SEC Filing Document

Company: Berto Acquisition Corp. II
Ticker: GUAC
CIK: 2081515
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-20
Accession Number: 0001829126-26-001498
Exchange: 
SIC Code: 6770
SIC Description: Blank Checks
URL: https://www.sec.gov/Archives/edgar/data/2081515/000182912626001498/filename1.htm

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the initial business combination. The Company’s audit committee will review on a quarterly basis all payments that were made to the Sponsor, executive officers or directors, or the Company’s or their affiliates. Related Party Loans Promissory Note The Company and the Sponsor entered into a loan agreement on July 15, 2025, whereby the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Proposed Public Offering pursuant to a promissory note. This loan is non-interest bearing and payable on the earlier of December 31, 2026, or the date on which the Company consummates the Proposed Public Offering. As of December 31, 2025, the Company had approximately $16,000 of borrowings under the promissory note. Subsequent to December 31, 2025, the Company borrowed an additional amount of approximately $6,000 under the promissory note, resulting in an outstanding balance of approximately $22,000. Working Capital Loans

In addition, in order to finance transaction costs
in connection with its initial business combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors
may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes
its initial business combination, the Company would repay the Working Capital Loans. In the event that the initial business combination
does not close, the Company may use a portion of proceeds held outside the trust account to repay the Working Capital Loans but no proceeds
held in the trust account would be used to repay the Working Capital Loans. If the Sponsor makes any Working Capital Loans, up to $1.5
million of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the
option of the lender. The warrants and their underlying securities would be identical to the Private Placement Warrants. As of December 31,
2025, the Company had not entered into any Working Capital Loan agreements and had no outstanding borrowings under any such arrangements.

Note 6 — Commitments and Contingencies

Consulting Agreement

On December 31, 2025, the Company entered into a consulting agreement with Meteora, pursuant to which Meteora agreed to provide consulting, advisory and related services to Company with respect to general special purpose acquisition company structuring and capital markets matters through the earlier of the consummation of the initial business combination or the Company’s liquidation.

In exchange for consideration, the Company agreed
to (1) sell 300,000 Founder Shares to Meteora for an aggregate purchase price of $1,043.48 upon the effective date and (2) pay Meteora
a $500,000 cash fee upon closing of the Proposed Public Offering in the event that the Company completes the Proposed Public Offering. The Founder
Shares issued to Meteora were fully vested and nonforfeitable at the grant date, and no specific performance was required for Meteora
to retain the shares. Accordingly, the Company recognized the grant-date fair value of the shares in additional paid-in capital with a
corresponding prepaid asset on December 31, 2025.

Table of Contents

BERTO ACQUISITION CORP. II

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2025

The Company estimated the grant date fair value
of such shares to be approximately $3.037 per share, or approximately $911,000 in the aggregate, using a combination of Black-Scholes
and Monte Carlo simulation model calibrated to the implied value of the Company’s Units. Net stock-based compensation cost recognized
at issuance, net of cash consideration, was approximately $910,000, and was recognized stock-based compensation expenses for such services
over the estimated service period. The prepaid asset represents the right to receive future advisory services and is amortized to general
and administrative expenses over the estimated service period. During the year ended December 31, 2025, the Company recognized one day
of amortization expense of approximately $1,000 within general and administrative expenses. As of December 31, 2025, the remaining unamortized
prepaid balance of approximately $909,000 was recorded in the accompanying balance sheet, consisting of approximately $411,500 included
in prepaid expenses (current) and approximately $497,500 included in prepaid consulting fees, non-current.

The significant assumptions used in the valuation
models as of the December 31, 2025, grant date included: (i) an underlying stock price of $9.90 representing the implied value of the
Company’s ordinary shares based on a proforma unit value calibration; (ii) an expected term of 7.21 years for the public warrant
component and 0.20 years for the founder share component; (iii) an estimated volatility of 5.0% derived from a peer group of guideline
public companies; and (iv) a risk-free interest rate of 3.88% for the public warrant component and 3.67% for the founder share component.
Additionally, the fair value reflects a market adjustment of approximately 30.9% to account for the likelihood of the Initial Business
Combination and the post-acquisition market perception of the shares.

Note 7 — Shareholders’ Equity

Preference Shares

The Company is authorized to issue 5,000,000 preferred shares with a par value of $0.001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2025, there were no preferred shares issued or outstanding.

Ordinary Shares

The Company is authorized to issue 550,000,000
ordinary shares with a par value of $0.001 per share. As of December 31, 2025, there was an aggregate of 7,187,500 shares issued
and outstanding. Of these, up to an aggregate of 937,500 shares are subject to forfeiture depending on the extent to which the over-allotment
option is not exercised by the underwriters so that the Founder Shares will represent 20% of the Company’s issued and outstanding
shares after the Proposed Public Offering.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Unless specified in the Company’s Articles, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are represented in person or by proxy and are voted is required to approve any such matter voted on by the shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, passed by the affirmative vote of at least two-thirds of the Company’s ordinary shares which are represented in person or represented by proxy and are voted at a general meeting of the company, and pursuant to the Company’s Articles; such actions include amending the Articles and approving a statutory merger or consolidation with another company. The Company’s board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. The Company’s shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

Table of Contents

BERTO ACQUISITION CORP. II

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2025

Warrants

As of December 31, 2025, there were no Public
Warrants or Private Placement Warrants (together, the “warrants”) outstanding. Public Warrants may only be exercised for a
whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will
trade.

The warrants will become exercisable 30 days after
the completion of the initial business combination, will expire five years after the completion of the initial business combination or
earlier upon redemption or liquidation, and have an exercise price of $11.50 per share, provided that no warrant will be exercisable for
cash and the Company will not be obligated to issue ordinary shares upon exercise of a warrant unless the ordinary shares issuable upon
such warrant exercise have been registered on a registration statement on Form S-1, Form S-3, Form F-1, or Form F-3, as applicable, following
the initial business combination, qualified or deemed exempt from registration or qualification under the securities laws of the state
of the exercising holder, or an exemption from registration or qualification is available. In the event that such condition is not satisfied
with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant for cash and such warrant may have
no value and expire worthless, in which case the purchaser of a unit containing Public Warrants will have paid the full purchase price
for the unit solely for the ordinary shares underlying the unit.