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美國

證券交易委員會

華盛頓特區20549

形式 10-K

☒ 根據1934年《證券交易所法》第13或15（d）條提交的年度報告

日終了的財政年度 2024年12月31日

或

☐ 根據1934年證券交易法第13或15（d）條提交的過渡報告

從              到            

委員會文件號： 001-41825

SPARK I Acquisition Corporation

（章程中規定的註冊人的確切名稱）

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註冊人的電話號碼，包括地區代碼： (650) 353-7082

根據該法第12（b）條登記的證券：

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根據該法第12（g）條登記的證券： 沒有。

如果註冊人是《證券法》第405條所定義的知名經驗豐富的發行人，則通過勾選標記進行驗證。是的 ☐ 沒有 ☒

如果註冊人無需根據《交易法》第13條或第15（d）條提交報告，請勾選。是 ☐ 沒有 ☒

通過勾選標記確定註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。 是的 ☒ 沒有 ☐

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-T法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是的 ☒ 沒有 ☐

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義。

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如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。 ☐

通過勾選標記檢查註冊人是否已提交報告並證明其管理層根據《薩班斯-奧克斯利法案》（15 U.S.C.）第404（b）條對其財務報告內部控制有效性的評估7262（b））由編制或發佈審計報告的註冊會計師事務所執行。 ☐

如果證券是根據該法案第12（b）條登記的，請通過勾選標記表明文件中包含的登記人的財務報表是否反映了對先前發佈的財務報表錯誤的更正。 ☐

通過勾選標記來驗證這些錯誤更正是否是需要根據§240.10D-1（b）對註冊人的任何高管在相關恢復期內收到的激勵性補償進行恢復分析的重述。 ☐

通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120億.2條）。是的 ☒ 沒有 ☐

根據納斯達克全球市場（「納斯達克」）當日報告的2024年6月28日註冊人A類普通股股票的收盤價，註冊人的非關聯公司持有的註冊人A類普通股的總市值約爲美元103.5 萬

截至2025年3月17日，已有 10,000,000 A類普通股，每股面值0.0001美元，以及 6,422,078 B類普通股，每股面值0.0001美元，已發行和發行。

通過引用併入的文獻

沒有。

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目錄

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關於前瞻性陳述的警示說明

這份Form 10-K年度報告包含《1995年美國私人證券訴訟改革法》中的安全港條款所指的「前瞻性陳述」。請投資者注意，非嚴格意義上的歷史性事實陳述屬於前瞻性陳述，包括但不限於「風險因素」、「管理層對財務狀況和經營結果的討論和分析」以及「業務」等標題下的陳述，並以「相信」、「預期」、「可能」、「將」、「應該」、「尋求」、「預期」或「可能」等詞語以及類似的表述來識別。本年度報告中關於Form 10-K的前瞻性陳述可能包括，例如，關於：

前瞻性陳述並不是對未來業績的保證。相反，它們僅基於我們目前對業務未來、未來計劃和戰略、預測、預期事件和趨勢、經濟和其他未來狀況的信念、預期和假設。由於前瞻性陳述與未來有關，它們會受到固有的不確定性、風險和環境變化的影響，這些不確定性、風險和變化很難預測，其中許多是我們無法控制的。我們的實際結果和財務狀況可能與前瞻性陳述中指出的大不相同。因此，您不應依賴這些前瞻性陳述中的任何一種。可能導致我們的實際結果和財務狀況與前瞻性陳述所表達或暗示的大不相同的重要因素包括，我們有能力在外部日期之前，根據我們修訂和重述的組織章程備忘錄，以可接受的條款完成與Kneron或任何其他運營公司的業務合併，以及本年度報告中以Form 10-K形式討論的風險，包括在「風險因素」標題下討論的風險。

我們在本報告中所作的任何前瞻性陳述僅以我們目前掌握的信息爲依據，並且僅在本報告發表之日發表。我們沒有義務公開修改或更新任何前瞻性陳述，無論是由於新信息、未來發展或其他原因，除非法律要求。

所指的財政年度是指我們截至指定財政年度12月31日的財政年度。

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第一部分

項目1.業務

在本10-K表格年度報告(「10-K表格」)中，對「公司」的提及以及對「我們」、「我們」和「我們」的提及是指星火I收購公司。

介紹

我們是一家於2021年7月12日註冊成立的空白支票公司，作爲開曼群島的豁免公司，目的是與一項或多項業務或資產進行合併、股份交換、資產收購、股份購買、重組或類似的合併，我們在本年度報告中以Form 10-K的形式將其稱爲我們的初始業務組合。到目前爲止，我們的努力僅限於組織活動和與爲我們最初的業務組合尋找目標業務有關的活動。到目前爲止，我們還沒有產生任何收入，我們預計在完成最初的業務合併之前，我們最早不會產生運營收入。

我們於2024年10月宣佈，我們已與Kneron Holding Corporation(Kneron Holding Corporation)簽署了一份非約束性意向書(LOI)，該公司是總部位於加利福尼亞州聖地亞哥的全棧邊緣人工智能(AI)解決方案的領先提供商，並與一家作爲服務/平台空間的酒店軟體公司簽署了一份非約束性意向書。雖然這兩份意向書都已到期，但我們已進入下一階段，積極與Kneron談判具有約束力的業務合併協議的條款。

2023年10月11日，我們完成了1000萬個單位的首次公開募股(IPO)。每個單位包括一股本公司A類普通股，面值0.0001美元(「A類普通股」)和一份可贖回認股權證(每份完整認股權證，一份「公開認股權證」)的一半，每份公共認股權證的持有人有權按每股11.5美元購買一股A類普通股，並可自公司完成初步業務合併後30天起進行調整。我們授予坎託·菲茨傑拉德公司(Cantor Fitzgerald&Co.)作爲承銷商(「坎託」)的代表，有45天的選擇權，可以額外購買多達1,500,000個單位，以彌補超額配售。隨後，於2023年10月10日，康托爾通知公司，它將不會行使超額配售選擇權。因此，SLG SPAC Fund LLC(「保薦人」)沒收了合共448,052股本公司B類普通股，每股面值0.0001美元(「B類普通股」)。該等沒收股份於首次公開招股完成前已由本公司註銷。

在首次公開招股結束的同時，吾等與保薦人完成私募(「私募」)，保薦人購買了8,490,535份認股權證(「私募」)，總收益爲8,490,535美元。私募認股權證的條款與公開認股權證相同，惟只要私募認股權證由保薦人或其許可受讓人持有，私募認股權證(I)不得轉讓、轉讓或出售(除若干有限例外情況外)(包括可行使私募認股權證而發行的A類普通股)，直至本公司完成初步業務合併後30天，及(Ii)認股權證有權享有登記權。如果公司沒有完成最初的業務合併，私募認股權證將一文不值。

2023年10月11日在IPO和私募中出售單位的淨收益總計100,500,000美元(每單位10.05美元，其中包括承銷商遞延折扣3,500,000美元)被存入作爲受託人的大陸股票轉讓信託公司的信託賬戶，爲公衆股東的利益而設。除信託賬戶所持資金所賺取的利息可撥給本公司繳稅及最高100,000美元利息以支付解散費用外，信託賬戶所持有的資金將不會從信託賬戶中釋放，直至(I)本公司完成初步業務合併，(Ii)如本公司未能在2025年7月11日前完成其初始業務合併，則贖回包括在首次公開發售的單位內的A類普通股。在適用法律的規限下，或(Iii)贖回與股東投票有關而適當提交的任何公衆股份，以修訂本公司經修訂及重述的組織章程大綱及組織章程細則(A)以修改本公司義務的實質或時間，如本公司於2025年7月11日前仍未完成初始業務合併，或(B)就與股東權利或初始業務合併前活動有關的任何其他重大條文，本公司有責任允許贖回其100%的公衆股份。

業務戰略

本公司由SparkLabs Group Management，LLC和我們的管理團隊共同創立。

SparkLabs Group Management負責監管SparkLabs Group，這是一個由創業加速器和風險投資基金組成的全球領先網絡，自2013年以來已在6大洲投資了480多家初創公司(主要是技術公司)。星火實驗室集團相信創新是全球性的，創業知識、興奮和人才繼續在世界各地傳播。SparkLabs Group首先是一家幫助當地初創企業成長和走向全球的生態系統建設者，它熱衷於利用該集團先前的經驗、知識以及廣泛的領導力和網絡來幫助企業家。SparkLabs集團在亞洲建立了領先的加速器網絡，並繼續在全球擴張。

SparkLabs Group還舉辦了世界上最大的三個年度演示活動(在韓國、臺灣和澳大利亞舉行)，這些活動彙集了來自全球各地的公司創始人、投資者、行業領導者、生態系統合作伙伴和媒體，展示了改變遊戲規則的初創公司、新技術和創新，以及全球技術、媒體和電信領先者對最新問題和趨勢的討論。SparkLabs加速器模型和演示在Netflix系列初創公司中得到了重點介紹。

我們與SparkLabs Group和我們的管理團隊一起，處於獨特的地位，可以利用SparkLabs Group生態系統中不斷增長的收購機會，包括投資組合公司和與SparkLabs集團整體網絡和計劃相關聯的更廣泛的公司。SparkLabs Group在這些生態系統公司的整個生命週期中積極幫助它們培育和發展 - ，通過從初始種子投資到後期融資的資金籌集，以及通過參與幫助它們建立業務網絡和能力來支持它們。我們認爲，這些生態系統公司中的許多已經成熟到正在尋找上市途徑的階段，我們相信特殊目的收購公司(「SPAC」)結構非常適合幫助這些公司上市。考慮到我們在構建生態系統方面的領導角色，以及我們與這些公司建立的關係和信任，以及我們隨着時間的推移幫助這些公司創造的價值，我們也非常適合通過De-SPAC交易瞄準和收購SparkLabs Group生態系統公司。我們將利用我們現有的投資機會識別、評估、結構和執行經驗來識別、評估和執行業務組合。在最初的業務合併後，我們還將繼續支持合併後的公司，並幫助它在公開市場上取得成功。

市場機會

鑑於我們的投資組合代表着對450多家中國公司的廣泛投資，我們可能會在任何企業、行業、部門或地理位置尋求初步的業務合併機會。然而，我們可能會把搜索目標集中在亞洲處於後期階段的科技初創公司，或者企業價值超過10億美元、在亞洲有強大業務或戰略的美國科技公司。我們不會與任何主要業務營運於中國(包括香港、香港及澳門)的實體進行初步業務合併。我們對一些公司尤其感興趣，這些公司的業績最近出現了積極的拐點，原因是它們採取了顛覆性戰略和商業模式，這些戰略和商業模式是在過去幾年大流行期間全球經濟變化的推動下產生的。我們認爲，這些影響是由消費者對在線、虛擬和共享經濟的行爲發生永久性變化推動的。我們相信，這些變化在本質上是廣泛的，成功的公司出現在每個水平和垂直行業，包括許多消費產品類別(遊戲、娛樂、時尚、消費品、金融、交通、醫療、支付、加密貨幣、區塊鏈等)的直接B2C公司，以及支持這些B2C公司的廣泛的B20億公司，包括但不限於硬件、軟體、中間件、基礎設施和雲公司。

收購目標的來源

除了以上闡述的市場機會重點，SparkLabs Group網絡成員以及我們的管理和投資顧問團隊成員擁有豐富的資本市場、投資公司、企業家精神、高管管理和上市公司經驗，因此建立了深厚的聯繫人和關係網絡，這將爲我們提供重要的額外收購機會來源。此外，我們預計各種非關聯來源將向我們帶來機會，包括投資銀行、私募股權集團、諮詢公司、會計師事務所和其他投資市場參與者。

我們不被禁止與我們的贊助商、高級管理人員或董事有關聯的業務進行初始業務合併。如果我們尋求完成與我們贊助商Offers關聯的業務的初始業務合併

我們或由獨立及無利益關係的董事組成的委員會將從金融行業監管局(「FINRA」)成員的獨立投資銀行公司或獨立估值、評估或會計師事務所獲得意見，認爲我們最初的業務合併從財務角度而言對我們的公司是公平的。

我們的管理團隊和董事會成員擁有方正股份和/或私募認股權證，因此，在確定特定目標業務是否是實現我們最初業務合併的合適業務時，可能存在利益衝突。此外，如果目標企業將任何此類高管和董事的留任或辭職作爲與我們最初業務合併的任何協議的條件，則我們的每一位高管和董事在評估特定業務合併方面可能存在利益衝突。

自首次公開募股以來，我們已經完成了對SparkLabs Group生態系統公司的詳細評估，並確定了初步目標以確定優先順序。在與多個優先目標進行實質性討論後，我們於2024年10月宣佈，我們已與Kneron簽署了非約束性意向書，用於業務合併，Kneron是總部位於加利福尼亞州聖地亞哥的全棧邊緣AI解決方案的領先提供商，以及與一家公司在酒店軟體作爲服務/平台空間的業務合併的非約束性意向書。雖然這兩份意向書都已到期，但我們已進入下一階段，積極與Kneron談判具有約束力的業務合併協議的條款。

我們的一些高級職員和董事目前以及未來可能對其他實體負有額外的、受託責任或合同義務，根據這些義務，該高級職員或董事必須或將被要求向該實體提供業務合併機會。因此，如果我們的任何高級管理人員或董事意識到業務合併機會適合他或她當時對其負有受託或合同義務的實體，他或她將履行其受託或合同義務，向該實體提供此類業務合併機會。我們預計，如果我們的一名高管或董事以該等其他實體之一的高管或董事的身份獲得機會，這種機會將被提供給該其他實體，而不是我們。經修訂及重述的組織章程大綱及章程細則規定，吾等將在法律允許的最大範圍內放棄在向任何董事或高級職員提供的任何公司機會中的權益，或放棄吾等任何高級職員或董事知悉的任何公司機會，除非該機會僅以董事或本公司高級職員的身份明確向該人士提供，且該機會是我們在法律及合約上獲准從事且本公司有理由繼續追求的機會。此外，我們經修訂及重述的組織章程大綱及章程細則載有條文，在法律許可的最大範圍內，就因該等人士察覺或未能提供該等商業機會而可能對本公司產生的任何責任、義務或責任，免除及保障該等人士。

我們的某些高管和董事對SparkLabs Group Management及其附屬公司以及SparkLabs Group Management投資的某些公司負有受託責任和合同責任。然而，我們預計這些責任不會與我們尋求初步業務合併存在重大利益衝突。我們相信，由於SparkLabs Group Management通常認爲對其管理的投資工具和我們預計最具吸引力的收購類型最具吸引力的投資目標的不同性質，這種利益衝突將在很大程度上得到緩解。SparkLabs Group Management的傳統初創企業孵化活動通常涉及投資處於早期階段的私營公司，而且通常在首次公開募股(IPO)前幾年投資於這些實體，而不是在上市時。因此，我們可能會意識到一筆潛在的交易，它不適合SparkLabs Group Management傳統的初創企業孵化活動，但對我們來說是一個有吸引力的機會。

評估和業務合併標準

在評估潛在目標業務時，我們將進行徹底的盡職審查，其中可能包括與管理層和員工的會議、文件審查、設施檢查，以及對將向我們提供的財務、運營、法律和其他信息的審查。

與我們的戰略一致，我們根據各種標準對我們的整個投資組合和擴展的生態系統公司進行了分類，以確定我們認爲最準備上市的候選公司，我們將尋求與一家將從上市和進入公開資本市場中受益的公司進行業務合併。我們認爲，被收購的公司應具備以下屬性：

這些屬性並非包羅萬象。與特定初始業務合併的價值有關的任何評估可能在相關程度上基於這些一般準則以及我們管理層可能不時認爲相關的其他考慮、因素和標準，我們可能決定與不符合這些標準和準則的目標業務進行初始業務合併。

初始業務組合

根據納斯達克及吾等的組織章程大綱及章程細則，吾等必須以一項或多項營運業務或資產完成一項初始業務合併，而該等資產的公平市值在吾等簽署有關初始業務合併的最終協議時，至少相等於信託賬戶所持淨資產的80%(不包括以信託形式持有的任何遞延承保折扣額)。我們的董事會將決定我們最初業務合併的公平市場價值。如果我們的董事會不能獨立確定我們最初業務合併的公平市場價值(包括在財務顧問的協助下)，我們將從FINRA成員或估值或評估公司的獨立投資銀行獲得意見。雖然我們認爲我們的董事會可能能夠獨立決定我們最初業務合併的公平市場價值，但如果董事會對特定目標的業務不太熟悉或經驗不足，或者目標資產或前景的價值存在重大不確定性，董事會可能無法這樣做。此外，根據納斯達克規則，任何初始業務合併都必須得到我們獨立董事的多數批准。只有當我們的公衆股東擁有股份的交易後公司將擁有或收購目標公司50%或更多的未償還有表決權證券，或者不需要根據投資公司法註冊爲投資公司時，我們才會完成我們的初始業務合併。即使交易後公司擁有或收購目標公司50%或更多的有投票權證券，我們在初始業務合併之前的股東可能共同擁有後業務合併公司的少數股權，這取決於在業務合併交易中歸屬於目標和我們的估值。例如，我們可以進行一項交易，在該交易中，我們發佈

以大量新股換取目標公司的全部已發行股本、股份或其他股權證券。在這種情況下，我們將獲得目標的100%控股權。然而，由於發行了大量新股，緊接我們初始業務合併之前的我們的股東可能在我們初始業務合併後擁有不到我們已發行和流通股的大部分。如果一項或多項目標業務的股權或資產少於100%由交易後公司擁有或收購，則該等業務所擁有或收購的部分將被計入上述80%淨資產測試的目的，前提是如果業務合併涉及一項以上目標業務，80%淨資產測試將以所有目標業務的合計價值爲基礎，吾等將爲尋求股東批准或進行收購要約(視情況而定)而將交易一併視爲我們的初始業務組合。

上市公司的地位

我們相信，我們的結構將使我們成爲目標企業具有吸引力的業務組合合作伙伴。作爲一家現有的上市公司，我們通過與我們的合併或其他業務合併，爲目標企業提供傳統首次公開募股(IPO)的替代方案。例如，在與我們的企業合併交易中，目標企業的所有者可以將他們在目標企業的股票交換爲我們的A類普通股(或新控股公司的股票)，或者交換我們的A類普通股和現金的組合，使我們能夠根據賣家的特定需求定製對價。我們相信，目標企業會發現，與典型的首次公開募股(IPO)相比，這種方法是一種更快速、更具成本效益的上市公司方法。典型的首次公開募股過程比典型的業務合併交易過程花費的時間要長得多，而且首次公開募股過程中有大量費用，包括承銷折扣和佣金，這些費用在與我們的業務合併中可能不會出現同樣的程度。

此外，一旦建議的業務合併完成，目標業務將實際上已上市，而首次公開募股總是受制於承銷商完成發售的能力以及一般市場狀況，這可能會推遲或阻止發售的發生，或產生負面的估值後果。我們相信，一旦上市，目標企業將有更多機會獲得資本，成爲提供與股東利益一致的管理層激勵的額外手段，並能夠將其股票用作收購的貨幣。作爲一家上市公司，通過提高公司在潛在新客戶和供應商中的形象，並有助於吸引有才華的員工，可以提供進一步的好處。

雖然我們相信我們的結構和管理團隊的背景將使我們成爲一個有吸引力的商業合作伙伴，但一些潛在的目標企業可能會將我們的地位視爲一家空白支票公司，例如我們沒有經營歷史，以及我們尋求股東批准任何擬議的初始業務合併的能力，這都是負面的。

財務狀況

截至2024年12月31日，可用於企業合併的信託資金爲106,926,172美元，我們爲目標企業提供了多種選擇，例如爲其所有者創建流動性事件，爲其業務的潛在增長和擴張提供資本，或通過降低債務比率來加強其資產負債表。

爲了滿足我們的營運資金需求，贊助商或贊助商的關聯公司，或我們的某些高級管理人員和董事可以，但沒有義務，向我們提供營運資金貸款。2025年1月28日，我們向保薦人簽發了本金高達1,900,000美元的無擔保本票，截至2024年12月31日，我們已預付了840,000美元。這筆預付款在本票於2025年1月28日籤立後被轉換爲本票。更多信息見項目7「管理層對財務狀況和經營成果的討論和分析--流動資金、資本資源和持續經營」。

此外，我們計劃通過首次公開招股結束後簽訂的遠期購買協議和PIPE(私募股權投資)投資者的額外資金(如有需要)以及其他預先安排的後盾安排，籌集總計115,000,000美元。由於我們能夠使用我們的現金、債務或股權證券或上述證券的組合來完成我們的初始業務組合，因此我們可以靈活地使用最有效的組合，使我們能夠根據目標業務的需求和願望定製支付的對價。然而，我們還沒有采取任何措施來獲得第三方融資，也不能保證我們會獲得融資。

實現我們最初的業務合併

一般

我們目前沒有，也不會在IPO後的一段時間內從事任何業務。吾等擬使用首次公開發售及配售私募認股權證所得現金、PIPE(私募股權投資)發售所得現金、出售吾等與初始業務合併有關之股份所得款項(根據首次公開招股或其他事項完成時訂立之遠期購買協議或後備協議)、向目標持有人發行之股份、向目標銀行或其他貸款人或目標所有者發行之債務、或上述或其他來源之組合，以完成初步業務合併。我們可能尋求完成與財務狀況不穩定或處於早期發展或增長階段的公司或業務的初始業務合併，這將使我們面臨此類公司和業務固有的衆多風險。

如果我們的初始業務合併是通過股權或債務支付的，或者從信託賬戶釋放的資金並非全部用於支付與我們初始業務合併相關的對價或用於贖回我們的A類普通股，我們可以將從信託賬戶釋放的現金餘額用於一般公司用途，包括用於維持或擴大業務後合併公司的運營，支付完成我們初始業務合併所產生的債務的本金或利息，爲收購其他公司或用於營運資本提供資金。

自首次公開募股以來，我們已經完成了對SparkLabs Group生態系統公司的詳細評估，並確定了初步目標以確定優先順序。在與多個優先目標進行實質性討論後，我們於2024年10月宣佈，我們已與Kneron簽署了非約束性意向書，用於業務合併，Kneron是總部位於加利福尼亞州聖地亞哥的全棧邊緣AI解決方案的領先提供商，以及與一家公司在酒店軟體作爲服務/平台空間的業務合併的非約束性意向書。雖然這兩份意向書都已到期，但我們已進入下一階段，積極與Kneron談判具有約束力的業務合併協議的條款。

完成與Kneron或任何其他公司的業務合併取決於(其中包括)我們的盡職調查審查、就交易進行的最終協議的談判、我們的董事會、股東和Kneron股東對交易的批准，以及最終協議中的條件是否得到滿足。不能保證會達成最終協議，也不能保證擬議的交易將按照目前設想的條款或時間框架完成，或者根本不能保證。

儘管我們的管理層將評估我們可能與之合併的特定目標業務的固有風險，但我們不能向您保證，這一評估將導致我們確定目標業務可能遇到的所有風險。此外，其中一些風險可能不在我們的控制範圍內，這意味着我們無法控制或減少這些風險對目標企業造成不利影響的可能性。

我們可能需要獲得額外的融資來完成我們最初的業務合併，要麼是因爲交易需要比我們信託賬戶中持有的收益更多的現金，要麼是因爲我們有義務在業務合併完成後贖回相當數量的公開股票，在這種情況下，我們可能會發行額外的證券或產生與該業務合併相關的債務。沒有禁止我們發行證券或產生與我們最初的業務合併相關的債務的能力。除了可能與我們的保薦人達成後備安排外，我們目前並未與任何第三方就通過出售證券、產生債務或其他方式籌集任何額外資金達成任何安排或諒解。

對目標業務的評估和初始業務組合的構建

在評估潛在目標業務時，我們預計將進行廣泛的盡職調查審查，其中可能包括(如適用)與現任管理層和員工的會議、文件審查、與客戶和供應商的面談、設施檢查以及審查有關目標及其行業的財務和其他信息。我們還將利用我們管理團隊的運營和資本規劃經驗。如果我們決定推進一個特定的目標，我們將着手構建和談判業務合併交易的條款。

選擇和評估目標業務以及構建和完成我們的初始業務組合所需的時間以及與此過程相關的成本目前無法確定。因下列原因而產生的任何費用

識別和評估預期目標業務，並與其進行談判，而我們的初始業務合併最終未完成，這將導致我們蒙受損失，並將減少我們可用於完成另一業務合併的資金。本公司不會向我們的管理團隊成員或他們各自的關聯公司支付任何諮詢費，因爲他們爲我們最初的業務合併提供的服務或與之相關的服務。此外，我們已同意，在沒有我們贊助商事先同意的情況下，不會就初始業務合併達成最終協議。

缺乏業務多元化

在我們最初的業務合併完成後的一段不確定的時間內，我們成功的前景可能完全取決於單一業務的未來表現。與其他有資源與一個或多個行業的多個實體完成業務合併的實體不同，我們很可能沒有資源來使我們的業務多樣化，並降低單一業務線的風險。通過只與一個實體完成最初的業務合併，我們缺乏多元化可能會：

評估目標管理團隊的能力有限

雖然我們打算在評估與目標企業進行初始業務合併的可取性時，仔細審查潛在目標企業的管理層，但我們對目標企業管理層的評估可能被證明是不正確的。此外，未來的管理層可能不具備管理上市公司所需的技能、資格或能力。此外，我們的管理團隊成員在目標業務中的未來角色(如果有的話)目前還不能確定。關於我們管理團隊中是否有任何成員將留在合併後的公司的決定將在我們最初的業務合併時做出。雖然在我們最初的業務合併後，我們的一名或多名董事可能會繼續以某種身份與我們保持聯繫，但在我們最初的業務合併之後，他們中的任何一位都不太可能全力以赴地處理我們的事務。此外，我們不能向您保證，我們的管理團隊成員將擁有與特定目標業務運營相關的豐富經驗或知識。

我們不能向您保證，我們的任何關鍵人員將繼續擔任合併後公司的高級管理或顧問職位。關於我們的關鍵人員是否將留在合併後的公司的決定將在我們最初的業務合併時做出。

在業務合併後，我們可能會尋求招聘更多的經理，以補充目標業務的現任管理層。我們不能向你保證，我們將有能力招聘更多的管理人員，或者更多的管理人員將擁有必要的技能、知識或經驗，以加強現有的管理人員。

股東可能沒有能力批准我們最初的業務合併

根據美國證券交易委員會(「美國證券交易委員會」)的收購要約規則，我們可以在沒有股東投票的情況下進行贖回，但要符合我們修訂和重述的組織章程大綱和章程細則的規定。然而，如果適用法律或證券交易所上市要求，我們將尋求股東批准，或者我們可能出於業務或其他原因決定尋求股東批准。

根據納斯達克的上市規則，在以下情況下，我們的初始業務合併通常需要股東批准：

在法律不要求股東批准的情況下，我們是否將尋求股東批准擬議的企業合併，將由我們自行決定，並將基於業務和原因做出決定，這些因素包括但不限於：

允許購買我們的證券

如果吾等尋求股東批准吾等的初始業務合併，而吾等並無根據要約收購規則就吾等的初始業務合併進行贖回，吾等的保薦人、初始股東、董事、高級管理人員、顧問及他們的聯屬公司可在初始業務合併完成之前或之後，以私下協商的交易或在公開市場購買公開股份或認股權證，儘管彼等並無義務或責任這樣做。如果公衆股東選擇贖回與我們最初的業務合併相關的股份，則任何此類每股價格可能不同於公衆股東將獲得的每股金額。這樣的購買可能包括一份合同確認，該股東雖然仍然是我們股票的記錄持有人，但不再是其實益所有者，因此同意不行使其贖回權。如果我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司在私下協商的交易中從已選擇行使贖回權的公衆股東手中購買股票，則該等出售股票的股東將被要求撤銷他們之前贖回其股份的選擇。其目的是，如果第100億.18規則適用於保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司的購買，則此類購買將符合1934年修訂的《證券交易法》(以下簡稱《交易法》)下的第100億.18規則，在其適用的範圍內，該規則爲在特定條件下進行的購買提供了安全港，包括在購買的時間、定價和數量方面。

此外，在我們初始業務合併之時或之前的任何時間，在遵守適用的證券法(包括關於重大非公開信息)的情況下，我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司可以與投資者和其他人進行交易，以激勵他們收購上市股票、投票支持我們的初始業務合併或不贖回他們的上市股票。然而，他們目前沒有承諾、計劃或打算從事此類交易，也沒有爲任何此類交易制定任何條款或條件。信託賬戶中的任何資金都不會用於購買此類交易中的公開股票、權利或認股權證。

任何此類交易的目的可能是：(1)增加獲得股東批准業務合併的可能性，(2)減少未發行的公開認股權證數量和/或增加提交給公共權證持有人批准與我們的初始業務合併相關的任何事項的可能性，或(3)滿足與目標達成的協議中的結束條件，該協議要求我們在結束初始業務合併時擁有最低淨值或一定數量的現金，否則似乎無法滿足此類要求。對我們證券的任何此類購買都可能導致我們完成最初的業務合併，否則可能無法完成。

此外，如果進行此類購買，我們證券的公開「流通股」可能會減少，我們證券的實益持有人數量可能會減少，這可能會使我們的證券難以維持或獲得在國家證券交易所的報價、上市或交易。

我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司預計，他們可能會確定保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司可以通過直接聯繫我們的股東或在我們郵寄與我們初始業務合併相關的代理材料後收到股東(A類普通股的情況下)提交的贖回請求來尋求私下談判交易的股東。就吾等的保薦人、初始股東、董事、高級管理人員、顧問及其聯營公司訂立的私人交易而言，彼等只會識別及聯絡已表示選擇按比例贖回其股份以換取信託賬戶股份或投票反對吾等初始業務合併的潛在出售或贖回股東，不論該等股東是否已就吾等的初始業務合併提交委託書，但前提是該等股份尚未在與吾等初始業務合併有關的股東大會上表決。我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司將根據協商的價格和股票數量以及他們認爲相關的任何其他因素來選擇向哪些股東購買股票，如果此類購買不符合《交易法》和其他聯邦證券法下的規定，將被限制購買股票。

如果我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司購買股票違反了交易法第9(A)(2)節或第100億.5條規則，將被限制購買股票。任何此類購買都將根據《交易法》第13節和第16節進行報告，前提是此類購買者必須遵守此類報告要求。此外，如果我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司從公衆股東手中購買公共股票或認股權證，則此類購買將符合交易法規則第14e-5條的要求，包括相關部分，通過遵守以下規定：

完成初始業務合併後公衆股東的贖回權

我們將爲我們的公衆股東提供機會，在我們完成初始業務合併時，以每股價格贖回全部或部分A類普通股，以現金支付，相當於截至初始業務合併完成前兩個工作日計算的信託賬戶存款總額，包括信託賬戶資金賺取的利息(減去應繳稅款和用於支付解散費用的最高100,000美元利息)(如果有)除以當時已發行的公衆股票數量，受本文所述限制的限制。信託賬戶中的金額最初爲每股公開募股10.05美元。我們將向適當贖回股票的投資者分配的每股金額不會因我們向承銷商支付的遞延承銷佣金而減少。贖回權將包括實益持有人必須表明身份才能有效贖回其股份的要求。認股權證的初始業務合併完成後，將不會有贖回權。此外，如果企業合併沒有結束，即使公衆股東已經適當地選擇贖回其股票，我們也不會繼續贖回我們的公開股票。我們的贊助商和我們管理團隊的每一名成員都與我們達成了協議，據此，他們同意放棄與(I)完成我們的初始業務合併和(Ii)股東投票批准對我們修訂和重述的組織章程大綱和章程細則(A)的修正案有關的任何創始人股份和他們持有的公開股票的贖回權，這將修改我們義務的實質或時間，即如果我們不在7月11日之前完成我們的初始業務合併，我們向A類普通股持有人提供贖回其股份的權利，或贖回100%的我們的公開股票。2025或(B)與我們A類普通股持有人的權利有關的任何其他條文。

對贖回的限制

我們修訂和重述的組織章程大綱和章程細則規定，我們在任何情況下都不會贖回公開發行的股票，贖回金額不會導致我們的有形資產淨額低於5,000,001美元(這樣我們就不會受到美國證券交易委員會的「細價股」規則的約束)。然而，建議的業務合併可能需要：(I)向目標或其所有者支付現金代價；(Ii)將現金轉移至目標公司用於營運資金或其他一般公司用途；或(Iii)根據建議的業務合併的條款保留現金以滿足其他條件。倘若吾等須爲有效提交贖回的所有A類普通股支付的現金代價總額，加上根據建議業務合併條款爲滿足現金條件所需的任何金額，超過吾等可動用的現金總額，吾等將不會完成業務合併或贖回任何股份，而所有遞交贖回的A類普通股將退還予持有人。

進行贖回的方式

我們將向我們的公衆股東提供機會，在我們完成初步業務合併後(I)通過召開股東大會批准業務合併，或(Ii)通過要約收購，贖回全部或部分A類普通股。至於我們將尋求股東批准擬議的企業合併還是進行收購要約，我們將完全根據我們的酌情決定權做出決定，並將基於各種因素，例如交易的時機，交易條款是否要求我們根據適用法律或證券交易所上市要求尋求股東批准，或者我們是否被視爲外國私人發行人(這將需要收購要約，而不是根據美國證券交易委員會規則尋求股東批准)。資產收購和股票購買通常不需要股東批准，而在我們無法生存的情況下與我們的公司直接合並，以及我們發行超過20%的已發行和已發行普通股或試圖修訂我們修訂和重述的組織章程大綱和章程細則的任何交易通常都需要股東批准。我們目前打算進行與股東投票相關的贖回，除非適用法律或證券交易所上市要求不需要股東批准，或者我們基於業務或其他原因選擇根據美國證券交易委員會的收購要約規則進行贖回。只要我們獲得並維護我們的證券在納斯達克上的上市，我們就必須遵守納斯達克的規則。

如果我們舉行股東投票，批准我們最初的業務合併，我們將根據我們修訂和重述的組織章程大綱和章程：

如果我們尋求股東批准我們的初始業務合併，我們將分發代理材料，並在完成初始業務合併後向我們的公衆股東提供上述贖回權利。

如果我們尋求股東批准，我們將只有在公司股東大會上投票的有權就此投票的大多數普通股(親自或由代理人代表)投票贊成業務合併的情況下，才能完成我們的初始業務合併。如果有權在會議上投票的已發行和流通股至少三分之一的持有人親自或委託代表出席，則該會議的法定人數將達到會議的法定人數。在這種情況下，我們的贊助商和我們管理團隊的每一名成員都同意投票支持我們最初的業務合併。因此，除了我們最初股東的創始人股票，我們需要在IPO中出售的1,000,000股公開股票中的1,788,962股，或17.89%(假設所有已發行和流通股都已投票)才能投票支持初始業務合併，才能批准我們的初始業務合併；假設只有代表法定人數的最低數量的股份獲得投票，我們的初始股東的創始人股票將足以批准我們的初始業務合併。每個公衆股東可以選擇贖回他們的公衆股票，無論他們是投票贊成還是反對擬議的交易，或者根本不投票。此外，我們的贊助商和我們管理團隊的每一名成員都與我們達成了協議，據此，他們同意放棄與(I)完成業務合併和(Ii)股東投票批准對我們修訂和重述的組織章程大綱和組織章程細則(A)的修正案有關的任何創始人股票和公衆股票的贖回權，該修正案將修改我們義務的實質或時間，即如果我們不在7月11日之前完成我們的初始業務合併，我們將向A類普通股持有人提供贖回其股票的權利，或贖回100%的我們的公開股票。2025或(B)與我們A類普通股持有人的權利有關的任何其他條文。

若吾等根據美國證券交易委員會的要約收購規則進行贖回，吾等將根據吾等經修訂及重述的組織章程大綱及細則：

在公開宣佈我們的初始業務合併後，如果吾等選擇根據要約收購規則進行贖回，吾等和我們的保薦人將終止根據規則第10b5-1條制定的在公開市場購買A類普通股的任何計劃，以遵守交易法規則第14e-5條。

如果我們根據收購要約規則進行贖回，根據交易所法案規則第14e-1(A)條，我們的贖回要約將在至少20個工作日內保持開放，在收購要約期到期之前，我們將不被允許完成我們的初始業務合併。此外，要約收購的條件是，公衆股東的要約出價不得超過我們被允許贖回的公衆股票數量。如果公衆股東提供的股份超過我們提出的購買要約，我們將撤回收購要約，並不完成此類初始業務合併。

如果我們尋求股東批准，在完成我們的初始業務合併時的贖回限制

如果我們尋求股東批准我們的初始業務合併，並且我們沒有根據要約收購規則進行與我們的初始業務合併相關的贖回，我們修訂和重述的組織章程大綱和章程細則規定，公衆股東連同該股東的任何關聯公司或與該股東一致行動或作爲一個「集團」(定義見交易所法案第13節)的任何其他人士，在未經我們事先同意的情況下，將被限制贖回其股份，贖回其在IPO中出售的股份總數的15%以上，我們稱之爲「超額股份」。我們相信，這一限制將阻止股東積累大量股份，以及這些持有人隨後試圖利用他們對擬議的企業合併行使贖回權的能力，以迫使我們或我們的管理層以高於當時市場價格的顯著溢價或其他不受歡迎的條款購買他們的股票。如果沒有這一規定，如果我們、我們的保薦人或我們的管理層沒有以高於當時市場價格的溢價或其他不受歡迎的條款購買該持有人的股份，持有在IPO中出售的股份總數超過15%的公衆股東可能威脅要行使其贖回權。通過限制我們的股東贖回不超過15%的在

在未經我們事先同意的情況下進行首次公開募股，我們相信我們將限制少數股東不合理地試圖阻止我們完成初始業務合併的能力，特別是與目標業務合併有關的合併，該合併的目標要求我們擁有最低淨資產或一定數量的現金。

然而，我們不會限制我們的股東投票支持或反對我們最初的業務合併的所有股份(包括超額股份)的能力。

與要約收購或行使贖回權相關的股票投標

尋求行使贖回權的公衆股東，無論他們是記錄持有人還是以「街道名義」持有他們的股票，將被要求在郵寄給這些持有人的委託書或投標要約材料中規定的日期之前將他們的證書(如果有)提交給我們的轉讓代理，或者根據持有人的選擇使用存託信託公司的DWAC(託管存款/提取)系統以電子方式將他們的股票交付給轉讓代理，在每種情況下，每種情況最多在最初預定投票批准業務合併的兩個工作日之前。我們將就我們最初的業務合併向我們的公衆股票持有人提供的委託書徵集或投標要約材料(如適用)將表明適用的交付要求，其中將包括實益持有人必須表明身份才能有效贖回其股份的要求。因此，如果我們分發代理材料(視情況而定)，公衆股東將有從我們發出收購要約材料到收購要約期結束的時間，或者如果我們分發代理材料(如適用)，則在最初計劃對提議進行投票之前最多兩個工作日批准業務合併，如果公衆股東希望尋求行使其贖回權，將有權投標其股份。鑑於行使贖回權的期限相對較短，股東最好使用電子方式交付其公開發行的股票。

與上述招標過程和認證股票或通過DWAC系統交付股票的行爲有關的名義成本。轉讓代理通常會向投標經紀人收取大約80.00美元的費用，這將由經紀人決定是否將這筆費用轉嫁給贖回持有人。然而，無論我們是否要求尋求行使贖回權的持有者提交他們的股票，這筆費用都會發生。交付股票的需要是行使贖回權的要求，而無論何時必須完成這種交付。

上述做法與許多空白支票公司使用的程序不同。爲了完善與企業合併相關的贖回權，許多空白支票公司會分發代理材料，供股東對初始企業合併進行投票，持有人可以簡單地投票反對擬議的企業合併，並在代理卡上勾選一個框，表明該持有人正在尋求行使他或她的贖回權。在企業合併獲得批准後，公司將與該股東聯繫，安排其交付證明以核實所有權。因此，股東在完成業務合併後有一個「期權窗口」，在此期間他或她可以監測公司股票在市場上的價格。如果價格高於贖回價格，他或她可以在公開市場上出售他或她的股票，然後實際將他或她的股票交付給公司註銷。因此，股東意識到他們需要在股東大會之前承諾的贖回權將成爲在企業合併完成後存續的「期權」權利，直到贖回持有人交付證書爲止。在會議之前進行實物或電子交付的要求確保了一旦業務合併獲得批准，贖回股東選擇贖回的權利是不可撤銷的。

任何贖回股份的要求，一旦提出，可在最初預定對批准業務合併的提案進行投票前兩個工作日內隨時撤回，除非我們另行同意。此外，如果公開股票的持有人交付了與贖回權選擇有關的證書，並在適用日期之前決定不選擇行使此類權利，該持有人可以簡單地要求轉讓代理返還證書(以實物或電子形式)。預計將分配給選擇贖回其股份的公開股票持有人的資金將在我們完成初步業務合併後立即分配。

如果我們最初的業務合併因任何原因而未獲批准或完成，則選擇行使贖回權的我們的公衆股東將無權以信託賬戶中適用的按比例份額贖回其股份。在這種情況下，我們將立即退還選擇贖回其股票的公衆持有人交付的任何證書。

如果我們最初提出的業務合併沒有完成，我們可能會繼續嘗試完成不同目標的業務合併，直到2025年7月11日。

如果沒有初始業務合併，則贖回公開股份並進行清算

我們修訂和重述的組織章程大綱和章程規定，我們只有在2025年7月11日之前完成初步的業務合併。如果我們在2025年7月11日之前沒有完成初步的業務合併，我們將：(I)停止除清盤目的外的所有業務；(Ii)在合理可能的情況下儘快贖回公衆股票，但贖回時間不超過十個工作日，贖回公衆股票的每股價格應以現金支付，相當於當時存入信託賬戶的總金額，包括從信託賬戶持有的資金賺取的利息(減去應繳稅款和用於支付解散費用的最高100,000美元利息)除以當時已發行的公衆股票的數量，贖回將完全消除公衆股東作爲股東的權利(包括獲得進一步清算分派的權利，如果有)；及(Iii)於贖回後，經吾等其餘股東及吾等董事會批准後，在合理可能範圍內儘快清盤及解散，就第(Ii)及(Iii)條而言，須遵守我們根據開曼群島法律就債權人的債權作出規定的義務及其他適用法律的規定。我們的權證將不會有贖回權或清算分配，如果我們不能在2025年7月11日之前完成初始業務合併，這些權證將一文不值。吾等經修訂及重述的組織章程大綱及章程細則規定，如吾等在完成初步業務合併前因任何其他原因而清盤，吾等將在合理情況下儘快履行上述有關清盤信託賬戶的程序，但在符合開曼群島適用法律的情況下，清盤時間不得超過十個營業日。

我們的發起人和我們管理團隊的每一名成員都與我們達成了一項協議，根據協議，如果我們未能在2025年7月11日之前完成初步業務合併，他們同意放棄從信託賬戶清算他們持有的任何創始人股票的分配的權利(儘管如果我們未能在規定的時間框架內完成我們的初始業務合併，他們將有權從信託賬戶清算他們持有的任何上市股票的分配)。

根據與我們的書面協議，我們的保薦人、高管和董事已同意，他們不會對我們修訂和重述的組織章程大綱和章程細則(A)提出任何修訂，這將改變我們義務的實質或時間，即如果我們不能在2025年7月11日之前完成我們的初始業務合併，或(B)關於與我們A類普通股持有人的權利有關的任何其他條款，我們向A類普通股持有人提供贖回其股份的權利或贖回100%我們的公開股份的權利的權利。除非我們爲我們的公衆股東提供機會，在批准任何此類修訂後，以每股現金支付的價格贖回其公衆股票，該價格相當於當時存入信託賬戶的總金額，包括信託賬戶中持有的資金賺取的利息(減去應繳稅款和用於支付解散費用的最高100,000美元利息)，如果有，除以當時已發行的公衆股票數量。然而，我們不能贖回公開發行的股票，贖回的金額不得超過我們的有形資產淨值低於5,000,001美元(這樣我們就不會受到美國證券交易委員會「細價股」規則的約束)。如果就過多的公衆股份行使這項可選擇贖回權利，以致我們無法滿足有形資產淨值的要求，我們將不會在此時進行修訂或相關的公衆股份贖回。此贖回權適用於任何此類修訂獲得批准的情況，無論是由我們的贊助商、任何高管、董事還是其他任何人提出的。

我們預計，與執行我們的解散計劃相關的所有成本和開支，以及向任何債權人支付的款項，將來自信託賬戶以外的餘額，以及我們可用於支付解散費用的信託賬戶中最多100,000美元的資金，儘管我們不能向您保證有足夠的資金用於此目的。

若我們動用首次公開招股及出售私募認股權證所得款項淨額(存入信託賬戶的收益除外)，且不計信託賬戶所賺取的利息(如有的話)，股東於解散時收到的每股贖回金額將爲10.05美元。然而，存入信託賬戶的收益可能會受到我們債權人的債權的約束，而債權人的債權將比我們公衆股東的債權優先。我們不能向您保證，股東實際收到的每股贖回金額將不低於10.05美元。雖然我們打算支付這些金額，但我們不能向您保證，我們將有足夠的資金支付或撥備所有債權人的債權。

儘管我們將尋求讓所有供應商、服務提供商、潛在目標企業和與我們有業務往來的實體與我們簽署協議，放棄信託賬戶中持有的任何資金的任何權利、所有權、利益或任何形式的索賠，以造福我們的公衆股東，無法保證他們將執行此類協議，或者即使他們執行此類協議，也無法保證他們無法對信託賬戶提出索賠，包括，但不限於欺詐性引誘、違反受託責任或其他類似索賠，以及質疑豁免可執行性的索賠，在每種情況下都是爲了在針對我們的資產（包括信託賬戶中持有的資金）提出索賠方面獲得優勢。如果有的

如果第三方拒絕簽署協議放棄對信託賬戶中持有的資金的此類索賠，我們的管理層將對其可用的替代方案進行分析，並且只有在管理層認爲此類第三方的參與將比任何替代方案對我們更有利的情況下，才會與沒有執行豁免的第三方簽訂協議。例如，我們可能會聘用拒絕執行豁免的第三方顧問，例如聘請管理層認爲其專業知識或技能顯著優於同意執行豁免的其他顧問的第三方顧問，或管理層無法找到願意執行豁免的服務提供商的情況。納斯達克不會執行與我們達成的協議，放棄對信託賬戶中持有的資金的此類索賠。

此外，不能保證這些實體將同意放棄它們未來可能因與我們的任何談判、合同或協議而產生的任何索賠，並且不會以任何理由向信託賬戶尋求追索。爲了保護信託賬戶中持有的金額，我們的保薦人同意，如果第三方(我們的獨立註冊會計師事務所除外)或與我們討論達成交易協議的預期目標企業就向我們提供的服務或銷售給我們的產品提出任何索賠，保薦人將對我們承擔責任，將信託帳戶中的金額減至(I)每股公衆股份10.05美元和(Ii)在信託帳戶清算之日信託帳戶中實際持有的每股公衆股份金額(如果由於信託資產價值減少而低於每股10.05美元)，在兩種情況下，均扣除爲支付我們的納稅義務而可能提取的利息，規定該責任不適用於第三方或潛在目標企業執行放棄尋求進入信託賬戶的任何權利的任何索賠，也不適用於根據我們對IPO承銷商的賠償針對某些負債提出的任何索賠，包括根據經修訂的1933年證券法(「證券法」)下的負債。如果執行的放棄被視爲不能對第三方強制執行，我們的保薦人將不對該第三方索賠承擔任何責任。然而，我們沒有要求保薦人爲此類賠償義務預留資金，也沒有獨立核實保薦人是否有足夠的資金履行其賠償義務，我們認爲保薦人唯一的資產是本公司的證券。因此，我們不能向您保證我們的贊助商能夠履行這些義務。對於第三方的索賠，包括但不限於供應商和潛在目標企業的索賠，我們的任何高級管理人員或董事都不會對我們進行賠償。

如果信託賬戶中的收益減少到低於(I)每股公開股份10.05美元和(Ii)在信託賬戶清算之日信託賬戶中實際持有的每股公開股份金額(如果由於信託資產價值減少而低於每股10.05美元)，在每種情況下都是扣除可能提取用於支付所得稅義務的利息金額，並且我們的保薦人聲稱它無法履行其賠償義務或它沒有與特定索賠有關的賠償義務，我們的獨立董事將決定是否對我們的贊助商採取法律行動，以履行其賠償義務。雖然我們目前預計我們的獨立董事將代表我們對我們的保薦人採取法律行動，以履行其對我們的賠償義務，但我們的獨立董事在行使其商業判斷時，可能會在任何特定情況下選擇不這樣做。因此，我們不能向您保證，由於債權人的債權，每股贖回價格的實際價值將不低於每股公開股票10.00美元。

我們將努力讓所有供應商、服務提供商、潛在的目標企業或與我們有業務往來的其他實體與我們執行協議，放棄對信託賬戶中所持資金的任何權利、所有權、利益或索賠，從而降低我們的贊助商因債權人的債權而不得不賠償信託賬戶的可能性。我們的保薦人也不會對根據我們對IPO承銷商的賠償而就某些債務(包括證券法下的債務)提出的任何索賠承擔責任。於首次公開招股及出售私募認股權證後，吾等獲得8,490,535美元，用以支付任何該等潛在索償(包括與本公司清盤有關的成本及開支，目前估計不超過約100,000美元)。如果吾等進行清盤，而其後確定債權及負債準備金不足，則從吾等信託賬戶獲得資金的股東可對債權人提出的債權承擔責任，但該等責任不會超過任何該等股東從吾等信託賬戶收到的資金金額。

如果我們提交破產申請或針對我們提出的非自願破產申請沒有被駁回，則信託賬戶中持有的收益可能受到適用的破產法的約束，並可能包括在我們的破產財產中，並受到第三方優先於我們股東的索賠的約束。在任何破產索賠耗盡信託賬戶的程度上，我們不能向您保證，我們將能夠向公衆股東返還每股10.05美元。此外，如果我們提交破產申請或針對我們提出的非自願破產申請未被駁回，則根據適用的債務人/債權人和/或破產法，股東收到的任何分配都可能被視爲「優先轉讓」或「欺詐性轉讓」。因此，破產法院可以尋求追回我們股東收到的部分或全部金額。此外，我們的董事會可能被視爲違反了其對債權人的受託責任和/或可能惡意行事，從而使自己和我們的公司面臨懲罰性賠償要求，在解決債權人的索賠之前從信託賬戶向公衆股東支付。我們不能保證不會因爲這些原因對我們提出索賠。

我們的公衆股東將只有權從信託賬戶獲得資金：(I)如果我們沒有在2025年7月11日之前完成我們的初始業務合併，(Ii)如果我們沒有在2025年7月11日之前完成我們的初始業務合併，(Ii)如果我們沒有在2025年7月11日之前完成我們的初始業務合併，(Ii)如果我們沒有在2025年7月11日之前完成我們的初始業務合併，我們的公衆股東將有權從信託賬戶獲得資金，(Ii)關於修改我們修改和重述的組織章程大綱和組織章程細則的股東投票，修改我們義務的實質或時間，如果我們沒有在7月11日之前完成我們的初始業務合併，我們的A類普通股持有人有權贖回他們的股票，或者如果我們沒有在7月11日之前完成我們的初始業務合併，則有權贖回100%的我們的公衆股票。2025或(B)與我們A類普通股持有人的權利有關的任何其他條款，或(Iii)如他們在初始業務合併完成後贖回各自的股份以現金。如果我們尚未在2025年7月11日之前就如此贖回的A類普通股完成初始業務合併，則與前一句第(Ii)款所述股東投票相關的公衆股東將無權在隨後完成初始業務合併或清算時從信託賬戶中獲得資金。在任何其他情況下，股東都不會對信託賬戶擁有任何形式的權利或利益。如果我們就我們最初的業務合併尋求股東批准，股東僅就業務合併進行投票並不會導致股東將其股份贖回給我們，以獲得信託賬戶中按比例分配的適用份額。該股東必須也行使了上述贖回權。我們修訂和重述的組織章程大綱和章程細則的這些條款，就像我們修訂和重述的組織章程大綱和章程細則的所有條款一樣，可以通過股東投票進行修訂。

競爭

在爲我們最初的業務組合確定、評估和選擇目標業務時，我們可能會遇到來自業務目標與我們相似的其他實體的激烈競爭，包括其他空白支票公司、私募股權集團和槓桿收購基金、上市公司、尋求戰略收購的運營企業。這些實體中的許多都建立得很好，並擁有直接或通過附屬公司識別和實施業務組合的豐富經驗。此外，許多競爭對手比我們擁有更多的財力、技術、人力和其他資源。我們收購更大目標企業的能力將受到我們現有財務資源的限制。這種固有的限制使其他公司在尋求收購目標企業時具有優勢。此外，我們有義務支付與行使贖回權的公衆股東相關的現金，這可能會減少我們最初業務合併和未償還認股權證的可用資源，以及它們可能代表的未來稀釋，可能不會被某些目標企業看好。這兩個因素中的任何一個都可能使我們在成功談判初步業務合併時處於競爭劣勢。

員工

我們目前有三名執行主任。吾等根據若干顧問協議及董事會服務協議向此等人士支付諮詢費，以支付他們在完成初步業務合併之前或與完成初步業務合併有關的服務。具體而言，本公司向(I)本公司行政總裁李健熙先生支付350,000美元年薪按月支付；(Ii)本公司財務長金浩民(Jimmy)先生按季支付25,000美元年薪；(Iii)本公司首席營運官張國榮先生按月支付180,000美元年薪；(Iv)所有獨立董事每人按季支付75,000美元年薪；及(V)本公司保薦人董事總經理Bernard Moon年薪36,000美元。我們的財務長和首席運營官沒有義務在我們的事務上投入任何具體的時間，但他們打算將他們認爲必要的時間投入到我們的事務中，直到我們完成最初的業務合併。獨立董事在任何時間段內投入的時間將根據我們是否爲初始業務合併選擇了目標業務以及我們所處的業務合併過程所處的階段而有所不同。

定期報告和財務信息

我們已經根據交易法登記了我們的單位、A類普通股和認股權證，並有報告義務，包括要求我們向美國證券交易委員會提交年度、季度和當前報告。根據《交易法》的要求，我們的年度報告將包含由我們的獨立註冊公共會計師審計和報告的財務報表。

吾等將向股東提供預期目標業務的經審核財務報表，作爲發送予股東的委託書或要約收購材料(視乎適用而定)的一部分。這些財務報表可能需要根據美國公認的會計原則(「GAAP」)或國際財務報告準則(「IFRS」)編制或調整，視具體情況而定，歷史財務報表可能需要按照上市公司會計監督委員會(「PCAOB」)的標準進行審計。這些財務報表要求可能會限制我們可能收購的潛在目標業務池，因爲一些目標可能無法及時提供此類報表，以便我們根據聯邦委託書規則披露此類報表，並完成我們的初始業務。

在規定的時間範圍內合併。我們不能向您保證，被我們確定爲潛在收購候選者的任何特定目標企業將按照上述要求編制財務報表，或者潛在目標企業將能夠按照上述要求編制其財務報表。如果不能滿足這些要求，我們可能無法收購擬議的目標業務。雖然這可能會限制潛在收購候選者的數量，但我們認爲這一限制不會是實質性的。

我們被要求按照薩班斯-奧克斯利法案的要求評估我們的內部控制程序。只有在我們被視爲大型加速申報公司或加速申報公司而不再符合新興成長型公司資格的情況下，我們才會被要求遵守獨立註冊會計師事務所對我們財務報告的內部控制的認證要求。目標企業可能不符合薩班斯-奧克斯利法案關於其內部控制充分性的規定。發展任何此類實體的內部控制以實現遵守薩班斯-奧克斯利法案，可能會增加完成任何此類收購所需的時間和成本。

我們已向美國證券交易委員會提交了表格8-A的註冊聲明，以根據交易所法案第12節自願註冊我們的證券。因此，我們受制於根據《交易法》頒佈的規則和條例。我們目前無意在完成我們最初的業務合併之前或之後提交表格15，以暫停我們在交易法下的報告或其他義務。

我們是開曼群島的免稅公司。獲豁免公司爲主要在開曼群島以外經營業務的開曼群島公司，因此獲豁免遵守公司法的若干條文。作爲獲豁免公司，吾等已申請並預期獲得開曼群島政府的稅務豁免承諾，即根據開曼群島稅務優惠法令(經修訂)第6節，自承諾日期起計30年內，開曼群島頒佈的任何法律，如對利潤、收入、收益或增值徵收任何稅項或稅款，或任何遺產稅或遺產稅性質的稅項，將不適用於本公司所包含或根據本公司產生的任何收入或其證券持有人就任何該等財產或收入徵收的任何稅項。

我們是一家「新興成長型公司」，如《證券法》第2(A)節所界定，並經《就業法案》修改。因此，我們有資格利用適用於其他非「新興成長型公司」的上市公司的各種報告要求的某些豁免，包括但不限於，不被要求遵守薩班斯-奧克斯利法案第2404節的核數師認證要求，減少我們定期報告和委託書中關於高管薪酬的披露義務，以及免除就高管薪酬舉行非約束性諮詢投票的要求，以及免除股東批准之前未獲批准的任何金降落傘薪酬的要求。如果一些投資者因此發現我們的證券吸引力下降，我們的證券交易市場可能會變得不那麼活躍，我們證券的價格可能會更加波動。

此外，就業法案第107條還規定，「新興成長型公司」可以利用證券法第(7)(A)(2)(B)條規定的延長過渡期，以遵守新的或修訂後的會計準則。換句話說，「新興成長型公司」可以推遲採用某些會計準則，直到這些準則適用於私營公司。我們打算利用這一延長過渡期的好處。

我們將一直是一家新興的成長型公司，直到(1)財政年度的最後一天，(A)在首次公開募股完成五週年之後，(B)我們的年總收入至少爲1.235億美元，或(C)我們被認爲是大型加速申報公司，這意味着截至前一年6月30日，我們由非關聯公司持有的A類普通股的市值超過7億美元。^日，以及(2)我們在前三年期間發行了超過10億美元的不可轉換債券的日期。

此外，我們是S-K條例第(10)(F)(1)項中定義的「較小的報告公司」。規模較小的報告公司可能會利用某些減少的披露義務，其中包括只提供兩年的經審計財務報表，如果其收入低於1億美元，則不提供獨立註冊會計師事務所對財務報告的內部控制的證明。我們仍將是一家規模較小的報告公司，直到本財年的最後一天：(1)截至上一財年6月30日，非關聯公司持有的我們普通股的市值超過2.5億美元，或(2)在該已完成的財年中，我們的年收入超過1億美元，截至上一財年6月30日，非關聯公司持有的我們普通股的市值超過7億美元。

項目1A.危險因素

投資我們的證券涉及高度的風險。在決定投資我們的子公司之前，您應該仔細考慮以下描述的所有風險，以及本10-K表格年度報告中包含的其他信息。如果發生下列事件之一，我們的業務、財務狀況和經營業績可能會受到實質性的不利影響。在這種情況下，我們證券的交易價格可能會下跌，您可能會損失全部或部分投資。

應仔細考慮本年度報告中包含的以下風險因素摘要和其他信息。有關更多信息，請參見下文，了解有關每個風險因素的更詳細說明。

我們是一家新成立的公司，沒有經營歷史，也沒有收入，您沒有任何基礎來評估我們實現業務目標的能力。

我們是一家最近成立的公司，根據開曼群島的法律成立，沒有任何經營業績。由於我們缺乏經營歷史，您沒有依據來評估我們實現與一個或多個目標企業完成初始業務合併的業務目標的能力。我們沒有關於業務合併的任何潛在目標業務的計劃、安排或諒解，可能無法完成我們的初始業務合併。如果我們未能完成最初的業務合併，我們將永遠不會產生任何運營收入。

我們管理團隊或他們各自附屬公司過去的表現可能並不代表我們未來的投資表現。

有關績效的信息僅供參考。我們管理團隊及其各自附屬公司過去的任何經驗或表現都不能保證(I)我們成功識別和執行交易的能力，或(Ii)我們可能完成的任何業務合併的成功。您不應依賴我們的管理團隊或其各自附屬公司的歷史記錄來指示對我們的投資的未來表現或我們將或可能產生的未來回報。我們的管理層沒有經營特殊目的收購公司的經驗。

我們的獨立註冊會計師事務所的報告中有一段解釋，對我們作爲一家「持續經營企業」繼續經營的能力表示了極大的懷疑。

截至2024年12月31日，我們在信託賬戶之外持有375,403美元的現金，營運資本赤字爲868,904美元。此外，我們預計在追求我們的收購計劃時會產生巨大的成本。管理層解決這一資本需求的計劃在項目7A中討論。管理層對財務狀況和經營結果的討論和分析。此外，如本年度報告Form 10-K第8項所載經審核財務報表附註1所述，我們是爲於2025年7月11日或之前完成與一個或多個企業或實體的合併、股本交換、資產收購、股票購買、重組或類似業務合併而成立的SPAC。不能保證我們將獲得必要的批准，滿足所需的成交條件，籌集爲我們的運營提供資金所需的額外資本，並在2025年7月11日之前完成交易(如果有的話)。如果我們無法在2025年7月11日之前完成業務合併，我們也沒有批准的計劃來延長業務合併截止日期和2025年7月11日之後的任何時間的資金運營。除其他因素外，這些因素使人對我們作爲一家持續經營的公司繼續經營的能力產生很大懷疑。本年度報告Form 10-K中包含的財務報表不包括因我們無法繼續經營而可能導致的任何調整。

我們的公衆股東可能沒有機會就我們提出的初步業務合併進行投票，這意味着即使我們的大多數公衆股東不支持這樣的合併，我們也可能完成我們的初步業務合併。

如果根據適用法律或證券交易所上市要求，業務合併不需要股東批准，我們可以選擇在完成我們的初始業務合併之前不舉行股東投票。例如，如果我們正在尋求收購一家目標企業，而我們在交易中支付的對價都是現金，我們通常不需要尋求股東的批准來完成這樣的交易。除適用法律或聯交所上市規定另有規定外，吾等是否將尋求股東批准建議的業務合併或是否允許股東在收購要約中向吾等出售其股份，將由吾等全權酌情決定，並將基於各種因素，例如交易時間及交易條款是否需要吾等尋求股東批准。

因此，即使我們大多數已發行和已發行普通股的持有人不同意我們完成的業務合併，我們也可以完成我們的初始業務合併。

有關其他資料，請參閱本年度報告第(1)項下「股東可能無權批准本公司的初始業務合併」一節。

您影響有關潛在業務合併的投資決策的唯一機會可能僅限於您行使從我們手中贖回股票的權利以換取現金。

在您投資我們的時候，您不會有機會評估任何目標企業的具體優點或風險。由於我們的董事會可以在不尋求股東批准的情況下完成企業合併，除非我們尋求股東批准，否則公衆股東可能沒有權利或機會對企業合併進行投票。因此，您影響有關潛在業務合併的投資決策的唯一機會可能僅限於在我們郵寄給我們的公衆股東的投標報價文件中規定的一段時間(至少20個工作日)內行使您的贖回權，我們在其中描述了我們的初始業務合併。應支付給承銷商的遞延承銷佣金金額不會因任何與初始業務合併相關而贖回的股票而進行調整。我們將向適當行使贖回權的股東分配的每股金額不會因遞延承銷佣金而減少，在該等贖回後，非贖回股東所持股份的每股價值將反映我們支付遞延承銷佣金的義務。

如果我們尋求股東批准我們的初始業務合併，我們的贊助商和我們管理團隊的成員已同意投票支持這種初始業務合併，無論我們的公衆股東如何投票。

截至2025年3月17日，我們的保薦人擁有我們已發行普通股的33.9%。我們的保薦人和我們的管理團隊成員也可能在我們最初的業務合併之前不定期購買A類普通股。本公司經修訂及重述的組織章程大綱及章程細則規定，如吾等尋求股東批准，則只有在公司股東大會上投票贊成業務合併的普通股(親自或由委託人代表並有權就該普通股投票)的大多數時，吾等才會完成初步業務合併。因此，除了我們的初始股東的創始人股票，我們需要在IPO中出售的10,000,000股公衆股票中的1,788,962股，或17.9%(假設所有已發行和流通股都已投票)才能投票支持初始業務合併，才能批准我們的初始業務合併，並且假設只投票表決了代表法定人數的最低數量的股份，並且沒有行使超額配售選擇權，我們的初始股東的創始人股票將足以批准我們的初始業務合併。因此，如果我們尋求股東批准我們的初始業務合併，我們的贊助商和我們管理團隊的每一名成員同意投票支持我們的初始業務合併將增加甚至保證我們將獲得該初始業務合併所需的股東批准的可能性。

如果我們最初的業務合併涉及一家根據美國某個州的法律成立的公司，我們有可能在最初的業務合併之後或與之相關的普通股贖回時，向我們徵收1%的美國聯邦消費稅。

2022年8月16日，2022年8月16日，美國通過了《2022年通脹削減法案》，其中包括對上市的國內(即美國)公司(以及被視爲「代理外國公司」的某些非美國公司)回購股票(包括某些贖回)的公平市場價值徵收1%的消費稅。消費稅的數額通常是回購時回購的股票的公平市場價值的1%。美國財政部已被授權爲實施和防止濫用或避稅消費稅提供法規和其他指導；然而，到目前爲止，只發佈了有限的指導。

作爲一家註冊爲開曼群島豁免公司的實體，1%的消費稅預計不適用於我們A類普通股的贖回(沒有任何未來可能發佈的具有追溯力的法規和其他額外指導)。

但是，對於涉及根據美國法律組建的公司的初始業務合併，我們有可能在某些贖回之前馴化並繼續作爲在美國成立的公司，並且由於我們的證券在納斯達克交易，因此我們有可能將因此而被視爲回購的任何後續贖回(包括與初始業務合併相關的贖回)繳納消費稅(除，

根據美國財政部最近發佈的指導意見，在公司完全清算時贖回)。在所有情況下，可能產生的消費稅的範圍將取決於許多因素，包括我們贖回的股票的公平市場價值，此類贖回可以被視爲股息而不是回購的程度，以及美國財政部可能發佈並適用於贖回的任何法規和其他額外指導的內容。回購公司在回購股票的年度內發行股票，可以減少因回購股票而徵收的消費稅。消費稅是對回購公司本身徵收的，而不是對從其回購股票的股東徵收的。然而，由於與初始業務合併相關的贖回而徵收消費稅，可能會減少可用於支付贖回的現金金額，或減少與我們的初始業務合併相關的對目標業務的現金貢獻，這可能導致合併後公司的其他股東在經濟上承擔此類消費稅的影響。

我們的公衆股東能夠贖回他們的股票以換取現金，這可能會使我們的財務狀況對潛在的業務合併目標失去吸引力，這可能會使我們難以與目標達成業務合併。

我們可能會尋求與預期目標達成商業合併交易協議，作爲成交條件，我們擁有最低淨值或一定數量的現金。如果太多公衆股東行使贖回權，我們將無法滿足該結束條件，因此將無法進行業務合併。此外，我們在任何情況下都不會贖回公開發行的股票，贖回金額不會導致我們的有形資產淨額低於5,000,001美元(這樣我們就不會受到美國證券交易委員會「細價股」規則的約束)。因此，如果接受所有正式提交的贖回請求將導致我們的有形資產淨值低於5,000,001美元或滿足上述關閉條件所需的更大金額，我們將不會繼續進行此類贖回和相關的業務組合，而可能會尋找替代的業務組合。潛在目標將意識到這些風險，因此可能不願與我們進行商業合併交易。

我們的公衆股東對我們的大量股份行使贖回權的能力可能不會讓我們完成最理想的業務組合或優化我們的資本結構。

在我們就最初的業務合併達成協議時，我們不知道有多少股東可以行使他們的贖回權，因此需要根據我們對將提交贖回的股票數量的預期來安排交易結構。如果有大量股票提交贖回，我們可能需要重組交易，將更大比例的現金保留在信託賬戶中，或者安排額外的第三方融資。籌集更多的第三方融資可能涉及稀釋股權發行或產生高於理想水平的債務。上述考慮可能會限制我們完成最理想的業務組合或優化資本結構的能力。支付給承銷商的遞延承銷佣金金額將不會因任何與初始業務合併相關而贖回的股票而進行調整。我們將向適當行使贖回權的股東分配的每股金額不會因遞延承銷佣金而減少，在此類贖回後，以信託形式持有的金額將繼續反映我們支付全部遞延承銷佣金的義務。

我們的公衆股東能夠對我們的大量股票行使贖回權，這可能會增加我們最初的業務合併不成功的可能性，您將不得不等待清算才能贖回您的股票。

如果我們最初的業務合併協議要求我們使用信託賬戶中的一部分現金來支付購買價格，或者要求我們在完成交易時擁有最低金額的現金，那麼我們最初的業務合併失敗的可能性就會增加。如果我們最初的業務合併不成功，您將不會收到信託賬戶中按比例分配的資金，直到我們清算信託賬戶。如果您需要即時的流動資金，您可以嘗試在公開市場上出售您的股票；然而，在這個時候，我們的股票可能會以低於信託賬戶中按比例計算的每股金額的價格交易。在任何一種情況下，您的投資可能遭受重大損失，或失去與我們的贖回相關的預期資金的好處，直到我們清算或您能夠在公開市場出售您的股票。

要求我們在2025年7月11日之前完成初始業務合併的要求，可能會讓潛在目標企業在談判業務合併時對我們產生影響，並可能限制我們對潛在業務合併目標進行盡職調查的時間，特別是在我們接近解散最後期限的時候，這可能會削弱我們以爲股東創造價值的條款完成初始業務合併的能力。

任何與我們就業務合併進行談判的潛在目標企業都將意識到，我們必須在2025年7月11日之前完成初步業務合併。因此，該等目標業務可能會在談判業務合併時獲得對我們的影響力，因爲我們知道，如果我們不完成與該特定目標業務的初始業務組合，我們可能無法完成與任何目標業務的初始業務組合。隨着我們越來越接近上述時間框架，這種風險將會增加。此外，我們可能有有限的時間進行盡職調查，並可能以我們在更全面的調查中會拒絕的條款進入我們的初始業務合併。

我們對業務合併的尋找，以及我們最終完成業務合併的任何目標業務，可能會受到困難的市場和地緣政治條件的重大不利影響。

最近一段時期，全球金融市場波動加劇，其中包括世界主要經濟體發生或影響到的經濟和政治事件，如烏克蘭和中東的衝突。美國和其他國家因俄羅斯和烏克蘭之間的敵對行動以及中國和臺灣之間的緊張關係而實施的制裁，造成了金融市場的額外波動，並影響了全球經濟。對持續的通貨膨脹、經濟衰退、利率波動、全球生產和需求水平造成的石油和天然氣價格波動以及地緣政治緊張局勢的擔憂，加劇了市場波動。市場的不確定性和波動性也被放大，因爲美國新總統政府以及由此產生的有關美國和對外貿易、經濟和其他政策的實際和潛在變化的不確定性。

此外，衆多的結構動態和持續的市場趨勢加劇了波動性和市場不確定性。對大宗商品市場大幅波動的擔憂，對外國經濟增長乏力的擔憂，包括對中國和新興市場增長前景的持續擔憂，對某些國家不斷增加的債務負擔的擔憂，對美國和其他國家政府退出貨幣刺激措施後果的不確定性，以及對可能出現衰退的猜測，都突顯了一個事實，即經濟狀況仍然不可預測和不穩定。對美國債務上限和預算赤字的擔憂增加了美國信用評級進一步下調、經濟放緩或經濟衰退的可能性。最近一段時間，地緣政治緊張局勢升級，包括美國和中國之間的緊張局勢。例如，最近發佈的執行14105號行政命令的美國政府法規於2025年1月生效，限制美國人對與中國有特定聯繫的公司進行直接和間接投資，這些公司使用了令人擔憂的特定技術。美國已經提出了額外的立法，將進一步擴大令人擔憂的技術集。上述任何一項都可能對我們尋找業務合併以及我們最終完成業務合併的目標產生重大影響。

我們可能無法在2025年7月11日之前完成初始業務合併，在這種情況下，我們將停止除清盤目的外的所有業務，並贖回我們的公衆股份並清算。

我們有一份意向書，涉及與Kneron的潛在初始業務合併，另一份意向書是與一家酒店軟體公司的意向書。每份意向書都不具約束力，我們可能無法成功談判此類交易，即使我們能夠與任何一方達成最終協議，此類交易的最終完成也可能受到成交條件的制約，其中某些條件可能不是我們所能控制的。如果我們無法與任何一個這樣的潛在交易對手達成協議，我們可能無法找到另一個合適的目標業務，而且無論如何都可能無法在2025年7月11日之前完成初步業務合併。我們完成初始業務合併的能力可能會受到一般市場狀況、資本和債務市場的波動以及此處描述的其他風險的負面影響。例如，新冠肺炎等突發公共衛生事件和美國新總統政府的影響可能會限制我們完成初始業務合併的能力，包括導致市場波動加劇、市場流動性下降以及無法按我們接受的條款或根本無法獲得第三方融資的結果。

如吾等未能在上述適用時間內完成初步業務合併，吾等將：(I)停止所有業務，但以清盤爲目的除外；(Ii)在合理可能範圍內儘快贖回公衆股份，但在其後不超過十個營業日，贖回公衆股份，按每股價格以現金支付，相當於當時存入信託帳戶的總金額，包括信託帳戶所持有資金所賺取的利息(減去應付稅款及最高10萬元支付解散開支的利息)，除以當時已發行的公衆股份數目，贖回公衆股東的權利將完全喪失。

作爲股東(包括收取進一步清盤分派(如有)的權利)；及(Iii)於贖回該等股份後，經吾等其餘股東及本公司董事會批准，在合理可能範圍內儘快清盤及解散，但須受條款及(Iii)吾等根據開曼群島法律就債權人的債權及其他適用法律的規定作出規定的義務所規限。由於無法在分配的期限內完成初始業務合併，越來越多的SPAC在2022年下半年被清算。吾等經修訂及重述的組織章程大綱及細則規定，如吾等在完成初步業務合併前因任何其他原因而結束，吾等將在合理情況下儘快(但不得超過十個營業日)遵循上述有關清盤信託賬戶的程序，惟須受適用的開曼群島法律所規限。在任何一種情況下，我們的公衆股東在贖回他們的股票時可能只獲得每股10.05美元的公共股票，或每股不到10.05美元的股票，我們的認股權證將到期變得一文不值。見「-如果第三方對我們提出索賠，信託賬戶中持有的收益可能會減少，股東收到的每股贖回金額可能低於每股公開股票10.05美元」和其他風險因素。

如果我們尋求股東批准我們的初始業務合併，我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司可以選擇從公衆股東手中購買股票或公開認股權證，這可能會影響對擬議的企業合併的投票，並減少我們A類普通股或公開認股權證的公開「流通股」。

如果吾等尋求股東批准吾等的初始業務合併，而吾等並無根據要約收購規則就吾等的初始業務合併進行贖回，吾等的保薦人、初始股東、董事、高級管理人員、顧問及他們的聯屬公司可在初始業務合併完成之前或之後，以私下協商的交易或在公開市場購買公開股份或認股權證，儘管彼等並無義務或責任這樣做。

如果公衆股東選擇贖回與我們最初的業務合併相關的股份，則任何此類每股價格可能不同於公衆股東將獲得的每股金額。這樣的購買可能包括一份合同確認，該股東雖然仍然是我們股票的記錄持有人，但不再是其實益所有者，因此同意不行使其贖回權。

如果我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司在私下協商的交易中從已選擇行使贖回權的公衆股東手中購買股票，則該等出售股票的股東將被要求撤銷他們之前贖回其股份的選擇。其目的是，如果第100億.18規則適用於保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司的購買，則此類購買將在其適用的範圍內符合交易所法案下的第100億.18規則，該規則爲在特定條件下進行的購買提供了安全港，包括關於購買的時間、定價和數量。

此外，在我們初始業務合併之時或之前的任何時間，在遵守適用的證券法(包括關於重大非公開信息)的情況下，我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司可以與投資者和其他人進行交易，以激勵他們收購上市股票、投票支持我們的初始業務合併或不贖回他們的上市股票。然而，他們目前沒有承諾、計劃或打算從事此類交易，也沒有爲任何此類交易制定任何條款或條件。信託賬戶中的任何資金都不會用於購買此類交易中的公開股票、權利或認股權證。

任何此類交易的目的可能是：(1)增加獲得股東批准業務合併的可能性，(2)減少未發行的公開認股權證數量和/或增加提交給公共權證持有人批准與我們的初始業務合併相關的任何事項的可能性，或(3)滿足與目標達成的協議中的結束條件，該協議要求我們在結束初始業務合併時擁有最低淨值或一定數量的現金，否則似乎無法滿足此類要求。對我們證券的任何此類購買都可能導致我們完成最初的業務合併，否則可能無法完成。

此外，如果進行此類購買，我們證券的公開「流通股」可能會減少，我們證券的實益持有人數量可能會減少，這可能會使我們的證券難以維持或獲得在國家證券交易所的報價、上市或交易。任何此類購買都將根據《交易法》第13節和第16節進行報告，前提是此類購買者必須遵守此類報告要求。此外，如果我們的保薦人、初始股東、董事、高級管理人員、顧問及其關聯公司從公衆股東手中購買公共股票或認股權證，則此類購買

將按照交易法規則第14E-5條的要求進行組織，包括在相關部分中，通過遵守以下規定：

有關此等人士將如何決定向哪些股東購入證券的說明，請參閱本年度報告第(1)項下「允許購買本公司證券」一節的表格10-K。

如果股東未能收到與我們最初的業務合併相關的贖回我們的公開股票的通知，或沒有遵守其股票認購程序，則該等股票不得贖回。

在進行與我們最初業務合併相關的贖回時，我們將遵守委託書規則或要約收購規則(視情況而定)。儘管我們遵守了這些規則，但如果股東未能收到我們的委託書徵集或要約收購材料(視情況而定)，該股東可能不知道有機會贖回其股份。此外，我們將就我們最初的業務合併向我們的公衆股份持有人提供的委託書徵集或投標要約材料(如適用)將說明爲有效贖回或投標公衆股份而必須遵守的各種程序。股東不遵守本辦法規定的，其股份不得贖回。本年度報告的業務見表格10-K下題爲「與投標要約或贖回權有關的完成我們的初始業務組合 - 投標股票」部分。

除非在某些有限的情況下，否則您不會對信託帳戶中的資金擁有任何權利或利益。因此，爲了清算你的投資，你可能會被迫出售你的公開股票或認股權證，可能會虧損。

我們的公衆股東只有在以下情況最早發生時才有權從信託賬戶獲得資金：(I)在我們完成初始業務合併後，然後僅與該股東適當選擇的A類普通股有關

在符合本文描述的限制的情況下，(Ii)贖回與股東投票有關的任何適當提交的公開股份，以修訂我們修訂和重述的組織章程大綱和組織章程細則(A)，修改我們義務的實質或時間，向A類普通股持有人提供與我們最初的業務合併相關的贖回其股份的權利，或如果我們沒有在2025年7月11日之前完成我們的初始業務合併，則贖回100%的我們的公開股份，或(B)關於與我們A類普通股持有人的權利有關的任何其他條款，以及(Ii)如果我們在2025年7月11日之前尚未完成初步業務合併，則根據適用法律並如本文進一步描述的那樣，贖回我們的公開股票。如果我們尚未在2025年7月11日之前就如此贖回的A類普通股完成初始業務合併，則與前一句第(Ii)款所述股東投票相關的公衆股東將無權在隨後完成初始業務合併或清算時從信託賬戶中獲得資金。在任何其他情況下，公衆股東都不會在信託賬戶中擁有任何形式的權利或利益。權證持有人將無權獲得信託賬戶中持有的權證收益。因此，爲了清算你的投資，你可能會被迫出售你的公開股票或認股權證，可能會虧損。

納斯達克可能會將我們的證券從其交易所的交易中除名，這可能會限制投資者對我們的證券進行交易的能力，並使我們受到額外的交易限制。

我們已獲准將我們的證券在國家證券交易所納斯達克上市。儘管我們預計將在形式上達到納斯達克上市標準中規定的最低初始上市標準，但我們不能向您保證，我們的證券將在未來或在我們最初的業務合併之前繼續在納斯達克上市。在我們最初的業務合併之前，爲了繼續在納斯達克上市我們的證券，我們必須保持一定的財務、分銷和股價水平。一般來說，我們必須保持最低金額的股東權益(通常爲2500,000美元)和最低數量的證券持有人(通常爲300名公衆持有人)。此外，對於我們的初始業務合併，我們將被要求證明符合納斯達克的初始上市要求，這些要求比納斯達克的持續上市要求更嚴格，以便繼續維持我們的證券在納斯達克上市。例如，我們的股價通常被要求至少爲每股4.00美元，我們的股東權益通常被要求至少爲500萬美元。我們不能向您保證，我們屆時將能夠滿足這些初始上市要求。

如果納斯達克將我們的證券從其交易所退市，我們可能面臨重大不利後果，包括：

1996年的《國家證券市場改進法案》是一項聯邦法規，它阻止或先發制人各州監管某些證券的銷售，這些證券被稱爲「擔保證券」。由於我們的子公司獲准上市，最終我們的A類普通股和權證將在納斯達克上市，因此我們的子公司、A類普通股和權證將符合法規規定的擔保證券的資格。儘管各州被禁止監管擔保證券的銷售，但聯邦法規確實允許各州在存在欺詐嫌疑的情況下對公司進行調查，如果發現欺詐活動，則各州可以在特定情況下監管或禁止擔保證券的銷售。雖然我們不知道除愛達荷州外，有哪個州曾使用這些權力禁止或限制空白支票公司發行的證券的銷售，但某些州的證券監管機構對空白支票公司持不利態度，並可能利用這些權力或威脅使用這些權力來阻礙其所在州的空白支票公司的證券銷售。此外，如果我們不再在納斯達克上市，我們的證券將不符合法規規定的擔保證券的資格，我們將受到我們提供證券的每個州的監管。

您將無權享受通常爲許多其他空白支票公司的投資者提供的保護。

由於首次公開招股及出售私募認股權證所得款項的淨額擬用於完成與尚未選定的目標業務的初步業務合併，本公司可被視爲聯合公司旗下的一間「空白支票」公司。

各州的證券法。然而，由於我們的證券將在全國證券交易所上市，我們不受美國證券交易委員會頒佈的保護空白支票公司投資者的規則的約束，如第419條規則。因此，投資者將得不到這些規則的好處或保護。除其他事項外，這意味着我們的主要部門將立即可以交易，我們將有更長的時間來完成我們的初始業務合併，而不是遵守規則419的公司。此外，如果IPO受規則419的約束，該規則將禁止將信託賬戶中持有的資金賺取的任何利息釋放給我們，除非和直到信託賬戶中的資金因我們完成初步業務合併而釋放給我們。

如果我們尋求股東批准我們的初始業務合併，而我們沒有根據收購要約規則進行贖回，並且如果您或一群股東被視爲持有超過我們A類普通股15%的股份，您將失去贖回超過我們A類普通股15%的所有此類股票的能力。

如果我們尋求股東批准我們的初始業務合併，並且我們沒有根據要約收購規則進行與我們的初始業務合併相關的贖回，我們修訂和重述的組織章程大綱和章程細則規定，公衆股東連同該股東的任何關聯公司或與該股東一致行動或作爲「集團」(定義見交易所法案第13節)的任何其他人士，在未經我們事先同意的情況下，將被限制贖回其股份，贖回其在IPO中出售的股份總數的15%以上，我們稱之爲「超額股份」。然而，我們不會限制我們的股東投票支持或反對我們最初的業務合併的所有股份(包括超額股份)的能力。您無法贖回多餘的股份將降低您對我們完成初始業務合併的能力的影響力，如果您在公開市場交易中出售多餘的股份，您在我們的投資可能會遭受重大損失。此外，如果我們完成最初的業務合併，您將不會收到關於多餘股份的贖回分配。因此，您將繼續持有超過15%的股份，爲了處置這些股份，您將被要求在公開市場交易中出售您的股份，可能會出現虧損。

由於我們有限的資源和對業務合併機會的激烈競爭，我們可能更難完成我們的初始業務合併。如果我們沒有在規定的時間內完成我們的初始業務合併，我們的公衆股東可能會按比例獲得信託賬戶中可供分配給公衆股東的資金份額，我們的認股權證將到期變得一文不值。

我們預計會遇到與我們的業務目標相似的其他實體的競爭，包括私人投資者(可能是個人或投資合夥企業)、其他空白支票公司和其他實體，以及國內和國際的其他實體，競爭我們打算收購的業務類型。這些個人和實體中的許多人都是久負盛名的，在直接或間接確定和實施對在不同行業經營或向其提供服務的公司的收購方面擁有豐富的經驗。這些競爭對手中，很多擁有與我們相若或更多的技術、人力和其他資源，或比我們更多的本地行業知識，與很多競爭對手相比，我們的財政資源相對有限。雖然我們相信有許多目標業務我們可以通過IPO和出售私募認股權證的淨收益進行收購，但我們在收購某些規模可觀的目標業務方面的競爭能力將受到我們現有財務資源的限制。這種固有的競爭限制使其他公司在尋求收購某些目標企業時具有優勢。此外，我們有義務在我們最初的業務合併時，結合股東投票或通過收購要約，向公開股票的持有者提供贖回其股票的權利，以換取現金。目標公司將意識到，這可能會減少我們最初業務合併所需的資源。這些義務中的任何一項都可能使我們在成功談判業務合併時處於競爭劣勢。如果我們無法完成最初的業務合併，我們的公衆股東可能只會收到信託賬戶中可供分配給公衆股東的按比例分配的資金，而我們的認股權證將到期時一文不值。

董事和高級管理人員責任保險市場的變化可能會使我們談判和完成初步業務合併變得更加困難和昂貴。

最近，針對特殊目的收購公司的董事和高級管理人員責任保險市場發生了變化，這些變化對我們和我們的管理團隊不利。越來越少的保險公司提供董事和高級管理人員責任保險的報價，這類保單的保費普遍上升，此類保單的條款普遍變得不那麼優惠。這些趨勢可能會持續到未來。

董事和高級管理人員責任保險成本的增加和可獲得性的減少可能會使我們談判初步業務合併變得更加困難和昂貴。爲了獲得董事和高級管理人員責任保險或因成爲上市公司而修改其承保範圍，企業合併後的實體可能需要產生更大的費用，接受

不太有利的條款，或者兩者兼而有之。然而，任何未能獲得足夠的董事和高級管理人員責任保險的情況都可能對業務後合併吸引和留住合格高級管理人員和董事的能力產生不利影響。

此外，即使在我們完成初始業務合併之後，我們的董事和高級管理人員仍可能因據稱發生在初始業務合併之前的行爲而承擔潛在的法律責任。因此，爲了保護我們的董事和高級管理人員，業務合併後的實體可能需要就任何此類索賠購買額外的保險(「分期付款保險」)。對於業務合併後實體來說，需要分流保險將是一項額外的費用，並可能干擾或阻礙我們以有利於投資者的條款完成初始業務合併的能力。

如果IPO和出售不在信託賬戶中的私募認股權證的淨收益不足以讓我們運營到2025年7月11日，這可能會限制我們尋找一項或多項目標業務以及我們完成初始業務合併的能力，我們將依賴保薦人、其附屬公司或我們管理團隊成員的貸款來爲我們的搜索提供資金，並完成我們的初始業務合併。

在首次公開招股和出售私募認股權證的淨收益中，我們在信託賬戶之外約有2,200,000美元可用於支付我們的營運資金需求(包括自2021年以來以諮詢費形式授予、賺取或支付給我們的高級管理人員和董事的薪酬)。我們相信，信託賬戶之外的可用資金，加上我們的贊助商、其關聯公司或我們管理團隊成員的貸款資金，將足以使我們至少運營到2025年7月11日；然而，我們不能向您保證我們的估計是準確的，在這種情況下，我們的贊助商、其關聯公司或我們管理團隊成員沒有義務向我們預付資金。在我們可用的資金中，我們預計將使用我們可用的資金的一部分向顧問支付費用，以幫助我們尋找目標業務。我們也可以使用一部分資金作爲對特定擬議業務合併的首付款或爲「無店鋪」條款(意向書中的一項條款，旨在防止目標企業以更有利於此類目標企業的條款與其他公司或投資者進行交易)提供資金，儘管我們目前沒有任何這樣做的打算。如果我們簽訂了一份意向書，在意向書中我們支付了從目標業務獲得獨家經營權的權利，但隨後被要求沒收該等資金(無論是由於我們的違約或其他原因)，我們可能沒有足夠的資金繼續尋找目標業務或對目標業務進行盡職調查。

如果我們被要求尋求額外的資本，我們將需要從我們的贊助商、其附屬公司、我們管理團隊的成員或其他第三方借入資金來運營，或者可能被迫清算。在這種情況下，我們的贊助商、我們管理團隊的成員或他們的附屬公司都不對我們負有任何義務。任何此類預付款只能從信託賬戶以外的資金或在完成我們的初始業務合併後釋放給我們的資金中償還。例如，2025年1月28日，爲了滿足我們的營運資金需求，我們向贊助商發行了本金高達1,900,000美元的票據，其中截至2024年12月31日的預付款爲840,000美元。這筆預付款在本票於2025年1月28日籤立後被轉換爲本票。票據不計息，須於完成本公司初步業務合併後悉數償還。在完成業務合併後，保薦人將有權但無義務將票據的未償還本金餘額中最多1,500,000美元的全部或部分轉換爲若干營運資金認股權證，相當於如此轉換的票據的本金金額除以1美元。營運資金認股權證的條款將與私人認股權證的條款相同。在我們完成最初的業務合併之前，我們預計不會向贊助商、其附屬公司或我們管理團隊成員以外的其他方尋求貸款，因爲我們不相信第三方會願意借出此類資金，並放棄尋求使用我們信託賬戶中資金的任何和所有權利。如果由於我們沒有足夠的資金，我們沒有在規定的時間內完成我們的初始業務組合，我們將被迫停止運營並清算信託賬戶。因此，我們的公衆股東在贖回我們的公衆股票時，可能只獲得每股10.05美元的估計收益，或者可能更少，我們的認股權證將到期時一文不值。見「-如果第三方對我們提出索賠，信託賬戶中持有的收益可能會減少，股東收到的每股贖回金額可能低於每股公開股票10.05美元」和其他風險因素。

在我們完成最初的業務合併後，我們可能被要求進行減記或註銷、重組和減值或其他可能對我們的財務狀況、經營業績和證券價格產生重大負面影響的費用，這可能會導致您的部分或全部投資損失。

即使我們對與我們合併的目標企業進行了廣泛的盡職調查，我們也無法向您保證這項調查將識別特定目標企業的所有重大問題，可以通過慣例的盡職調查發現所有重大問題，或者目標企業之外和我們控制之外的因素以後不會出現。由於這些因素，我們可能被迫在以後減記或註銷資產、重組我們的業務，或產生損害或

其他可能導致我們報告損失的費用。即使我們的盡職調查成功識別了某些風險，也可能會出現意想不到的風險，以前已知的風險可能會以與我們的初步風險分析不一致的方式出現。儘管這些費用可能是非現金項目，不會對我們的流動性產生立竿見影的影響，但我們報告此類費用的事實可能會導致市場對我們或我們的證券的負面看法。此外，這種性質的費用可能會導致我們違反淨值或其他契約，因爲我們可能會因爲承擔目標企業持有的先前存在的債務或由於我們獲得合併後債務融資而受到約束。因此，任何選擇在業務合併後保留其證券的持有者都可能遭受其證券價值的縮水。這樣的持有者不太可能對這種價值縮水有補救措施。

如果第三方對我們提出索賠，信託賬戶中持有的收益可能會減少，股東收到的每股贖回金額可能低於每股公開股票10.05美元。

我們將資金存入信託賬戶可能無法保護這些資金免受第三方對我們的索賠。儘管我們將尋求讓與我們有業務往來的所有供應商、服務提供商、潛在目標企業和其他實體與我們執行協議，放棄對信託賬戶中爲我們公衆股東的利益而持有的任何資金的任何權利、所有權、利益或索賠，但這些當事人不得執行此類協議，或者即使他們簽署了此類協議，他們也不能被阻止向信託賬戶提出索賠，包括但不限於欺詐性誘因、違反受託責任或其他類似索賠，以及質疑放棄的可執行性的索賠。在每一種情況下，都是爲了在對我們的資產，包括信託賬戶中持有的資金的索賠方面獲得優勢。如果任何第三方拒絕簽署協議，放棄對信託賬戶中持有的資金的此類索賠，我們的管理層將對其可用的替代方案進行分析，並僅在管理層認爲此類第三方的參與將比任何替代方案更有利於我們的情況下，才會與沒有執行豁免的第三方簽訂協議。

例如，我們可能會聘用拒絕執行豁免的第三方顧問，例如聘請管理層認爲其專業知識或技能顯著優於同意執行豁免的其他顧問的第三方顧問，或管理層無法找到願意執行豁免的服務提供商的情況。此外，不能保證這些實體將同意放棄它們未來可能因與我們的任何談判、合同或協議而產生的任何索賠，並且不會以任何理由向信託賬戶尋求追索。在贖回我們的公開股份時，如果我們還沒有在2025年7月11日之前完成初始業務合併，或者在行使與我們的初始業務合併相關的贖回權時，我們將被要求支付債權人在贖回後十年內可能向我們提出的未被放棄的債權。因此，由於這些債權人的債權，公衆股東收到的每股贖回金額可能低於信託賬戶最初持有的每股10.05美元。根據書面協議(其表格作爲10-K表格年度報告的證物)，我們的保薦人同意，如果第三方(我們的獨立核數師除外)就向我們提供的服務或銷售給我們的產品或與我們討論過達成交易協議的潛在目標企業提出任何索賠，保薦人將對我們負責，將信託帳戶中的金額減至(I)每股公衆股份10.05美元和(Ii)在信託帳戶清算之日信託帳戶中實際持有的每股公衆股份金額(如果由於信託資產價值減少而低於每股10.05美元)，在兩種情況下，均扣除爲支付我們的納稅義務而可能提取的利息，只要此類責任不適用於第三方或潛在目標企業執行放棄尋求進入信託賬戶的任何和所有權利的任何索賠，也不適用於根據我們對IPO承銷商的賠償針對某些債務(包括證券法下的債務)的任何索賠。此外，如果執行的放棄被視爲不能對第三方強制執行，我們的保薦人將不對此類第三方索賠承擔任何責任。

然而，我們並未要求我們的贊助商保留此類賠償義務，我們也沒有獨立核實我們的贊助商是否有足夠的資金來履行其賠償義務，並且我們相信我們的贊助商的唯一資產是我們公司的證券。因此，我們無法向您保證我們的贊助商能夠履行這些義務。因此，如果對信託賬戶成功提出任何此類索賠，可用於我們初始業務合併和贖回的資金可能會減少到每股公開股不到10.05美元。在這種情況下，我們可能無法完成最初的業務合併，並且您將因贖回您的公衆股份而獲得較低的每股金額。我們的高級管理人員或董事都不會就第三方的索賠（包括但不限於供應商和潛在目標企業的索賠）向我們提供賠償。

我們的董事可能決定不執行我們保薦人的賠償義務，導致信託賬戶中可供分配給我們公衆股東的資金減少。

如果信託賬戶中的收益因信託資產價值的減少而減少到低於(I)每股公衆股份10.05美元和(Ii)在信託賬戶清算之日信託賬戶中持有的每股公衆股份的實際金額(如果由於信託資產的價值減少而低於每股10.05美元)，並且我們的保薦人聲稱它無法履行其義務或它沒有與特定索賠相關的賠償義務，則在每種情況下，我們的保薦人聲稱它無法履行其義務或沒有與特定索賠相關的賠償義務，我們的獨立董事將決定是否對我們的贊助商採取法律行動，以履行其賠償義務。雖然我們目前預計我們的獨立董事將代表我們對我們的保薦人採取法律行動，以履行其對我們的賠償義務，但我們的獨立董事在行使其商業判斷並遵守其受託責任時，可能會在任何特定情況下選擇不這樣做。如果我們的獨立董事選擇不執行這些賠償義務，信託賬戶中可供分配給我們的公衆股東的資金金額可能會減少到每股10.05美元以下。

我們可能沒有足夠的資金來滿足我們董事和高管的賠償要求。

我們同意在法律允許的最大程度上對我們的高級管理人員和董事進行賠償。然而，我們的高級管理人員和董事已同意放棄信託賬戶或信託賬戶中任何款項的任何權利、所有權、利息或索賠，並不以任何理由向信託賬戶尋求追索權(除非他們因擁有公共股票而有權從信託賬戶獲得資金)。因此，只有在(I)我們在信託賬戶之外有足夠的資金或(Ii)我們完成了初步業務合併時，我們才能滿足所提供的任何賠償。我們對高級管理人員和董事進行賠償的義務可能會阻止股東對我們的高級管理人員或董事提起訴訟，因爲他們違反了受託責任。這些規定還可能降低針對我們的高級管理人員和董事的衍生品訴訟的可能性，即使此類訴訟如果成功，可能會使我們和我們的股東受益。此外，如果我們根據這些賠償條款向我們的高級管理人員和董事支付和解和損害賠償的費用，股東的投資可能會受到不利影響。

我們將信託賬戶中持有的收益投資於證券可能會產生負利率，這可能會減少可用於納稅的利息收入或減少信託持有的資產的價值，從而使股東收到的每股贖回金額可能低於每股10.00美元。

IPO的淨收益和出售私募認股權證的某些收益，金額爲100,500,000美元，只能投資於到期日不超過185天的直接美國國債，或投資於僅投資於直接美國國債的某些貨幣市場基金。雖然短期美國國債目前的收益率爲正，但它們過去曾短暫地產生過負利率。歐洲和日本的央行過去曾追求低於零的利率，聯儲局公開市場委員會也沒有排除未來可能在美國採取類似政策的可能性。在收益率非常低或爲負的情況下，利息收入(如果有的話，我們可能會提取這些收入來繳納所得稅)的金額將會減少。如果我們無法完成最初的業務合併，我們的公衆股東有權按比例獲得信託賬戶中持有的收益份額，外加任何利息收入。如果信託賬戶的餘額因負利率而減少到100,500,000美元以下，信託賬戶中可供分配給我們的公衆股東的資金金額可能會減少到每股10.05美元以下。

如果我們將信託賬戶中的收益分配給我們的公衆股東後，我們提交了破產申請或針對我們的非自願破產申請，但沒有被駁回，破產法院可能會尋求追回這些收益，我們的董事會成員可能被視爲違反了他們對債權人的受託責任，從而使我們的董事會成員和我們面臨懲罰性賠償要求。

如果在我們將信託賬戶中的收益分配給我們的公衆股東後，我們提交了破產申請或針對我們提交的非自願破產申請沒有被駁回，根據適用的債務人/債權人和/或破產法，股東收到的任何分配都可能被視爲「優先轉讓」或「欺詐性轉讓」。因此，破產法院可以尋求追回我們股東收到的部分或全部金額。此外，我們的董事會可能被視爲違反了其對債權人的受託責任和/或惡意行事，從而使自己和我們面臨懲罰性賠償要求，在解決債權人的索賠之前從信託賬戶向公衆股東支付。

如果在將信託賬戶中的收益分配給我們的公衆股東之前，我們提交了破產申請或針對我們提出的非自願破產申請，但沒有被駁回，則債權人在該程序中的債權可能優先於我們股東的債權，否則我們的股東因清算而收到的每股金額可能會減少。

如果在將信託賬戶中的收益分配給我們的公衆股東之前，我們提交了破產申請或針對我們提出的非自願破產申請，但未被駁回，則信託賬戶中持有的收益可能受適用的破產法的約束，並可能包括在我們的破產財產中，並受優先於我們股東的債權的第三方債權的約束。在任何破產索賠耗盡信託賬戶的情況下，我們的股東在與我們的清算相關的情況下收到的每股金額可能會減少。

如果根據《投資公司法》我們被視爲投資公司，我們可能會被要求制定繁重的合規要求，我們的活動可能會受到限制，這可能會使我們難以完成最初的業務合併。

如果根據《投資公司法》，我們被視爲投資公司，我們的活動可能會受到限制，包括：

此外，我們可能對我們施加了繁重的要求，包括：

爲了不被《投資公司法》監管爲投資公司，除非我們有資格被排除在外，否則我們必須確保我們主要從事的業務不是投資、再投資或證券交易，並且我們的活動不包括投資、再投資、擁有、持有或交易佔我們資產(不包括美國政府證券和現金項目)超過40%的「投資證券」。我們的業務將是確定並完成業務合併，然後長期運營交易後業務或資產。我們不打算購買企業或資產，以期轉售或從轉售中獲利。我們不打算收購無關的業務或資產，也不打算成爲被動投資者。

我們不認爲我們預期的主要活動將使我們受制於《投資公司法》。爲此，信託賬戶中持有的收益只能投資於《投資公司法》第(2)(A)(16)節所指的到期日不超過185天的美國「政府證券」，或投資於符合根據《投資公司法》頒佈的第(2a-7)條規定的某些條件的貨幣市場基金，這些基金只能投資於美國政府的直接國債。根據信託協議，受託人不得投資於其他證券或資產。通過將收益投資於這些工具，以及制定一項旨在長期收購和發展業務(而不是以商業銀行或私募股權基金的方式買賣業務)的業務計劃，我們打算避免被視爲《投資公司法》所指的「投資公司」。信託賬戶的目的是作爲資金的持有場所，等待下列中最早發生的情況：(I)完成我們的初始業務合併；(Ii)贖回與股東投票有關的任何適當提交的公衆股份，以修訂我們經修訂和重述的組織章程大綱及章程細則(A)，以修改我們義務的實質或時間，即向A類普通股持有人提供權利，就我們最初的業務合併贖回他們的股份，或如果我們未能在2025年7月11日之前完成我們的初步業務合併，則有權贖回100%的公開股份；或(B)關於與我們A類普通股持有人權利有關的任何其他條款；或(Iii)如果我們未能在2025年7月11日之前完成初步業務合併，我們將把信託賬戶中持有的資金返還給我們的公衆股東，作爲我們贖回公衆股票的一部分。如果我們沒有如上所述將收益進行投資，我們可能被視爲受《投資公司法》的約束。再者，在「投資公司」的主觀考驗下，

根據《投資公司法》第3(A)(1)(A)節，即使存入信託賬戶的資金被投資於上述資產，我們也存在被視爲投資公司的風險，並根據此類資金投資於此類資產的時間長度遵守《投資公司法》。

2024年，美國證券交易委員會通過了一項指導意見，即SPAC作爲「投資公司」的潛在地位取決於SPAC的存續期、資產構成、業務目的和活動等多種因素，需要進行個性化分析，「是一個事實和情況的問題」。如果我們被視爲受《投資公司法》的約束，遵守這些額外的監管負擔將需要我們尚未分配資金的額外費用，並可能阻礙我們完成業務合併的能力。此外，如果我們被視爲一家投資公司，並且我們無法修改我們的活動以使我們不被視爲投資公司，我們將要麼註冊爲投資公司，要麼放棄完成初始業務合併的努力，轉而清算我們的信託賬戶。因此，我們的公衆股東可能只會收到我們信託賬戶中可供分配給公衆股東的按比例分配的資金，無法實現初始業務合併的潛在好處，包括合併後公司的證券可能增值，以及我們的認股權證可能到期一文不值。

如果我們被認爲受到《投資公司法》的遵守和監管，我們將受到額外的監管負擔和費用的影響，而我們沒有爲這些費用分配資金。除非我們能夠修改我們的活動，使我們不會被視爲一家投資公司，否則我們預計將放棄完成初始業務合併的努力，轉而清算公司。因此，我們的公衆股東在清算我們的信託賬戶時，可能只獲得每股公開股票約10.05美元，或者在某些情況下更少，我們的認股權證將到期變得一文不值。

因此，在清算信託賬戶中的證券後，我們可能會從信託賬戶中持有的資金獲得最低限度的利息(如果有的話)，這將減少我們的公衆股東在公司任何贖回或清算時獲得的美元金額。

信託賬戶中的資金將僅以期限不超過185天的美國政府國債或貨幣市場基金的形式持有，這些基金僅投資於美國政府國債，並符合《投資公司法》第2a-7條規定的某些條件。然而，爲了降低我們被視爲未經註冊的投資公司的風險(包括根據投資公司法第3(A)(1)(A)節的主觀測試)並因此受到投資公司法的監管，我們可以隨時指示信託賬戶的受託人大陸股票轉讓信託公司，我們預計將在2025年7月11日或之前，清算信託賬戶中持有的美國政府國債或貨幣市場基金，然後以現金形式持有信託賬戶中的所有資金，直到我們完成初始業務合併或公司清算之前。在這種清算之後，我們可能會從信託賬戶中持有的資金獲得最低限度的利息(如果有的話)。然而，以前從信託賬戶中持有的資金賺取的利息仍可能被釋放給我們，用於支付我們的稅款(如果有的話)，以及允許的某些其他費用。因此，任何清算信託賬戶中持有的證券並隨後以現金形式持有信託賬戶中的所有資金的決定，都將減少我們的公衆股東在公司贖回或清算時獲得的美元金額。

此外，即使在2025年7月11日之前，我們也可能被視爲投資公司。信託賬戶中的資金以短期美國政府國債或專門投資於此類證券的貨幣市場基金持有的時間越長，即使在2025年7月11日之前，我們被視爲非註冊投資公司的風險就越大，在這種情況下，我們可能被要求清算公司。因此，我們可以酌情決定在任何時候，甚至在2025年7月11日之前，清算信託賬戶中持有的證券，轉而以現金形式持有信託賬戶中的所有資金，這將進一步減少我們的公衆股東在公司任何贖回或清算時獲得的美元金額。

法律或法規的變更或此類法律或法規的解釋或適用方式的變化，或未能遵守任何法律、法規、解釋或應用可能會對我們的業務產生不利影響，包括我們談判和完成初始業務合併的能力。

我們受制於國家、地區、州和地方政府以及適用的非美國司法管轄區的法律和法規，以及此類法律和法規的解釋和應用。特別是，我們被要求遵守某些美國證券交易委員會以及潛在的其他法律和法規要求，我們完成初始業務合併可能取決於

我們遵守某些法律、法規、解釋和應用的能力以及任何業務合併後的公司可能會受到其他法律、法規、解釋和應用的約束。遵守和監測上述規定可能是困難、耗時和昂貴的。這些法律法規及其解釋和應用也可能會不時發生變化，這些變化可能會對我們的業務產生實質性的不利影響，包括我們談判和完成初始業務合併的能力。不遵守解釋和適用的適用法律或法規，可能會對我們的業務產生實質性的不利影響，包括我們談判和完成初始業務合併的能力。

美國證券交易委員會最近發佈了規範特殊目的收購公司的最終規則。我們可能決定進行的與該等規則相關的某些程序可能會增加我們完成初始業務合併所需的成本和時間，並可能限制我們完成初始業務合併的情況。

2024年1月24日，美國證券交易委員會發佈了與太空委有關的最終規則(《2024年太空委規則》)和指導意見。2024年SPAC規則除其他外，對SPAC與私營運營公司之間的業務合併交易提出了額外的披露要求；修訂了適用於涉及此類公司的業務合併交易的財務報表要求；更新和擴大了關於美國證券交易委員會備案文件中一般使用預測的指導意見；增加了擬議業務合併交易中某些參與者的潛在責任；並可能影響SPAC可能受到投資公司法監管的程度。2024年SPAC規則可能會對我們的業務產生實質性的不利影響，包括我們完成初始業務組合和運營結果的能力以及相關成本。

如果我們在2025年7月11日之前還沒有完成初步的業務合併，我們的公衆股東可能會被迫等待到2025年7月11日之後才能從我們的信託賬戶贖回。

如果我們在2025年7月11日之前還沒有完成初步的業務合併，那麼存入信託賬戶的收益，包括信託賬戶資金賺取的利息(減去應繳稅款和用於支付解散費用的高達10萬美元的利息)，將用於贖回我們的公開募股，如本文進一步描述的那樣。在任何自動清盤前，任何公衆股東從信託賬戶贖回將通過我們修訂和重述的組織章程大綱和章程細則的功能自動生效。作爲任何清算程序的一部分，如果我們被要求清盤、清算信託賬戶並按比例將其中的金額分配給我們的公衆股東，則此類清盤、清算和分配必須符合公司法的適用條款。在這種情況下，投資者可能被迫等待到2025年7月11日之後，才能獲得我們信託賬戶的贖回收益，他們將收到我們信託賬戶收益的按比例返還。我們沒有義務在我們贖回或清算日期之前將資金返還給投資者，除非在此之前，我們完成了我們的初始業務合併或修訂了我們修訂和重述的組織章程大綱和章程細則的某些條款，並且只有在此情況下，投資者才尋求贖回其A類普通股。只有在我們贖回或任何清算後，如果我們沒有完成我們最初的業務合併，也沒有修改我們修訂和重述的組織章程大綱和章程細則的某些條款，公衆股東才有權獲得分派。吾等經修訂及重述的組織章程大綱及細則規定，如吾等在完成初步業務合併前因任何其他原因而結束，吾等將在合理情況下儘快(但不得超過十個營業日)遵循上述有關清盤信託賬戶的程序，惟須受適用的開曼群島法律所規限。

我們可能決定不延長完成最初業務合併所需的期限，在這種情況下，我們將贖回公開發行的股票，認股權證可能一文不值。

我們必須在2025年7月11日或董事會可能批准的較早清算日期之前完成我們最初的業務合併。如果我們預計我們可能無法在該期限內完成我們的初始業務合併，我們可能會尋求股東批准修改我們修訂和重述的組織章程大綱和章程細則，以延長我們必須完成初始業務合併的日期。然而，我們可能決定不尋求延長我們必須完成初始業務合併的日期。如果吾等不尋求延長吾等必須完成初始業務合併的日期，且吾等未能在適用的時間內完成初始業務合併，吾等將在合理可能的情況下儘快贖回公衆股份以按比例贖回信託賬戶內持有的部分資金，惟須符合我們根據開曼群島法律就債權人的債權作出規定的義務及其他適用法律的要求。在這種情況下，這些權證可能一文不值。

我們的股東可能要爲第三方對我們提出的索賠負責，但以他們在贖回其股份時收到的分派爲限。

如果我們被迫進行破產清算，股東收到的任何分配如果證明在分配之日之後，我們無法償還在正常業務過程中到期的債務，則可能被視爲非法支付。因此，清算人可以尋求追回我們股東收到的部分或全部金額。此外，我們的董事可能被視爲違反了他們對我們或我們的債權人的受託責任和/或可能惡意行事，從而使他們自己和我們的公司面臨索賠，在解決債權人的債權之前從信託賬戶向公衆股東支付款項。我們不能保證不會因爲這些原因對我們提出索賠。吾等及吾等的董事及高級職員明知及故意授權或准許從吾等的股份溢價賬戶支付任何分派，而吾等於正常業務過程中無力償還到期的債務，即屬犯罪，並可能被處以開曼群島15,000元罰款及在開曼群島監禁五年。

我們可能會聘請IPO中的一家或多家承銷商或他們各自的一家關聯公司爲我們提供額外服務，其中可能包括擔任與初始業務合併相關的併購顧問或與相關融資交易相關的配售代理。IPO的承銷商有權獲得遞延承銷佣金，只有在完成初始業務合併後，這些佣金才會從信託賬戶中釋放。這些財務激勵可能導致他們在向我們提供任何此類額外服務時存在潛在的利益衝突，例如，與尋找和完成初始業務合併有關的服務。

我們可能會在IPO後聘請一家或多家承銷商或他們各自的一家關聯公司爲我們提供額外服務，例如，包括識別潛在目標、提供併購諮詢服務、在非公開發行中擔任配售代理或安排債務融資交易。吾等可向該等承銷商或其聯營公司支付公平合理的費用或其他補償，該等費用或其他補償將於當時以公平協商方式厘定；惟不會與任何承銷商或其各自的聯營公司訂立協議，亦不會在自招股說明書日期起計60天前向任何承銷商或其各自的聯營公司支付任何有關服務的費用或其他補償，除非該等付款不會被視爲與IPO有關的承銷商補償。

我們IPO的承銷商還有權獲得遞延承銷佣金，這是以完成初始業務合併爲條件的。承銷商或其各自關聯公司與完成業務合併交易有關的財務利益可能會在向吾等提供任何此類額外服務時產生潛在的利益衝突，包括與初始業務合併的採購和完成相關的潛在利益衝突。承銷商並無義務爲收取全部或部分遞延承保佣金而向吾等提供任何進一步服務。

A類普通股的持有者將無權在我們最初的業務合併之前舉行的任何董事選舉中投票。

在我們最初的業務合併之前，只有我們方正股份的持有者才有權投票選舉董事。在此期間，本公司公開股份的持有者將無權就董事選舉投票。此外，在我們最初的業務合併之前，我們大多數創始人股票的持有者可以出於任何原因罷免董事會成員。因此，在完成最初的業務合併之前，您可能對我們公司的管理沒有任何發言權。

我們目前沒有登記根據證券法或任何州證券法行使認股權證而可發行的A類普通股，當投資者希望行使認股權證時，此類登記可能無法進行，從而使該投資者無法行使其認股權證，除非是在無現金的基礎上，並可能導致此類認股權證到期一文不值。

目前，我們不會登記根據證券法或任何州證券法行使認股權證後可以發行的A類普通股。然而，根據認股權證協議的條款，吾等已同意，在可行範圍內儘快但無論如何不遲於吾等首次業務合併完成後20個工作日內，吾等將盡吾等商業合理努力向美國證券交易委員會提交一份涵蓋發行該等股份的登記說明書，並將盡吾等商業合理努力促使該登記聲明於吾等初始業務合併完成後60個工作日內生效，並維持該等登記聲明及與該等A類普通股有關的現行招股章程的效力，直至認股權證期滿爲止。

或者被贖回。我們不能向您保證，如果出現任何事實或事件，表明註冊說明書或招股說明書所載信息發生了根本變化，其中包含的或通過引用納入的財務報表不是最新、完整或正確的，或者美國證券交易委員會發佈了停止令，我們就能夠做到這一點。

如果在行使認股權證時可發行的A類普通股沒有按照上述要求根據證券法登記，根據權證協議的條款，尋求行使認股權證的權證持有人將不被允許以現金方式這樣做，相反，將被要求根據證券法第3(A)(9)節或其他豁免在無現金的基礎上這樣做。然而，我們不會以現金或無現金方式行使任何認股權證，我們將沒有義務向尋求行使認股權證的持有人發行任何股份，除非行使認股權證的持有人所在國家的證券法已登記或符合資格，或可獲豁免登記。

儘管有上述規定，如果我們的A類普通股在行使任何未在國家證券交易所上市的認股權證時，符合證券法第18(B)(1)節下的「備兌證券」定義，我們可根據證券法第3(A)(9)節的規定，要求行使其認股權證的公募認股權證持有人在「無現金基礎上」這樣做，如果我們如此選擇，我們將不會被要求提交或維護有效的登記聲明。但在沒有豁免的情況下，我們將盡我們商業上合理的努力，根據適用的藍天法律對股票進行登記或資格審查。在無現金基礎上行使認股權證可能會減少持有人對我們公司投資的潛在「上行」，因爲權證持有人在無現金行使其持有的認股權證後，將持有較少數量的A類普通股。在任何情況下，如果我們無法根據適用的州證券法登記認股權證的股票或使其符合資格，並且沒有豁免，我們將不會被要求以現金淨額結算任何認股權證，或發行證券或其他補償來換取認股權證。如於行使認股權證時發行的股份並未獲如此登記或獲豁免登記或獲豁免登記或資格，則該認股權證持有人無權行使該認股權證，而該認股權證可能沒有價值及到期時一文不值。在這種情況下，作爲購買這些單位的一部分而獲得認股權證的持有人將僅爲這些單位所包括的A類普通股支付全部單位購買價。可能會出現以下情況：我們的私募認股權證持有人可獲豁免註冊以行使其認股權證，而公開認股權證持有人則不存在相應的豁免，該等認股權證持有人爲首次公開招股中出售的單位的一部分。在這種情況下，我們的保薦人及其獲准受讓人(可能包括我們的董事和高管)將能夠行使其認股權證並出售其認股權證相關的普通股，而我們的公共認股權證持有人將無法行使其認股權證並出售相關普通股。如果認股權證可由我們贖回，我們可以行使贖回權，即使我們無法根據所有適用的州證券法登記標的A類普通股或使其符合出售資格。因此，我們可以贖回上述認股權證，即使持有人因其他原因無法行使其認股權證。

認股權證可能成爲A類普通股以外的其他證券的可行使和可贖回證券，目前您將不會有任何關於該等其他證券的信息。

在某些情況下，包括如果我們不是我們最初業務合併中的倖存實體，認股權證可能會成爲A類普通股以外的證券的可行使權證。因此，如果倖存的公司根據認股權證協議贖回您的證券認股權證，您可能會收到一家您目前沒有信息的公司的證券。根據認股權證協議，尚存的公司將被要求在初始業務合併結束後20個工作日內，以商業上合理的努力登記認股權證相關證券的發行。

向我們的保薦人授予註冊權可能會使我們完成最初的業務合併變得更加困難，未來此類權利的行使可能會對我們的A類普通股的市場價格產生不利影響。

根據於首次公開招股結束前訂立的協議，吾等保薦人及其獲准受讓人可要求吾等登記方正股份可轉換成的A類普通股、可行使私募認股權證而發行的私募認股權證及可於轉換營運資金貸款時發行的認股權證，以及可於該等認股權證轉換後發行的A類普通股。我們將承擔註冊這些證券的費用。如此大量的證券在公開市場註冊並可供交易，可能會對我們A類普通股的市場價格產生不利影響。此外，註冊權的存在可能會使我們最初的業務合併成本更高或更難達成。這是因爲目標業務的股東可能會增加他們在合併實體中尋求的股權，或要求更多的現金對價，以抵消當我們的保薦人或其獲准受讓人擁有的證券登記轉售時對我們證券市場價格的負面影響。

由於我們既不侷限於評估特定行業的目標企業，也沒有選擇任何特定的目標企業來進行我們的初始業務組合，您將無法確定任何特定目標企業的運營的優點或風險。

我們可以在任何行業尋求業務合併的機會，但根據我們修訂和重述的組織章程大綱和章程細則，我們將不被允許僅與另一家名義上有業務的空白支票公司或類似公司進行初始業務合併。由於吾等尚未就業務合併與任何特定目標業務訂立任何最終協議，故並無根據評估任何特定目標業務的營運、營運結果、現金流、流動資金、財務狀況或前景的可能優點或風險。只要我們完成最初的業務合併，我們可能會受到合併後的業務運營中固有的許多風險的影響。例如，如果我們與財務不穩定的企業或缺乏既定銷售或收益記錄的實體合併，我們可能會受到財務不穩定或處於發展階段的實體的業務和運營中固有風險的影響。最近幾年，一些目標業務在合併後的財務表現不佳。我們不能保證我們完成最初業務組合的目標業務將如預期那樣表現。儘管我們的高級管理人員和董事將努力評估特定目標業務的固有風險，但我們不能向您保證，我們將適當地確定或評估所有重大風險因素，或我們將有足夠的時間完成盡職調查。此外，其中一些風險可能不在我們的控制範圍內，使我們無法控制或減少這些風險對目標業務造成不利影響的可能性。我們也不能向您保證，對我們的投資部門的投資最終將被證明比對業務合併目標的直接投資更有利，如果有這樣的機會的話。因此，任何選擇在業務合併後保留其證券的持有者都可能遭受其證券價值的縮水。這樣的持有者不太可能對這種價值縮水有補救措施。

我們可能會在可能不在我們管理層專業領域之外的行業或部門尋找業務合併機會。

如果向我們提交了初始業務合併目標，並且我們確定該候選人爲我們公司提供了一個有吸引力的業務合併機會，我們將考慮管理層專業領域之外的初始業務合併。儘管我們的管理層將努力評估任何特定業務合併目標所固有的風險，但我們不能向您保證，我們將充分確定或評估所有重大風險因素。如果我們選擇在我們管理層的專長範圍之外進行初始業務合併，我們管理層的專長可能不會直接適用於其評估或運營，本10-K表格年度報告中包含的關於我們管理層專長領域的信息與我們選擇收購的業務的理解無關。因此，我們的管理層可能無法充分確定或評估所有重大風險因素。因此，在我們最初的業務合併之後，任何選擇保留其證券的持有者都可能遭受其證券價值的縮水。這樣的持有者不太可能對這種價值縮水有補救措施。

儘管我們已經確定了我們認爲對評估潛在目標業務很重要的一般標準和準則，但我們可能會以不符合這些標準和準則的目標進入我們的初始業務組合，因此，我們進入初始業務組合的目標業務的屬性可能與我們的一般標準和準則不完全一致。

雖然我們已經確定了評估潛在目標企業的一般標準和指導方針，但我們與之達成初始業務組合的目標企業可能不會具備所有這些積極的屬性。如果我們完成初始業務合併的目標不符合部分或全部這些準則，則此類合併可能不會像與符合我們所有一般標準和準則的業務合併一樣成功。此外，如果我們宣佈的預期業務合併的目標不符合我們的一般標準和指導方針，更多的股東可能會行使他們的贖回權，這可能使我們很難滿足目標業務的任何結束條件，要求我們擁有最低淨值或一定數量的現金。此外，如果根據適用法律或證券交易所上市要求，交易必須獲得股東批准，或者我們出於業務或其他原因決定獲得股東批准，如果目標業務不符合我們的一般標準和指導方針，我們可能更難獲得股東對我們初始業務合併的批准。如果我們沒有在規定的時間內完成我們的初始業務合併，我們的公衆股東在我們的信託賬戶清算中可能只獲得每股公衆股票約10.05美元，或在某些情況下低於該金額，我們的認股權證將到期一文不值。

我們不需要從獨立會計或投資銀行公司獲得意見，因此，您可能無法從獨立來源獲得保證，從財務角度來看，我們爲業務支付的價格對我們的股東是公平的。

除非我們完成與關聯實體的初步業務合併，否則我們不需要從獨立投資銀行公司或其他通常提出估值意見的獨立實體那裏獲得意見，即從財務角度來看，我們支付的價格對我們的股東是公平的。如果沒有得到任何意見，我們的股東將依賴於我們董事會的判斷，董事會將根據金融界普遍接受的標準來確定公平的市場價值。所使用的這些標準將在我們的委託書徵集或投標要約材料中披露，如果適用，與我們最初的業務合併有關。

我們可能會增發A類普通股或優先股來完成我們的初始業務合併，或在完成初始業務合併後根據員工激勵計劃進行。由於我們修訂和重述的組織章程大綱和章程細則中包含的反稀釋條款，我們也可以在方正股份轉換時以大於我們初始業務合併時的一比一的比率發行A類普通股。任何此類發行都將稀釋我們股東的利益，並可能帶來其他風險。

本公司經修訂及重述的組織章程大綱及細則授權發行最多500,000,000股A類普通股，每股面值0.0001美元，50,000,000股B類普通股，每股面值0.0001美元，以及5,000,000股優先股，每股面值0.0001美元。截至2025年3月17日，可供發行的授權但未發行的A類普通股和B類普通股分別爲4.90,000,000股和43,577,922股，該金額不包括遠期購買協議下根據遠期購買協議預留供發行的股份，或行使已發行的認股權證或轉換B類普通股時可發行的股份(如有)。B類普通股將自動轉換爲A類普通股(轉換後交付的A類普通股將不具有任何贖回權，或有權從信託賬戶清算分派，如果吾等未能完成初始業務合併)，在本公司初始業務合併時或在本公司修訂及重述的組織章程大綱及細則中所述的較早時間，B類普通股將自動轉換爲A類普通股。截至2025年3月17日，沒有已發行和已發行的優先股。

我們可能會發行大量額外的A類普通股或優先股，以完成我們的初始業務合併，或在完成初始業務合併後根據員工激勵計劃進行。我們亦可在贖回認股權證時發行A類普通股，或根據本文所載的反攤薄條款，在我們進行初始業務合併時，按大於一比一的比率轉換B類普通股。然而，吾等經修訂及重述的組織章程大綱及細則規定，除其他事項外，吾等不得在我們的初始業務合併之前或與初始業務合併相關的情況下，增發股份，使其持有人有權(I)從信託賬戶收取資金或(Ii)就任何初始業務合併或在完成初始業務合併之前或與完成初始業務合併相關的任何其他建議投票。我們修訂和重述的組織章程大綱和章程細則的這些條款，就像我們修訂和重述的組織章程大綱和章程細則的所有條款一樣，可以通過股東投票進行修訂。增發普通股或優先股：

與其他一些類似結構的空白支票公司不同，如果我們發行股票以完成初始業務合併，我們的保薦人將獲得額外的A類普通股。

方正股份將在我們的初始業務合併時或在其持有人選擇的更早時間自動轉換爲A類普通股(轉換後交付的A類普通股將不具有任何贖回權或有權從信託賬戶清算分配)，比例爲所有方正股份轉換後可發行的A類普通股的數量按轉換後的合計最多等於(I)完成IPO時已發行和已發行普通股總數的23%，(Ii)根據遠期購買協議將出售的已轉換A類普通股總數，及(Iii)該公司就完成初始業務合併而發行或當作已發行或可在轉換或行使任何與股權掛鉤的證券或權利後發行或當作已發行或可發行的A類普通股總數，但不包括可爲或可轉換爲或可轉換爲A類普通股的任何A類普通股或可向初始業務合併中的任何賣方發行、當作已發行或將會發行的A類普通股，以及向吾等保薦人發行的任何私募認股權證，其任何聯營公司或我們管理團隊的任何成員在轉換營運資金貸款時。在任何情況下，B類普通股都不會以低於1：1的比例轉換爲A類普通股。鑑於遠期購買協議的執行，這與其他一些類似結構的空白支票公司不同，在這些公司中，初始股東將只獲得初始業務合併前總流通股數量的23%。

資源可能被浪費在研究未完成的業務組合上，這可能會對隨後尋找和收購另一家企業或與另一家企業合併的嘗試產生重大不利影響。如果我們沒有在規定的時間內完成我們的初始業務合併，我們的公衆股東在我們的信託賬戶清算中可能只獲得每股公衆股票約10.05美元，或在某些情況下低於該金額，我們的認股權證將到期一文不值。

我們預計，對每項特定目標業務的調查以及相關協議、披露文件和其他文書的談判、起草和執行將需要大量的管理時間和注意力，並需要會計師、律師和其他人支付大量費用。如果我們決定不完成特定的初始業務合併，那麼到那時爲止，擬議交易產生的成本很可能無法收回。此外，如果我們就特定的目標業務達成協議，我們可能會因爲各種原因而無法完成最初的業務合併，包括那些我們無法控制的原因。任何此類事件將導致吾等損失所產生的相關成本，這可能會對後續尋找和收購另一家企業或與另一家企業合併的嘗試產生重大不利影響。如果我們沒有在規定的時間內完成我們的初始業務合併，我們的公衆股東在我們的信託賬戶清算中可能只獲得每股公衆股票約10.05美元，或在某些情況下低於該金額，我們的認股權證將到期一文不值。

我們相信，我們很可能，也可能繼續是一家被動的外國投資公司，或「PFIC」，這可能會給美國投資者帶來不利的美國聯邦所得稅後果。

如果我們是或正在持有我們A類普通股或認股權證的任何應納稅年度(或其部分)包括在持有我們A類普通股或認股權證(「美國持有人」)的「美國人」的持有期內(在1986年修訂的《美國國稅法》第7701(A)(30)節所指的範圍內)，在該美國持有人繼續持有我們A類普通股或認股權證的後續納稅年度內，我們將被視爲PFIC，在這種情況下，這些美國持有者可能會受到不利的美國聯邦所得稅後果的影響，並可能受到額外的報告要求的約束。我們認爲，我們在2023年和2024年很可能是PFIC，我們在本納稅年度和隨後的納稅年度的PFIC地位通常將取決於我們在這些年份的收入和資產構成(這將受到我們實施業務合併的時間和方式的重大影響)。因此，不能保證我們在本應納稅年度或任何後續應納稅年度作爲PFIC的地位。然而，我們在任何應稅年度的實際PFIC地位將在該應稅年度結束之前無法確定。此外，如果我們確定我們是任何應納稅年度的PFIC，在書面要求下，我們將努力向美國持有人提供美國國稅局(IRS)可能要求的信息，包括PFIC年度信息報表，以便使美國持有人能夠進行並維持「合格選舉基金」選舉。我們不能保證我們會及時提供所需的信息，而且在所有情況下，我們的認股權證都不會有這樣的選擇。我們敦促美國投資者就可能適用的PFIC規則諮詢他們的稅務顧問。

我們可能會在與我們最初的業務合併相關的另一個司法管轄區重新註冊，這種重新註冊可能會導致向股東徵收稅款。

就我們最初的業務合併而言，我們可以在目標公司或業務所在的司法管轄區或其他司法管轄區重新註冊，並根據公司法獲得必要的股東批准。交易可能要求股東或權證持有人在股東或權證持有人是稅務居民的司法管轄區或其成員居住的司法管轄區確認應稅收入(如果該司法管轄區是稅務透明實體)。我們不打算向股東或權證持有人進行任何現金分配，以支付此類稅款。股東或認股權證持有人在重新註冊後，可能須就其對我們的所有權繳納預扣稅或其他稅款。

在我們最初的業務合併之後，我們的大多數董事和高級管理人員可能居住在美國以外的地方，我們所有的資產都將位於美國以外的地方；因此，投資者可能無法執行聯邦證券法或他們的其他合法權利。

有可能在我們最初的業務合併之後，我們的大多數董事和高級管理人員將居住在美國以外的地方，我們所有的資產也將位於美國以外的地方。因此，美國的投資者可能很難，或者在某些情況下不可能執行他們的合法權利，向我們的所有董事或高級管理人員送達法律程序文件，或執行美國法院根據美國法律對我們的董事和高級管理人員承擔民事責任和刑事處罰的判決。

我們依賴我們的高管和董事，他們的損失可能會對我們的運營能力產生不利影響。

我們的運營依賴於相對較少的個人，特別是我們的高管和董事。我們相信，我們的成功有賴於我們的高級管理人員和董事的持續服務，至少在我們完成最初的業務合併之前是這樣。此外，除了我們的首席執行官全職爲我們工作外，我們的高管和董事不需要在我們的事務上投入任何特定的時間，因此，在各種業務活動中分配他們的時間將存在利益衝突，包括確定潛在的業務合併和監督相關的盡職調查。此外，我們的某些高管和董事對SparkLabs Group及其附屬公司擔任投資經理的投資工具有時間和注意力的要求。我們沒有與我們的任何董事或高管簽訂僱傭協議，也沒有爲他們的生命提供關鍵人物保險。

如果我們的一名或多名董事或高管意外失去服務，可能會對我們產生不利影響。

我們能否成功地完成最初的業務合併並在此後取得成功，將完全取決於我們主要人員的努力，他們中的一些人可能會在我們最初的業務合併後加入我們。關鍵人員的流失可能會對我們合併後業務的運營和盈利能力產生負面影響。

我們成功實現最初業務合併的能力取決於我們關鍵人員的努力。然而，我們的關鍵人員在目標業務中的作用目前還不能確定。雖然在我們最初的業務合併後，我們的一些關鍵人員可能會留在目標業務的高級管理、董事或顧問職位上，但目標業務的部分或全部管理層很可能會留任。雖然我們打算在最初的業務合併後密切審查我們聘用的任何個人，但我們不能向您保證，我們對這些個人的評估將被證明是正確的。這些人可能不熟悉經營一家受美國證券交易委員會監管的公司的要求，這可能導致我們不得不花費時間和資源幫助他們熟悉這些要求。

此外，企業合併候選人的高級管理人員和董事可以在完成我們的初始業務合併後辭職。業務合併目標的關鍵人員的離職可能會對我們合併後業務的運營和盈利能力產生負面影響。在完成我們的初步業務合併後，業務合併候選人的關鍵人員的角色目前無法確定。雖然我們預計，在我們最初的業務合併之後，業務合併候選人的管理團隊的某些成員仍將與業務合併候選人保持聯繫，但業務合併候選人的管理層成員可能不希望留任。關鍵人員的流失可能會對我們合併後業務的運營和盈利能力產生負面影響。

我們的關鍵人員可能會與目標企業就特定的業務合併談判僱傭或諮詢協議，而特定的業務合併可能以這些關鍵人員的留任或辭職爲條件。這些協議可能規定他們在我們最初的業務合併後獲得補償，因此，可能會導致他們在確定特定業務合併是否最有利的問題上存在利益衝突。

我們的主要人員只有在能夠就與業務合併相關的僱傭或諮詢協議進行談判的情況下，才能在我們最初的業務合併完成後留在公司。此類談判將與業務合併的談判同時進行，並可規定這些個人在業務合併完成後將向我們提供的服務獲得現金支付和/或我們的證券形式的補償。這種談判還可能使這些關鍵人員的留任或辭職成爲任何此類協議的條件。這些人的個人和經濟利益可能會影響他們確定和選擇目標企業的動機。

我們評估潛在目標企業管理層的能力可能有限，因此，這可能會影響我們與目標企業的初始業務合併，該目標企業的管理層可能不具備管理上市公司的技能、資格或能力，這反過來可能對我們股東對我們的投資價值產生負面影響。

在評估我們與預期目標企業進行初始業務合併的可取性時，我們評估目標企業管理層的能力可能會因爲缺乏時間、資源或信息而受到限制。因此，我們對目標企業管理層能力的評估可能被證明是不正確的，而且這種管理層可能缺乏我們懷疑的技能、資格或能力。如果目標企業的管理層不具備管理上市公司所需的技能、資格或能力，合併後企業的運營和盈利能力可能會受到負面影響。因此，在最初的業務合併後，任何選擇保留其證券的股東都可能遭受其證券價值的縮水。這些股東不太可能對這樣的價值縮水有補救措施。

初始業務合併候選人的高級管理人員和董事可以在完成我們的初始業務合併後辭職。失去最初業務合併目標的關鍵人員可能會對我們合併後業務的運營和盈利能力產生負面影響。

目前還不能確定初始業務合併候選人在完成初始業務合併後的主要人員的角色。雖然我們預計初始業務合併候選人的管理團隊的某些成員在我們的初始業務合併後仍將與初始業務合併候選人保持聯繫，但初始業務合併候選人的管理層成員可能不希望留任，並可能在完成初始業務合併後辭職。失去最初業務合併目標的關鍵人員可能會對我們合併後業務的運營和盈利能力產生負面影響。

我們的高管和董事可能會將他們的時間分配給其他業務，從而導致他們在決定將多少時間投入到我們的事務中產生利益衝突。這種利益衝突可能會對我們完成初始業務合併的能力產生負面影響。

除了我們的首席執行官全職爲我們工作外，我們的高管和董事不需要也不會全職致力於我們的事務，這可能會導致他們在我們的運營和我們尋找業務合併及其其他業務之間分配時間時存在利益衝突。我們的每一位高管都可能從事其他幾項他可能有權獲得巨額薪酬的業務活動，除了我們的首席執行官外，我們的高管沒有義務每週爲我們的事務貢獻任何具體的時間。我們的獨立董事還擔任其他實體的管理人員和董事會成員。如果我們的高管和董事的其他商務事務需要他們投入大量的時間來處理這些事務，超過他們目前的承諾水平，這可能會限制他們在我們的事務上投入時間的能力，這可能會對我們完成初步業務合併的能力產生負面影響。

我們的高級管理人員和董事目前對其他實體(包括另一家空白支票公司)負有額外的受託責任或合同義務，他們中的任何人在未來可能會對其他實體負有額外的受託責任或合同義務，因此，在確定特定商業機會應呈現給哪個實體時可能存在利益衝突。

在我們完成最初的業務組合之前，我們從事的是識別一個或多個企業或實體並將其合併的業務。我們的每一位高級管理人員和董事現在都有，他們中的任何人將來都可能有額外的受託責任或

與其他實體的合同義務，根據該合同義務，該高級職員或董事必須或將被要求向該實體提供業務合併機會，但須遵守其根據開曼群島法律承擔的受信責任。因此，在確定一個特定的商業機會應該呈現給哪個實體時，他們可能會有利益衝突。這些衝突可能不會以對我們有利的方式解決，潛在的目標業務可能會在提交給我們之前提交給另一家實體，但受開曼群島法律規定的受託責任的限制。

此外，我們的保薦人、高級管理人員和董事未來可能與其他空白支票公司有關聯，這些公司的收購目標可能與我們相似。因此，在確定一個特定的商業機會應該呈現給哪個實體時，他們可能會有利益衝突。這些衝突可能不會以對我們有利的方式得到解決，潛在的目標業務可能會在提交給我們之前提交給其他空白支票公司，但受開曼群島法律規定的我們高級管理人員和董事的受託責任的限制。經修訂及重述的組織章程大綱及章程細則規定，吾等將在法律允許的最大範圍內放棄在向任何董事或高級職員提供的任何公司機會中的權益，或放棄吾等任何高級職員或董事知悉的任何公司機會，除非該等機會純粹是以董事或本公司高級職員的身份明示向該人士提供的，且該等機會是法律及合約允許吾等進行並以其他方式合理地追求的。此外，我們經修訂及重述的組織章程大綱及章程細則將載有條文，在法律許可的最大範圍內，就因該等人士察覺或未能提供任何商業機會而對本公司可能產生的任何責任、義務或責任，免除及保障該等人士。

我們的高管、董事、證券持有人及其關聯公司可能存在與我們的利益相沖突的競爭性金錢利益。

吾等並無制定政策，明文禁止吾等的董事、行政人員、證券持有人或聯營公司在吾等將收購或處置的任何投資中，或在吾等參與或擁有權益的任何交易中，擁有直接或間接的金錢或財務利益。事實上，我們可能會與與我們的贊助商、我們的董事或高管有關聯的目標企業進行業務合併，儘管我們並不打算這樣做。我們亦沒有政策明文禁止任何這類人士自行從事我們所進行的商業活動。因此，這些個人或實體可能會在他們的利益和我們的利益之間發生衝突。

董事和高級管理人員的個人和財務利益可能會影響他們及時確定和選擇目標企業並完成業務合併的動機。因此，我們的董事和高級管理人員在確定特定業務合併的條款、條件和時機是否合適以及是否符合我們股東的最佳利益時，在確定和選擇合適的目標業務時可能會產生利益衝突。如果是這樣的話，根據開曼群島法律，這將違反他們對我們的受託責任，我們或我們的股東可能會要求這些個人侵犯我們的股東權利。然而，我們可能最終不會因爲這樣的原因而對他們提出任何索賠。

由SparkLabs集團或其附屬公司管理的投資工具可能會與我們爭奪收購機會。

SparkLabs Group及其附屬公司管理着幾個投資工具。由SparkLabs集團或其附屬公司管理的投資工具可能會與我們爭奪收購機會。如果這些投資工具決定追逐任何這樣的機會，我們可能被排除在追逐這樣的機會之外。此外，在SparkLabs Group內部產生的投資想法，包括可能爲公司做出決策的人員，可能適合我們以及SparkLabs Group或其附屬公司管理的當前或未來投資工具，並可能針對此類投資工具而不是我們，符合適用的受託責任。SparkLabs Group或同時受僱於SparkLabs Group的我們管理團隊成員均無義務向我們提供任何潛在業務合併的機會，而他們僅以SparkLabs Group高級管理人員或董事總經理的身份知曉這一合併。

SparkLabs集團和/或我們的管理層，以SparkLabs集團高級管理人員或董事總經理的身份或在他們的其他工作中，可能會選擇在他們向我們提供此類機會之前，根據適用的受託責任，向上述相關實體、由SparkLabs集團管理的當前或未來投資工具或第三方提交潛在的業務組合。此外，在我們尋求初步業務合併期間，SparkLabs Group Management或其附屬公司可能會贊助與我們類似的其他空白支票公司，我們的管理團隊成員可能會參與此類空白支票公司。

我們可能與一個或多個目標企業進行業務合併，這些目標企業與可能與我們的發起人、高管、董事或初始股東有關聯的實體有關係，這可能會引發潛在的利益衝突。

鑑於我們的保薦人、高管和董事與其他實體的關係，我們可能會決定收購與我們的保薦人、高管、董事或初始股東有關聯的一項或多項業務。我們的董事還擔任其他實體的管理人員和董事會成員。在我們尋求初步業務合併的期間，我們的保薦人、高級管理人員和董事可能會贊助、組建或參與其他與我們類似的空白支票公司。這些實體可能會與我們競爭業務合併的機會。儘管我們同意徵求獨立投資銀行公司或其他獨立實體的意見，這些機構通常從財務角度就與我們的保薦人、高管、董事或初始股東有關聯的一個或多個國內或國際業務合併對公司的公平性提出估值意見，但潛在的利益衝突可能仍然存在，因此，業務合併的條款可能不會像沒有任何利益衝突的情況下那樣對我們的公衆股東有利。

我們的管理團隊和董事會成員作爲其他公司的創始人、董事會成員、高級管理人員、高管或員工具有豐富的經驗。其中某些人已經、可能或可能參與訴訟、調查或其他程序，包括與這些公司或其他公司有關的訴訟、調查或其他程序。對這些問題的辯護或起訴可能會耗費時間，可能會分散我們管理層的注意力，並可能對我們產生不利影響，這可能會阻礙我們完成初步業務合併的能力。

在他們的職業生涯中，我們的管理團隊和董事會成員擁有豐富的經驗，他們是其他公司的創始人、董事會成員、高管、高管或員工。由於他們在這些公司的參與和職位，其中某些人已經、可能或未來可能參與訴訟、調查或其他程序，包括與這些公司的商業事務、這些公司達成的交易或其他有關的訴訟、調查或其他程序。我們管理團隊和董事會的個人成員也可能參與訴訟、調查或其他程序，涉及與他們的個人行爲有關的索賠或指控，或者因爲他們的個人行爲，無論是作爲公司高管還是董事或其他身份，他們可能在此類行動中被點名並可能承擔個人責任。根據事實和情況，保險和/或賠償可能會或可能不會涵蓋任何此類責任。對這些問題的辯護或起訴可能會很耗時。任何訴訟、調查或其他訴訟以及此類行動的潛在結果可能會分散我們管理團隊和董事會的注意力和資源，使他們無法確定和選擇一項或多項目標業務進行我們的初始業務合併，並可能對我們的聲譽產生負面影響，這可能會阻礙我們完成初始業務合併的能力。

由於我們的發起人、高管和董事如果我們的初始業務合併沒有完成(他們可能收購的上市股票除外)，將失去他們對我們的全部投資，因此在確定特定的業務合併目標是否適合我們的初始業務合併時可能會出現利益衝突。

2021年12月8日，我們的保薦人支付了25,000美元，或每股約0.004美元，以支付代表我們的某些費用，代價是6870,130股B類普通股，面值0.0001美元。在發起人對該公司進行25000美元的初始投資之前，該公司沒有任何有形或無形資產。2022年4月1日，我們的保薦人向我們的某些高級管理人員和董事轉讓了85萬股B類普通股。倘若遠期買方選擇終止或減少其根據遠期購買協議購買協定遠期購買證券的承諾，則該等850,000股股份不會被沒收。方正股票的每股價格是通過將對公司的貢獻除以方正股票的發行數量來確定的。如果我們不完成最初的業務合併，創始人的股票將一文不值。此外，我們的保薦人購買了總計8,490,535份私募認股權證，每份可行使的認股權證可按每股11.50美元(可予調整)購買一股A類普通股，每份認股權證的價格爲1.00美元(總計8,490,535美元)。如果我們不在2025年7月11日之前完成初步業務合併，私募認股權證將一文不值。我們高管和董事的個人和財務利益可能會影響他們確定和選擇目標業務合併的動機，完成初始業務合併，並影響初始業務合併後的業務運營。隨着2025年7月11日，我們完成初步業務合併的最後期限臨近，這種風險可能會變得更加嚴重。

We may issue notes or other debt securities, or otherwise incur substantial debt, to complete an initial business combination, which may adversely affect our leverage and financial condition and thus negatively impact the value of our shareholders’ investment in us.

Although we currently have no commitments to issue any notes or other debt securities, or to otherwise incur outstanding debt, we may choose to incur substantial debt to complete our initial business combination. We and our officers have agreed that we will not incur any indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the trust account. As such, no issuance of debt will affect the per-share amount available for redemption from the trust account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:

We may only be able to complete one business combination with the proceeds of the IPO and the sale of the Private Warrants, which will cause us to be solely dependent on a single business, which may have a limited number of products or services and limited operating activities. This lack of diversification may negatively impact our operations and profitability.

We may effectuate our initial business combination with a single-target business or multiple-target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our initial business combination with more than one target business because of various factors, including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing our initial business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects for our success may be:

This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination.

We may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations and profitability.

If we determine to simultaneously acquire several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability, to complete our initial business combination. With multiple business combinations, we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or products of the acquired companies in a single operating business. If we are unable to adequately address these risks, it could negatively impact our profitability and results of operations.

We may attempt to complete our initial business combination with a private company about which little information is available, which may result in an initial business combination with a company that is not as profitable as we suspected, if at all.

In pursuing our acquisition strategy, we may seek to effectuate our initial business combination with a privately held company. Very little public information generally exists about private companies, and we could be required to make our decision on whether to pursue a potential initial business combination on the basis of limited information, which may result in a business combination with a company that is not as profitable as we suspected, if at all.

Our management team may not be able to maintain control of a target business after our initial business combination. Upon the loss of control of a target business, new management may not possess the skills, qualifications or abilities necessary to profitably operate such business.

We may structure our initial business combination so that the post-business combination company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will only complete such business combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-business combination company owns 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-business combination company, depending on valuations ascribed to the target and us in the business combination. For example, we could pursue a transaction in which we issue a substantial number of new Class A ordinary shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new Class A ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our outstanding Class A ordinary shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company’s shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain control of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business.

We may seek business combination opportunities with a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our desired results.

We may seek business combination opportunities with large, highly complex companies that we believe would benefit from operational improvements. While we intend to implement such improvements, to the extent that our efforts are delayed or we are unable to achieve the desired improvements, the business combination may not be as successful as we anticipate.

To the extent we complete our initial business combination with a large complex business or entity with a complex operating structure, we may also be affected by numerous risks inherent in the operations of the business with which we combine, which could delay or prevent us from implementing our strategy. Although our management team will endeavor to evaluate the risks inherent in a particular target business and its operations, we may not be able to properly ascertain or assess all of the significant risk factors until we complete our business combination. If we are not able to achieve our desired operational improvements, or the improvements take

longer to implement than anticipated, we may not achieve the gains that we anticipate. Furthermore, some of these risks and complexities may be outside of our control and leave us with no ability to control or reduce the chances that those risks and complexities will adversely impact a target business. Such combination may not be as successful as a combination with a smaller, less complex organization.

We do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to complete our initial business combination with which a substantial majority of our shareholders do not agree.

Our amended and restated memorandum and articles of association will not provide a specified maximum redemption threshold, except that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 (so that we do not then become subject to the SEC’s “penny stock” rules). As a result, we may be able to complete our initial business combination even though a substantial majority of our public shareholders do not agree with the transaction and have redeemed their shares or, if we seek shareholder approval of our initial business combination and do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, have entered into privately negotiated agreements to sell their shares to our Sponsor, officers, directors, advisors or their affiliates. In the event the aggregate cash consideration we would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, all Class A ordinary shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.

In order to effectuate an initial business combination, blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles of association or governing instruments in a manner that will make it easier for us to complete our initial business combination that our shareholders may not support.

In order to effectuate a business combination, blank check companies have, in the recent past, amended various provisions of their charters and governing instruments, including their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption thresholds, extended the time to consummate an initial business combination and, with respect to their warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending our amended and restated memorandum and articles of association requires at least a special resolution of our shareholders as a matter of Cayman Islands law, meaning the approval of at least a two-thirds majority of such holders of ordinary shares as, being entitled to do so, vote in person or by proxy at a shareholder meeting of the company, and amending our warrant agreement requires a vote of holders of at least 50% of the Public Warrants and, solely with respect to any amendment to the terms of the Private Warrants or any provision of the warrant agreement with respect to the Private Warrants, 50% of the number of the then outstanding Private Warrants. In addition, our amended and restated memorandum and articles of association requires us to provide our public shareholders with the opportunity to redeem their public shares for cash if we propose an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by July 11, 2025 or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. To the extent any of such amendments would be deemed to fundamentally change the nature of any of the securities offered through this registration statement, we would register, or seek an exemption from registration for, the affected securities. We cannot assure you that we will not seek to amend our charter or governing instruments or extend the time to consummate an initial business combination in order to effectuate our initial business combination.

The provisions of our amended and restated memorandum and articles of association that relate to our pre-business combination activity (and corresponding provisions of the agreement governing the release of funds from our trust account) may be amended with the approval of a special resolution which requires the approval of at least a two-thirds majority of such holders of ordinary shares as, being entitled to do so, vote in person or by proxy at a shareholder meeting of the company, which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore, to amend our amended and restated memorandum and articles of association to facilitate the completion of an initial business combination that some of our shareholders may not support.

Some other blank check companies have a provision in their charter which prohibits the amendment of certain of its provisions, including those which relate to the rights of a company’s shareholders, without approval by a certain percentage of the company’s shareholders. In those companies, amendment of these provisions typically requires approval by between 90% and 100% of the

company’s shareholders. Our amended and restated memorandum and articles of association provides that any of its provisions related to the rights of holders of our Class A ordinary shares (including the requirement to deposit proceeds of the IPO and the placement of warrants into the trust account and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders as described herein) may be amended if approved by special resolution, meaning at least a two-thirds majority of such holders of ordinary shares as, being entitled to do so, vote in person or by proxy at a shareholder meeting of the company, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of at least two-thirds of our ordinary shares; provided that the provisions of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial business combination and our continuation in a jurisdiction outside the Cayman Islands prior to our initial business combination may only be amended by a special resolution passed by not less than a two-thirds majority of such holders of ordinary shares as, being entitled to do so, vote in person or by proxy at our shareholder meeting which shall include a resolution passed by a simple majority of our Class B ordinary shares. Our Sponsor and its permitted transferees, if any, who collectively beneficially own, as of March 17, 2025, 33.9% of our ordinary shares, will participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended and restated memorandum and articles of association which govern our pre-business combination behavior more easily than some other blank check companies, and this may increase our ability to complete a business combination with which you do not agree. Our shareholders may pursue remedies against us for any breach of our amended and restated memorandum and articles of association.

Our Sponsor, executive officers and directors have agreed, pursuant to agreements with us, that they will not propose any amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by July 11, 2025 or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, unless we provide our public shareholders with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment 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 (less taxes payable and up to $100,000 of interest to pay dissolution expenses), if any, divided by the number of the then-outstanding public shares. Our shareholders are not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability to pursue remedies against our Sponsor, executive officers or directors for any breach of these agreements. As a result, in the event of a breach, our shareholders would need to pursue a shareholder derivative action, subject to applicable law.

We may be unable to obtain additional financing to complete our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular business combination. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.05 per public share, or less than such amount in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.

Although we believe that the net proceeds of the IPO and the sale of the Private Warrants will be sufficient to allow us to complete our initial business combination, because we have not yet selected any prospective target business we cannot ascertain the capital requirements for any particular transaction. If the net proceeds of the IPO and the sale of the Private Warrants prove to be insufficient, either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target business, the obligation to redeem for cash a significant number of shares from shareholders who elect redemption in connection with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot assure you that such financing will be available on acceptable terms, if at all. The current economic environment may make it difficult for companies to obtain acquisition financing. To the extent that additional financing proves to be unavailable when needed to complete our initial business combination, we would be compelled to either restructure the transaction or abandon that particular business combination and seek an alternative target business candidate. If we have not consummated our initial business combination within the required time period, our public shareholders may receive only approximately $10.05 per public share, or less than such amount in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. In addition, even if we do not need additional financing to complete our initial business combination, we may require such financing to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued development or growth of the target business. None of our officers, directors or shareholders is required to provide any financing to us in connection with or after our initial business combination.

Our Sponsor controls a substantial interest in us and thus may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.

As of March 17, 2025, our Sponsor, officers and directors collectively own, on an as-converted basis, 39.1% of our issued and outstanding ordinary shares. Accordingly, they may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support, including amendments to our amended and restated memorandum and articles of association. If our Sponsor purchases any additional Class A ordinary shares in the aftermarket or in privately negotiated transactions, this would increase its control. Neither our Sponsor nor, to our knowledge, any of our officers or directors, have any current intention to purchase additional securities. Factors that would be considered in making such additional purchases would include consideration of the current trading price of our Class A ordinary shares. We may not hold an annual meeting of shareholders to elect new directors prior to the completion of our initial business combination, in which case all of the current directors will continue in office until at least the completion of the business combination. If there is an annual meeting, as a consequence of our “staggered” board of directors, only a minority of the board of directors will be considered for election and our Sponsor, because of its ownership position, will control the outcome, as only holders of our Class B ordinary shares will have the right to vote on the election of directors and to remove directors prior to our initial business combination. In addition, the founder shares, all of which are held by our initial shareholders, will, in a vote to continue the company in a jurisdiction outside the Cayman Islands (including, but not limited to, the approval of the organizational documents of the company in such other jurisdiction), which requires the approval of at least two thirds of the votes of all ordinary shares, entitle the holders to ten votes for every founder share. This provision of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by at least a two-thirds majority of such shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of the company. As a result, you will not have any influence over our continuation in a jurisdiction outside the Cayman Islands prior to our initial business combination. Accordingly, our Sponsor will continue to exert control at least until the completion of our initial business combination. In addition, we have agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of our Sponsor.

Unlike some other similarly structured special purpose acquisition companies, our initial shareholders receive additional founder shares which are subject to forfeiture immediately prior to the closing of our initial business combination depending on the amount of the proceeds received under the forward purchase agreement described below or in the event of our winding up and subsequent dissolution.

SparkLabs Group Management, LLC, an accredited institutional investor affiliated with our Sponsor, which we refer to as the forward purchaser, has entered into a forward purchase agreement with us, pursuant to which it agree to provide the post-business combination entity an aggregate purchase price of the forward purchase securities of at least $115,000,000 in a private placement to close concurrently with the closing of our initial business combination. The forward purchaser may be investing at a discount to the public offering price of the unit, i.e., $10.00 per unit, and/or may also purchase less than $115,000,000 worth of forward purchase securities in accordance with the terms of the forward purchase agreement. In addition, the forward purchaser may terminate its commitment under the forward purchase agreement at any time before the closing of our initial business combination. Accordingly, if the forward purchaser exercises its right to terminate its commitment to purchase any forward purchase securities, we will not receive any of the amount of proceeds under the forward purchase agreement and all of the 3,435,065 Class B ordinary shares associated with the forward purchase agreement will then be forfeited prior to the closing of our initial business combination. The 3,435,065 additional Class B ordinary shares issued to our Sponsor represent the adjustment to the ratio applicable to the conversion of its Class B ordinary shares that our Sponsor would have been entitled to at the closing of our initial business combination as a result of the issuance of additional Class A ordinary shares under the forward purchase agreement. As a result, the issuance of the Class A ordinary shares at the closing of our initial business combination will not trigger a further adjustment to this ratio.

The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary shares at such time is substantially less than $10.05 per share.

Our Sponsor has invested in us an aggregate of $8,515,535, comprised of the $25,000 purchase price for the founder shares and $8,490,535 purchase price for the Private Warrants. Assuming a trading price of $10.00 per share upon consummation of our initial business combination, the 6,422,078 founder shares would have an aggregate value of approximately $64,220,780 (assuming no value is attributed to the Private Warrants). Even if the trading price of our ordinary shares was as low as approximately $1.56 per share, the value of the founder shares would be equal to the Sponsor’s initial investment in us. As a result, our Sponsor is likely to be able to recoup its investment in us and make a substantial profit on that investment, even if our public shares have lost significant value. Accordingly, our management team, which owns interests in our Sponsor, may have an economic incentive that differs from that of

the public shareholders to pursue and consummate an initial business combination rather than to liquidate and to return all the cash in the trust to the public shareholders, even if that business combination were with a riskier or less-established target business. For the foregoing reasons, you should consider our management team’s financial incentive to complete an initial business combination when evaluating whether to redeem your shares prior to or in connection with the initial business combination.

We may not be able to complete an initial business combination since such initial business combination may be subject to regulatory reviews and approval requirements, including through foreign investment regulations and review by government entities such as the Committee on Foreign Investment in the United States (“CFIUS”), or may be ultimately prohibited.

Our initial business combination may be subject to regulatory review and approval requirements by governmental entities, or ultimately prohibited. For example, CFIUS has authority to review direct or indirect foreign investments in U.S. companies. Among other things, CFIUS is empowered to require certain foreign investors to make mandatory filings, to charge filing fees related to such filings, and to self-initiate national security reviews of foreign direct and indirect investments in U.S. companies if the parties to that investment choose not to file voluntarily. In the case that CFIUS determines an investment to be a threat to national security, CFIUS has the power to unwind or place restrictions on the investment. Whether CFIUS has jurisdiction to review an acquisition or investment transaction depends on, among other factors, the nature and structure of the transaction, including the level of beneficial ownership interest and the nature of any information or governance rights involved. For example, investments that result in “control” of a U.S. business by a foreign person always are subject to CFIUS jurisdiction. CFIUS’s expanded jurisdiction under the Foreign Investment Risk Review Modernization Act of 2018 and implementing regulations that became effective on February 13, 2020 further includes investments that do not result in control of a U.S. business by a foreign person but afford certain foreign investors certain information or governance rights in a U.S. business that has a nexus to “critical technologies,” “critical infrastructure” and/or “sensitive personal data.”

It is possible that non-U.S. persons could be involved in our initial business combination (e.g., as existing shareholders of a target company or as PIPE investors), which may increase the risk that our initial business combination becomes subject to regulatory review, including review by CFIUS. As such, an initial business combination with a U.S. business or foreign business with U.S. subsidiaries that we may wish to pursue may be subject to CFIUS review. If a particular proposed initial business combination with a U.S. business falls within CFIUS’s jurisdiction, we may determine that we are required to make a mandatory filing or that we will submit to CFIUS review on a voluntary basis, or to proceed with the transaction without submitting to CFIUS and risk CFIUS intervention, before or after closing the transaction. CFIUS may decide to block or delay our proposed initial business combination, impose conditions with respect to such initial business combination or request the President of the United States to order us to divest all or a portion of the U.S. target business of our initial business combination, which may limit the attractiveness of, delay or prevent us from pursuing certain target companies that we believe would otherwise be beneficial to us and our shareholders. As a result, the pool of potential targets with which we could complete an initial business combination may be limited and we may be adversely affected in terms of competing with other special purpose acquisition companies which do not have any foreign ownership issues. In addition, certain federally licensed businesses may be subject to rules or regulations that limit foreign ownership.

The process of government review, whether by CFIUS or otherwise, could be lengthy. Because we have only a limited time to complete our initial business combination, our failure to obtain any required approvals within the requisite time period may require us to liquidate. If we are unable to consummate our initial business combination within the applicable time period required under our amended and restated memorandum and articles of association, including as a result of extended regulatory review of a potential initial business combination, we will, as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares for a pro rata portion of the funds held in the trust account, subject to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, our shareholders will miss the opportunity to benefit from an investment in a target company and the appreciation in value of such investment. Additionally, our warrants may be worthless.

We may amend the terms of the warrants in a manner that may be adverse to holders of Public Warrants with the approval by the holders of at least 50% of the then-outstanding Public Warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number of our Class A ordinary shares purchasable upon exercise of a warrant could be decreased, all without your approval.

Our warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority of the

then outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrants (which may include Public Warrants acquired by our Sponsor or its affiliates in the IPO or thereafter in the open market). Accordingly, we may amend the terms of the Public Warrants in a manner adverse to a holder if holders of at least a majority of the then outstanding Public Warrants approve of such amendment. Although our ability to amend the terms of the Public Warrants with the consent of at least a majority of the then outstanding Public Warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the warrants, convert the warrants into cash or shares, shorten the exercise period or decrease the number of our Class A ordinary shares purchasable upon exercise of a warrant.

Our warrant agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.

Our warrant agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We have waived any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

Notwithstanding the foregoing, these provisions of the warrant agreement does not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

This choice-of-forum provision may limit a warrant holder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

We may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.

We have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that the last reported sales price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading-day period commencing once the warrants become exercisable and ending on the third trading day prior to the date on which we give proper notice of such redemption and provided certain other conditions are met. If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of ordinary shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such ordinary shares under the blue-sky laws of the state of residence in those states in which the warrants were offered by us in the IPO. If we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each 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 Class A ordinary shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (as defined below) by (y) the fair market value. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the warrant agent. Redemption of the outstanding warrants could force you (i) to exercise your warrants and pay the exercise price therefor at a time when it may be

disadvantageous for you to do so, (ii) to sell your warrants at the then-current market price when you might otherwise wish to hold your warrants or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value of your warrants.

Our warrants and founder shares may have an adverse effect on the market price of our Class A ordinary shares and make it more difficult to effectuate our initial business combination.

We have issued warrants to purchase 5,000,000 of our Class A ordinary shares as part of the Units offered in the IPO and, simultaneously with the closing of IPO, an aggregate of 8,490,535 Private Warrants. To the extent we issue ordinary shares to effectuate a business transaction, the potential for the issuance of a substantial number of additional Class A ordinary shares upon exercise of these warrants could make us a less attractive acquisition vehicle to a target business. Such warrants, when exercised, will increase the number of issued and outstanding Class A ordinary shares and could reduce the value of the Class A ordinary shares issued to complete the business transaction. Therefore, our warrants may make it more difficult to effectuate a business transaction or increase the cost of acquiring the target business. Our initial shareholders currently own an aggregate of 6,870,130 founder shares. The founder shares are convertible into Class A ordinary shares on no less than one-to-one basis, subject to adjustment as set forth herein. In order to fund working capital deficiencies or 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. On January 28, 2025, in order to finance our working capital needs, we issued the Note in the principal amount of up to $1,900,000 to the Sponsor, of which we had drawn and borrowed $840,000 as of issuance. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination. Upon the consummation of a business combination, the Sponsor will have the option, but not the obligation, to convert all or a portion of up to $1,500,000 of the unpaid principal balance of the Note into a number of Working Capital Warrants equal to the principal amount of the Note so converted divided by $1.00. The terms of the Working Capital Warrants will be identical to the terms of the Private Warrants. To the extent we issue Class A ordinary shares to effectuate an initial business combination, the potential for the issuance of a substantial number of additional Class A ordinary shares upon exercise of all warrants and conversion rights could make us a less attractive business combination vehicle to a target business. Any such issuance will increase the number of issued and outstanding Class A ordinary shares and reduce the value of the Class A ordinary shares issued to complete the initial business combination. Therefore, our warrants and founder shares may make it more difficult to effectuate an initial business combination or increase the cost of acquiring the target business.

Because each unit contains one-half of one redeemable warrant and only a whole warrant may be exercised, the units may be worth less than units of other blank check companies.

Each unit contains one-half of one redeemable warrant. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. This is different from other offerings similar to ours whose units include one share of ordinary shares and one warrant to purchase one whole share. We have established the components of the units in this way in order to reduce the dilutive effect of the warrants upon completion of an initial business combination since the warrants will be exercisable in the aggregate for one-half of the number of shares compared to units that each contain a warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner for target businesses. Nevertheless, this unit structure may cause our units to be worth less than if they included a warrant to purchase one whole share.

A provision of our warrant agreement may make it more difficult for us to consummate an initial business combination.

Unlike most blank check companies, if for capital raising purposes related to the closing of an initial business combination:

then the exercise price of the warrants will be adjusted to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price. This may make it more difficult for us to complete an initial business combination with a target business.

Because we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective target businesses.

The federal proxy rules require that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical and/or pro forma financial statement disclosure in periodic reports. We will include the same financial statement disclosure in connection with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or international financial reporting standards as issued by the International Accounting Standards Board, or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such statements in time for us to disclose such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame.

We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to “emerging growth companies” or “smaller reporting companies,” this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.

We are an “emerging growth company” within the meaning of the Securities Act, as modified by the JOBS Act, and we 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 our 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. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class A ordinary shares held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more volatile.

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 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 an election to opt out is irrevocable. We have 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, we, 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 our 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.

Additionally, we are a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements, and, if their revenues are less than $100 million, not providing an independent registered public accounting firm attestation on internal control over financial reporting. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates exceeds $250 million as of the prior June 30, or (2) our annual revenues exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates

exceeds $700 million as of the prior June 30. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate a business combination, require substantial financial and management resources, and increase the time and costs of completing a business combination.

Section 404 of the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with this Annual Report on Form 10-K. Only in the event we are deemed to be a large accelerated filer or an accelerated filer and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome on us as compared to other public companies because a target business with which we seek to complete our initial business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination.

Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited.

We are an exempted company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service of process within the United States upon our directors or executive officers, or enforce judgments obtained in the United States courts against our directors or officers.

Our corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. We are also subject to the federal securities laws of the United States. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of corporate and securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a Federal court of the United States.

We have been advised by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a United States company.

Provisions in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Class A ordinary shares and could entrench management.

Our amended and restated memorandum and articles of association will contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions will include a staggered board of directors, the ability of the board of directors to designate the terms of and issue new series of preference shares, and the fact that prior to the completion of our initial business combination only holders of our Class B ordinary shares, which have been issued to our Sponsor, are entitled to vote on the election of directors, which may make more difficult the removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.

Cyber incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.

We depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences on our business and lead to financial loss.

Since only holders of our founder shares will have the right to vote on the election of directors, upon the listing of our shares on the Nasdaq, the Nasdaq may consider us to be a “controlled company” within the meaning of Nasdaq rules and, as a result, we may qualify for exemptions from certain corporate governance requirements.

Only holders of our founder shares have the right to vote on the election of directors. As a result, the Nasdaq may consider us to be a “controlled company” within the meaning of the Nasdaq corporate governance standards. Under Nasdaq corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including the requirements that:

We do not intend to utilize these exemptions and intend to comply with the corporate governance requirements of the Nasdaq, subject to applicable phase-in rules. However, if we determine in the future to utilize some or all of these exemptions, you will not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements.

If we pursue a target company with operations or opportunities outside of the United States for our initial business combination, we may face additional burdens in connection with investigating, agreeing to and completing such initial business combination, and if we effect such initial business combination, we would be subject to a variety of additional risks that may negatively impact our operations.

If we pursue a target a company with operations or opportunities outside of the United States for our initial business combination, we would be subject to risks associated with cross-border business combinations, including in connection with investigating, agreeing to and completing our initial business combination, conducting due diligence in a foreign jurisdiction, having such transaction approved by any local governments, regulators or agencies and changes in the purchase price based on fluctuations in foreign exchange rates.

If we effect our initial business combination with such a company, we would be subject to any special considerations or risks associated with companies operating in an international setting, including any of the following:

We may not be able to adequately address these additional risks. If we were unable to do so, we may be unable to complete such initial business combination, or, if we complete such combination, our operations might suffer, either of which may adversely impact our business, financial condition and results of operations.

If our management following our initial business combination is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws, which could lead to various regulatory issues.

Following our initial business combination, our management may resign from their positions as officers or directors of the company and the management of the target business at the time of the business combination will remain in place. Management of the target business may not be familiar with United States securities laws. If new management is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could lead to various regulatory issues which may adversely affect our operations.

After our initial business combination, substantially all of our assets may be located in a foreign country and substantially all of our revenue may be derived from our operations in any such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and social conditions and government policies, developments and conditions in the country in which we operate.

The economic, political and social conditions, as well as government policies, of the country in which our operations are located could affect our business. Economic growth could be uneven, both geographically and among various sectors of the economy and such growth may not be sustained in the future. If in the future such country’s economy experiences a downturn or grows at a slower rate than expected, there may be less demand for spending in certain industries. A decrease in demand for spending in certain industries could materially and adversely affect our ability to find an attractive target business with which to consummate our initial business combination and if we effect our initial business combination, the ability of that target business to become profitable.

Exchange rate fluctuations and currency policies may cause a target business’ ability to succeed in the international markets to be diminished.

In the event we acquire a non-U.S. target, all revenues and income would likely be received in a foreign currency, and the dollar equivalent of our net assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value of the currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions. Any change in the relative value of such currency against our reporting currency may affect the attractiveness of any target business or, following consummation of our initial business combination, our financial condition and results of operations. Additionally, if a currency appreciates in value against the dollar prior to the consummation of our initial business combination, the cost of a target business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.

We may reincorporate in another jurisdiction in connection with our initial business combination, and the laws of such jurisdiction may govern some or all of our future material agreements and we may not be able to enforce our legal rights.

In connection with our initial business combination, we may relocate the home jurisdiction of our business from the Cayman Islands to another jurisdiction. If we determine to do this, the laws of such jurisdiction may govern some or all of our future material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business opportunities or capital.

We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.

We are subject to rules and regulations by various governing bodies, including, for example, the SEC, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from seeking a business combination target.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

Item 1B. Unresolved Staff Comments

Not applicable.

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Item 1C. Cybersecurity

We are a special purpose acquisition company with no business operations. Since our IPO, our sole business activity has been identifying and evaluating suitable acquisition transaction candidates. Therefore, we do not consider that we face significant cybersecurity risk and have not adopted any cybersecurity risk management program or formal processes for assessing cybersecurity risk. Our board of directors is generally responsible for the oversight of risks from cybersecurity threats, if any. We have not encountered any cybersecurity incidents since our IPO.

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Item 2. Properties

We currently maintain our executive offices at 3790 El Camino Real, Unit #570, Palo Alto, CA 94306, and we sublease office space in Seoul, Korea. The cost for our use of this space is included in the $300,000 for up to 36 months in total starting from August 2021 (of which unused portion will be returned by deducting the incurred fees on a monthly basis) paid to an affiliate of our Sponsor for office space, telecommunication services, security, utilities, maintenance, and other administrative services. On January 1, 2023, the agreement was amended to extend the term through 36 months with no change in the fee. We consider our current office space adequate for our current operations.

Item 3. Legal Proceedings

We may be subject to legal proceedings, investigations and claims incidental to the conduct of our business from time to time. There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

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Item 4. Mine Safety Disclosures

Not Applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our Units began to trade on The Nasdaq Stock Market LLC, or Nasdaq, under the symbol “SPKLU” on October 6, 2023. Our Class A ordinary shares and Public Warrants comprising the Units began separate trading on Nasdaq on November 27, 2023, under the symbols “SPKL” and “SPKLW”, respectively.

Holders of Record

As of March 17, 2025, there were eight holders of record of our Class B ordinary shares, one holder of record of our Class A ordinary shares, one holder of record of our Public Warrants, one holder of record of our Private Warrants and one holder of record of our Units. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of Class A ordinary shares and Public Warrants whose shares are held in the names of various security brokers, dealers, and registered clearing agencies.

Dividends

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 in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Securities Authorized for Issuance Under Equity Compensation Plans

None.

Recent Sales of Unregistered Securities

None.

Use of Proceeds

On October 11, 2023, we consummated our IPO, registered on the Registration Statement on Form S-1 (File No. 333-273176), which was declared effective by the SEC on September 29, 2023. There has been no material change in the planned use of proceeds from our IPO from those that were described in the final prospectus filed pursuant to Rule 424(b) under the Securities Act and other periodic reports previously filed with the SEC.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

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Item 6. [Reserved]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and the notes related thereto which are included in Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Special Note Regarding Forward-Looking Statements,” Item 1A. Risk Factors and

elsewhere in this Annual Report on Form 10-K. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Annual Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (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 in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the search for an initial business combination, the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those expressed or implied by forward-looking statements include our ability to consummate a business combination with Kneron or any other operating company on acceptable terms, if at all, and before the outside date under our amended and restated memorandum of articles of association as well as those risks discussed elsewhere in this Annual Report on Form 10-K, including those under the heading “Risk Factors.” Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated on July 12, 2021, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar combination with one or more businesses or assets, which we refer to throughout this Annual Report on Form 10-K as our initial business combination. To date, our efforts have been limited to organizational activities and activities related to the search for a target business for our initial business combination. We have generated no revenues to date, and we do not expect that we will generate operating revenues at the earliest until we consummate our initial business combination. Since our IPO, we have completed a detailed assessment of SparkLabs Group ecosystem companies, and have finalized initial targets to prioritize.

Following substantive discussions with multiple prioritized targets, in October 2024, we announced that we had signed a non-binding LOI for a business combination with Kneron, a leading provider of full stack edge AI solutions based in San Diego, California, as well as a non-binding LOI for a business combination with a company is in the hospitality software as a service/platform space. While both of these LOIs have expired, we have now moved to the next phase of actively negotiating the terms of a binding business combination agreement with Kneron. See the risk factor titled “We may not be able to consummate an initial business combination by July 11, 2025, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.”

We intend to utilize cash derived from the proceeds of our initial public offering (the “IPO”) and the private placement of Private Units, our securities, debt or a combination of cash, securities and debt, in effecting our initial business combination. In order to finance our working capital needs, SLG SPAC Fund LLC (the “Sponsor”) or an affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated to, provide us working capital loans. On January 28, 2025, we issued an unsecured promissory note in the principal amount of up to $1,900,000 to the Sponsor, of which we had been advanced $840,000 as of December 31, 2024. The advance was converted to this promissory note once the note was executed on January 28, 2025.

We have incurred, or expect to continue to incur, significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete an initial business combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities through December 31, 2024 were organizational activities and those necessary to prepare for our IPO, which is described below, and subsequent to the IPO,

identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination.

We expect to generate non-operating income in the form of interest income on investments held in the trust account after the IPO. We have incurred, or expect that we will incur, increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, our initial business combination.

For the year ended December 31, 2024, we had net income of $3,150,471, which consists of operating costs of $848,569 and administration fees – related party of $1,249,626 partially offset by the interest earned on investments held in the Trust Account of $5,248,662 and operating account interest income of $4.

For the period ended December 31, 2023, we had a net loss of $730,903, which consists of operating costs of $657,494 and administration fees – related party of $1,250,920 partially offset by the interest earned on investments held in the Trust Account of $1,177,510 and operating account interest income of $1.

Liquidity, Capital Resources and Going Concern

On October 11, 2023, we consummated our IPO of 10,000,000 Units. Each Unit consists of one Class A ordinary share, par value $0.0001 and one-half of one redeemable Public Warrant, with each Public Warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share, subject to adjustment, beginning 30 days after the completion of the Company’s initial business combination. We granted Cantor Fitzgerald & Co., as representative of the underwriters (“Cantor”), a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments. Subsequently, On October 10, 2023, Cantor informed the Company that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares. Such forfeited shares were cancelled by the Company prior to the consummation of the IPO.

Simultaneously with the closing of the IPO, we consummated the Private Placement with our Sponsor, who purchased 8,490,535 Private Warrants, generating total proceeds of $8,490,535. The terms of the Private Warrants are identical to the Public Warrants, except that, for so long as the Private Warrants are held by the Sponsor or their permitted transferees, the Private Warrants (i) may not (including the Class A ordinary shares issuable upon exercise of the Private Warrants), subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of the Company’s initial business combination, and (ii) are entitled to registration rights. The Private Warrants will be worthless if the Company does not complete an initial business combination.

A total of $100,500,000 ($10.05 per Unit, which amount includes $3,500,000 of the underwriters’ deferred discount) of the net proceeds from the sale of Units in the IPO and the Private Placements on October 11, 2023 was placed in a trust account maintained for the benefit of the public shareholders at Continental Stock Transfer & Trust Company, as a trustee and was invested only in U.S. government treasury bills 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, as amended, and that invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its taxes and up to $100,000 of interest to pay dissolution expenses, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of the Class A ordinary shares included in the Units sold in the IPO if we are unable to complete our initial business combination by July 11, 2025, subject to applicable law or (iii) the redemption of any of the public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with its initial business combination or to redeem 100% of its public shares if it has not consummated an initial business combination by July 11, 2025 or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity.

As of December 31, 2024, we had $375,403 of cash held outside our trust account and a working capital deficit of $868,904.

Subsequent to the consummation of the IPO, our liquidity has been satisfied through the net proceeds from the consummation of the IPO and the Private Placement held outside of our trust account. In addition, 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, provide us working capital loans.

For example, in order to finance our working capital needs, on January 28, 2025, we issued an unsecured promissory note (the “Note”) in the principal amount of up to $1,900,000 to the Sponsor, of which $840,000 was advanced as of December 31, 2024 to cover working capital requirements. The advance was converted to this promissory note once the note was executed on January 28, 2025. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination. If we do not complete a Business Combination, 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 for such repayment. Upon the consummation of a Business Combination, the Sponsor will have the option, but not the obligation, to convert all or a portion of up to $1,500,000 of the unpaid principal balance of the Note into that number of warrants to purchase one Class A ordinary share (the “Working Capital Warrants”) equal to the principal amount of the Note so converted divided by $1.00. The terms of the Working Capital Warrants will be identical to the terms of the Private Warrants. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements—Going Concern, the Company was formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities on or before July 11, 2025. There is no assurance that the Company will obtain the necessary approvals or raise the additional capital it needs to fund its business operations and complete any business combination prior to July 11, 2025, if at all. The Company also has no approved plan in place to extend the business combination deadline beyond July 11, 2025, and lacks the capital resources needed to fund operations and complete any business combination, even if the deadline to complete a business combination is extended to a later date. Management has determined that the liquidity condition and timing of liquidation raises substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. No adjustments have been made to the carrying amounts of assets or liabilities. The Company’s Sponsor, officers and directors may, but are not obligated to, loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital.

Off-Balance Sheet Arrangements

As of December 31, 2024, we had no obligations, assets or liabilities, which would be considered off-balance sheet arrangements. 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 an aggregate of $77,500 per month to our management team for their services. We began incurring these fees on May 1, 2021, and will continue to incur these fees monthly until the earlier of the completion of our initial business combination and our liquidation.

The underwriters are entitled to a deferred underwriting commission of 3.5% per unit or $3,500,000 in the aggregate of the gross proceeds of the Initial Public Offering held in the Trust Account upon the completion of our initial business combination subject to the terms of the underwriting commission.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP 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 period reported. Actual results could materially differ from those estimates. As of December 31, 2024 and December 31, 2023, we did not have any critical accounting estimates to be made.

Critical Accounting Policies

Class A Ordinary Shares Subject to Possible Redemption

We account for our Class A ordinary shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption is classified as a liability instrument and measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, Class A ordinary shares is classified as shareholders’ equity. Our Class A ordinary shares features certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of our balance sheets. We made a policy election in accordance with ASC 480-10-S99-3A and recognizes changes in redemption value in accumulated deficit over an expected 9-month period leading up to our initial business combination.

Warrants

We account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to our own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Consequently, we account for warrants as equity-classified instruments.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.

Net Income (Loss) Per Share

We comply with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, we first considered the undistributed income (loss) allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net loss less any dividends paid. We then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares. Any re-measurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders.

Offering Costs

Offering costs were consisting principally of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are related to the IPO and were charged to shareholders’ equity upon the completion of the IPO. The Company allocates offering costs between public shares, public warrants and public rights based on the relative fair values of public shares, public warrants and public rights.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual

period ending December 31, 2025. The Company is currently assessing what impact, if any, that ASU 2023-09 would have on its financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statement.

Recently Adopted Accounting Standards

On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This guidance was issued to provide financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Specifically, this guidance requires entities to utilize a new “expected loss” model as it relates to financial instruments and receivables. The adoption of ASU 2016-13 did not have any impact to the Company’s financial position, results of operations or cash flows.

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2024. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted ASU 2023-07 on January 1, 2024. The amendments have been applied retrospectively to all prior periods presented in the financial statements.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company, we are not required to make disclosures under this Item.

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Item 8. Financial Statements and Supplementary Data

This information appears following Item 15 of this report and is included herein by reference.

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

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Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports 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.

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the fiscal year ended December 31, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our chief executive

officer and chief financial officer have concluded that during the period covered by this report, our disclosure controls and procedures were effective.

Management’s Report on Internal Controls Over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act). Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the Company’s assessment, management has determined that its internal controls over financial reporting were effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Changes in Internal Control over Financial Reporting

There were no changes 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) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

Securities Trading Plans of Directors and Executive Officers

During our last fiscal quarter, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not Applicable.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The following table sets forth information about our directors and executive officers as of March 17, 2025.

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Below is a summary of the business experience of each of our executive officers and directors:

James Rhee has served as our Chief Executive Officer and Chairman of our board of directors since July 2021. Mr. Rhee has been a partner at SparkLabs Group since 2022, and has been an advisor and mentor to SparkLabs Group since its founding in 2013 and serves as the CEO of the SparkLabs Group’s SPAC venture. Mr. Rhee is also the founder and previous president of Aero K Holdings Company, a technology focused aviation industry startup founded in 2016. Prior to Aero K Holdings Company, he served as chief executive officer of Air Asia, North Asia, senior advisor to Octave Private Equity, vice president and general manager of Tyco Electronics global PC business, executive director of Dell’s Asia Pacific/Japan PC business and Enterprise Solutions Marketing, engagement manager at McKinsey & Company, and research officer at the International Monetary Fund. Mr. Rhee received a B.S. in Economics from the University of Minnesota and an M.B.A. (Beta Gamma Sigma) from Kellogg School of Management at Northwestern University. We believe Mr. Rhee is qualified to serve on our board of directors due to his history of experience in various industries, as well as his accomplishments as a founder and businessman.

Ho Min (Jimmy) Kim has served as our Chief Financial Officer and a member of our board of directors since December 2021. Mr. Kim co-founded and has served as a partner at SparkLabs Group since May 2012. Within SparkLabs Group, Mr. Kim has also served on the investment committees of SparkLabs Korea Funds, SparkLabs Global Funds and SparkLabs Ignition Fund. Mr. Kim also co-founded N3N, an IoT platform company and previously served as its president. He also served as head of portal and webservices for Nexon Corp., an online gaming company. Mr. Kim received a B.S. in Biomedical Engineering from Northwestern University and an M.S. in Life Sciences from Korea Advanced Institute of Science and Technology, KAIST. We believe Mr. Kim is qualified to serve on our board of directors due to his deep network of relationships and extensive experience with start-ups and technology companies.

Kurtis Jang has served as our Chief Operating Officer and a member of our board of directors since July 2021 and has been a partner of SparkLabs Group since 2022. Prior to joining us, Mr. Jang was with Prudential Life Insurance Company of Korea, Ltd., a subsidiary of Prudential Financial, Inc., a provider of insurance, investment management and other financial products and services, from April 2015 to September 2020, where he served as chief executive officer. Prior to Prudential, Mr. Jang served as chief executive head of Chubb Korea, an insurance provider affiliated with Chubb Limited. Mr. Jang currently serves on the board of directors of AIG Korea. Mr. Jang received a B.S. in Managerial Economics from the University of Illinois, Urbana-Champaign. We believe Mr. Jang is qualified to serve on our board of directors due to his history of leadership and management experience.

Cuong Viet Do has served as a member of our board of directors since December 2021. Mr. Do is currently President and Chief Executive Officer of BioVie Inc., a clinical stage biotech company listed on Nasdaq that develops innovative drug therapies to treat chronic debilitating conditions including liver disease and neurological and neuro-degenerative disorders and certain cancers. He also served as President, Global Strategy Group, at Samsung Group, a multinational conglomerate, from February 2015 to February 2021. Prior to Samsung, Mr. Do served as chief strategy officer for Merck & Co., Inc., Tyco Electronics, and Lenovo. Previous to that, he was a director and senior partner at McKinsey & Company, where he spent 17 years in the healthcare, high tech and corporate finance practices. He received a B.A. from Dartmouth College and an M.B.A. from the Tuck School of Business at Dartmouth. We believe Mr. Do is qualified to serve on our board of directors due to his history of leadership and management experience.

Shin-Bae Kim has served as a member of our board of directors since December 2021. Mr. Kim has also served as an advisor for Afiniti, Inc., a US AI solution startup since June 2020, and for Samkwang Biotree Group from April 2022 to December 2024. He also served as a director of POSCO, a steel manufacturing company, from March 2017 to March 2022. He previously served as vice chairman of SK Group, a conglomerate composed of 92 subsidiary companies, and as president and chief executive officer of SK Telecom, a leading telecom service provider in Korea. He received a B.S. in Industrial Engineering from Seoul National University, an M.S. in Industrial Engineering from KAIST and an M.B.A. from the Wharton School of the University of Pennsylvania. We believe Mr. Kim is qualified to serve on our board of directors due to his history of leadership and management experience.

Willy Lan has served as a member of our board of directors since December 2021. Mr. Lan co-founded Cambium Grove Capital in 2019, a Hong Kong based investment firm focused on global investments in venture, private equity, and alternative credit, and has been serving as its partner since then. Mr. Lan has invested across a full spectrum of asset classes including venture, private equity, structured credit and distressed trading, and through different investment cycles. Mr. Lan is also an active angel investor and has served on the advisory board of Jaarvis Accelerator, which he co-founded, and Antler Accelerator. Prior to founding Cambium Grove Capital, Mr. Lan was a portfolio manager with Och-Ziff Capital Asia (now Sculptor Capital Management). Before that, he was a founding member of SC Lowy and served as its head of distribution. Prior to that, he was a founding member of, and served as director for Abax Global Capital. Mr. Lan started his career in 2001 with Merrill Lynch’s Global Private Equity Group. He received a B.A. in Business Economics and International Relations from Brown University. We believe Mr. Lan is qualified to serve on our board of directors due to his history of investment experience as well as his experience developing operating and financing strategies alongside management.

Tony Ling has served as a member of our board of directors since December 2021. He has served as a venture partner of SparkLabs Taipei, a startup accelerator firm and affiliate of SparkLabs Group Management, since March 2017. Prior to SparkLabs, Mr. Ling served as president of iQ License LLC, an online platform for manufacturers and retailers. Previous to that, he served as a principal, director, and managing director at Silver Lake Partners, a private equity firm. Mr. Ling received a B.A. in Economics from Harvard University and an M.B.A. from Harvard Business School. We believe Mr. Ling is qualified to serve on our board of directors due to his deep network of relationships, his history of investment experience as well as his experience with start-ups and technology companies.

Dr. Catherine Mohr has served as a member of our board of directors since December 2021. Dr. Mohr has been with Intuitive Surgical, Inc., a developer and manufacturer of surgical robotic products designed to improve clinical outcomes of patients, since May 2016, where she has served in various executive roles, including as vice president, strategy from October 2015 to August 2018. Through Intuitive Surgical, Dr. Mohr has been seconded as the president of Intuitive Foundation, a nonprofit organization focused on the promotion of health and advancing education, since August 2018. Since November 2022, Dr. Mohr has served on the board of directors of Aroa Biosurgery, a soft tissue regeneration company, and Avisi Technologies, a medical device startup. Dr. Mohr has also served on the board of directors of Carta Healthcare, a software company which specializes in medical data abstraction, since July 2021. She received a B.S. and an M.S. in Mechanical Engineering from the Massachusetts Institute of Technology and an M.D. from Stanford University School of Medicine. We believe Dr. Mohr is qualified to serve on our board of directors due to her history of leadership and management experience in the medical industry.

Number, Terms of Office and Election of Officers and Directors

We currently have eight directors. Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of shareholders) serving a three-year term. Prior to our initial business combination, only holders of out founder shares will be entitled to vote on the appointment and removal of our director. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing on Nasdaq. The term of office of Class II of directors, consisting of Kurtis Jang, Shin-Bae Kim and Ho Min (Jimmy) Kim, will expire at our 2025 annual meeting of shareholders. The term of office of Class III directors, consisting of James Rhee and Willy Lan, will expire at our 2026 annual meeting of shareholders. The term of office of Class I directors, consisting of Tony Ling, Catherine Mohr and Cuong Viet Do, will expire at our 2027 annual meeting of shareholders.

Prior to the completion of our initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by the holders of a majority of our founders shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founders shares may remove a member of the board of directors for any reason.

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated memorandum and articles of association as it deems appropriate. Our amended and restated memorandum and articles of association provide that our officers may consist of a Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Chief Business Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices as may be determined by the board of directors.

Director Independence

Our Class A ordinary shares are listed on Nasdaq. As a company listed on Nasdaq, we are required under Nasdaq listing rules to maintain a board comprised of a majority of independent directors as determined affirmatively by our board of directors. Under Nasdaq listing rules, a director will only qualify as an independent director if, in the opinion of that listed company’s board of directors, the director does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In addition, the Nasdaq listing rules require that, subject to specified exceptions, each member of our audit, compensation and nominating committees be independent.

Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Nasdaq listing rules applicable to audit committee members. Compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under the Exchange Act and Nasdaq listing rules applicable to compensation committee members.

Our board of directors has undertaken a review of the independence of each of our directors. Based on information provided by each director concerning his or her background, employment and affiliations, our board of directors has determined that Cuong Viet Do, Shin-Bae Kim, Willy Lan, Tony Ling and Catherine Mohr, representing five of our eight directors, do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is an “independent director” as defined under the listing standards of Nasdaq. James Rhee, Ho Min (Jimmy) Kim and Kurtis Jang are not considered independent directors because of their respective positions as our Chief Executive Officer, Chief Financial Officer and Chief Operating Officer.

In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances that our board of directors deemed relevant in determining their independence, including the beneficial ownership of our ordinary shares by each non-employee director, and the transactions involving them described in Item 13. Certain Relationships and Related Party Transactions.

There are no family relationships among any of our directors or executive officers.

Committees of the Board of Directors

Our board of directors has three standing committees: an audit committee, a nominating committee and a compensation committee. Subject to phase-in rules and a limited exception, the rules of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Subject to phase-in rules and a limited exception, the rules of Nasdaq require that the compensation committee and the nominating committee of a listed company be comprised solely of independent directors, or, if there is no nominating committee, that director nominations be made, or recommended to the full board, by our independent directors.

Audit Committee

Our audit committee, which was established in accordance with Section 3(a)(58)(A) of the Exchange Act, engages Company’s independent accountants and reviews their independence and performance; reviews the Company’s accounting and financial reporting processes and the integrity of its financial statements; the audits of the Company’s financial statements and the appointment, compensation, qualifications, independence and performance of the Company’s independent auditors; the Company’s compliance with legal and regulatory requirements; and the performance of the Company’s internal audit function and internal control over financial reporting.

Willy Lan, Cuong Viet Do and Shin-Bae Kim serve as members of our audit committee, with Willy Lan serving as chair of the audit committee. Under Nasdaq listing standards and applicable SEC rules, we are required to have at least three members of the audit

committee, all of whom must be independent. Our board of directors has determined that each of Willy Lan, Cuong Viet Do and Shin-Bae Kim are independent under Nasdaq listing standards and applicable SEC rules. Each member of the audit committee is financially literate and our board of directors has determined that Willy Lan and Cuong Viet Do each qualify as an “audit committee financial expert” as defined in applicable SEC rules.

We have adopted an audit committee charter, which details the principal functions of the audit committee, including:

Nominating Committee

The members of our nominating committee are Shin-Bae Kim and Catherine Mohr, with Shin-Bae Kim serving as chair of the nominating committee. Under Nasdaq listing standards, our director nominations must be made, or recommended to the full board, by our independent directors or by a nominating committee that is composed entirely of independent directors. Our board of directors has determined that each of Shin-Bae Kim and Catherine Mohr are independent under Nasdaq listing standards.

The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors. The nominating committee considers persons identified by its members, management, shareholders, investment bankers and others.

Guidelines for Selecting Director Nominees

The guidelines for selecting nominees, which are specified in a charter adopted by us, generally will provide that person to be nominated:

The nominating committee will consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in evaluating a person’s candidacy for membership on the board of directors. The nominating committee may require certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating committee does not distinguish among nominees recommended by shareholders and other persons.

Compensation Committee

The members of our compensation committee are Catherine Mohr and Shin-Bae Kim, with Catherine Mohr serving as chair of the compensation committee.

Under Nasdaq listing standards, we are required to have at least two members of the compensation committee, all of whom must be independent directors. Our board of directors has determined that each of Catherine Mohr and Shin-Bae Kim are independent under Nasdaq listing standards. We have adopted a compensation committee charter, which details the principal functions of the compensation committee, including:

The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

Compensation Committee Interlocks and Insider Participation

None of our executive officers currently serves, and in the past year has not served, as a member of the board of directors or compensation committee (or other committee serving an equivalent function) of any entity that has one or more executive officers serving on our board of directors.

Code of Ethics

We have adopted a Code of Ethics applicable to our directors, officers and employees. We have filed copies of our form of Code of Ethics and our audit committee, compensation committee and nominating committee charters as exhibits to this Annual Report on Form 10-K. In addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K.

Conflicts of Interest

Under Cayman Islands law, directors and officers owe the following fiduciary duties:

In addition to the above, directors also owe a duty of skill and care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the Company and the general knowledge skill and experience of that director.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at shareholder meetings.

Certain of our officers and directors presently have, and any of them in the future may have, additional fiduciary and contractual duties to other entities. As a result, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman Islands law, he or she will need to honor such fiduciary or contractual obligations to present such business combination opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity, we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete our initial business combination. Our amended and restated memorandum and articles of association provide that we renounce, to the maximum extent permitted by law, our interest in any corporate opportunity offered to any director or officer, or about which any of our officers or directors acquires knowledge unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue. In addition, our amended and restated memorandum and articles of association contain provisions to exculpate and indemnify, to the maximum extent permitted by law, such persons in respect of any liability, obligation or duty to our company that may arise as a consequence of such persons becoming aware of any business opportunity or failing to present such business opportunity.

Below is a table summarizing the entities to which our executive officers and directors currently have fiduciary duties, contractual obligations or other material management relationships:

Potential investors should also be aware of the following other potential conflicts of interest:

We are not prohibited from pursuing an initial business combination with a business that is affiliated with our Sponsor, officers or directors. In the event we seek to complete our initial business combination with a business that is affiliated with our Sponsor, officers or directors, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm that is a member of the Financial Industry Regulatory Authority, or FINRA, or from an independent valuation, appraisal or accounting firm, that our initial business combination is fair to our company from a financial point of view.

SparkLabs Group Management and its affiliates manage several investment vehicles. Neither SparkLabs Group Management nor members of our management team who are also employed by SparkLabs Group Management have any obligation to present us with any opportunity for a potential business combination of which they become aware solely in their capacities as officers or managing directors of SparkLabs Group Management. In addition, SparkLabs Group Management or its affiliates may Sponsor other blank check companies similar to ours during the period in which we are seeking an initial business combination, and members of our management team may participate in such blank check companies.

Furthermore, in no event will our Sponsor or its affiliates be paid by us any finder’s fee, consulting fee or other compensation prior to, or for any services they render in order to effectuate, the completion of our initial business combination. Further, commencing on the date our securities are first listed on Nasdaq, we have made an advance payment to an affiliate of our Sponsor for office space, telecommunication services, security, utilities, maintenance, and other administrative services provided to us, in a total amount of $300,000 for up to 36 months starting from August 2021 (of which unused portion will be returned by deducting the incurred fees on a monthly basis).

We cannot assure you that any of the above-mentioned conflicts will be resolved in our favor.

If we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting of the Company are voted in favor of the business combination. A quorum for such meeting will be present if the holders of at least one-third of the issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy. In such case, our Sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination.

Limitation on Liability and Indemnification of Officers and Directors

Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, actual fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association provide for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect. We entered into agreements with our directors and officers to provide contractual indemnification in addition to the indemnification provided for in our amended and restated memorandum and articles of association. We purchased a policy of directors’ and officers’ liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever (except to the extent they are

entitled to funds from the trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination.

Our indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our executive officers, directors and persons who beneficially own more than 10% of a registered class of our equity securities to file with the SEC initial reports of ownership and reports of changes in ownership of our Class A ordinary shares and other equity securities. These executive officers, directors, and greater than 10% beneficial owners are required by SEC regulation to furnish us with copies of all Section 16(a) forms filed by such reporting persons.

Based solely on our review of such forms furnished to us and written representations from certain reporting persons, we are not aware of any late Section 16(a) filings by our executive officers, directors and greater than 10% beneficial owners during the year ended December 31, 2024.

Insider Trading Policies

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Item 11. Executive Compensation.

We have entered into consultancy agreements and board services agreements with our officers, directors, and other consultants. The following table sets forth the information regarding the compensation awarded to, earned by or paid to our officers and directors in the form of consulting fees during the year ended December 31, 2024:

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We do not have any employment agreements with our officers. We do not maintain key-person life insurance for any of our executive officers or directors. We do not have any long-term compensation plans or stock option plans.

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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth information regarding the beneficial ownership of our ordinary shares as of March 17, 2025 based on information obtained from the persons named below, with respect to the beneficial ownership of ordinary shares, by:

In the table below, percentage ownership is based on 16,422,078 our ordinary shares, consisting of (i) 10,000,000 our Class A ordinary shares and (ii) 6,422,078 our Class B ordinary shares, issued and outstanding as of March 17, 2025. On all matters to be voted upon holders of the Class A ordinary shares and Class B ordinary shares vote together as a single class. Currently, all of the Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of the Working Capital Warrants, which have not been issued, or the Private Warrants as the Private Warrants are not exercisable within 60 days of March 17, 2025.

Restrictions on Transfers of Founder Shares and Private Warrants

The founder shares, Private Warrants and any Class A ordinary shares issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the agreement entered into by our Sponsor and management team. Our Sponsor and each member of our management team have agreed not to transfer, assign or sell any of their founder shares until the earliest of (a) one year after the completion of our initial business combination and (b) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $11.50 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. The Private Warrants and the respective Class A ordinary shares underlying such warrants are not transferable or salable until 30 days after the completion of our initial business combination. The foregoing restrictions are not applicable to transfers: (i) to our officers, directors or advisors, any affiliates or family members of any of our officers, directors or advisors, any members or partners of the Sponsor or any affiliates of the Sponsor or the Sponsor’s members or partners, (ii) in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family, or an affiliate of such person, or to a charitable organization, (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual, (iv) in the case of an individual, pursuant to a qualified domestic relations order, (v) by private sales or transfers made in connection with the consummation of our initial business combination at prices no greater than the price at which the Private Warrants, as applicable, were originally purchased, (vi) in the event of our liquidation prior to the completion of our initial business combination, (vii) by virtue of the Sponsor’s limited liability company agreement upon dissolution of the Sponsor, (viii) to the Company for no value for cancellation in connection with the consummation of an initial business combination, (ix) in the event of our liquidation prior to the completion of our initial business combination, or (x) subsequent to the completion of our initial business combination, in the event of our liquidation, merger, share capital exchange, reorganization or other similar transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property; provided, however, that in the case of clauses (i) through (x) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement.

Registration Rights

The holders of the founder shares, Private Warrants, and any warrants that may be issued on conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placements and warrants that may be issued upon conversion of working capital loans) are entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the IPO requiring us to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration statements.

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Item 13. Certain Relationships and Related Party Transactions

On December 8, 2021, our Sponsor paid $25,000, or approximately $0.004 per share, to cover certain expenses on our behalf in consideration of 6,870,130 Class B ordinary shares, par value $0.0001. On April 1, 2022, our Sponsor transferred a total of 850,000 Class B ordinary shares to certain of our officers and directors. These 850,000 shares are not subject to forfeiture in the event the forward purchaser elects to terminate or reduce its commitment to purchase the agreed forward purchase securities pursuant to the forward purchase agreement. The number of founder shares issued was determined based on the expectation that such founder shares would represent 23% of the issued and outstanding shares upon completion of the IPO that includes (i) the sum of the total number of Class A ordinary shares and Class B ordinary shares outstanding after the IPO plus (ii) the total converted Class A ordinary shares to be sold pursuant to the forward purchase agreement. Up to 448,052 founder shares are subject to forfeiture by our Sponsor depending on the extent to which the underwriter’s over-allotment option is exercised, and up to 3,435,065 founder shares are subject to forfeiture if the forward purchaser exercises its right to terminate or reduce its commitment to purchase the agreed forward purchase securities under the forward purchase agreement or in the event of our liquidation and subsequent dissolution. On October 10, 2023, Cantor informed us that it will not be exercising the over-allotment option. As a result, the Sponsor forfeited an aggregate of 448,052 Class B ordinary shares of the Company, par value $0.0001 per share. Such forfeited shares were cancelled by us prior to the consummation of the IPO.

On October 11, 2023, simultaneously with the closing of the IPO, pursuant to the Private Warrants Purchase Agreement, we completed the private sale of an aggregate of 8,490,535 Private Warrants to the Sponsor at a purchase price of $1.00 per Private Warrant, generating gross proceeds to the Company of $8,490,535. The Private Warrants are identical to the Public Warrants included as part of the Units sold in the IPO, except that, for so long as the Private Warrants are held by the Sponsor or their permitted transferees, the Private Warrants (i) may not (including the Class A ordinary shares issuable upon exercise of the Private Warrants), subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of the Company’s initial business combination, and (ii) are entitled to registration rights. The Private Warrants will be worthless if the Company does not complete an initial business combination. No underwriting discounts or commissions were paid with respect to the sale of the Private Warrants. The issuance of the Private Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

If any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such opportunity to such entity. Our officers and directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us.

We currently maintain our executive offices at 3790 El Camino Real, Unit #570, Palo Alto, CA 94306, and we lease office space in Seoul, Korea. The cost for our use of this space is included in the $300,000 for up to 36 months in total starting from August 2021 (of which unused portion will be returned by deducting the incurred fees on a monthly basis) paid to an affiliate of our Sponsor for office space, telecommunication services, security, utilities, maintenance, and other administrative services. For the years ended December 31, 2024 and 2023, administrative support fees expense was $34,330 and $105,260, respectively.

No compensation of any kind, including finder’s and consulting fees, will be paid to our Sponsor for services rendered prior to or in connection with the completion of an initial business combination. However, we currently pay and intend to continue paying consulting fees to or officers and directors for services rendered prior to or in connection with the completion of an initial business combination, including consulting fees to (i) Mr. James Rhee, our Chief Executive Officer, $350,000 per annum on a monthly basis; Mr. Ho Min (Jimmy) Kim, our Chief Financial Officer, $25,000 per annum on quarterly basis; Mr. Kurtis Jang, our Chief Operating Officer, $180,000 per annum on a monthly basis; (iv) all the independent directors, $75,000 per annum on a monthly basis; and (v) Bernard Moon, managing member of our Sponsor, $36,000 per annum. In addition, our Sponsor, officers, and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our Sponsor, officers, directors or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. For the years ended December 31, 2024, and December 31, 2023, we incurred director fees of $400,000 and $400,000, consulting fees of $566,696 and $659,900, and management fees of $282,930 and $191,020, respectively. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf. As such, for the years ended, December 31, 2024 and 2023, we reimbursed certain expenses incurred by Directors in the amount of $205,521 and $38,328, respectively.

Prior to the consummation of our IPO, our Sponsor loaned us up to $3,750,000 to be used for a portion of the expenses of the IPO and daily operations. We repaid the loan to our Sponsor upon the consummation of our IPO.

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 an initial business combination, we may repay such loaned amounts out of the proceeds of the trust account released to us. In the event that the 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 for such repayment.

On January 28, 2025, we issued the Note in the principal amount of up to $1,900,000 to the Sponsor, of which $840,000 was advanced as of December 31, 2024. The advance was converted to this promissory note once the note was executed on January 28, 2025. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination. Upon the consummation of a business combination, the Sponsor will have the option, but not the obligation, to convert all or a portion of up to $1,500,000 of the unpaid principal balance of the Note into a number of Working Capital Warrants equal to the principal amount of the Note so converted divided by $1.00. The terms of the Working Capital Warrants will be identical to the terms of the Private Warrants. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. We do not expect to

seek loans from parties other than our Sponsor, its affiliates or our management team 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.

After our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time of a shareholder meeting held to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive and director compensation.

Related Party Transactions Policy

Our code of ethics requires us to avoid, wherever possible, all conflicts of interests, except under guidelines or resolutions approved by our board of directors (or the audit committee). Under our code of ethics, conflict of interest situations will include any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving us.

Our audit committee is responsible for reviewing and approving related party transactions to the extent that we enter into such transactions. An affirmative vote of a majority of the members of the audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction. A majority of the members of the entire audit committee will constitute a quorum. Without a meeting, the unanimous written consent of all of the members of the audit committee will be required to approve a related party transaction. We also require each of our directors and executive officers to complete a directors’ and officers’ questionnaire that elicits information about related party transactions.

These procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part of a director, employee or officer.

To further minimize conflicts of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our Sponsor, officers or directors unless we, or a committee of independent directors, have obtained an opinion from an independent investment banking firm or another independent firm that commonly renders valuation opinions for the type of company we are seeking to acquire or an independent accounting firm, that our initial business combination is fair to our company from a financial point of view. Furthermore, no finder’s fees, reimbursements or cash payments will be made to our Sponsor, officers or directors, or our or their affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination.

Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, officers or directors, or our or their affiliates.

Nasdaq listing standards require that a majority of our board of directors be independent. For a description of the director independence, see above Item 10. Directors, Executive Officers and Corporate Governance.

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Item 14. Principal Accountant Fees and Services

The following is a summary of fees paid or to be paid to Marcum LLP (“Marcum”) for services rendered.

Audit Fees. Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Marcum in connection with regulatory filings. The aggregate fees billed by Marcum for professional services rendered for the audit of our annual financial statements, review of the financial information included in our Forms 10-Q for the respective periods and other required filings with the SEC for the years ended December 31, 2024 and December 31, 2023 totaled $108,150 and $198,790, respectively. The above amounts include interim procedures and audit fees, as well as attendance at audit committee meetings.

Audit-Related Fees. Audit-related services consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards. We did not pay Marcum any audit-related fees for the years ended December 31, 2024 and December 31, 2023.

Tax Fees. During the years ended December 31, 2024 and 2023, our independent registered public accounting firms did not render services to us for tax compliance, tax advice and tax planning.

All Other Fees. During the years ended December 31, 2024 and 2023, there were no fees billed for products and services provided by our independent registered public accounting firm other than those set forth above.

Pre-Approval Policy

Our audit committee has and will pre-approve all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms of such services (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

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PART IV

Item 15. Exhibits, Financial Statement Schedules

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We hereby file as part of this Annual Report the exhibits listed in the attached Exhibit Index.

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Item 16. Form 10-K Summary

Not Applicable.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints James Rhee, Ho Min (Jimmy) Kim and Kurtis Jang, and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his or her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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SPARK I ACQUISITION CORPORATION

INDEX TO FINANCIAL STATEMENTS

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

Spark I Acquisition Corporation

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Spark I Acquisition Corporation (the “Company”) as of December 31, 2024 and 2023, the related statements of operations, changes in shareholders’ deficit and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 1 to the financial statements, the Company is a Special Purpose Acquisition Corporation that was formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities on or before July 11, 2025. There is no assurance that the Company will obtain the necessary approvals or raise the additional capital it needs to fund its business operations and complete any business combination prior to July 11, 2025, if at all. The Company also has no approved plan in place to extend the business combination deadline beyond July 11, 2025, and lacks the capital resources needed to fund operations and complete any business combination, even if the deadline to complete a business combination is extended to a later date. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans with regard to these matters are also described in Note 1. The financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB . Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2022.

Hartford, Connecticut

March 21, 2025

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SPARK I ACQUISITION CORPORATION

BALANCE SHEETS