder shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of all ordinary shares outstanding upon the completion of the offering (including any Class A ordinary shares issued in connection with the exercise of the underwriters' over-allotment option and excluding any shares underlying the Private Placement Units), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent units issued to the Sponsor or any of its affiliates or to the Company's officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

**8. 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. 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 include:

● 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.

The following table presents information about the Company's assets that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the inputs that the Company utilized to determine such fair value:

SCHEDULE OF FAIR VALUE OF THE VALUATION INPUTS

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Level** | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Assets: |  |  |  |
| Marketable securities held in Trust Account | 1 | $102398022 | $— |

---

**UNITED ACQUISITION CORP. I**

**NOTES TO CONDENSED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(UNAUDITED)**

The fair value of the Public Warrants is $1,527,345, or $0.60 per Public Warrant. The fair value of Public Warrants was determined using a Monte Carlo Simulation Model. The Public Warrants have been classified within shareholders' deficit and will not require remeasurement after issuance. The following table presents the quantitative information regarding market assumptions used in the Level 3 valuation of the Public Warrants:

SCHEDULE OF ASSUMPTIONS TO ESTIMATE FAIR VALUE

---

| | |
|:---|:---|
|  | **January 30,**<br> **2026** |
| Underlying stock price | $9.85 |
| Exercise price | $11.50 |
| Volatility | 6.50% |
| Probability of de-SPAC and market adjustment | 45.00% |
| Risk-free rate | 4.01% |
| Expected term to de-SPAC (years) | 2.00 |
| Warrant term (years) | 7.00 |

---

**9. SEGMENT INFORMATION**

FASB 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 for which separate financial information is available that is regularly evaluated by the Company's 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 operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, Management has determined that the Company only has one reportable segment.

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

SCHEDULE OF CODM REVIEWS SEVERAL KEY METRICS

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2026** | <br>**December 31,**<br> **2025** |
| Cash | $2150377 | $1960 |
| Marketable securities held in Trust Account | $102398022 | $— |

---

---

| | |
|:---|:---|
|  | **For the**<br> **Three Months Ended**<br> **March 31, 2026** |
| General and administrative costs | $297512 |
| Other income  | $657485 |

---

The CODM reviews general and administrative costs to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar transaction within the Completion Window. 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 costs, as reported on the unaudited condensed statement of operations, are the significant segment information provided to the CODM on a regular basis. All other segment items included in net income or loss are reported on the unaudited condensed statement of operations and described within their respective disclosures.

The CODM reviews the position of total assets available to the Company to assess if the Company has sufficient resources available to discharge its liabilities. The CODM is provided with details of cash and liquid resources available to the Company. Additionally, the CODM regularly reviews the status of deferred costs incurred to assess if these are in line with the planned use of proceeds from the Initial Public Offering.

**10. SUBSEQUENT EVENTS**

The Company evaluated subsequent events that occurred after the condensed balance sheet date, and based on this review, the Company did not identify any subsequent events that would have required adjustment to or disclosure in the unaudited condensed financial statements.

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

References in this report (the "Quarterly Report") to "we," "us" or the "Company" refer to United Acquisition Corp. I. References to our "Management" or our "management team" refer to our officers and directors, and references to the "Sponsor" refer to United Acquisition SPAC LLC. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report, including, without limitation, statements under this Item regarding the Company's financial position, business strategy and the plans and objectives of Management for future operations, are forward-looking statements. When used in this Quarterly Report, words such as "expect," "believe," "anticipate," "intend," "estimate," "seek" and variations and similar words and expressions, as they relate to us or our Management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of our Management, as well as assumptions made by, and information currently available to, our Management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the SEC. The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

**Overview**

We are a blank check company incorporated in the Cayman Islands on October 22, 2025 formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. We intend to effectuate our business combination using cash derived from the proceeds of the initial public offering and the sale of the Private Placement Units and the Private Placement Warrants, our shares, debt or a combination of cash, shares and debt.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a business combination will be successful.

**Results of Operations**

We have neither engaged in any operations nor generated any revenues to date. Our only activities from October 22, 2025 (inception) through March 31, 2026 were organizational activities, those necessary to prepare for the initial public offering, described below, and subsequent to the closing of the initial public offering, identifying a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business combination. We expect to generate non-operating income in the form of interest and/or dividend income on investments held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well as for due diligence expenses.

For the three months ended March 31, 2026, we had net income of $359,973, which consisted of interest earned on marketable securities held in Trust Account of $575,022 and change in over-allotment liability of $82,463, partially offset by general and administrative expenses of $297,512.

**Liquidity and Capital Resources**

Until the consummation of the initial public offering, our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor. As of March 31, 2026, we had cash of $2,150,377 and working capital of $2,052,047.

On January 30, 2026, we consummated the initial public offering of 10,000,000 units, at $10.00 per unit, generating gross proceeds of $100,000,000. Simultaneously with the closing of the initial public offering, we consummated the sale of an aggregate of 275,000 Private Placement Units, at a price of $10.00 per Private Placement Unit, generating gross proceeds of $2,750,000. Of those 275,000 Private Placement Units, the Sponsor purchased 175,000 Private Placement Units, and the underwriters purchased 100,000 Private Placement Units. In addition, we consummated the sale of an aggregate of 2,333,333 Private Placement Warrants, at a price of $0.75 per Private Placement Warrant, $1,750,000 in the aggregate, to the Sponsor.

We incurred total transaction costs of $5,536,580, consisting of $1,500,000 of cash underwriting fees, $3,500,000 of deferred underwriting fees, and $536,580 of other offering costs.

On February 12, 2026, we consummated the closing of an additional 182,300 units sold pursuant to the underwriters' partial exercise of their over-allotment option, generating gross proceeds of $1,823,000. On February 12, 2026, simultaneously with the sale of the additional units, we consummated the private sale of an additional 2,280 Private Placement Units to the Sponsor and underwriters generating gross proceeds of $22,800. Of those 2,280 Private Placement Units, the Sponsor purchased 457 Private Placement Units while the underwriters purchased 1,823 Private Placement Units. In addition, we also consummated the private sale of an additional 6,060 Private Placement Warrants to the Sponsor generating gross proceeds of $4,545.

We incurred additional transaction costs totaling to $91,150, consisting of $27,345 of cash underwriting fees and $63,805 of deferred underwriting fees.

As of February 12, 2026, a total of $101,823,000 of the net proceeds from the initial public offering (including the additional units sold as the result of the partial exercise by the underwriters of their over-allotment option) and the sale of the Private Placement Units and Private Placement Warrants were placed in the Trust Account.

For the three months ended March 31, 2026, cash used in operating activities was $369,923. Net income of $359,973 was affected by interest earned on marketable securities held in the Trust Account of $575,022, change in fair value of over-allotment liability of $82,463, payment of general and administrative costs through prepayments of $24,982 and payment of general and administrative costs through promissory note – related party of $12,000. Changes in operating assets and liabilities provided $59,429 of cash for operating activities.

As of March 31, 2026, we had marketable securities held in the Trust Account of $102,398,022 (including approximately $575,022 of interest income). We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our business combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our business combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of March 31, 2026, we had cash of $2,150,377 held outside the Trust Account. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a business combination.

In order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor or certain of our officers and directors may, but are not obligated to, loan the Company up to $1,500,000. If we complete a business combination, we would repay the working capital loans. In the event that a business combination does not close, we may use a portion of the working capital held outside the Trust Account to repay the working capital loans but no proceeds from the Trust Account would be used to repay the working capital loans. The working capital loans are convertible into units of the post-business combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our Public Shares upon consummation of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination.

**Off-Balance Sheet Arrangements**

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026. 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.

**Contractual Obligations**

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the Sponsor, or affiliates of the Sponsor, a monthly fee of $20,000 for office space, utilities and secretarial and administrative services. Upon completion of the initial business combination or liquidation, we will cease paying these monthly fees.

The underwriters had a 45-day option from the date of the initial public offering to purchase up to an additional 1,500,000 units to cover over-allotments, if any. On February 12, 2026, the underwriters elected to partially exercise their over-allotment option to purchase an additional 182,300 units at a price of $10.00 per unit. On March 14, 2026, the remaining portion of the underwriters' over-allotment option expired.

The underwriters were entitled to a cash underwriting discount of $1,500,000 (1.50% of the gross proceeds of the Units sold in the initial public offering) paid at the closing of the initial public offering. The underwriters were entitled to a cash underwriting discount of $0.15 per additional Unit or $27,345 in aggregate, paid on February 12, 2026.

Additionally, the underwriters are entitled to a deferred underwriting discount of 3.50% of the gross proceeds of the initial public offering held in the Trust Account, $3,500,000 in the aggregate, due upon the completion of the Company's initial business combination subject to the terms of the underwriting agreement. The underwriters are also entitled to a deferred underwriting discount of 3.50% of the gross proceeds of the sale of additional units held in the Trust Account, $63,805 in the aggregate, due upon the completion of the Company's initial business combination subject to the terms of the underwriting agreement.

**Critical Accounting Estimates**

The preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. 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 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 materially differ from those estimates. As of March 31, 2026 and December 31, 2025, we did not have any critical accounting estimates to be disclosed.

 ****

***Use of Estimates***

The preparation of the unaudited condensed financial statements and notes thereto included in this Quarterly Report under Item 1. "Interim Financial Statements" in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and the disclosure of contingent assets and liabilities, in our unaudited condensed financial statements. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments, and we evaluate these estimates on an ongoing basis. To the extent actual experience differs from the assumptions used, our unaudited condensed financial statements and notes thereto included in this Quarterly Report under Item 1. "Interim Financial Statements" could be materially affected. We believe that the following accounting policies involve a higher degree of judgment and complexity.

 **

***Share-Based Payment Arrangements***

 **

The Company accounts for share awards in accordance with FASB ASC Topic 718, "Compensation—Stock Compensation," which requires that all equity awards be accounted for at their "fair value." Fair value is measured on the grant date and is equal to the underlying value of the share. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition becomes probable (i.e., the occurrence of a business combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company's initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited.

***Recent Accounting Pronouncements***

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's unaudited condensed financial statements.

 

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

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

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective as of March 31, 2026.

**Changes in Internal Control over Financial Reporting**

There was no change 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) that occurred during the fiscal quarter of 2026 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. Risk Factors**

Factors that could cause our actual results to differ materially from those in this Quarterly Report include the risk factors described in our Annual Report on Form 10-K filed with the SEC on March 30, 2026 (the "2025 Annual Report"). As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our 2025 Annual Report.

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

On January 30, 2026, we consummated our Initial Public Offering. On February 12, 2026, we consummated the issuance and sale of additional units pursuant to the Underwriters' partial exercise of their over-allotment option (the "Over-Allotment Exercise"). Simultaneously with the consummation of the Initial Public Offering and the Over-Allotment Exercise, the Company consummated the private placement of certain Private Placement Units and Private Placement Warrants to the Sponsor and the Underwriters (the "Private Placement"). For a description of the Private Placement, see Part II, Item 5 of our 2025 Annual Report.

The securities sold in the Initial Public Offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-291904). The SEC declared the registration statement effective on January 28, 2026. For a description of the use of the proceeds generated in our Initial Public Offering and the Private Placement, see Part II, Item 5 of our 2025 Annual Report. There has been no material change in the planned use of the proceeds from the Initial Public Offering and the Private Placement as described in the registration statement. The specific investments in our Trust Account may change from time to time.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

None.

**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** |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of the Company.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex3-1.htm) |
| 10.1 | [Underwriting Agreement, dated January 28, 2026, between the Company and Lucid Capital Markets, LLC.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex1-1.htm) |
| 10.2 | [Warrant Agreement, dated January 28, 2026, between the Company and Continental Stock Transfer and Trust Company.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex4-1.htm) |
| 10.3 | [Investment Management Trust Agreement, dated January 28, 2026, between the Company and Continental Stock Transfer and Trust Company.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex10-2.htm) |
| 10.4 | [Registration Rights Agreement, dated January 28, 2026, among the Company and certain security holders.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex10-3.htm) |
| 10.5 | [Private Placement Securities Purchase Agreement, dated January 28, 2026, between the Company and United Acquisition SPAC LLC.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex10-4.htm) |
| 10.6 | [Private Placement Unit Purchase Agreement, dated January 28, 2026, between the Company and Lucid Capital Markets, LLC and Chardan Capital Markets, LLC.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex10-5.htm) |
| 10.7 | [Administrative Services Agreement, dated January 28, 2026, between the Company and Globis Capital Management, LP.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex10-6.htm) |
| 10.8 | [Insider Letter Agreement, dated January 28, 2026, among the Company, its directors and officers and United Acquisition SPAC LLC.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315226004605/ex10-1.htm) |
| 10.9 | [Form of Indemnity Agreement (incorporated by reference to an exhibit to the Company's Registration Statement on Form S-1, filed with the SEC on December 2, 2025).<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/2098669/000149315225025837/ex10-6.htm) |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-2.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](ex32-1.htm) |
| 32.2\* | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-2.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.

(1) Incorporated
 by reference to the Company's Current Report on Form 8-K, filed with the SEC on January
 30, 2026.

(2) Incorporated
 by reference to the Company's Registration Statement on Form S-1, filed with the SEC on December 2, 2025.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **UNITED ACQUISITION CORP. I** | **UNITED ACQUISITION CORP. I** |
| Date: May 14, 2026 | By: | /s/ *Paul Packer* |
|  | Name: | Paul Packer |
|  | Title: | Chief Executive Officer, Chief Financial Officer and Chairman |
|  |  | (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Paul Packer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of United Acquisition Corp. I (the "Company");

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 Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer 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 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 Company, 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) [Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Company'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 Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company'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 Company'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 Company's internal control over financial reporting.

Date: May 14, 2026

---

| |
|:---|
| /s/ *Paul Packer* |
| Paul Packer |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Paul Packer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of United Acquisition Corp. I (the "Company");

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 Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer 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 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 Company, 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) [Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Company'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 Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company'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 Company'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 Company's internal control over financial reporting.

Date: May 14, 2026

---

| |
|:---|
| /s/ *Paul Packer* |
| Paul Packer |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. §1350**

**AS ADOPTED PURSUANT TO**

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

In connection with the Quarterly Report of United Acquisition Corp. I (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Paul Packer, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report 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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 14, 2026

---

| |
|:---|
| /s/ *Paul Packer* |
| Paul Packer |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. §1350**

**AS ADOPTED PURSUANT TO**

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

In connection with the Quarterly Report of United Acquisition Corp. I (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Paul Packer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report 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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 14, 2026

---

| |
|:---|
| /s/ *Paul Packer* |
| Paul Packer |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.