SEC Filing Document

Company: Berto Acquisition Corp. II
Ticker: GUAC
CIK: 2081515
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-04-27
Accession Number: 0001829126-26-003952
Exchange: 
SIC Code: 6770
SIC Description: Blank Checks
URL: https://www.sec.gov/Archives/edgar/data/2081515/000182912626003952/bertoacquisition2_s1.htm

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initial business combination. However, if our estimate of the costs of undertaking in-depth due diligence and negotiating a business combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital through loans or additional investments from our sponsor, members of our management team or any of their affiliates, but such persons are not under any obligation to advance funds to, or invest in, us. Subsequent to the closing of this offering, we will pay our sponsor and/or its affiliates or designees an aggregate of $15,000 per month for office space, secretarial and administrative services provided to members of our management team. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

Prior to the closing of this offering, our sponsor has agreed to loan us up to $300,000 to be used for offering related and organizational expenses of this offering. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2026 or the closing of this offering. The loan will be repaid upon the closing of this offering out of the $1,270,000 of offering proceeds that has been allocated to the payment of offering expenses other than underwriting commissions. In the event that offering expenses are less than set forth in this table, any such amounts will be used for post-closing working capital expenses.

In addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts.

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In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into private placement warrants at a price of $1.00 per warrant, at the option of the lender. The warrants would be identical to the private placement warrants, including as to exercisability and exercise price. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of our initial business combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

We have until the end of the completion window to consummate our initial business combination. If we anticipate that we may be unable to consummate our initial business combination within such 24-month period, we may seek shareholder approval to amend our articles to extend the date by which we must consummate our initial business combination. If we seek shareholder approval for an extension, holders of public shares will be offered an opportunity to redeem their shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned thereon (which interest shall be net of amounts released to us to fund our working capital requirements (subject to the limitations described herein) and taxes paid or payable), divided by the number of then issued and outstanding public shares, subject to applicable law.

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DIVIDEND POLICY

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends following completion of our initial business combination will be within the discretion of our board of directors at such time and will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition at such time. There is no certainty we will be in a position to, or decide to, pay cash dividends after completing any business combination. If we increase or decrease the size of this offering pursuant to Rule 462(b) under the Securities Act, we will effect a share capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering. Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends following completion of our initial business combination may be limited by restrictive covenants we may agree to in connection therewith.

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DILUTION

The difference between the public offering price per ordinary share and Adjusted NTBVPS, on a pro forma basis to give effect to this offering, assuming no exercise of the over-allotment option and exercise of the over-allotment option in full, constitutes dilution to investors in this offering. Adjusted NTBVPS is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of ordinary shares which may be redeemed for cash), as adjusted to reflect various potential redemption levels that may occur in connection with the closing of our initial business combination, by the number of outstanding ordinary shares.

Adjusted NTBVPS excludes the effect of the consummation of our initial business combination or any related transactions or expenses. The calculation of Adjusted NTBVPS assumes that no ordinary shares are issued to shareholders of our potential initial business combination target as consideration or issuable by the post-business combination company (for example, under an incentive plan or employee share purchase plan), no ordinary shares or convertible equity, equity-linked or debt securities are issued in connection with additional financing that we may seek in connection with our initial business combination, and no working capital loans are converted into private placement shares. The issuance of additional ordinary or preference shares may significantly dilute the equity interest of investors in this offering.

At December 31, 2025, our net tangible book value was $243,559, or approximately $0.03 per ordinary share. The following table illustrates what the Adjusted NTBVPS at December 31, 2025 would have been to the public shareholders on a pro forma basis to give effect to this offering and the issuance of the private placement warrants, assuming no exercise of the over-allotment option and exercise of the over-allotment option in full:

No Redemptions 25% of Maximum Redemptions 50% of Maximum Redemptions 75% of Maximum Redemptions Maximum Redemptions

No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment

Public offering price $	10.00 $	10.00 $	10.00 $	10.00 $	10.00 $	10.00 $	10.00 $	10.00 $	10.00 $	10.00

Net tangible book value before this offering 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

Increase attributable to public stockholders 7.71 7.70 7.15 7.14 6.20 6.19 4.32 4.30 (1.33	) (1.36	)

Pro forma net tangible book value after this offering and the sale of the private placement warrants 7.74 7.73 7.18 7.17 6.23 6.22 4.35 4.33 (1.30	) (1.33	)

Dilution to public stockholders $	2.26 $	2.27 $	2.82 $	2.83 $	3.77 $	3.78 $	5.65 $	5.67 $	11.30 $	11.33

Percentage of dilution to public stockholders 22.6	% 22.7	% 28.2	% 28.3	% 37.7	% 37.8	% 56.5	% 56.7	% 113.0	% 113.3	%

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For each of the redemption scenarios above, the NTBV was calculated as follows:

No Redemptions 25% of Maximum Redemptions 50% of Maximum Redemptions 75% of Maximum Redemptions Maximum Redemptions

No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment No Over-Allotment Full Over-Allotment

Numerator:

Net tangible book value before this offering $	250,742 $	250,742 $	250,742 $	250,742 $	250,742 $	250,742 $	250,742 $	250,742 $	250,742 $	250,742

Plus: Net proceeds from this offering and sale of the private placement warrants (1) 251,230,000 288,730,000 251,230,000 288,730,000 251,230,000 288,730,000 251,230,000 288,730,000 251,230,000 288,730,000

Plus: Offering costs paid in advance, excluded from tangible book value before this offering 163,403 163,403 163,403 163,403 163,403 163,403 163,403 163,403 163,403 163,403

Less: Deferred underwriting fees (9,750,000	) (11,212,500	) (9,750,000	) (11,212,500	) (9,750,000	) (11,212,500	) (9,750,000	) (11,212,500	) (9,750,000	) (11,212,500	)

Less: Amounts paid for redemptions (3) - - (62,500,000	) (71,875,000	) (125,000,000	) (143,750,000	) (187,500,000	) (215,625,000	) (250,000,000	) (287,500,000	)

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