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根据2026年10月13日向证券交易委员会提交的内容。

注册声明编号 333-297008

美国
证券交易委员会
华盛顿,哥伦比亚特区 20549

_____________________________

生效后修正第2号

至

表格F-4
注册声明
根据
1933年证券法

_____________________________

北星地球与太空企业公司，股份有限公司*
（根据其章程中指定的注册人全称）
N/A
（注册人名称的英文翻译）

_____________________________

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

加拿大		4899		不适用
(州或其他司法管辖区的成立或组织)		(主要标准行业分类代码编号)		(美国国税局雇员识别号码)

圣雅克街384号#300
蒙特利尔，魁北克 H2Y 1S1
(514) 595-7474
(注册人主要执行办公室的地址，包括邮编和电话号码，包括地区代码)

_____________________________

贝丝·米切尔森
北星地球与太空系统公司，股份有限公司
1025邮政路
达里恩，CT 06820
(917) 669-2384
(服务代理人的姓名、地址，包括邮编和电话号码，包括地区代码)

_____________________________

副本送达：

\n\n\n

艾伦·I·安内克斯，律师
亚当·S·纳穆里，律师
托马斯·马丁，律师
安东尼·赞格里洛，律师
格林伯格·特劳格公司， LLP
一号范德比尔特大道
纽约，纽约 10017
(212) 801-6721

丹尼尔·博拉克
阿尼科·佩兰德
斯蒂克曼·埃利奥特律师事务所 LLP
199号贝街
商业大厦西座5300室
多伦多，安大略省 M5L 1B9
加拿大
(416) 869-5500

_____________________________

拟向公众出售证券的预计开始日期：自注册声明生效后，随时进行。

如果此表格是根据证券法第462(b)条注册额外证券的申请，请勾选以下方框，并列出相同交易中先前生效的注册声明的证券法注册声明编号。 ☐

如果此表格是根据证券法第462(d)条提交的生效后修正，则请勾选以下方框，并列出相同交易中先前生效的注册声明的证券法注册声明编号。 ☐

如适用，请在方框中打勾，以指定进行此交易所依据的适当规则条款：

《证券交易法》第13e-4(i)条（跨境发行人要约收购） ☐

《证券交易法》第14d-1(d)条（跨境第三方要约收购） ☐

通过勾选方框表明注册人是否为《1933年证券法》第405条定义的新兴成长公司。

新兴成长公司 ☒

如果为按照美国GAAP编制财务报表的新兴成长公司，请通过勾选方框表明注册人是否选择不使用根据《证券法》第7(a)(2)(B)条提供的任何新修订的财务会计标准的延长过渡期†。☐

本第2次生效后修正案将根据《1933年证券法》第8(c)条，或根据证券交易委员会根据该第8(c)条所确定的日期，自此生效。

说明性注释

本第2次生效后修正案（本“修正案”）是对注册声明编号333-297008的修正，该注册声明已于2026年8月12日被认定为有效，并于2026年8月31日被重新认定为有效（经修订，称为“注册声明”），根据《1933年证券法》（经修订）第414(d)条，由NorthStar Earth & Space Enterprises, Inc.（“New NorthStar”）提交，作为Viking Acquisition Corp. I（一家开曼群岛豁免公司，“Viking”）的继任者，除其他事项外，（i）提供额外信息以反映后续（如下文定义）及其他与继任、业务合并（如下文定义）的关闭或由此产生的重大变更，以确保注册声明在任何重大方面不具有误导性，以及（ii）提供Viking和NorthStar Earth & Space Inc.（“NorthStar”）的财务报表和相关附注。

在2026年10月1日（“交割日”），根据下文所述的《业务合并协议》（以下简称“协议”）以及Viking于2026年8月10日发布的最终招股说明书和正式委托书中的“提案编号2——业务合并提案”部分，以及于2026年8月24日发布的第1号补充修正案（统称为“委托书/招股说明书”），并提交给美国证券交易委员会（“SEC”），Viking将其注册地从开曼群岛变更为加拿大，如下文进一步所述（“延续”），并将其名称变更为“NorthStar Earth & Space Enterprises, Inc.”。新NorthStar明确采用经本修正案修改后的注册声明，作为其根据《证券法》和《1934年证券交易所法》（经修订）的证券注册声明（“交易所法”）的所有目的的注册声明。对于本修正案和注册声明而言，提及“公司”、“注册人”、“我们”、“我们拥有”、“我们”以及类似术语，在交割日前的任何时间均指Viking，在交割日后的任何时间均指新NorthStar。本修正案中包含的信息进一步反映了延续的情况。在延续生效日期之前，公司根据交易所法第13(a)、13(c)、14或15(d)条提交的所有文件将不会反映我们注册地或资本结构的变化。

延续按照注册声明中标题为“提案编号1——延续提案”的部分中所述的方式进行。在延续过程中，Viking根据《开曼群岛公司法（修订版）》取消了其作为开曼群岛豁免公司的注册，并根据《加拿大公司法》（“CBCA”）继续作为一家根据CBCA成立的公司。在延续后，新NorthStar、NorthStar和Viking NS Amalgamation Corp.（一家根据CBCA成立的公司，是Viking的全资直接子公司，“NewCo”）根据CBCA第192条进行了安排，其中包括NewCo和NorthStar合并（“合并”）形成一个公司实体，NewCo在合并中存续，并作为新NorthStar的全资子公司，新NorthStar将其公司名称变更为“NorthStar Earth & Space Enterprises, Inc.”。

在延续之前，Viking对Viking的A类普通股进行了赎回，每股面值为0.0001美元（“Viking A类股份”），这些股份最初在Viking的首次公开发行（“Viking公众股份”）中发行（Viking公众股份及其持有人称为“Viking公众股东”），这些股份已有效提交赎回且未被撤回。

根据业务合并协议（“业务合并”）所设想的交易的完成，(A) 每一股已发行的A类股自动转换为新北星公司的一股普通股（无面值）（“普通股”），以及(B) 每一股已发行的维京公司B类普通股（每股面值0.0001美元）（“维京B类股”和，与维京A类股一起，称为“维京普通股”），首先转换为维京A类股，然后自动转换为一股普通股。

新北星公司的普通股和公众认股权证于2026年10月2日在纽约证券交易所美国有限责任公司（“NYSE American”）开始交易，分别使用新的股票代码“NSTR”和“NSTR.WS”。在业务合并完成之前，维京A类股和维京认股权证（在代理声明/招股说明书中有定义）分别在纽约证券交易所使用股票代码“VACI”和“VACI.WT”进行交易。与新北星公司普通股和公众认股权证相关的CUSIP编号分别变更为666923107和666923115。

普通股持有人的权利现在由新NS组织文件（在代理声明/招股说明书中定义）和加拿大商业公司法（CBCA）规定，这两者都在代理声明/招股说明书中进行了描述。代理声明/招股说明书是注册声明的一部分。

本修正案提供了额外的信息，以反映因继承或由此产生的业务合并而进行的延续、合并和其他重大变更，以及由2026年4月16日签订的业务合并协议（经2026年5月15日的业务合并协议修正案1和2026年7月15日的业务合并协议修正案2修订，“业务合并协议”）所设想的业务合并，以及确保注册声明在任何重大方面不具有误导性。在延续生效日期之前，公司在13(a)、13(c)、14或15(d)条下提交的所有文件将不会反映公司注册地的变更，而在业务合并生效日期之前，也不会反映公司名称或资本结构的变更。2026年10月7日，新北星公司提交了一份20-F表，披露了业务合并的完成及某些相关交易。

注册费用在注册声明提交时已支付。由于没有额外的证券正在注册，因此不需要进一步的注册费用。

		页码
未经审核的假设性合并财务信息		1
北星管理对财务状况和经营成果的讨论与分析		14
合并财务信息索引		F-1

未经审核的假设性合并财务信息

所列定义的术语在本表格20-F（“表格20-F”）中具有与在本表格20-F其他部分定义和包含的术语相同的含义，该表格已提交给证券交易委员会（“SEC”）。

引言

以下未经审计的假设性合并财务信息展示了Viking和NorthStar的财务信息的合并，已调整以反映业务合并及相关交易。以下未经审计的假设性合并财务信息是根据修订后的规章S-X第11条的规定编制的，该修订由最终规则第33-10786号“关于收购和处置业务的财务披露修正案”作出，以展示交易的会计处理（“交易会计调整”）。以下未经审计的假设性合并财务信息仅用于说明目的，并不一定反映如果业务合并发生在所指日期，New NorthStar的财务状况或经营成果会是什么样子。此外，假设性合并财务信息可能无法用于预测New NorthStar未来的财务状况和经营成果。由于各种因素，New NorthStar的实际财务状况和经营成果可能与本文所反映的假设性金额有显著差异。

截至2026年6月30日的未经审计的假设性合并财务状况表假设业务合并发生在2026年6月30日。截至2026年6月30日止六个月及截至2025年12月31日止年度的未经审计的假设性合并损益表假设业务合并发生在2025年1月1日，即最早所列期间的开始。

未经审计的假设性合并财务报表仅用于说明目的，不一定反映如果业务合并发生在所指日期，New NorthStar的财务状况或经营成果。此外，假设性合并财务信息可能无法用于预测New NorthStar未来的财务状况和经营成果。由于各种因素，New NorthStar的实际财务状况和经营成果可能与本文所反映的假设性金额有显著差异。

Viking的历史财务信息来源于截至2026年6月30日止六个月的未经审计的Viking财务报表以及截至2025年12月31日止年度的经审计的Viking财务报表，这些文件已通过引用纳入。NorthStar的历史财务信息来源于截至2026年6月30日止六个月的未经审计的NorthStar合并财务报表以及截至2025年12月31日止年度的经审计的NorthStar合并财务报表，这些文件已通过引用纳入。应结合Viking和NorthStar的未经审计和经审计的财务报表及其相关附注、标题为“Viking的财务状况和经营成果管理层讨论与分析”和“NorthStar的财务状况和经营成果管理层讨论与分析”的章节以及其他通过引用纳入的财务信息一并阅读。

业务合并的描述

在2026年10月1日（“交割日”），NorthStar Earth & Space Enterprises, Inc.（“公司”），一家根据加拿大《公司法》（“CBCA”）成立的公司，根据2026年4月16日签署的、并于2026年5月15日和2026年7月15日修订的业务合并协议（“业务合并协议”），完成了此前宣布的业务合并。该协议由Viking Acquisition Corp. I（一家开曼群岛免税公司，“Viking”）、NorthStar Earth & Space Inc.（一家根据CBCA成立的公司，“NorthStar”）以及Viking NS Amalgamation Corp.（一家根据CBCA成立的公司，是Viking的全资子公司，“NewCo”）三方签署。

业务合并协议规定了以下事项（但不限于）：(i) 根据开曼群岛《公司法》（修订版）和CBCA，将Viking从开曼群岛迁移到加拿大（“迁移”）；(ii) 根据CBCA第192条进行的安排（“安排”），在此安排下，NewCo和NorthStar根据CBCA合并（“合并”）以形成一个公司实体，其中NewCo在合并中存续，并作为公司的全资子公司（“合并后公司”）；(iii) 将Viking的公司名称变更为“NorthStar Earth & Space Enterprises, Inc.”；(iv) 公司采用新章程，根据该章程，所有已发行的Viking Class A股份重新指定为New NS普通股份，创建了一种新的优先股份类别，Viking Class B股份被取消；(v) 将NorthStar的证券和股权奖励兑换为公司的证券和股权奖励；以及(vi) 将New NS普通股份和New NS公众认股权证在NYSE American LLC（“NYSE American”）上市（与业务合并协议及其所涉文件中规定的其他交易一起，统称为“业务合并”）。

股份被取消；(v) 将NorthStar证券和股权奖励兑换为公司的证券和股权奖励；以及(vi) 将New NS普通股份和New NS公众认股权证在NYSE American LLC（“NYSE American”）上市（与业务合并协议及其所涉文件中规定的其他交易一起，统称为“业务合并”）。

在合并和延续之前或立即之后，以及其他事项：(i) NorthStar完成了根据安排计划设想的资本重组，包括对其已发行股票、可转换债券、股东贷款、认股权证和期权的转换、交换或修订（如适用）；(ii) 根据管道协议，完成了管道融资，根据该协议，管道投资者购买了根据合并交换的NorthStar普通股，共计3,000,000股新NS普通股，总购买价格为3,000万美元，并获得了根据合并交换的NorthStar管道认股权证，以换取新NS管道认股权证，可购买共计3,000,000股新NS普通股，行权价为每股11.50美元；(iii) 发起人向管道投资者转让了共计3,000,000股维京B类股，按其在管道融资中的投资比例；(iv) 每一份已发行和流通的维京B类股被交换为一份维京A类股；(v) 公司的章程被修订，其中包括将维京A类股重新指定为新NS普通股，创建无限数量的优先股（可按系列发行），并取消维京B类股；(vi) 每一份已发行和流通的维京认股权证被修订为新NS认股权证；以及(vii) 根据发起人信函协议，公司向发起人发行了500,000股新NS普通股。

在交割日，根据安排和合并，(i) NorthStar和NewCo根据加拿大商业公司法（CBCA）合并为一个法人实体，NewCo在合并中存续，成为合并后的公司，即公司的全资子公司；(ii) 每一份已发行和流通的NorthStar普通股（除非已行使异议权的NorthStar普通股）被交换为相当于交换比率数量的新NS普通股；(iii) 每一份已发行和流通的NorthStar管道认股权证被交换为一份新NS管道认股权证，以每股11.50美元的行权价购买一份新NS普通股，该行权价可能进行调整；以及(iv) 每一份已发行和流通的NorthStar期权根据安排计划被交换为新NS交换期权。合并后，如果达到相应的基于收入的业绩目标，最多可向收益接收人发行10,000,000股额外的新NS普通股。如果满足发起人信函协议中规定的适用交易价格条件，发起人将有权获得任何新NS收益股的10%。

会计处理

根据GAAP的规定，业务合并被记账为反向资本重组。在该会计方法下，尽管维京公司收购了NorthStar的所有流通股权，但维京公司被视作“被收购”公司，而NorthStar被视作财务报表报告目的的会计收购方。因此，业务合并被视作NorthStar用股票换取维京公司净资产并伴随资本重组的等价形式。维京公司的净资产按历史成本列示，未记录商誉或其他无形资产。业务合并前的运营是NorthStar的运营。

根据以下事实和情况的评估，确定NorthStar为会计收购方：

• NorthStar的股东在新NorthStar中拥有最大的投票权；

• NorthStar构成了新NorthStar的持续运营；以及

• NorthStar现有的高级管理层是新NorthStar的高级管理层。

下表列示了业务合并后新NorthStar的股份所有权，不包括新NorthStar或有股份、维京公司公开认股权证、维京公司私募认股权证、NorthStar认股权证、NorthStar期权和NorthStar PIPE认股权证的稀释效应：

预计所有权	股份	%
公众股东	149,423	0.4	%
初始股东(1)	5,826,667	14.1	%
NorthStar股东	29,346,764	71.0	%
PIPE投资者(2)	6,000,000	14.5	%
总计	41,322,854	100.0	%

____________

(1) 包括4,666,667股创始人股份（不包括由发起人转让给PIPE投资者的3,000,000股创始人股份），660,000股私募股份，以及维京公司在交割时向发起人发行的500,000股股份，作为发起人函件的对价。

(2) 包括3,000,000股PIPE股份和由发起人转让给PIPE投资者的3,000,000股创始人股份（其中1,000,000股PIPE股份将发行给Pangaea，1,000,000股创始人股份将转让给Pangaea）。在3,000,000股PIPE股份中，有679,109股由PIPE投资者在公开市场购买。

以下为截至2026年6月30日未经审计的预计合并资产负债表，以及截至2026年6月30日止六个月和截至2025年12月31日止年度的未经审计的预计合并损益表，基于维京公司和NorthStar的未经审计和已审计的历史财务报表。未经审计的预计调整基于目前可获得的信息，未经审计的预计调整所依据的假设和估计在附注中进行了描述。实际结果可能与用于呈现附注中未经审计的预计合并财务信息的假设存在重大差异，并包括不重要的四舍五入差异。

未经审计的预计合并资产负债表
2026年6月30日

	NorthStar （历史）		Viking （历史）		Transaction Accounting Adjustments			Pro Forma Combined
Assets
Current assets
Cash	C$	434,080		C$	1,011,959	C$	32,995,643		A	C$	33,954,229
							12,157,010		C
							(174,947	)	D
							(10,433,217	)	E
							(2,036,299	)	O

Prepaid insurance		—			99,518		348,312		E		447,830
Prepaid expenses		164,718			10,749		—				175,467
Accounts receivable		2,677,404			—		—				2,677,404
Other receivables		4,552,525			—		—				4,552,525
Total current assets		7,828,727			1,122,226		32,856,502				41,807,455

Long term prepaid insurance		—			33,172		—				33,172
Cash and marketable securities held in Trust Account		—			334,942,465		(325,320,868	)	C		—
							(12,157,010	)	C
							2,535,413		N
Property and equipment, net		2,051,015			—		—				2,051,015
Right of use assets		403,123			—		—				403,123
Prepaid expenses		1,421,000			—		—				1,421,000
Intangible assets, net		4,474,899			—		—				4,474,899
Total Assets	C$	16,178,764		C$	336,097,863	C$	(302,085,963	)		C$	50,190,664

LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	C$	15,357,737		C$	—	C$	(425,000	)	E	C$	14,932,737
Accrued offering costs		—			120,843		—				120,843
Accrued expenses		—			1,469,783		(1,289,147	)	E		180,636
Promissory notes		11,507,205			—		(1,996,513	)	O		9,510,692
Short-term loans		2,284,860			—		—				2,284,860
Deferred revenue		2,641,990			—		—				2,641,990
Shareholder loans		5,550,639			—		(5,550,639	)	F		—
Advance from a shareholder		1,985,004			—		—				1,985,004
Current portion of loan payable		2,408,335			—		—				2,408,335
Current portion of long-term debt		60,596			—		—				60,596
Lease liability, current		422,279			—		—				422,279
Total current liabilities		42,218,645			1,590,626		(9,261,299	)			34,547,972

	NorthStar (Historical)	Viking (Historical)	Transaction Accounting Adjustments			Pro Forma Combined
Deferred underwriting fee	—	13,079,456	(13,079,456	)	D		—
Earnout Shares liability	—	—	109,148,060		L		109,148,060
Loan payable, net of current portion	10,591,665	—	—				10,591,665
Long-term debt, net of current portion	36,409	—	—				36,409
Convertible debentures	108,159,000	—	(108,159,000	)	F		—
Non-convertible debentures	—	—	10,963,154		F		10,963,154
Total liabilities	161,005,719	14,670,082	(10,388,541	)			165,287,260

Temporary equity
Viking class A ordinary shares subject to possible redemption, $0.0001 par value; 23,000,000 shares at redemption value	—	334,942,465	(325,320,868	)	C		—
			(12,157,010	)	H
			2,535,413		N
NorthStar class A preferred shares, no par value, 250,000 shares issued and outstanding	25,000,000	—	(25,000,000	)	F		—
NorthStar class B preferred shares, no par value, 355,401 shares issued and outstanding	32,535,234	—	(32,535,234	)	F		—
NorthStar class B-1 preferred shares, no par value, 140,000 shares issued and outstanding	14,000,000	—	(14,000,000	)	F		—
NorthStar class B common stock, $0.01 par value, 87,504 shares issued and outstanding	875	—	(875	)	F		—

Shareholders’ (deficit) equity
Viking preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding	—	—	—				—
Viking class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 660,000 issued and outstanding	—	94	1,090		B		—
			118		H
			71		I
			(1,373	)	J

	NorthStar （历史）		Viking （历史）	交易会计调整			调整后合并
收入
服务收入	加元	10,645,373		加元	—		加元	—			加元	10,645,373

运营费用：
项目和技术管理		10,288,464			—			—				10,288,464
一般及行政费用		6,314,572			1,749,387			(83,290	)	BB		7,980,669
销售和营销费用		2,155,493			—			—				2,155,493
折旧和摊销费用		2,686,362			—			—				2,686,362
运营亏损		(10,799,518	)		(1,749,387	)		83,290				(12,465,615	)

其他费用（收入）：
信托账户中持有的可交易证券的利息收入		—			(1,910,140	)		1,910,140		AA		—
信托账户中持有的可交易证券的未实现收益		—			(127,540	)		127,540		AA		—
利息收入		(24,907	)		—			—				(24,907	)
利息支出		2,333,936			—			(616,838	)	CC		1,495,070
								(222,028	)	DD

外汇收益		(43,514	)		—			—				(43,514	)
可转换债券公允价值变动		10,259,000			—			(9,257,822	)	CC		1,001,178
研发税收抵免		(2,127,027	)		—			—				(2,127,027	)
其他费用（收入）净额		10,397,488			(2,037,680	)		(8,059,008	)			300,800
净（亏损）收入	加元	(21,197,006	)	加元	288,293		加元	8,142,298			加元	(12,766,415	)
按Class A和Class B普通股计算的基本和稀释后净亏损	加元	(40.98	)
按Class A普通股计算的基本净收入				加元	0.01
按Class B普通股计算的基本净收入				加元	0.01
按Class A普通股计算的稀释后净收入				加元	0.01
按Class B普通股计算的稀释后净收入				加元	0.01
按基本和稀释计算的调整后加权平均流通股数												41,322,854
按基本和稀释计算的调整后每股净亏损											加元	(0.31	)

基础指标波动率：		17.2	%
股票波动率：		57.3	%
所需收入指标风险溢价（连续）		4.8	%
相关系数		0.34
股票价格：	$	7.72

	截至及自 6个月结束 2026年6月30日
净亏损	加元	(11,536,469	)
股东权益赤字		(115,096,596	)
加权平均股份 outstanding(1)		41,322,854
每股普通股净亏损，基本和稀释	加元	(0.28	)
每股账面赤字	加元	(2.79	)

	截至 2025年12月31日止年度
净亏损	加元	(12,766,415	)
加权平均股份 outstanding(1)		41,322,854
每股普通股净亏损，基本和稀释	加元	(0.31	)

	For the three months ended June 30		Variance
2026 C$	2025 C$		Change C$		Change C$
Revenue
Services revenue	5,994,464			4,225,877		1,768,587		42	%
Grant revenue	80,800			0		80,800
	6,075,264			4,225,877		1,849,387		44	%
Operating Expenses:
Program and technical management	4,818,060			2,460,622		(2,357,438	)	-96	%
General and administrative expenses	9,563,473			658,666		(8,904,807	)	-1352	%
Sales and marketing expenses	1,267,220			637,691		(629,529	)	-99	%
Depreciation and amortization expenses	670,751			673,058		2,307		0	%
Loss from operations	(10,244,240	)		(204,160	)	(10,040,080	)	-4918	%

	For the six months ended June 30		Variance
	2026 C$		2025 C$		Change C$	Change C$
Revenue
Services revenue	8,354,971			6,068,654		2,286,317		38	%
Grant revenue	330,600			—		330,600
	8,685,571			6,068,654		2,616,917		43	%
Operating Expenses:
Program and technical management	7,518,590			4,840,837		(2,677,753	)	-55	%
General and administrative expenses	10,751,346			1,633,709		(9,117,637	)	-558	%
Sales and marketing expenses	1,780,506			1,145,592		(634,914	)	-55	%
Depreciation and amortization expenses	1,341,287			1,346,058		4,771		0	%
Loss from operations	(12,706,158	)		(2,897,542	)	(9,808,616	)	-339	%

Other Expenses (income)
Interest income	(10,294	)		(2,498	)	7,796		312	%
Interest expenses	1,351,347			1,022,219		(329,128	)	-32	%
Foreign exchange (gain) loss	147,894			(23,115	)	(171,009	)	-740	%
Change in fair value of convertible debentures	9,265,000			5,761,275		(3,503,725	)	-61	%
Gain on extinguishment of a liability	(3,040,000	)		—		3,040,000
R&D tax credit	(1,689,601	)		(1,177,142	)	512,459		44	%
Net loss	(18,730,504	)		(8,478,281	)	(10,252,223	)	-121	%

	For the years ended December 31,		Variance
	2025 C$		2024 C$	Change C$		Change %
Revenue
Services Revenue	C$	10,645,373		C$	8,375,737		C$	2,269,636		27	%

Operating Expenses
Program and technical management		10,288,464			9,634,544			(653,920	)	(7	)%
General and administrative expenses		6,314,572			5,269,195			(1,045,377	)	(20	)%
Sales and marketing expenses		2,155,493			3,243,384			1,087,891		34	%
Depreciation and amortization expenses		2,686,362			2,682,872			(3,490	)	(0.1	)%
Impairment of setup fees and launch costs		—			10,198,603			10,198,603		100.0	%

Loss from Operations		(10,799,518	)		(22,652,861	)		11,853,343		52	%

Other Expenses, net:
Interest income		(24,907	)		(91,219	)		(66,312	)	(73	)%
Interest expenses		2,333,936			1,274,135			(1,059,801	)	(83	)%
Foreign exchange loss (gain)		(43,514	)		143,932			187,446		130	%
Change in fair value of convertible debenture		10,259,000			5,347,000			(4,912,000	)	(92	)%
R&D tax credit		(2,127,027	)		(1,958,302	)		168,725		9	%
Net loss	C$	(21,197,006	)	C$	(27,368,407	)	C$	6,171,401		23	%

	For the six months ended June 30,
2026 C$	2025 C$
Cash used in operating activities	C$	(1,833,232	)	C$	(2,060,878	)
Cash used in investing activities	C$	(861,339	)	C$	(32,684	)
Cash provided by financing activities	C$	1,715,681		C$	2,549,818

		Page
Condensed Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025		F-2
Condensed Statement of Operations for the Three and Six Months Ended June 30, 2026 (Unaudited)		F-3
Condensed Statement of Changes in Shareholders’ Deficit for the Three and Six Months Ended June 30, 2026 (Unaudited)		F-4
Condensed Statement of Cash Flows for the Six Months Ended June 30, 2026 (Unaudited)		F-5
Notes to Condensed Financial Statements (Unaudited)		F-6 to F-20

2026	US$	1,600,000
2027	US$	280,000
2028	US$	670,000

	November 3, 2025
Underlying stock price	$	9.79
Exercise price	$	11.50
Volatility		6.50	%
Probability of de-SPAC and market adjustment		50.00	%
Risk-free rate		3.86	%
Expected term to de-SPAC (years)		2.00
Warrant term (years)		7.00

Cash Flows from Operating Activities:
Net income	$	207,678
Adjustments to reconcile net income to net cash used in operating activities:
Formation costs paid through promissory note – related party		4,697
Payment of general and administrative costs through advances from related party		12,420
Interest earned on marketable securities held in Trust Account		(1,376,013	)
Unrealized gain on marketable securities held in Trust Account		(91,876	)
Share-based compensation expense		1,023,997

Changes in operating assets and liabilities:
Prepaid expenses		(23,776	)
Long term prepaid insurance		(128,333	)
Accounts payable and accrued expenses		91,037
Net cash used in operating activities		(280,169	)

Cash Flows from Investing Activities:
Investment of cash in Trust Account		(230,000,000	)
Net cash used in investing activities		(230,000,000	)

Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid		224,825,000
Proceeds from sale of Private Placement Units		6,600,000
Underwriters’ reimbursement		575,000
Repayment of promissory note – related party		(98,194	)
Payment of offering costs		(344,300	)
Net cash provided by financing activities		231,557,506

Net Change in Cash		1,277,337
Cash – Beginning of period		—
Cash – End of period	$	1,277,337

Noncash investing and financing activities:
Offering costs included in accrued offering costs	$	89,090
Deferred offering costs paid through promissory note – related party	$	81,002
Deferred underwriting fee payable	$	9,200,000

Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(4,830,000	)
Public Shares issuance costs		(14,023,535	)
Plus:
Remeasurement of carrying value to redemption value		20,321,424
Class A ordinary shares subject to possible redemption, December 31, 2025	$	231,467,889

Report of Independent Registered Public Accounting Firm (PCAOB ID Number 100)		F-21
Balance Sheet as of December 31, 2025		F-22
Statement of Operations for the period from July 24, 2025 (Inception) through December 31, 2025		F-23
Statement of Changes in Shareholders’ Deficit for the period from July 24, 2025 (Inception) through December 31, 2025		F-24
Statement of Cash Flows for the period from July 24, 2025 (Inception) through December 31, 2025		F-25
Notes to Financial Statements		F-26 to F-38

		Page
Unaudited Condensed Consolidated Balance Sheets		F-39
Unaudited Condensed Consolidated Statements of Operations and Comprehensive loss		F-40
Unaudited Condensed Consolidated Statements of Stockholders’ Deficit for the three and six months ended June 30, 2026		F-41
Unaudited Condensed Consolidated statement of cash flows		F-42
Notes to unaudited condensed consolidated financial statements		F-43 to F-51

Report of Independent Registered Public Accounting Firm (PCAOB ID:-1263)		F-52
Consolidated Balance Sheets as of December 31, 2025 and 2024		F-53
Consolidated Statements of Operations and Comprehensive loss for the Years Ended December 31, 2025 and 2024		F-54
Consolidated Statements of Stockholders’ Equity (Deficit) for the Years Ended December 31, 2025 and 2024		F-55
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024		F-56
Notes to the Consolidated Financial Statements		F-57 to F-85

	June 30, 2026		December 31, 2025

	(Unaudited)
Assets:
Current assets
Cash	$	711,805		$	1,277,337
Prepaid insurance		70,000			70,000
Prepaid expenses		7,561			23,851
Total current assets		789,366			1,371,188
Long-term prepaid insurance		23,333			58,333
Cash and marketable securities held in Trust Account		235,596,242			231,467,889
Total Assets	$	236,408,941		$	232,897,410

Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit
Liabilities:
Current liabilities
Accrued offering costs	$	85,000		$	89,090
Accrued expenses		1,033,835			91,037
Total current liabilities		1,118,835			180,127
Deferred underwriting fee		9,200,000			9,200,000
Total Liabilities		10,318,835			9,380,127

Commitments and Contingencies (Note 6)
Class A ordinary shares subject to possible redemption, $0.0001 par value; 23,000,000 shares at redemption value of approximately $10.24 and $10.06 per share as of June 30, 2026 and December 31, 2025, respectively		235,596,242			231,467,889

Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of June 30, 2026 and December 31, 2025		—			—
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 660,000 issued and outstanding (excluding 23,000,000 shares subject to possible redemption) as of June 30, 2026 and December 31, 2025		66			66
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,666,667 shares issued and outstanding as of June 30, 2026 and December 31, 2025		767			767
Additional paid-in capital		—			—
Accumulated deficit		(9,506,969	)		(7,951,439	)
Total Shareholders’ Deficit		(9,506,136	)		(7,950,606	)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit	$	236,408,941		$	232,897,410

	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026
General and administrative costs	$	1,281,804		$	1,555,530
Loss from operations		(1,281,804	)		(1,555,530	)

Other income:
Interest income on marketable securities held in Trust Account		(2,119,699	)		(4,128,353	)
Total other income		2,119,699			4,128,353

Net income	$	837,895		$	2,572,823

Weighted average shares outstanding of Class A ordinary shares, basic and diluted		23,660,000			23,660,000
Basic and diluted net income per share, Class A ordinary shares	$	0.03		$	0.08
Weighted average shares outstanding, Class B ordinary shares, basic and diluted		7,666,667			7,666,667
Basic and diluted net income per share, Class B ordinary shares	$	0.03		$	0.08

	Class A Ordinary Shares	Class B Ordinary Shares		Additional Paid-in Capital		Accumulated Deficit		Total Shareholders’ Deficit
Shares	Amount	Shares		Amount
Balance – December 31, 2025	660,000	$	66		7,666,667		$	767	$	—	$	(7,951,439	)	$	(7,950,606	)
Accretion for Class A ordinary shares to redemption amount	—		—		—			—		—		(2,008,654	)		(2,008,654	)
Net income	—		—		—			—		—		1,734,928			1,734,928
Balance – March 31, 2026 (unaudited)	660,000		66		7,666,667			767		—		(8,225,165	)		(8,224,332	)
Accretion for Class A ordinary shares to redemption amount	—		—		—			—		—		(2,119,699	)		(2,119,699	)
Net income	—		—		—			—		—		837,895			837,895
Balance – June 30, 2026 (unaudited)	660,000	$	66		7,666,667		$	767	$	—	$	(9,506,969	)	$	(9,506,136	)

	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026
Basic and diluted net income per ordinary share	Class A		Class B		Class A	Class B
Basic and diluted net income per Ordinary Share
Numerator:
Allocation of net income	$	632,835		$	205,060	$	1,943,168	$	629,655
Denominator:
Basic and diluted weighted average Ordinary Shares outstanding		23,660,000			7,666,667		23,660,000		7,666,667
Basic and diluted net income per Ordinary Share	$	0.03		$	0.03	$	0.08	$	0.08

Description	Level	June 30, 2026
Assets:
Cash and marketable securities held in Trust Account	1	$	235,596,242

General and administrative costs	$	1,260,211
Loss from operations		(1,260,211	)

Other income:
Interest income on marketable securities held in Trust Account		1,376,013
Unrealized gain on marketable securities held in Trust Account		91,876
Total other income		1,467,889

Net income	$	207,678
Weighted average shares outstanding of Class A ordinary shares, basic		8,576,750
Basic net income per share, Class A ordinary shares	$	0.01
Weighted average shares outstanding, Class B ordinary shares, basic(1)		7,029,167
Basic net income per share, Class B ordinary shares	$	0.01
Weighted average shares outstanding of Class A ordinary shares, diluted		8,576,750
Diluted net income per share, Class A ordinary shares	$	0.01
Weighted average shares outstanding, Class B ordinary shares, diluted(1)		7,235,417
Diluted net income per share, Class B ordinary shares	$	0.01

	For the Period from July 24, 2025 (Inception) Through December 31, 2025
Basic net income per ordinary share	Class A		Class B
Basic net income per ordinary share
Numerator:
Allocation of net income, as adjusted	$	114,136		$	93,542
Denominator:
Basic weighted average ordinary shares outstanding		8,576,750			7,029,167
Basic net income per ordinary share	$	0.01		$	0.01

	For the Period from July 24, 2025 (Inception) Through December 31, 2025
Diluted net income per ordinary share	Class A		Class B
Diluted net income per ordinary share
Numerator:
Allocation of net income, as adjusted	$	112,648		$	95,030
Denominator:
Diluted weighted average ordinary shares outstanding		8,576,750			7,235,417
Diluted income per ordinary share	$	0.01		$	0.01

	For the Period from July 24, 2025 (Inception) through December 31, 2025
Operating and formation costs	$	236,214
Interest earned on marketable securities held in Trust Account	$	1,376,013

	For the three months ended June 30,		For the six months ended June 30,
	2026		2025	2026		2025
Revenue
Services revenue	C$	5,994,464		C$	4,225,877		C$	8,354,971		C$	6,068,654
Grant income		80,800			—			330,600			—
	C$	6,075,264		C$	4,225,877		C$	8,685,571		C$	6,068,654
Operating Expenses:
Program and technical management		4,818,060			2,460,622			7,518,590			4,840,837
General and administrative expenses		9,563,473			658,666			10,751,346			1,633,709
Sales and marketing expenses		1,267,220			637,691			1,780,506			1,145,592
Depreciation and amortization expenses		670,751			673,058			1,341,287			1,346,058
Loss from operations	C$	(10,244,240	)	C$	(204,160	)	C$	(12,706,158	)	C$	(2,897,542	)

Other Expenses (income)
Interest income		(6,226	)		—			(10,294	)		(2,498	)
Interest expenses		687,244			516,609			1,351,347			1,022,219
Foreign exchange (gain) loss		87,460			(83,249	)		147,894			(23,115	)
Change in fair value of convertible debentures		858,000			2,880,637			9,265,000			5,761,275
Gain on extinguishment of a liability		(3,040,000	)		—			(3,040,000	)		—
R&D tax credit		(546,169	)		(409,187	)		(1,689,601	)		(1,177,142	)
Total other expenses		(1,959,691	)		2,904,810			6,024,346			5,580,739

Net loss	C$	(8,284,549	)	C$	(3,108,970	)	C$	(18,730,504	)	C$	(8,478,281	)

Basic and diluted weighted average shares outstanding, Class A and Class B common stock		549,527			542,527			549,527			542,527
Basic and diluted net loss per Class A and Class B Common Stock		(15.59	)		(6.25	)		(35.10	)		(16.66	)

Other comprehensive loss:
Foreign currency translation adjustments		(145,376	)		286,288			(219,318	)		229,687
Total other comprehensive loss		(145,376	)		286,288			(219,318	)		229,687
Comprehensive loss	C$	(8,429,925	)	C$	(2,822,682	)	C$	(18,949,822	)	C$	(8,248,594	)

	Class A Common Shares	Additional Paid in capital		Accumulated Deficit		Accumulated other comprehensive loss	Total Stockholders’ Deficit
	Shares	Amount
Balance as at December 31, 2025	462,023	$	4,620		C$	3,935,405	C$	(201,202,911	)	C$	(154,848	)	C$	(197,417,734	)
Net loss for the period	—		—			—		(18,730,504	)		—			(18,730,504	)
Currency translation adjustment	—		—			—		—			(219,318	)		(219,318	)
Stock-based compensation	—		—			4,492		—			—			4,492
Balance as at June 30, 2026	462,023	$	4,620		C$	3,939,897	C$	(219,933,415	)	C$	(374,166	)	C$	(216,363,064	)

	June 30, 2026		December 31, 2025
Research and Development tax credits receivable	C$	3,816,628		C$	2,127,027
Sales taxes receivable		557,505			388,357
Government grants funding receivable		178,392			171,189
Total	C$	4,552,525		C$	2,686,573

	June 30, 2026		December 31, 2025
Litigation liability	C$	7,607,588		C$	—
Accounts payable		6,478,731			1,302,366
Accrued liabilities		504,292			443,191
Accrued payroll		328,921			565,585
Sales taxes payable		438,205			—
Total	C$	15,357,737		C$	2,311,142

	June 30, 2026		December 31, 2025
	Nominal Amount		Fair Value		Nominal Amount	Fair Value
Secured convertible debentures – preferred shares D	C$	54,779,539		C$	52,211,000	C$	52,145,139	C$	49,120,000
Secured convertible debenture – preferred shares C		20,928,192			20,482,000		19,921,735		19,070,000
Secured convertible debenture issued on July 26, 2021		8,004,115			8,901,000		7,772,846		8,686,000
Unsecured convertible debenture issued on September 11, 2018		20,499,380			26,565,000		19,907,076		22,018,000
Total	C$	104,211,226		C$	108,159,000	C$	99,746,796	C$	98,894,000

Discount Rate	2026		2025
Secured convertible debentures – preferred shares D	13.0	%		14.0	%
Secured convertible debenture – preferred shares C	13.0	%		14.0	%
Secured convertible debenture issued on July 26, 2021	16.2	%		17.4	%
Unsecured convertible debenture issued on September 11, 2018	17.2	%		18.4	%

	June 30, 2026	December 31, 2025
	Number of options outstanding	Number of options exercisable	Weighted average remaining contractual life (Years)	Number of options outstanding	Number of options exercisable	Weighted average remaining contractual life (Years)
Exercise price
$0.83	6,713	6,713	2.25	6,713	6,713	2.75
$0.83	450	450	3.00	450	450	3.5
$0.83	8,024	7,585	4.75	8,024	6,623	5.25
$0.83	31,371	4,398	7.75	31,471	2,623	8.25
	46,558	19,146	4.38	46,658	16,409	4.88

	December 31,
	2025		2024
Assets
Current assets
Cash	C$	1,267,957		C$	1,149,197
Accounts receivable		925,595			452,176
Other receivables		2,686,573			1,961,995
Prepaid expenses		158,226			177,124
Total current assets		5,038,351			3,740,492

Property and equipment, net		897,171			949,246
Right of use assets		633,692			1,087,598
Intangible assets		5,753,441			8,310,526
Total Assets	C$	12,322,655		C$	14,087,862

Liabilities and shareholders’ deficit
Accounts payable and accrued liabilities	C$	2,311,142		C$	1,596,824
Promissory notes		10,707,947			9,594,352
Short-term loans		2,284,860			—
Deferred revenue		2,108,044			1,742,620
Shareholder loans		5,175,494			3,037,162
Current portion of loan payable		1,808,333			—
Current portion of long-term debt		59,472			180,399
Lease liability, current		476,206			450,129
Non-controlling interests		2,940,000			—
Total current liabilities		27,871,498			16,601,486

Loans payable		11,191,667			13,000,000
Long-term debt		66,991			126,462
Convertible debentures		98,894,000			88,635,000
Lease liability, non current		180,124			656,330
Total liabilities		138,204,280			119,019,278

Temporary equity
Class A preferred shares, no par value, 250,000 shares issued and outstanding at December 31, 2025 and 2024		25,000,000			25,000,000
Class B preferred shares, no par value, 355,401 shares issued and outstanding at December 31, 2025 and 2024		32,535,234			32,535,234
Class B-1 preferred shares, no par value, 140,000 shares issued and outstanding at December 31, 2025 and December 31, 2024		14,000,000			14,000,000
Class B common stock, $0.01 par value, 87,504 shares issued and outstanding at December 31, 2025 and 2024		875			875
		71,536,109			71,536,109

Stockholders’ equity (deficit)
Class A common shares, $0.01 par value, 462,023 shares issued and outstanding at December 31, 2025 and 2024		4,620			4,550
Additional paid-in capital		3,935,405			3,902,800
Accumulated other comprehensive loss		(154,848	)		(368,970	)
Accumulated deficit		(201,202,911	)		(180,005,905	)
Total stockholders’ deficit		(197,417,734	)		(176,467,525	)
Total liabilities and shareholders’ deficit	C$	12,322,655		C$	14,087,862