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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executive officers or directors, or the Company’s or their affiliates. Table of Contents BERTO ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS MARCH 31, 2026 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 March 31, 2026 and December 31, 2025, the Company had approximately $68,000 and approximately $16,000 of borrowings under the promissory note, respectively. Subsequent to March 31, 2026, the Company borrowed an additional amount of $55,000 under the promissory note, resulting in an outstanding balance of approximately $123,000. 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 March 31, 2026 and 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.

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 March 31,
2026 and December 31, 2025, the remaining unamortized prepaid balance of approximately $807,000 was recorded in the accompanying
balance sheet, consisting of approximately $412,000 included in prepaid expenses (current) and approximately $395,000 included in prepaid
consulting fees, non-current.

Table of Contents

BERTO ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2026

The significant assumptions
used in the valuation models as of the grant date of December 31, 2025 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 March 31, 2026 and 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 March 31, 2026 and 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.

Warrants

As of March 31, 2026
and 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.

Table of Contents

BERTO ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2026

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.