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美国

证券交易委员会

华盛顿特区 20549

10-Q 表

(选择一项)

☒ 根据1934年证券交易法第13或15(d)条的季度报告

截至2026年6月30日的季度

☐ 根据1934年证券交易法第13或15(d)条的过渡报告

从 ______________ 到 ______________ 的过渡期

委员会文件编号：001-43280

BREEZE ACQUISITION CORP. II

(注册人章程中指定的名称)

\n\n\n

开曼群岛		无
(注册或组织的州或其他司法管辖区)		(美国国税局雇主识别号码)

129 S. Main St., Ste. 260

葡萄藤, TX 76051

电话：(888) 273-9001

(注册人的主要执行办公室地址，包括邮编和电话号码，包括地区代码)

无

(如果自上次报告以来名称、地址或财政年度有所更改，请填写以前的名称、以前的地址和以前的财政年度)

根据1934年证券交易法第12(b)条注册的证券：

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

每类证券的名称	交易符号	每种证券注册的交易所名称
每单位包含一股普通股，每股面值0.0001美元和一个权利	BREZU	纳斯达克股票市场有限责任公司

普通股，面值0.0001美元每股	BREZ	纳斯达克股票市场有限责任公司

每个权利使持有人有权获得五分之一（1/5）股普通股，面值0.0001美元	BREZR	纳斯达克股票市场有限责任公司

通过勾选方框表明注册人（1）是否已提交了根据1934年证券交易法第13或15(d)条在前12个月内（或注册人需要提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去90天内受到此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据第405条规章（本章第232.405条）提交了前12个月内（或注册人需要提交此类文件的较短期间）要求提交的每个交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小的报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小的报告公司”和“新兴成长公司”的定义：

\n\n

大型加速提交者 ☐	加速提交者 ☐
非加速提交者 ☒	较小的报告公司 ☒
	新兴成长公司 ☒

如果是新兴成长公司，请通过勾选方框表明注册人是否选择不使用根据《交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第12b-2条的定义）。是 ☒ 否 ☐

截至2026年10月14日，已发行和流通的普通股为19,738,919股，面值0.0001美元每股。

			页
第一部分 - 财务信息

第1项。	未经审计的简要财务报表

	截至2026年6月30日（未经审计）和2025年12月31日的简要资产负债表		1

	未经审核的截至2026年6月30日的三个月和六个月的运营简表		2

	未经审核的截至2026年6月30日的三个月和六个月的股东权益（赤字）变动简表		3

	未经审核的截至2026年6月30日的六个月的现金流量简表		4

	未经审核的简表财务报表附注		5

项目2.	管理层讨论与分析财务状况和经营成果	17

项目3.	关于市场风险的定量和定性披露	20

项目4.	控制和程序		20

第二部分 - 其他信息		21

项目1.	法律诉讼		21

项目1A.	风险因素		21

项目2.	未注册的股权证券销售和资金使用	21

项目3.	高级证券违约		21

项目4.	矿山安全披露		21

项目5.	其他信息		21

项目6.	附件		22

签名		23

BREEZE ACQUISITION CORP. II

简化的资产负债表

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	2026年6月30日			2025年12月31日
	(未经审核)
资产
流动资产：
现金及现金等价物	$	130,963			$	—
预付费用		392,348				39,678
流动资产合计		523,311				39,678
信托账户中的现金		140,974,649				—
发行费用		—				177,490
总资产	$	141,497,960			$	217,168

负债、可赎回普通股和股东权益（赤字）：
流动负债：
关联方的本票	$	—			$	162,650
应付账款		130,595				85,412
应计费用		48,943				70,445
总负债		179,538				318,507

承诺和或有事项（注释7）

普通股，14,000,000股，按赎回价值每股10.07美元		140,974,649				—

股东权益（赤字）：
优先股，面值0.0001美元；1,250,000股授权；无股在2026年6月30日和2025年12月31日发行和流通		—				—
普通股，面值0.0001美元，125,000,000股授权，2026年6月30日和2025年12月31日分别发行和流通5,738,919股和5,050,676股（不包括14,000,000股可能赎回的股份）⁽¹⁾		574				505
额外实收资本		1,359,623				24,495
来自发起人的应收款		(1,150,000	)			—
留存收益（累计赤字）		133,576				(126,339	)
股东权益（赤字）合计		343,773				(101,339	)
总负债、可赎回普通股和股东权益（赤字）	$	141,497,960			$	217,168

(1)	截至2025年12月31日，包括最多658,784股普通股可能被没收，如果承销商未全部或部分行使超额配售选择权（注释6）。2026年5月15日，承销商部分行使了额外1,500,000股公众单位的超额配售选择权。因此，这些普通股中的527,027股不再受没收限制。

附注是这些未经审核的简表财务报表的组成部分。

BREEZE ACQUISITION CORP. II

简化的损益表

(未经审核)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	三个月结束 2026年6月30日			六个月结束 2026年6月30日
运营和成立费用	$	248,218			$	386,424
运营亏损		(248,218	)			(386,424	)

其他收入：
信托账户中现金的利息		624,649				624,649
利息收入		690				690
超额配售负债公允价值变动		21,000				21,000
净收益	$	398,121			$	259,915

基本加权平均股数，普通股可赎回		7,214,286				3,627,072
基本每股净收益，可赎回普通股	$	0.03			$	0.03

基本加权平均股数，普通股不可赎回		4,901,049				4,647,877
基本每股净收益，不可赎回普通股	$	0.03			$	0.03

按稀释计算的加权平均已发行普通股，可赎回普通股		7,214,286				3,627,072
按稀释计算的每股可赎回普通股净收益	$	0.03			$	0.03

按稀释计算的加权平均已发行普通股，不可赎回普通股		5,161,666				5,040,963
按稀释计算的每股不可赎回普通股净收益	$	0.03			$	0.03

附注是这些未经审计的中期财务报表不可分割的一部分。

BREEZE ACQUISITION CORP. II

股东权益（赤字）变动表（未经审计）

截至2026年6月30日的三个月和六个月

（未经审计）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	普通股			额外已付金额			应收款项		留存收益（累计）		总股东权益
	股份数量			金额			资本		发起人		赤字）			（赤字）
2026年1月1日余额		5,050,676			$	505		$	24,495		$	—			$	(126,339	)	$	(101,339	)
净损失		—				—			—			—				(138,206	)		(138,206	)
2026年3月31日余额（未经审计）		5,050,676				505			24,495			—				(264,545	)		(239,545	)
交易费用分配至普通股的价值		—				—			(91,574	)		—				—			(91,574	)
私募单位出售所得		470,000				47			4,699,953			—				—			4,700,000
发行时公众权利的公允价值		—				—			3,080,000			—				—			3,080,000
包含在发行成本中的代表股份的公允价值		—				—			325,500			—				—			325,500
代表股份的所得		350,000				35			3,465			—				—			3,500
应收发起人		—				—			—			(1,150,000	)			—			(1,150,000	)
可赎回普通股按赎回价值的增值		—				—			(6,682,229	)		—				—			(6,682,229	)
创始人股份的放弃		(131,757	)			(13	)		13			—				—			—
净收益		—				—			—			—				398,121			398,121
2026年6月30日余额（未经审计）		5,738,919			$	574		$	1,359,623		$	(1,150,000	)		$	133,576		$	343,773

附注是这些未经审计的中期财务报表不可分割的一部分。

BREEZE ACQUISITION CORP. II

现金流量表

（未经审计）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	六个月结束于 2026年6月30日

经营活动产生的现金流量：
净收益	$	259,915
存入信托账户的现金利息		(624,649	)
全面摊薄负债公允价值变动		(21,000	)
经营性资产和负债变动：
预付费用		(352,670	)
应付账款		42,392
应计费用		39,847
经营活动使用的净现金		(656,165	)

投资活动产生的现金流量：
存入信托账户的现金		(140,350,000	)
投资活动使用的净现金		(140,350,000	)

融资活动产生的现金流量：
扣除承销费用和费用报销后的单位出售所得		138,100,000
私募单位出售所得		4,700,000
来自关联方的本票所得		1,441,239
代表股份所得		3,500
偿还关联方本票		(1,603,889	)
支付发行成本		(353,722	)
应收发起人		(1,150,000	)
融资活动提供的净现金		141,137,128

现金净变动		130,963
期初现金		—
期末现金	$	130,963

非现金投资和融资活动：
包含在应付账款中的发行成本	$	2,791
可赎回普通股按赎回价值的增值	$	6,682,229
创始人股份的放弃	$	13

附注是这些未经审计的中期财务报表不可分割的一部分。

BREEZE ACQUISITION CORP. II

未经审计的中期财务报表附注

第1号注释：组织、业务运营和流动性

Breeze Acquisition Corp. II（“公司”）是一家于2025年8月20日在开曼群岛注册的空白支票公司。公司成立的目的是与一个或多个企业进行合并、股份交换、资产收购、股份购买、重组或类似的企业合并（“企业合并”）。公司不限于特定行业或地区以完成企业合并。公司是一家早期阶段和成长型公司，因此，公司面临所有与早期阶段和成长型公司相关的风险。

截至2026年6月30日，公司尚未开展任何业务。从2025年8月20日（成立日）至2026年6月30日的期间内所有活动均与公司的成立、公司的首次公开募股（“首次公开募股”或“IPO”）有关，如下所述，以及IPO之后公司的后续活动，包括但不限于评估潜在的收购标的和与业务合并相关的活动。公司将在完成业务合并后才会产生任何运营收入，最早也将在那时产生。公司将以利息收入的形式产生非运营收入，包括现金、信托账户中的现金以及从首次公开募股和私募单位（如下文定义）销售中获得的现金等价物的利息收入。公司已选择12月31日作为财年结束日。

公司首次公开募股的注册声明于2026年5月12日被宣布生效。2026年5月14日，公司完成了12,500,000个单位（“单位”以及就单位中包含的普通股而言，“公众股份”）的首次公开募股，每单位价格为10.00美元，产生了125,000,000美元的毛收入（见注释3）。每个单位包括一股公众股份和一个权利（“公众权利”），在首次业务合并完成后，该权利将使持有人获得五分之一（1/5）股普通股。

2026年5月15日，承销商根据全面行使超额配售选择权（“超额配售选择权”）部分行使了该选择权，购买了额外的1,500,000个单位（“选择权单位”），产生了15,000,000美元的毛收入。

在首次公开募股和超额配售选择权的交割同时，公司完成了私募销售（“私募”），以每单位10.00美元的价格向Breeze Sponsor II（“发起人”）出售了总计470,000个私募单位（合计“私募单位”），产生了4,700,000美元的毛收入（见注释4）。

在首次公开募股、私募和超额配售选择权交割之后，从首次公开募股中单位销售、私募单位和选择权单位销售中获得的净收益总额为140,350,000美元（每公众股份为10.025美元）被存入信托账户（“信托账户”），仅投资于到期日不超过185天的美国政府国债或符合1940年投资公司法（经修订）下规则2a-7规定的货币市场基金（“投资公司法”），这些基金仅投资于直接的美国政府国债，或作为现金或现金等价物持有，包括在银行的活期存款账户中，直至以下较早发生的情况：(i) 业务合并的完成和(ii) 如下文所述对信托账户中资金的分配。

与上述发行相关的交易成本为2,698,154美元，包括1,750,000美元的现金承销费用、472,654美元的其他发行成本、325,500美元的代表股份和150,000美元的承销商报销。此外，截至2026年6月30日，公司持有130,963美元的现金及现金等价物，未存入信托账户，可用于营运资金目的。

公司管理层在首次公开发行和私募单位销售所得净收益的具体用途方面拥有广泛裁量权，尽管大部分净收益旨在一般性地用于完成一项业务合并。无法保证公司能够成功完成一项业务合并。公司在与一个或多个目标业务进行业务合并时，必须确保这些目标业务在签署初步业务合并协议时的合计公允市场价值至少为信托账户价值（不包括信托账户收入产生的税款）的80%。只有在业务合并后，公司拥有或收购的目标公司50%或以上的已发行投票证券，或以其他方式获得对目标公司的控制权，使其无需根据1940年《投资公司法》（经修订）（“投资公司法”）注册为投资公司时，公司才会完成一项业务合并。在首次公开发行结束时，管理层已同意将相当于首次公开发行中每单位至少10.025美元的金额（包括私募单位销售所得）存入信托账户。

BREEZE ACQUISITION CORP. II

未审简要财务报表附注

公司将在完成业务合并后，为已发行公众股份的持有者（“公众股东”）提供机会， either (i) 在召开股东会议批准业务合并时，或 (ii) 通过要约收购的方式，赎回其全部或部分公众股份。公司是否寻求股东批准业务合并或进行要约收购的决定，将由公司自行决定。公众股东有权按比例获得当时存放在信托账户中的金额（最初预计为每公众股份10.025美元，加上存放在信托账户中的资金产生的按比例分配的利息，且未先前释放给公司用于支付其税务义务）。在完成业务合并后，公司股份权利将不享有赎回权。将被赎回的公众股份将按赎回价值记录，并根据财务会计准则委员会（“FASB”）会计准则汇编（“ASC”）第480项《负债与权益的区分》（“ASC 480”）的规定，在首次公开发行结束后作为临时权益进行分类。

如果公司就拟议的业务合并寻求股东批准，只有在投票的股份中多数投票支持该业务合并时，公司才会继续进行。如果法律不要求股东投票，且公司因业务或其他原因决定不举行股东投票，公司将根据其公司章程（“公司章程”）按照美国证券交易委员会（“SEC”）的要约收购规则进行赎回，并在完成业务合并前向SEC提交要约收购文件。然而，如果法律要求对交易进行股东批准，或公司因业务或其他原因决定获得股东批准，公司将根据代理规则与代理征求一起提供赎回，而不是根据要约收购规则进行赎回。如果公司就业务合并寻求股东批准，发起人已同意将其创始人股份（如第6号注释中定义的）以及在首次公开发行期间或之后购买的任何公众股份投票支持批准业务合并。此外，每个公众股东均可选择赎回其公众股份，无论他们是否投票支持或反对拟议的交易，或者根本不投票。

尽管有上述规定，如果公司寻求业务合并的股东批准且公司未根据要约收购规则进行赎回，经修订和重述的备忘录和公司章程规定，公众股东及其任何附属公司或与该股东共同行动或作为“集团”（根据《1934年证券交易法》（经修订）第13条定义）的任何其他人，未经公司事先同意，不得赎回其股份，且该股份总数不得超过公众股份的15%或更多。

发起人已同意放弃其持有的任何创始人股份（如第6号注释中定义的）以及在完成业务合并期间或之后可能收购的任何公众股份的赎回权利。

公司将在2027年5月14日之前完成业务合并（“完成期”），即从首次公开募股（IPO）结束之日起12个月内，除非另有延长。然而，如果公司预计可能无法在IPO结束后的12个月内完成业务合并，公司可以（但没有义务）在初始股东要求下，通过董事会决议，寻求股东批准修改公司章程以延长公司必须完成初始业务合并的日期，从而延长完成业务合并的时间。如果公司寻求股东批准延长，无论股东是否弃权、投票赞成或反对公司的初始业务合并，公众股份的持有人都将有机会以现金形式赎回其股份，赎回价格为每股金额，等于当时信托账户中存放的总金额（包括由此产生的利息，利息需扣除已支付或应付的税款）除以当时已发行和流通的公众股数量，受适用法律的约束。为避免歧义，未经股东投票，完成业务合并的时间不得延长超过12个月。

BREEZE ACQUISITION CORP. II

未审合并财务报表附注

为保护信托账户中的金额，发起人同意，如果第三方就为公司提供的服务或销售给公司的产品，或公司已与之签订书面意向书、保密协议或其他类似协议或业务合并协议的潜在目标业务提出的任何索赔，导致信托账户中的资金减少到低于（i）每公众股10.025美元或（ii）在信托账户清算之日，每公众股实际持有的金额（如果由于信托账户资产价值下降而低于10.025美元），则发起人将对公司的资金负责，扣除应付税款和最多10万美元的利息以支付清算费用，但此责任不适用于任何已签署放弃信托账户资金所有权利的第三方或潜在目标业务（无论该放弃是否具有法律效力），也不适用于任何根据首次公开募股承销商的赔偿条款对某些责任（包括根据《1933年证券法》（“证券法”）修订后的条款）的赔偿。

流动性与资本资源

截至2026年6月30日，公司拥有343,773美元的营运资本盈余。公司已发生并预计将继续在追求其融资和收购计划的过程中产生重大成本。在完成首次公开募股之前，公司缺乏足够的流动性以维持合理期限内的运营，该合理期限被视为财务报表发布日期起的一年。公司已完成了首次公开募股，此后，超过存入信托账户的资金和/或用于资助发行费用的资金将可用于公司的普通营运资本用途。

公司无法保证其筹集资金或完成业务合并的计划在完成窗口期内取得成功。公司缺乏维持运营合理时间（通常认为是从财务报表发布之日起一年）所需的财务资源。因此，根据FASB ASC 205-40《财务报表列报 - 持续经营》，公司对持续经营的评估表明，这些情况使公司在未来一年内继续作为持续经营的能力存在重大不确定性，该一年期从这些财务报表发布之日起计算。财务报表中未包含因公司无法继续作为持续经营而可能产生的任何调整。

公司将在完成期结束前完成业务合并。如果在完成期结束前未能完成业务合并，公司将强制清算并随后解散。如果公司在2027年5月14日之后被要求清算，未对资产或负债的账面价值作出任何调整。公司计划在强制清算日期之前完成首次业务合并。然而，无法保证公司能够在2027年5月14日前完成任何业务合并。

注2. 重要会计政策摘要

列报基础

附带的财务报表按照美国通用会计原则（“U.S. GAAP”）编制，并根据证券交易委员会（SEC）的规则和法规进行。

附带的未经审计的中期财务报表应与公司于2026年5月14日向SEC提交的首次公开发行最终招股说明书，以及公司于2026年6月2日向SEC提交的当前报告（8-K）以及于2026年9月9日以8-K/A形式提交的修订版一起阅读。

2026年1月1日至2026年6月30日的期间的中期结果不一定反映截至2026年12月31日的年度或任何未来期间的预期结果。

新兴成长公司

公司是根据《证券法》第2(a)条定义的“新兴成长公司”，该定义由2012年《为我们的创业公司注入活力法案》（“JOBS法案”）进行了修改。因此，公司可以利用某些豁免，这些豁免适用于其他非新兴成长公司的公开公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404条的独立注册公共会计公司鉴证要求、在定期报告和代理声明中减少有关高管薪酬的披露义务，以及免除对高管薪酬进行非约束性咨询投票和股东批准任何未经先前批准的金色降落伞支付的要求。

BREEZE ACQUISITION CORP. II

未经审计的中期财务报表附注

此外，根据《JOBS法案》第102(b)(1)条，新兴成长型公司可以免于遵守新的或修订后的财务会计准则，直到私营公司（即那些未被证券法注册声明生效或未根据交易法注册证券类别的公司）被要求遵守新的或修订后的财务会计准则为止。《JOBS法案》规定，公司可以选择退出延长的过渡期，并遵守适用于非新兴成长型公司的要求，但任何此类退出选择都是不可撤销的。该公司已选择不退出该延长的过渡期，这意味着当一项准则被发布或修订，并且对上市公司和私营公司有不同的实施日期时，作为新兴成长型公司，该公司可以在私营公司实施新修订的准则时实施该新修订的准则。由于可能使用的会计准则存在差异，这可能使该公司财务报表与另一家既不是新兴成长型公司，也不是退出使用延长过渡期的新兴成长型公司的上市公司之间的比较变得困难或不可能。

估计的使用

根据美国通用会计准则编制财务报表需要公司管理层做出估计和假设，这些估计和假设会影响报告期间资产和负债的报告金额以及费用的报告金额。

做出估计需要管理层进行重大判断。至少有可能在财务报表日期存在的某种状况、情况或一组情况，管理层在制定估计时考虑了这些情况，可能会由于一个或多个未来确认事件而在近期发生变化。因此，实际结果可能与这些估计不同。

现金及现金等价物

公司在购买时原始到期日为三个月或更短的短期投资视为现金等价物。截至2026年6月30日和2025年12月31日，公司持有的现金及现金等价物分别为130,963美元和0美元。

托管账户中的现金

截至2026年6月30日和2025年12月31日，公司分别在托管账户中持有140,974,649美元和0

可能赎回的普通股

此次首次公开募股中出售的所有普通股都包含赎回条款，该条款允许公司在与业务合并相关的股东投票或要约收购以及对公司修订后的公司章程的某些修订相关的情况下，赎回此类公众股份。根据ASC 480的规定，有条件赎回的普通股（包括赎回权由持有人控制或取决于公司无法完全控制的不确定事件的普通股）被归类为临时权益。涉及企业所有权益证券赎回和清算的普通清算事件不适用于ASC 480的规定。公司未指定最大赎回阈值。然而，其章程中的任何阈值都不会改变底层股份的可赎回性质，因此公众股份必须在永久权益之外披露。公司立即确认赎回价值的变化，并在每个报告期末将可赎回普通股的账面价值调整为等于赎回价值。这些变化反映在额外实收资本中，或在没有额外资本的情况下反映在累计亏损中。

截至2026年6月30日，资产负债表中反映的普通股如下表所示：

毛收益	$	140,000,000
减去：
分配给公众股份权利的收益		(3,080,000	)
分配给超额配售权的收益		(21,000	)
分配给普通股的发行成本		(2,606,580	)
加上：
账面价值向赎回价值的增值		6,682,229
可能被赎回的普通股	$	140,974,649

BREEZE ACQUISITION CORP. II

未审财务报表附注

与首次公开募股相关的发行成本

公司遵守ASC 340-10-S99-1和SEC工作人员会计公报主题5A，发行费用的要求。递延发行成本包括截至资产负债表日直接与首次公开募股相关的法律、会计、承销费用和其他费用。根据首次公开募股完成后从单位销售中获得的收益的相对公允价值，发行成本被计入临时权益或永久权益。直接归因于应归类为权益的股权合同发行的发行成本记录为权益的减少。归类为资产和负债的股权合同的发行成本立即费用化。公司发生的发行成本为2,698,154美元，包括1,750,000美元的现金承销费用、472,654美元的其他发行成本、325,500美元的代表股份和150,000美元的承销商报销。因此，公司记录了2,606,580美元的发行成本作为临时权益的减少，以及91,574美元的发行成本作为永久权益的减少。

所得税

公司按照ASC第740主题《所得税》（\"ASC 740\"）确认所得税。ASC 740要求确认递延税资产和负债，以反映财务报表和资产及负债的税务基础之间差异的预期影响，以及从税务亏损结转和税务抵免中预期获得的未来税务利益。ASC 740还要求在很可能无法实现全部或部分递延税资产时建立估值准备金。

ASC 740还明确了在实体财务报表中确认所得税不确定性，并规定了在税务申报中确认和计量税务立场的确认门槛和计量过程。为了确认这些利益，税务立场必须在税务当局审查时更有可能被维持。ASC 740还提供了关于终止确认、分类、利息和罚款、中期期间的会计处理、披露和过渡的指导。根据公司的评估，已得出结论，公司财务报表中无需确认任何重大的税务不确定性立场。由于公司成立于2025年8月20日，评估是针对2025年税务年度进行的，这将是唯一接受审查的期间。

公司将其与未确认税务利益相关的应计利息和罚款确认为所得税费用。截至2026年6月30日，没有未确认的税务利益，也没有为利息和罚款计提任何金额。公司目前未意识到任何可能产生重大支付、计提或与其立场重大偏离的问题。开曼群岛没有税收，因此不对公司征收所得税。因此，所得税未反映在公司的财务报表中。

信用风险集中

可能使公司面临信用风险集中的金融工具包括一家金融机构的现金账户，该账户有时可能超过25万美元的联邦存款保险保障。公司在此账户上未遭受损失，管理层认为公司不会在此账户上面临重大风险。

每股净收益

每股普通股净收益是通过将净收益除以当期流通的普通股加权平均数计算得出的。计算稀释每股收益时，不考虑与首次公开发行相关的权利的影响，因为行使这些权利取决于未来事件的发生。公司有普通股，这些普通股被称为可赎回普通股和不可赎回普通股。公司没有任何可能被行使或转换为普通股并参与可赎回普通股中公司收益的稀释性证券或其他合同。因此，所列期间的每股普通股稀释收益与每股普通股基本收益相同。

普通股包括658,784股创始人股份（如注释6所述），如果承销商未全部或部分行使超额配售选择权，则这些股份可能被没收（参见注释6）。2026年5月15日，承销商部分行使了额外1,500,000个公众单位的超额配售选择权。因此，527,027股普通股不再面临没收，131,757股股份被没收。

BREEZE ACQUISITION CORP. II

未审财务报表附注

以下表格反映了每股基本净收入和稀释净收入的计算：

	三个月 ended 2026年6月30日		六个月 ended 2026年6月30日
	可赎回普通股份		不可赎回普通股份			可赎回普通股份		不可赎回普通股份
每股基本净收入：
分子：
净收入	$	237,068		$	161,053		$	113,926	$	145,989
分母：
加权平均普通股		7,214,286			4,901,049			3,627,072		4,647,877
每股普通股的基本净收入	$	0.03		$	0.03		$	0.03	$	0.03

	三个月 ended 2026年6月30日		六个月 ended 2026年6月30日
	可赎回普通股份		不可赎回普通股份			可赎回普通股份		不可赎回普通股份
每股稀释净收入：
分子：
净收入	$	232,076		$	166,045		$	108,759	$	151,156
分母：
加权平均普通股		7,214,286			5,161,666			3,627,072		5,040,963
每股普通股的稀释净收入	$	0.03		$	0.03		$	0.03	$	0.03

金融工具的公允价值

根据FASB ASC第820条公允价值计量，属于金融工具的公司的资产和负债的公允价值，近似于附带资产负债表中所列的账面金额，主要是由于它们的短期性质。

公允价值定义为在计量日，市场参与者之间有序交易中出售资产所获得的价格或转让负债所支付的价格。美国通用会计准则（US GAAP）建立了一个三层公允价值层级，该层级对用于测量公允价值的输入值进行优先排序。该层级将最高优先级给予活跃市场中相同资产或负债的未调整报价（第一层级测量值），最低优先级给予不可观察的输入值（第三层级测量值）。这些层级包括：

☐

第一层级，定义为可观测的输入值，如活跃市场中相同工具的未调整报价；

☐

第二层级，定义为除活跃市场中报价以外的输入值，这些输入值可以直接或间接地观察到，如活跃市场中类似工具的报价，或非活跃市场中相同或类似工具的报价；以及

☐

第三级，定义为在市场数据极少或没有市场数据的情况下使用的不可观察输入值，因此需要主体自行开发假设，例如通过估值技术得出的估值，其中一项或多项重要输入值或重要价值驱动因素是不可观察的。在某些情况下，用于计量公允价值的输入值可能被归类在公允价值层次结构的不同级别中。在这些情况下，公允价值计量整体上根据对公允价值计量重要的最低级别输入值进行归类。

BREEZE ACQUISITION CORP. II

未审简要财务报表附注

衍生金融工具

公司根据ASC第815主题衍生工具和对冲的规定，评估其金融工具以确定此类工具是否为衍生工具或包含符合嵌入式衍生工具特征的工具。对于作为负债核算的衍生金融工具，衍生工具在授予日按其公允价值初始记录，并在每个报告日重新估值，公允价值的变化在损益表中报告。衍生工具的分类，包括此类工具应作为负债还是作为权益核算，会在每个报告期末进行评估。衍生负债根据在资产负债表日后的12个月内是否可能进行净现金结算或转换该工具，分类为流动或非流动。承销商的超额配售选择权是一项与可有条件赎回股份挂钩的独立金融工具，最初作为负债核算。在部分行使该选择权后，与已行使单位相关的部分被重分类至相关可赎回普通股的账面价值。在该选择权到期时，与剩余未行使部分相关的负债在收益中确认。

股份权利

公司将在根据FASB ASC第815主题衍生工具和对冲中包含的指导原则，对与首次公开发行和私募发行相关的拟发行的公众和私人股份权利进行核算。因此，公司将根据其指定价值对这些权利进行评估并按权益处理进行分类。截至2026年6月30日，有14,000,000份公众股份权利和470,000份私人股份权利尚未行权。

风险和不确定性

美国和全球市场继续受到地缘政治不稳定的影响，包括持续的俄乌冲突以及中东地区冲突的升级，包括涉及美国、以色列和伊朗的冲突。这些事件以及美国、英国、欧盟和其他国家采取的相关行动，包括实施制裁和提供军事及其他援助，已导致全球经济不确定性。由此产生的状况可能导致全球市场中断，包括商品价格和资本市场波动、供应链中断（包括关键海运路线的中断）、网络安全隐患增加以及金融市场流动性下降。这些影响的程度和持续时间仍不确定。

上述任何因素，或由于俄罗斯入侵乌克兰、中东冲突升级以及随后的制裁或相关行动导致的全球经济、资本市场或其他地缘政治状况的任何其他负面影响，都可能对公司的首次业务合并寻找以及公司最终可能完成的任何目标业务产生不利影响。

近期会计准则

2023年12月，FASB发布了ASU 2023-09，所得税（主题740）：所得税披露的改进。ASU中的修订要求在税率调节中披露增量所得税信息，并扩大对已支付所得税的披露，以及其他披露要求。该ASU适用于2024年12月15日之后开始的财年，允许提前采用。该ASU对公司的财务报表和披露没有重大影响。

管理层认为，任何最近发布但尚未生效的会计准则，如果目前被采用，不会对公司的财务报表产生重大影响。

注释3. 首次公开发行

根据首次公开发行，公司发行了12,500,000份单位，产生了125,000,000美元的毛收益。每份单位的发行价格为10.00美元，包括一股普通股和一股

首次公开发行后，于May 15, 2026，承销商部分行使了超额配售选择权，以每单位10.00美元或15,000,000美元的价格购买了额外的1,500,000单位。

BREEZE ACQUISITION CORP. II

未审计简要财务报表附注

注释4. 私募

在首次公开募股和超额配售选择权关闭的同时，公司以每单位10.00美元的价格出售了470,000个私人单位，产生了4,700,000美元的毛收益。本次发行中的每个私人单位，其发行价格为10.00美元，由一股普通股和一个权利组成，该权利使持有人在公司完成首次业务合并时有权获得五分之一股普通股。私人单位销售所得的一部分已加入首次公开募股的净收益中，该收益存放在信托账户中。如果公司未能完成业务合并，存放在信托账户中的私人单位销售所得将用于资助公众股份的赎回（受适用法律要求的限制），而私人单位将毫无价值。私人单位与首次公开募股中出售的公众单位相同。然而，公司的初始股东已同意（i）在完成首次业务合并时，放弃其创始人股份、私人配售股份和公众股份的赎回权利；（ii）在股东投票批准对修订后的公司章程和细则（A）修改公司允许赎回的实质或时间，或在未完成首次业务合并的情况下赎回100%的公众股份，或（B）与股东权利或首次业务合并前活动的其他重大条款有关的任何其他事项时，放弃其创始人股份、私人配售股份和公众股份的赎回权利；（iii）如果公司未能在规定期限内完成首次业务合并，放弃其创始人股份或私人配售股份从信托账户中获得清算分配的权利，尽管如果公司未能在规定时间内完成首次业务合并，他们仍有权从信托账户中获得其持有的任何公众股份的清算分配，以及从信托账户外的资产中获得清算分配；（iv）对他们持有的创始人股份和私人配售股份以及在首次公开募股期间或之后购买的公众股份（包括在公开市场和私下协商交易中购买的股份，但不包括他们根据《交易法》第14e-5条要求购买的股份，这些股份不会投票支持批准业务合并交易）投票支持我们的首次业务合并。私人配售中出售的私人单位，包括其底层证券以及可能根据营运资金贷款转换而发行的营运资金单位，包括其底层证券，在某些有限例外情况下，不得由持有人转让、分配或出售。

注5. 分部信息

ASC Topic 280，分部报告，为公司在其财务报表中报告有关经营分部、产品、服务、地理区域和主要客户的信息设定了标准。经营分部被定义为企业的组成部分，这些部分从事可能产生收入并发生费用的业务活动，并且公司首席经营决策者（或其小组）定期评估单独的财务信息，以决定如何分配资源和评估业绩。

公司首席经营决策者（CODM）已被确定为首席执行官，他审查公司整体的经营结果，以决定如何分配资源和评估财务业绩。因此，管理层确定公司只有一个报告分部。

CODM根据也反映在损益表中的净收入或净亏损来评估单一分部的业绩，并据此决定如何分配资源。分部资产的衡量标准在资产负债表上作为总资产报告。在评估公司业绩并做出有关资源分配的关键决策时，CODM会审查净收入或净亏损和总资产中包含的若干关键指标，包括以下内容：

	6月30日 2026年		12月31日 2025年
现金及现金等价物	$	130,963		$	-
预付费用		392,348			39,678
信托账户中的现金		140,974,649			-
发行前费用		-			177,490
总资产	$	141,497,960		$	217,168

	截至 6月30日的三个月 2026年			截至 6月30日的六个月 2026年
成立、一般及行政费用	$	(248,218	)		$	(386,424	)
信托账户中现金产生的利息		624,649				624,649
利息收入		690				690
超额配售权负债公允价值变动		21,000				21,000
净收入	$	398,121			$	259,915

BREEZE ACQUISITION CORP. II

未审合并财务报表附注

CODM审查成立、一般及行政费用，以管理并预测现金，确保有足够的资本在业务合并期内完成业务合并或类似交易。CODM还审查成立、一般及行政费用，以管理、维护和执行所有合同协议，确保成本与所有协议和预算一致。如损益表中所报告的，成立、一般及行政费用是定期提供给CODM的重要分部信息。净收入或净亏损中包含的其他分部项目均在损益表中报告，并在其各自的披露中进行描述。

CODM审查公司拥有的总资产状况，以评估公司是否有足够的资源来偿还其负债。CODM会获得公司拥有的现金和流动资源的详细信息。此外，CODM会定期审查已发生的递延费用状况，以评估这些费用是否符合从公开募股中筹集资金的计划用途。

第6号注释：关联方交易

创始人股份

在2025年9月8日，发起人以总计25,000美元的价格获得了4,791,667股普通股（“创始人股份”），用于代表公司支付某些费用。2025年10月7日，公司和承销商修改了承销商的聘用协议，以将发起人持有的普通股数量（按转换后计算）从25%增加到26%（假设发起人不购买任何公开股份）。2025年10月21日，额外发行了259,009股创始人股份给我们的发起人，总计发行的创始人股份为5,050,676股，总计支付了25,000美元，约合每股0.005美元。

创始人股份中包括最多658,784股普通股，如果承销商的超额配售选择权未被全部或部分行使，发起人将面临没收这些股份，这样发起人将按转换后计算拥有公司首次公开募股后发行和流通股份的26%（假设发起人不购买任何首次公开募股中的公开股份）。

2026年5月15日，承销商部分行使了其超额配售选择权，额外购买了1,500,000股公开单位。因此，527,027股创始人股份不再面临没收，131,757股创始人股份被没收。

发行的创始人股份数量是基于预期这些股份在首次公开募股完成后将代表公司普通股发行和流通数量的26%，假设承销商的超额配售选择权被行使。

发起人同意在以下较早发生的情况下，不得转让、分配或出售其创始人股份：(i) 公司首次业务合并完成后的六个月；(2) 公司在首次业务合并后完成清算、合并、股份交换、重组或其他类似交易的日期，导致所有公司股东都有权将其普通股兑换为现金、证券或其他财产。如果公司普通股的最后交易价格在首次业务合并后的任何30个交易日内的任何20个交易日中达到或超过15.00美元/股（经股份拆分、股份资本化、权利发行、拆分、重组、资本重组等调整），创始人股份将解除锁定。私人单位（包括其下的证券）在公司首次业务合并完成前不得转让、分配或出售（除非转让给某些允许的受让人）。

期票 - 关联方

2025年8月20日，发起人同意向公司提供最高30万美元的贷款，以支付与首次公开募股相关的费用，该贷款是根据一份本票（“本票”）达成的。2026年1月25日，公司和发起人修订了本票，将贷款额度提高至200万美元。该贷款不计利息，并在2026年12月31日或公司完成其证券首次公开募股之日较早者偿还。该贷款在2026年5月14日IPO时已偿还。截至2026年6月30日和2025年12月31日，公司分别在本票下有零和162,650美元的未偿还金额。

营运资金贷款和延期贷款

为了满足首次公开募股完成后直至完成首次业务合并前的营运资金需求，我们的创始人、高管和董事或其关联方或指定代表可能（但没有义务）在任何时候以他们自行决定的任何金额向我们提供资金（“营运资金贷款”）。每笔贷款都将由本票证明。这些本票将在我们首次业务合并完成时支付，不计利息，或者，根据贷款人的选择，最多150万美元的本票可在我们业务合并完成时转换为每股10美元的营运资金单位。如果我们未能完成首次业务合并，这些贷款将从不存放在信托账户中的资金中偿还，且仅在资金可用的情况下偿还。截至2026年6月30日和2025年12月31日，公司没有未偿还的营运资金贷款。

BREEZE ACQUISITION CORP. II

未审简明财务报表附注

行政支持协议

The Company is obligated, commencing on the date of Initial Public Offering, to pay the Sponsor, a monthly fee of $5,000 for general and administrative services. In June 2026, the Company advanced $115,000 to the Sponsor to fund future monthly administrative fees and certain other expenses to be paid by the Sponsor on behalf of the Company. As of June 30, 2026, the unused portion of the advance of $107,258 was included in prepaid expenses on the condensed balance sheet. For the three and six months ended June 30, 2026, the Company incurred fees of $7,742.

应付发起人

截至2026年6月30日，公司有一笔115万美元的应收款，作为股东权益（亏损）中的抵减项记录。该金额代表来自私募单位的款项，这些款项最初由发起人出资，随后由公司支付给第三方以满足发起人的义务。

第7号注释：承诺与或有事项

登记和股东权利协议

在首次公开募股结束时，公司签订了一份登记和股东权利协议，根据该协议，创始人股份、私募单位以及构成私募单位的证券的持有者，以及可能在营运资金贷款转换时发行的任何私募单位，有权就此类证券以及公司在完成首次业务合并前获得的其他证券进行登记。

根据认股权利协议，并假设150万美元的营运资金贷款转换为150,000份私人单位，公司有义务注册最多6,012,919股普通股和620,000份私人配售权利。普通股数量包括（i）4,918,919股作为创始人股份发行的已发行普通股，（ii）包含在私人单位中的470,000股普通股，（iii）在私人单位中包含的私人配售权利转换时发行的94,000股普通股，（iv）作为私人单位一部分在营运资金贷款转换时发行的150,000股普通股，（v）作为营运资金单位一部分在营运资金贷款转换时发行的30,000股普通股，以及（vi）350,000股代表股份。私人配售权利的数量包括作为私人单位一部分的470,000份私人配售权利和作为营运资金单位一部分在营运资金贷款转换时的150,000份私人配售权利。

这些证券的持有者有权提出最多三次要求，不包括简式要求，要求公司注册这些证券。此外，持有者在公司完成首次公开发行后提交的注册声明方面拥有某些“搭便车”注册权利。

承销协议

Pursuant to the underwriting agreement, the Sponsor and the executive officers and directors have agreed that, for a period of 180 days from the date of the Initial Public Offering, will not, without the prior written consent of the representative, offer, sell, contract to sell, pledge, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or share right to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any units, share rights, ordinary shares or any other securities convertible into, or exercisable or exchangeable for, any units, ordinary shares, Founder Shares or share rights, subject to certain exceptions. The representative in its discretion may release any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors, which shall be with notice. The Sponsor, officers and directors are also subject to separate transfer restrictions on their Founder Shares and private placement shares pursuant to the letter agreement described herein.

The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 1,875,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.

The underwriters were entitled to a cash underwriting discount of 1.25% of the gross proceeds of the units offered in the Initial Public Offering, or $1,562,500 in the aggregate (or $1,796,875 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable to the underwriters upon the closing of this offering.

BREEZE ACQUISITION CORP. II

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Subsequent to the Initial Public Offering that occurred on May 14, 2026, the underwriter partially exercised the over-allotment option for the purchase of an additional 1,500,000 Units and the underwriter was entitled to a cash underwriting discount of $187,500. The unexercised over-allotment option for the remaining 375,000 Units were forfeited.

Representative Shares

At the closing of the IPO, the Company issued 350,000 ordinary shares to the representative and/or its designees for $0.01 per share as representative shares (the “Representative Shares”). The Representative Shares are deemed to be underwriting compensation by Financial Industry Regulatory Authority (“FINRA”) pursuant to FINRA Rule 5110. In addition, the representative has agreed (i) to not transfer, assign or sell any such shares without the Company’s written consent until the completion of Company’s initial Business Combination, (ii) to waive its redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial Business Combination, and (iii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company does not complete the initial Business Combination within the Combination Period. The excess of the fair value of the Representative Shares over the $0.01 per share issuance price was recorded as an offering cost.

NOTE 8. SHAREHOLDERS’ EQUITY

Preference shares — The Company is authorized to issue 1,250,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2026 and December 31, 2025, there were no shares of preferred shares issued or outstanding.

Ordinary shares — The Company is authorized to issue 125,000,000 ordinary shares with a par value of $0.0001 per share. As of June 30, 2026, there were 19,738,919 Ordinary Shares issued and outstanding, including 4,918,919 Founder Shares issued to the Sponsor, 470,000 Private Placement Shares issued to the Sponsor, 350,000 representative shares and 14,000,000 ordinary shares subject to possible redemption and classified as temporary equity.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders.

Rights — Except in cases where the Company is not the surviving company in a business combination, each holder of a right will automatically receive one-fifth of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-fifth of one ordinary share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination within the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.

NOTE 9. FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:

Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:

Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

BREEZE ACQUISITION CORP. II

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The over-allotment option was accounted for as a liability in accordance with ASC 815-40 and was presented within liabilities on the balance sheet. The over-allotment liability is measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of over-allotment liability in the statement of operations. The fair value of the over-allotment option was initially $105,000, or $0.06 per option unit as of May 14, 2026. The over-allotment option only existed from the closing of the IPO on May 14, 2026 until the partial exercise on May 15, 2026 and expiration of the unexercised portion. Following the partial exercise and forfeiture of the option rights, the liability was extinguished and therefore the liability was zero as of June 30, 2026.

The Company used a Black-Scholes model to value the over-allotment option. The over-allotment option liability was classified within Level 3 of the fair value hierarchy at the measurement date due to the use of unobservable inputs inherent in pricing models are assumptions related to expected share-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the option. The risk-free interest rate is based on the U.S. Constant Maturity Treasury rates on the grant date for a maturity similar to the expected remaining life of the option. The expected life of the option is assumed to be equivalent to their remaining contractual term.

	May 14, 2026
Underlying stock price	$	10.00
Exercise price	$	10.00
Volatility		2.00	%
Time to expiration		0.12
Risk-free rate		3.72	%

The fair value of the Public and Private Rights issued in the Initial Public Offering is approximately $3,183,400 or approximately $0.22 per Public and Private Right. The fair value of the Public and Private Rights were determined using a Monte Carlo simulation model. The Public and Private Rights issued in the Initial Public Offering have been classified within shareholders’ equity and will not require remeasurement after issuance.

The following table presents the quantitative information regarding market assumptions used in the Level 3 valuation of the Public and Private Rights issued in the Initial Public Offering:

	May 14, 2026
Implied Ordinary share price	$	9.78
Volatility		3.00	%
Expected term to de-SPAC (years)		1.00
Probability of de-SPAC and instrument-specific market adjustment		11.00	%
Risk-free rate		3.91	%

The Company determined the fair value of the Representative Shares to be approximately $0.93 per share based on a market-based approach. The following table presents the quantitative information regarding market assumptions used in the Level 3 valuation of the Representative Shares issued upon the closing of the Initial Public Offering.

	May 14, 2026
Implied common stock price	$	10.00
Discount for expected forfeiture of shares		15.00	%
Probability of De-SPAC and Market Adjustment		11.00	%
Discount for Lack of Marketability		0.50	%

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Except as noted below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

On August 20, 2026, the Company received a notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, because the Company had not filed its Quarterly Report on Form 10-Q for the period ended March 31, 2026 and Quarterly Report on Form 10-Q for the period ended June 30, 2026 (the “Delinquent Filings”), the Company no longer complies with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). The Company subsequently filed its Quarterly Report on Form 10-Q for the period ended March 31, 2026 on September 23, 2026 with the SEC.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Breeze Acquisition Corp. II References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Breeze Sponsor II. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. 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 Quarterly Report includes “forward-looking statements” 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 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. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its Initial Public Offering (as defined below) filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. 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 in Cayman Islands on August 20, 2025 formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

Our IPO registration statement became effective on May 12, 2026. On May 14, 2026, we consummated our Initial Public Offering of 12,500,000 units generating gross proceeds of $125,000,000.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 447,500 Private Units at a price of $10.00 per Private Unit, generating gross proceeds of $4,475,000.

On May 15, 2026, the Underwriter partially exercised its over-allotment option for an additional 1,500,000 Public Units at a price of $10.00 per Unit or $15,000,000. In conjunction with the Underwriter’s partial exercise of the over-allotment option, the Sponsor purchased an additional 22,500 Private Placement Units for $225,000.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities for the three and six months ended June 30, 2026, were organizational activities, those necessary to prepare for our Initial Public Offering. We do not expect to generate any operating revenues until after the completion of our initial business combination. We will generate non-operating income in the form of interest income on investments held in our trust account after the Initial Public Offering. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three and six months ended June 30, 2026, we had net income of $398,121 and $259,915, respectively, which resulted from operating and formation costs offset by interest earned on cash held in the trust account and change in fair value of over-allotment liability.

Through June 30, 2026, our efforts have been limited to organizational activities, activities relating to the Initial Public Offering and activities relating to general corporate matters.

Liquidity and Capital Resources

Following the closing of the Initial Public Offering, including the partial exercise of the over-allotment option, and the private placement, a total of $140,350,000 was placed in the Trust Account. We incurred transaction costs related to the issuances described above amounting to $2,698,154, consisting of $1,750,000 of cash underwriting fees, $472,654 of other offering costs, $325,500 of Representative Shares and $150,000 of Underwriters’ reimbursement.

For the six months ended June 30, 2026, net cash used in operating activities was $656,165, which was due to our net income of $259,915, partially offset by $624,649 of interest earned on cash held by trust account and changes in working capital accounts of $270,431.

For the six months ended June 30, 2026, net cash used in investing activities was $140,350,000, which was due to cash deposited into the trust account.

For the six months ended June 30, 2026, net cash provided by financing activities was $141,137,128, which was primarily due to $138,100,000 proceeds from the sale of units, net of underwriting fees, $4,700,000 proceeds from private placement units and $3,500 proceeds from the issuance of the representative shares; partially offset by $1,150,000 due from sponsor arising from the private placements issued that the Company has not received consideration, $353,722 payment of deferred offering costs, and $162,650 payment of related party promissory note.

We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the funds held in the trust account and not previously released to us to pay our taxes (which interest shall be net of taxes payable and excluding deferred underwriting commissions) to complete our initial business combination. We may withdraw interest to pay our taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient to pay our taxes. We expect the only taxes payable by us out of the funds in the trust account will be income and franchise taxes, if any. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful within the completion window. The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the date of the issuance of the financial statements. Therefore, in connection with the Company’s assessment of going concern considerations in accordance with FASB ASC 205-40, Presentation of Financial Statements - Going Concern, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that these financial statements were issued. The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

The Company will have until the end of the Completion Period to consummate a Business Combination. If a Business Combination is not consummated by the end of the Completion Period, there will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 14, 2027. The Company intends to complete the initial Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any Business Combination by May 14, 2027.

Off-Balance Sheet Arrangements

As of June 30, 2026, we did not have any off-balance sheet arrangements.

Contractual Obligations

Registration and Shareholder Rights Agreement

In connection with the closing of the Initial Public Offering, the Company entered into a registration and shareholder rights agreement pursuant to which the holders of the Founder Shares, Private Units and the securities comprising the Private Units, and any Private Units that may be issued upon conversion of Working Capital Loans are entitled to certain registration rights with respect to such securities and certain other securities acquired prior to the consummation of the Company’s initial Business Combination.

Pursuant to the registration rights agreement and assuming the $1,500,000 of Working Capital Loans are converted into 150,000 Private Units, the Company will be obligated to register up to 6,012,919 ordinary shares and 620,000 Private Placement Rights. The number of ordinary shares includes (i) 4,918,919 outstanding ordinary shares issued as Founder Shares, (ii) 470,000 ordinary shares included in the Private Units, (iii) 94,000 ordinary shares to be issued upon conversion of Private Placement Rights included in the Private Units, (iv) 150,000 ordinary shares comprising part of the Private Units issued upon conversion of Working Capital Loans, (v) 30,000 ordinary shares to be issued upon conversion of Private Placement Rights as part of the working capital units upon conversion of Working Capital Loans and (vi) 350,000 representative shares. The number of Private Placement Rights includes 470,000 Private Placement Rights as part of the Private Units and 150,000 Private Placement Rights as part of the working capital units upon the conversion of Working Capital Loans.

The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of the Initial Public Offering.

Promissory Notes - Related Party

On August 20, 2025, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Promissory Note”). On January 25, 2026, the Company and the Sponsor amended the promissory note to increase the facility to $2,000,000. This loan is non-interest bearing and payable on the earlier of December 31, 2026 or the date on which Company consummates an initial public offering of its securities. On May 14, 2026 upon the closing of the Initial Public Offering, the Company paid the entire outstanding balance under the Promissory Note.

Underwriting Agreement

Advisory Services Agreement

In connection with the Company’s Initial Public Offering, the Company and its Sponsor entered into an engagement with advisors (the “Advisors”) to provide strategic legal and advisory services in connection with the IPO.

Pursuant to the engagement, the Advisors are entitled to receive cash fees consisting of (i) a one-time payment of $800,000 payable upon the closing of the IPO and (ii) quarterly payments of $350,000 for four consecutive quarters, totaling $1,400,000, with the first payment due at the closing of the IPO and the remaining payments due at the end of each of the three subsequent fiscal quarters.

In addition, at the closing of the IPO, the Sponsor agreed to transfer to the Advisors 100,000 Founder Shares with an aggregate target value of $1,000,000, determined based on the IPO valuation of such Founder Shares. To the extent the aggregate value of the Founder Shares transferred is less than $1,000,000, the shortfall is payable in cash or additional shares.

Critical Accounting Estimates

The preparation of unaudited financial statements in conformity with accounting principles generally accepted in the United States of America 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 unaudited financial statements, and income and expenses during the period reported. Making estimates requires Management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation, or set of circumstances that existed at the date of the unaudited financial statements, which Management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could materially differ from those estimates. As of June 30, 2026, we did not have any critical accounting estimates to be disclosed.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

This item is not applicable as we are a smaller reporting company.

Item 4. Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective due to the existence of material weaknesses in our internal control over financial reporting.

Material Weakness Over Financial Reporting

The Company identified that internal controls were ineffective and that a material weakness exists in its internal control over financial reporting related to reviewing service contracts with vendors to identify the counterparty and determine if an obligation exists and is owed to vendors. As a result of the inadequate controls surrounding contract review, the Company inappropriately recorded an obligation that did not exist and disbursed cash under that related obligation. Management is in the process of implementing remediation procedures to address the control deficiency that led to the material weakness. The remediation plan includes, but is not limited to, the implementation of additional review procedures of executed contracts to identify the counterparty and determine if certain terms or provisions result in the existence of an obligation.

Changes in Internal Control Over Financial Reporting

Other than the changes intended to remediate the material weaknesses as discussed above, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final prospectus for our Initial Public Offering filed with the SEC on May 14, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our final prospectus for our Initial Public Offering filed with the SEC on May 14, 2026.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The registration statement for the Company’s Initial Public Offering was declared effective on May 12, 2026. On May 14, 2026, the Company consummated the Initial Public Offering of 12,500,000 units generating gross proceeds of $125,000,000.

Following the closing of the Initial Public Offering, the sale of the Private Units, and the over-allotment shares, an amount of $140,350,000 ($10.025 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering, the sale of the Private Units and the over-allotment units was placed in a trust account.

Transaction costs related to the issuances described above amounted to $2,698,154, consisting of $1,750,000 of cash underwriting fees, $472,654 of other offering costs, $325,500 of Representative Shares and $150,000 of Underwriters’ reimbursement. In addition, as of June 30, 2026, $130,963 of cash and cash equivalents was held by the Company outside of the Trust Account and is available for working capital purposes.

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit No.		Description
31.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101

Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Breeze Acquisition Corp. II

Date: October 16, 2026	By:	/s/ J. Douglas Ramsey
		Name:	J. Douglas Ramsey
		Title:	Chief Executive Officer and Chief Financial Officer
			(Principal Executive Officer, Principal Financial and Accounting Officer)

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