SEC Filing Document

Company: Berto Acquisition Corp. II
Ticker: GUAC
CIK: 2081515
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-12
Accession Number: 0001829126-26-005001
Exchange: 
SIC Code: 6770
SIC Description: Blank Checks
URL: https://www.sec.gov/Archives/edgar/data/2081515/000182912626005001/bertoacquisition2_s1a.htm

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unless it can qualify for an exclusion, a company must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of its assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete a business combination and thereafter to operate the post-transaction business or assets for the long term. We do not intend to spend a considerable amount of time actively managing the assets in the trust account for the primary purpose of achieving investment returns. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor. Table of Contents

We do not believe that our
anticipated principal activities will subject us to the Investment Company Act. To this end, the investment management trust agreement
only permits the proceeds held in the trust account to be held uninvested as cash, in an interest-bearing or non-interest bearing demand
deposit account at a U.S. chartered commercial bank with consolidated assets of $100 billion or more selected by the trustee that is
reasonably satisfactory to us, or invested in United States “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations; the holding of these assets
in this form is intended to be temporary and for the sole purpose of facilitating the intended business combination and may at any time
be held uninvested as cash or in an interest-bearing or non-interest bearing demand deposit account at a U.S. chartered commercial bank
with consolidated assets of $100 billion or more selected by the trustee that is reasonably satisfactory to us. Pursuant to the investment
management trust agreement, the trustee will not be permitted to invest in other securities or assets. By restricting the investment
of the proceeds in this manner, and by focusing our directors’ and officers’ time toward, and operating our business for
the purpose of, acquiring and growing businesses for the long term (rather than buying and selling businesses in the manner of a merchant
bank or private equity fund or investing in assets for the purpose of achieving investment returns on such assets), we intend to avoid
being deemed an “investment company” within the meaning of the Investment Company Act. The offering is not intended for persons
who are seeking a return on investments in government securities or investment securities. Instead, the trust account will be intended
as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination; (ii) (x)
the redemption of any public shares properly submitted in connection with a shareholder vote to amend our articles, which is not for
the purpose of approving, or in conjunction with the consummation of, an initial business combination, (A) to modify the substance or
timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares
if we do not complete our initial business combination within the completion window or (B) with respect to any other material provisions
relating to the rights of holders of our ordinary shares or pre-initial business combination activity, or (y) if we extend the completion
window and such extension is conditioned upon depositing additional funds into the trust account, upon the end of a 30-day cure period
after the date any such funds were required to be deposited but were not so deposited; or (iii) absent an initial business combination
within the completion window, our return of the funds held in the trust account to our public shareholders as part of our redemption
of the public shares. If we do not invest the proceeds as described above, we may be deemed to be subject to the Investment Company Act.

Further, under the subjective test of a “investment company” pursuant to Section 3(a)(1)(A) of the Investment Company Act, even if the funds deposited in the trust account were invested in the assets discussed above (U.S. government securities or money market funds registered under the Investment Company Act), such assets, other than cash, are “securities” for purposes of the Investment Company Act and, therefore, nevertheless, there is a risk that we could be deemed an unregistered investment company and subject to the Investment Company Act at any time. If our circumstances change over time, we will update our disclosure to reflect how such changes impact the risk that we may be considered to be operating as an unregistered investment company.

In the adopting release for the 2024 SPAC Rules (as defined below), the SEC provided guidance that a SPAC’s potential status as an “investment company” depends on a variety of factors, such as a SPAC’s duration, asset composition, business purpose and activities and “is a question of facts and circumstances” requiring individualized analysis. If we were deemed to be an unregistered investment company and subject to compliance with and regulation under the Investment Company Act, we would be subject to additional regulatory burdens and expenses for which we have not allotted funds. Unless we are able to modify our activities so that we would not be deemed an investment company, we would either register as an investment company or wind down and abandon our efforts to complete an initial business combination and instead liquidate the company. As a result, our public shareholders may only receive their pro rata portion of the funds in the trust account that are available for distribution to public shareholders and would be unable to realize the potential benefits of an initial business combination, including the possible appreciation of the combined company’s securities.

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To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we may, at any time, instruct the trustee to liquidate the securities held in the trust account and instead to hold the funds in the trust account in cash until the earlier of the consummation of our initial business combination or our liquidation. As a result, following the liquidation of securities in the trust account, the interest earned on the funds held in the trust account may be materially reduced, which would reduce the dollar amount our public shareholders would receive upon any redemption or liquidation of the company.

Pursuant to the trust agreement, we may only hold the funds in the trust account uninvested as cash, in an interest-bearing or non-interest-bearing demand deposit account at a U.S. chartered commercial bank with consolidated assets of $100 billion or more selected by the trustee that is reasonably satisfactory to us, or in U.S. government securities, within the meaning of Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. U.S. government treasury obligations are considered “securities” for purposes of the Investment Company Act, while cash is not. As noted above, one of the factors the SEC identified as relevant to the determination of whether a SPAC which holds securities could potentially be deemed an “investment company” under the Investment Company Act is the SPAC’s duration. To mitigate the risk of us being deemed to be an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act) and thus subject to regulation under the Investment Company Act, we may, at any time, instruct Continental Stock Transfer & Trust Company, the trustee with respect to the trust account, to liquidate the U.S. government securities or money market funds held in the trust account and thereafter to hold all funds in the trust account uninvested in cash or in an interest-bearing or non-interest-bearing demand deposit account until the earlier of consummation of our initial business combination or liquidation of the company. Following such liquidation, the rate of interest we receive on the funds held in the trust account may be materially decreased. However, interest previously earned on the funds held in the trust account still may be released to us for permitted withdrawals and certain other expenses as permitted. As a result, any decision to liquidate the securities held in the trust account and thereafter to hold all funds in the trust account uninvested in cash or in an interest-bearing or non-interest-bearing demand deposit account would reduce the dollar amount our public shareholders would receive upon any redemption or liquidation of the company.

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