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于2026年10月19日向美国证券交易委员会提交。

注册编号 333-298956

美国

证券交易委员会

华盛顿特区 20549

第3次修正

表格\nS-1

注册声明

根据

1933年证券法

SPACCircle\n收购公司

(注册人章程中指定的全名)

开曼群岛		6770		98-1937776
(注册或组织的州或其他司法管辖区)		(主要标准行业分类代码编号)		(美国国税局雇主识别号码)

8795 Folsom Blvd\n萨克拉门托，加利福尼亚州 95826\n电话：(916) 806-7146
\n(注册人的主要执行办公室地址，包括邮编和电话号码，包括区号)

约翰·迪克森

首席执行官兼董事长

\n8795 Folsom Blvd\n萨克拉门托，加利福尼亚州 95826\n电话：(916) 806-7146
\n(服务代理人姓名，包括邮编和电话号码，包括区号)

副本发送至：

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

道格拉斯·S.埃伦霍夫，\n 法律顾问。\n 斯图尔特·纽豪泽，法律顾问。

丽佳·桑切斯，\n 法律顾问。\n 埃伦霍夫·格罗斯曼·&·肖尔律师事务所\n 1345 美洲大道\n 纽约，纽约州 10105\n (212) 370-1300

亚历山德拉·洛\n苹果比（开曼）有限公司\n 60 Nexus Way, 9楼\n 卡曼湾，\n 大开曼\n 开曼群岛\n KY1-9009\n (345) 949-4900

米切尔·S.努斯鲍姆，法律顾问。\n 亚历山德拉·E.凯恩，法律顾问\n 洛布 & 洛布律师事务所\n 345 纳帕大道\n 纽约，纽约州 10154\n 电话：(212) 407-4000

拟向公众发售的开始时间：本注册声明生效后尽快。

如果本表格上注册的任何证券拟根据1933年证券法第415条以延迟或连续方式出售，请勾选以下方框。 ☐

如果本表格是为根据1933年证券法第462(b)条进行额外证券注册而提交的，请勾选以下方框，并列出同一交易中先前生效的注册声明的证券法注册编号。 ☐

如果本表格是根据1933年证券法第462(c)条提交的生效后修正案，请勾选以下方框，并列出同一交易中先前生效的注册声明的证券法注册编号。 ☐

如果本表格是根据1933年证券法第462(d)条提交的生效后修正案，请勾选以下方框，并列出同一交易中先前生效的注册声明的证券法注册编号。 ☐

通过勾选标记表明注册人是大型加速申报者、加速申报者、非加速申报者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速申报者”、“加速申报者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速申报者	☐	加速申报者	☐
非加速申报者	☒	较小报告公司	☒
		新兴成长公司	☒

如果是一家新兴成长公司，请勾选方框，表明注册人已选择不使用根据《证券法》第7(a)(2)(B)条提供的任何新或修订的财务会计标准的延长过渡期。☐

注册人在此修订此注册声明，以在必要时将生效日期延迟至注册人提交进一步修订声明之日，该修订声明明确表示此注册声明将在根据《证券法》第8(a)条生效，或直至证券交易委员会根据上述第8(a)条确定的日期生效。

本初步招股说明书中的信息不完整，可能会发生变化。在向证券交易委员会提交的注册声明生效前，我们不得出售这些证券。本初步招股说明书不是出售这些证券的要约，也不是在任何不允许要约或销售的司法管辖区征求购买这些证券的要约。

\n \n \n \n

初步招股说明书

待完成，日期为2026年10月19日

$100,000,000

SPACCircle Acquisition Corp.

10,000,000 单位

SPACCircle Acquisition Corp. 是一家根据开曼群岛免税公司法规成立的空白支票公司，目的是与一个或多个企业或实体进行合并、股份交换、资产收购、股份购买、重组或类似业务合并，我们在此招股说明书中将此称为我们的首次业务合并。我们尚未选定任何特定目标公司，我们以及我们代表的任何人，均未直接或间接与任何目标公司就任何首次业务合并进行实质性讨论。

这是我们的证券首次公开发行。每单位的发行价格为10.00美元，包括一股A类普通股、一个可赎回认股权证和一个在我们首次业务合并完成后获得半股A类普通股的权利。每个完整的认股权证使持有人有权以每股11.50美元的价格购买一股A类普通股，具体调整情况见此处所述。只有完整的认股权证可以行使。单位分离时不会发行部分认股权证，只有完整的认股权证可以交易。认股权证在我们首次业务合并完成后30天内开始可行使，并将在我们首次业务合并完成后五年内到期，或在提前赎回或我们清算时到期，具体见此处所述。我们称单位中包含的权利为股份权利。在股份权利兑换过程中不会发行部分股份。因此，您必须拥有两个股份权利才能在首次业务合并结束时获得一股普通股。我们还授予承销商，D. Boral Capital LLC（“D. Boral”或“承销商”），一个45天的期权，从本招股说明书发布之日起，最多可购买额外1,500,000个单位，以覆盖超额配售，如有任何情况。

无论他们对拟议交易投赞成票、反对票或弃权，或者他们是否在批准拟议交易的股东大会的记录日为公众股东，我们将在我们首次业务合并完成后，向我们的公众股东提供机会，以现金支付的每股价格赎回其全部或部分A类普通股，该价格等于在我们首次业务合并完成前两个营业日，下文所述信托账户中当时存放的总金额，包括尚未释放给公司的利息（该利息将扣除从信托账户利息中提取以支付我们税款的“允许提款”金额），除以当时发行和流通的作为本次发行单位一部分的A类普通股数量，我们将其统称为我们的公众股份，受本文所述限制的约束。

如果我们无法在本次发行结束后的12个月内完成首次业务合并，或在我们的董事会可能批准的更早清算日期之前，我们将以现金支付的每股价格赎回100%的公众股份，该价格等于当时信托账户中的总金额，包括信托账户中资金产生的利息（扣除允许提款并减去最多100,000美元的利息以支付清算费用），除以当时发行和流通的公众股份数量，受适用法律及本文进一步描述的限制。如果我们预计可能无法在上述12个月期限内完成首次业务合并，我们可能会寻求股东批准修改我们经修订和重述的公司章程，以延长我们必须完成首次业务合并的日期。如果我们寻求股东批准延长，公众股份持有人将有机会以现金支付的每股价格赎回其股份，该价格等于当时信托账户中的总金额，包括其产生的利息（扣除允许提款），除以当时发行和流通的公众股份数量，受适用法律的限制。如果我们无法在完成窗口（或我们的股东批准的较晚日期）内完成首次业务合并，或在我们的董事会可能批准的更早清算日期之前完成，我们将以现金支付的每股价格赎回100%的公众股份，该价格等于当时信托账户中的总金额，包括其产生的利息（扣除允许提款和最多100,000美元的利息收入以支付清算费用），除以当时发行和流通的公众股份数量，受适用法律和本文进一步描述的某些条件的限制。

如果我们寻求股东对我们的首次业务合并的批准，并且我们不根据要约收购规则在首次业务合并过程中进行赎回，我们的修订和重述的公司章程将规定，公众股东（与该股东的任何关联方或与该股东共同行动的任何其他人或作为“集团”（根据《交易法》第13条定义）一起行动的任何人）在未经董事同意的情况下，不得就本次发行中出售的超过总计15%的股份进行赎回。

2026年4月22日，我们的发起人SPACCircle Sponsor LLC（一家特拉华州有限责任公司）支付了25,000美元以支付某些发行费用，作为交换获得了5,750,000股B类普通股，我们在此招股说明书中也将其称为创始人股份。最多750,000股创始人股份可能根据承销商的超额配售选择权的行使程度而被我们的发起人放弃。如果没有任何创始人股份被放弃，相应的购买价格将约为每股0.004美元。在我们的发起人向公司注资25,000美元之前，公司没有任何资产，无论是有形还是无形的。发行的创始人股份数量是基于预期在本次发行后，创始人股份将约占流通股的33%（不包括初始股东可能在本次发行中购买的任何单位所依据的股份以及私人配售单位所依据的普通股）。这种结构不同于其他空白支票公司的结构，这些公司通常规定，B类普通股在发行完成后将占流通普通股的20%。如果我们根据《证券法》第462(b)条增加或减少发行规模，我们将在发行完成前立即实施资本化或股份放弃或赎回或其他适当机制，以保持初始股东在本次发行前的股份所有权约为我们已发行和流通普通股的33%（不包括初始股东可能在本次发行中购买的任何单位所依据的股份以及私人配售单位所依据的普通股）在本次发行完成时。由于B类普通股的反稀释权利可能导致在转换时以超过一比一的比例发行A类普通股，因此与B类普通股转换相关的A类普通股的发行可能导致我们的公众股东面临重大稀释。如果未能完成首次业务合并，创始人股份和私人配售单位将毫无价值。

此外，我们的赞助商将在与本次发行同时完成的私募交易中，以总计2,665,900美元（或如果承销商全部行使超额配售选择权，最多为2,853,400美元）的价格购买总计266,590个私募单位（或最多285,340个私募单位）。每个私募单位包括一股私募A类普通股、一个私募可赎回认股权证和一个在首次业务合并完成后有权获得半股A类普通股的权利。私募单位与本次发行中出售的单位相同，只是私募单位（包括其底层证券）享有某些登记权利，并且在我们首次业务合并完成后30天内，持有人不得转让、分配或出售私募单位，除非有特定的有限例外情况，具体见“主要股东——创始人股份和私募单位的转让”。赞助商持有的创始人股份将在我们首次业务合并时转换为A类普通股，并会稀释公众股东。B类普通股的反稀释保护可能会进一步增加这种稀释，因为与我们首次业务合并相关的任何股权或股权关联证券的发行或视为发行，都会不成比例地稀释我们的A类普通股。

创始股东股份与本次发行中出售的单位中包含的A类普通股相同，但有以下不同：(i) 仅创始股东有权就以下事项投票：(A) 在完成首次业务合并前，任命和罢免董事；以及(B) 在首次业务合并完成前，只要存在任何B类普通股发行和流通，继续将公司留在开曼群岛以外的司法管辖区（包括为修改公司章程文件或制定新的公司章程文件而需要的任何特别决议，所有这些均因公司批准通过在开曼群岛以外的司法管辖区进行延续而产生)；(ii) 创始股东股份受到某些转让限制；(iii) 我们的发起人、高管和董事已与我们签订了一份信函协议，根据该协议，他们同意(A) 放弃其持有的创始股东股份以及在本次发行期间或之后因完成我们的首次业务合并而可能获得的任何公众股份的赎回权；(B) 如果我们在本次发行结束后的12个月内未能完成首次业务合并，或在董事会可能批准的更早清算日期之前，放弃其从信托账户中获得清算分配的权利（尽管如果我们在规定的时间框架内未能完成首次业务合并，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(iv) 创始股东股份将在我们的首次业务合并时自动转换为我们的A类普通股，按一比一的比例转换，根据此处所述和我们在修订和重述后的章程和细则中所述的某些反稀释权利进行调整。此外，如果我们的发起人或其关联方或某些高管和董事提供任何营运资金贷款，最多可将其中的100万美元贷款转换为私募配售单位，贷款人可以选择以每单位10美元的价格进行转换。此类单位将与私募配售单位相同。部分发行费用已从我们发起人的贷款所得中支付，最多为37.5万美元，如本招股说明书所述。截至2026年6月30日，我们已根据与发起人签订的本票借入了14.25万美元。这些贷款将在本次发行完成后，从已分配用于支付发行费用的62.59万美元发行所得中偿还（在承销商的补偿和除递延承销佣金以外的其他费用之后）。由于这些贷款转换为单位而可能发生的额外证券发行，可能会导致我们公众股东的重大稀释。在本次发行完成后，我们的发起人仅投资了2.5万美元的创始股东股份购买价（或约每股份0.004美元）。详见第88页的“稀释”、“拟议业务 — 发起人信息”以及第115页的“管理层 — 高管和董事薪酬”以获取更多信息，包括对我们的发起人及其关联方的股份和薪酬的讨论。

我们的初始股东，包括我们的发起人，合计持有5,750,000股B类普通股，其中最多750,000股将在本次发行结束后根据承销商整体超额配售选择权的行使程度，以无对价方式交还给我们，这些股份将在我们首次业务合并时自动转换为A类普通股，按一对一的比例转换，具体以本文所述的调整为准。只有B类普通股的持有人才有权在（i）首次业务合并完成前投票选举和罢免董事，以及（ii）在首次业务合并完成前，以及在任何B类普通股已发行并处于流通状态时，继续将公司维持在开曼群岛以外的司法管辖区（包括因公司通过在开曼群岛以外的司法管辖区进行延续而批准转让所导致的修改公司章程文件或采用新的公司章程文件所需的任何特别决议）。我们的A类普通股持有人在该段时间内无权就董事的选举和罢免或继续将公司维持在开曼群岛以外的司法管辖区进行投票。在提交给股东投票的其他任何事项上，B类普通股持有人和A类普通股持有人将作为一个单一类别共同投票，除非法律另有要求。

如第119页的“管理 — 利益冲突”中更详细讨论的那样，我们的一些董事和高管对他们在其中投资或提供咨询的某些其他公司负有受托或合同义务。这些实体可能与我们在收购机会上存在竞争。我们的发起人是创始人股份的实际所有人，并将在本次发行后成为私募认购单位的实际所有人，我们的管理团队成员将间接持有此类证券。由于这种所有权和利益关系，我们的发起人，以及任何在发起人中有所有权利益的董事和高管，在决定某一特定目标公司是否适合与我们进行首次业务合并方面，可能与本次发行的购买者存在实际或潜在的利益冲突。有关更多信息，请参见第7页的“概要 — 利益冲突”和“拟议业务 — 首次业务合并”以及第119页的“管理 — 利益冲突”部分。我们的发起人购买创始人股份的低价创造了一种激励机制，即使我们选择的收购目标随后价值下降且对公众股东不盈利，我们的发起人仍可能获得可观利润。然而，如果我们未能完成首次业务合并，创始人股份和私募认购单位将变得一文不值，除非持有人从信托账户以外的资产中获得清算分配，这可能促使我们的发起人以及在发起人中有所有权利益的执行官和董事即使我们选择的收购目标随后价值下降且对公众股东不盈利，也仍有动力完成交易。相比之下，我们的公众股东将按比例获得当时存放在信托账户中的总金额（包括信托账户中资金产生的利息，该利息扣除允许的提款后，再扣除最多100,000美元用于支付清算费用）的分配。此外，如果目标公司要求保留或辞退任何此类高管和董事作为与我们首次业务合并相关协议的条件，我们的每位高管和董事在评估特定业务合并时可能也会存在利益冲突。此外，在我们的证券在纳斯达克上市后，我们将按每月10,000美元的标准，报销我们的发起人为我们的管理团队成员提供的办公空间、秘书和行政服务。

在本次发行之前，我们的单位、A类普通股、认股权证或股份权利没有公开交易市场。我们已申请将我们的单位在纳斯达克上市，代码为“SCQCU”，在本招股说明书日期或之后尽快。我们不能保证我们的证券会获得纳斯达克的上市批准。我们预计，构成单位的A类普通股、认股权证和股份权利将在本招股说明书日期后的第52天开始分别交易，除非D. Boral通知我们其决定允许更早的分别交易，前提是我们在满足某些条件后。一旦构成单位的证券开始分别交易，我们预计A类普通股、认股权证和股份权利将在纳斯达克分别以“SCQC”、“SCQCW”和“SCQCR”为代码上市。

根据适用的联邦证券法，我们是一家“新兴成长公司”和“较小的报告公司”，并将受到减少的上市公司报告要求的约束。投资我们的证券涉及很高的风险。请参阅第35页开始的“风险因素”部分，了解在考虑投资我们的证券时应考虑的信息。投资者将无权享受规则419空白支票发行中通常为投资者提供的保护。

美国证券交易委员会或任何州证券委员会均未批准或否决这些证券，也未确定本招股说明书是否真实或完整。与此相反的任何陈述都是犯罪行为。

在开曼群岛，不得向公众发出任何直接或间接的认购我们任何证券的要约或邀请。

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	每单位		总计
公开发行价格	$	10.00		$	100,000,000
承销折扣和佣金⁽¹⁾	$	.20		$	2,000,000
扣除我们费用后的收益	$	9.80		$	98,000,000

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(1)

包括每单位0.20美元，或总计200万美元（如果承销商完全行使超额配售选择权，则为230万美元），在本次发行结束时支付给承销商。在结束时，承销商将报销公司与本次发行相关的费用，金额不超过125万美元（如果承销商完全行使超额配售选择权，则为143.75万美元）。本表不包括每单位0.40美元，或总计400万美元（如果承销商完全行使超额配售选择权，则为460万美元），支付给承销商的延期承销佣金，这些款项将存入美国的信托账户，如本文所述，并且只有在完成首次业务合并后才会支付给承销商；但是，每单位0.40美元仅在完成首次业务合并后，所有已正确提交的股东赎回金额留在信托账户中时才应支付。此外，还排除了与本次发行相关的承销商的某些费用和开支。有关支付给承销商的补偿和其他价值项目的描述见本文第163页“承销”部分。

我们从本次发行及本招股说明书所述私募配售单位的销售中获得的收益中，将有100,500,000美元，或如果承销商完全行使超额配售选择权，则为115,575,000美元（每单位10.05美元），存入由Equiniti Trust Company, LLC担任受托人的美国信托账户。除可能因信托账户中资金产生的利息而根据允许的提款释放给我们外，信托账户中持有的资金在以下最早发生的事件前不会从信托账户中释放：(i) 我们完成首次业务合并；(ii) 任何正确提交的公众股份在股东投票修改我们经修订和重述的公司章程（A）以修改我们与首次业务合并相关的赎回义务的实质或时间，或（B）关于任何其他与股东权利或首次业务合并前活动相关的条款的投票中被赎回；以及(iii) 如果我们在本次发行结束后的12个月内或董事会可能批准的更早清算日期前未完成首次业务合并，我们的公众股份将被赎回，受适用法律的约束。存入信托账户的收益可能因我们的债权人（如有）的索赔而受到约束，这些索赔可能优先于我们公众股东的索赔。

由于我们的发起人以名义价格获得创始人股份，我们的公众股东将立即和大幅稀释。在本次发行结束时，假设单位中包含的认股权证或股份权利没有价值，您和其他公众股东将立即和大幅稀释约98.70%（或每股份9.87美元，假设不行使承销商的超额配售选择权），即每股经调整的有形账面价值0.13美元与每单位初始发行价10.00美元之间的差额。如果在我们首次业务合并时，B类普通股的反稀释条款导致B类普通股转换为A类普通股的比例超过一比一，这种稀释将更加严重。此外，由于创始人股份的反稀释保护，任何与我们首次业务合并相关的股权或股权关联证券的发行或视为发行，都将对我们A类普通股造成不成比例的稀释。如果其他公众股东寻求从信托中赎回，这种稀释将更加严重。请参见第53页的“风险因素 — 与我们证券相关的风险 — 我们的发起人总共支付了25,000美元，或约0.004美元每创始人股份，因此您在购买我们的A类普通股后将立即和大幅稀释。”

下表说明了普通股每类A普通股的公开定价与我们调整后的每股有形账面价值（“NTBV”）之间的差异，该调整考虑了本次发行以及假设以不同水平赎回公众股份的情况。有关更多信息，请参见第76页的“稀释”。

截至2026年6月30日
发行价格每类A普通股10.00美元		最大赎回额的25%			最大赎回额的50%		最大赎回额的75%	最大赎回额
NTBV		NTBV			NTBV与发行价之间的差额		NTBV	NTBV与发行价之间的差额		NTBV			NTBV与发行价之间的差额		NTBV	NTBV与发行价之间的差额
假设完全行使超额配售选择权
$	6.37		$	5.73		$	4.27	$	4.77		$	5.23		$	3.20	$	6.80	$	0.13	$	9.87

假设不行使超额配售选择权
$	6.37		$	5.72		$	4.28	$	4.77		$	5.23		$	3.19	$	6.81	$	0.13	$	9.87

承销商正在以固定承诺方式出售单位。承销商预计将在2026年[_______]左右将单位交付给购买者。

唯一主承销商

D. Boral Capital

, 2026

		页码
概要		1
本次发行		13
关于前瞻性声明的警示性说明		30
风险因素概要		31
财务数据概要		32
风险因素		33
募集资金的使用		68
股息政策		73
稀释		74
资本结构		76
管理层讨论与分析财务状况和经营成果		77
拟议的业务		83
管理层		111
主要股东		122
某些关系和关联方交易		125
证券描述		128
所得税考虑		149
承销		160
法律事项		167
专家		167
您可以获取更多信息的地方		167
财务报表索引		F-1

我们对本招股说明书中的信息负责。我们和承销商均未授权任何人向您提供任何与本招股说明书中的信息不同的或不一致的信息。我们和承销商均未在任何禁止提供或销售证券的司法管辖区提供出售证券的要约。您不应假定本招股说明书中的信息在除本招股说明书封面所示日期以外的任何日期都是准确的。

商标

本招股说明书包含对其他实体的商标和服务标志的引用。为方便起见，本招股说明书中提到的商标和商号可能未显示^®或™符号，但此类引用并不意在以任何方式表明，适用的许可方不会根据适用法律 fullest 的权利，对其这些商标和服务标志提出主张。我们无意通过使用或展示其他实体的商号、商标或服务标志来暗示与任何其他实体之间的关系，或暗示该等实体对我们的认可或赞助。

概要

本概要仅突出显示了本招股说明书中其他部分的更详细信息。在投资前，请仔细阅读本招股说明书的全部内容，包括“风险因素”部分以及本招股说明书中其他地方包含的财务报表和相关附注。

除非本招股说明书中另有说明，否则对以下内容的引用：

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“修订和重述的公司章程和细则”是指我们修订和重述的公司章程和细则；

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“A类普通股”是指我们面值为每股0.0001美元的A类普通股；

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“B类普通股”是指我们面值为每股0.0001美元的B类普通股；

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“公司”、“我们公司”、“我们”或“我们”是指SPACCircle Acquisition Corp.，一家开曼群岛豁免公司；

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“公司法”是指开曼群岛的《公司法》（经修订），该法可能不时进行修订；

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“股权关联证券”是指任何可转换、可行使或可交换为与业务合并相关的融资交易中发行的我们公司的A类普通股的债务或股权证券，包括但不限于股权或债务的私募发行；

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“创始人股份”是指我们发起人在此发行前通过私募购买的B类普通股，除非上下文另有要求，否则指根据本协议规定转换后发行的A类普通股；

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“初始股东”是指此发行前我们创始人股份的持有人；

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“信函协议”是指信函协议，其形式作为本招股说明书所构成的注册声明的附录提交；

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“管理层”或我们的“管理团队”是指我们的高管和董事；

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“普通股”是指我们A类普通股和我们B类普通股；

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“允许的提款”是指信托账户中产生的利息（而非信托账户中的本金）已用于或可能用于支付公司应缴税款；

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“优先股”是指我们面值为每股0.0001美元的优先股，属于公司股本的一部分；

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“私募”是指我们发起人购买的总计（a）266,590份私募单位（或如果承销商的超额配售选择权被全部行使，最多可达285,340份）；

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“私募权利”是指私募中包含的股份权利；

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“私募股份”是指私募单位中包含的A类普通股；

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“私人配售单位”是指已发行的266,590个私人配售单位（如果承销商行使超额配售选择权，则为285,340个），每个单位包括一股A类普通股、一个可赎回认股权证和一个股份权利，在本次发行结束时同时通过私人配售购买； 

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“私人配售认股权证”是指包含在私人配售中的认股权证； 

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“公众股东”是指我们公众股份的持有者，包括我们的初始股东和管理团队成员，只要我们的初始股东和管理团队成员购买了公众股份，他们即被视为“公众股东”，但每位初始股东和管理团队成员作为“公众股东”的身份仅限于该公众股份；

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“公众股份”是指作为本次单位的一部分而提供的我们A类普通股（无论是在本次发行中认购还是在之后的公开市场中认购）；

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“公众认股权证”是指作为本次单位的一部分而出售的认股权证（无论是在本次发行中认购还是在之后的公开市场中认购）；

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“股份权利”是指在首次业务合并完成后，有权获得半股A类普通股的权利，这些权利作为本次发行和私人配售单位的一部分进行出售；

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“发起人”是指SPACCircle Sponsor LLC，这是一家为本次发行目的而成立的特拉华州有限责任公司，发起人不从事其他业务；发起人由SPACCatalyst LLC（一家内华达州有限责任公司）控制，而SPACCatalyst LLC的管理成员包括我们的董事Soumen Das，以及MiteshKumar Patel；

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“认股权证”是指作为本次发行和私人配售单位的一部分而出售的认股权证（无论是在本次发行中购买还是在之后的公开市场中购买），每个单位包含一个可赎回认股权证。

本招股说明书中的所有关于我们的股份被没收的表述，根据开曼群岛法律，将被视为无对价放弃这些股份。本招股说明书所述的B类普通股的任何转换，根据开曼群岛法律，将被视为B类普通股的赎回和A类普通股的发行。本招股说明书中的所有关于我们股份股息的表述，根据开曼群岛法律，将被视为股份资本化。在单位分离时不会发行零碎认股权证，只有整份认股权证会进行交易。在交换股份权利时不会发行零碎股份。因此，您必须以2的倍数持有股份权利，以便在业务合并完成后，全部股份权利转换为A类普通股。除非我们另有告知，本招股说明书中的信息假设承销商不会行使超额配售选择权，且我们的发起人将放弃750,000股创始人股份。

我们的公司

一般信息

我们是一家于2026年3月11日根据开曼群岛法律注册的豁免公司，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、重组或类似业务合并，我们在此招股说明书的全文中将此称为我们的首次业务合并。截至目前，我们尚未产生任何收入，并且我们预计最早在完成首次业务合并后才会产生运营收入。我们尚未选定任何特定的业务合并目标，我们以及我们代表的任何人，均未与任何业务合并目标就与我们进行首次业务合并进行过任何实质性讨论，无论是直接还是间接的。

目的

SPACCircle Acquisition Corp.计划识别并收购一个与我们管理团队的经验相辅相成的行业或领域的企业，并能从我们的运营专长中受益。我们将采用对行业领域的一般性方法，但特别关注我们拥有核心能力和经验的行业，例如数字资产、技术和医疗行业。然而，我们可能会在任何行业或领域寻求首次业务合并机会（受本招股说明书中描述的某些限制的约束）。

我们的领导层

我们的管理团队和董事会由经验丰富的行业高管组成，他们对包括数字资产、技术和医疗行业在内的多个行业有深入的集体理解，以及这些领域的发展和市场机会。

管理团队

约翰·迪克森是我们公司的首席执行官兼董事长，他是创立和扩大高增长公司的领导者，拥有在商业战略、市场营销、公司发展和战略合作伙伴关系方面的公认专长。自2010年10月以来，他一直担任Tech Care Now Associates, LLC的首席执行官，这是一家提供技术支持和培训服务的公司。在这一职位上，迪克森先生负责监督公司的战略方向，并就增长策略、运营效率和长期业务定位向客户提供建议。他创立了这家管理咨询公司，为多个行业的战略规划和业务发展服务。迪克森先生曾于2023年3月至2024年6月担任Katch Entertainment的首席运营官，这是一家B2B数据分析软件公司，负责日常运营，包括销售、市场推广、工程、产品开发和数据科学职能。在此之前，他于2021年1月至2023年2月担任Katch Entertainment的首席商务官，负责销售、市场推广和公司发展。在此职位上，他为公司的初步商业进展做出了贡献，包括与华纳兄弟探索、派拉蒙、AMC、Meta、Cinedigm、索尼影业和SkyShowtime的客户合作。从2006年3月至2009年2月，迪克森先生担任DoceoTech的首席执行官，这是一家无线行业培训机构，他领导公司作为无线技术培训服务的提供商成长，获得商业合同，并监督公司将业务出售给一家电信制造商。迪克森先生还担任过顾问和咨询角色，包括为Sitel和Network Solutions（一家科技公司）提供管理咨询，并担任Crossloop和Revvim的首席执行官顾问，支持战略增长计划和扩展工作。在职业生涯早期，迪克森先生曾在MCI、Sprint和Global Crossing等电信行业担任高级管理职位。迪克森先生是Captal Inc.的联合创始人，并担任董事会成员，该公司专注于为早期至A轮至C轮风险投资支持的公司和合格投资者开发代币化的私募股权市场。迪克森先生拥有北卡罗来纳大学教堂山分校的经济学文学学士学位。

Augustin Meloty-Kapella，我们的首席财务官兼董事，是一位经验丰富的财务高管，拥有在运营、战略合作伙伴关系、业务发展方面的坚实背景，以及在技术驱动型组织和资本市场环境中的经验。他曾在财富500强高科技公司担任领导职务，在硅谷初创公司担任实际操作职务，并直接参与了SPAC发起和业务合并交易。自2025年1月起，Meloty-Kapella先生担任Bokap Systems LLC的创始人兼首席执行官，该公司专注于为中小型企业提供AI原生的会计和财务平台。\n从2018年3月至2024年12月，Meloty-Kapella先生担任Explorer Acquisition LLC的首席财务官，并在特殊目的收购公司（SPAC）方面积累了丰富的经验。Explorer Acquisition LLC发起了七家SPAC：Enterprise 4.0 Technology Acquisition Corp.（2023年7月清算）、BioPlus Acquisition Corp.（2023年10月清算）、Epiphany Technology Acquisition Corp.（2023年1月清算）、Carney Technology Acquisition Corp. II（2023年2月清算）、E.Merge Technology Acquisition Corp.（2022年8月清算）、Apex Technology Acquisition Corp.（2021年7月与AvePoint, Inc.（纳斯达克：AVPT）完成首次业务合并）以及ChaSerg Technology Acquisition Corp.（2020年3月与Grid Dynamics Holdings, Inc.（纳斯达克：GDYN）完成首次业务合并）。Meloty-Kapella先生曾担任Mobissimo的首席财务官，这是一家旅游搜索引擎公司；eCullet，这是一家基于技术的玻璃加工公司；TeraRecon，这是一家KLAS解决方案提供商；以及Pelikan Technologies，这是一家医疗设备公司。他还曾担任CA Technologies（纳斯达克：AVGO）的财务副总裁，并在Quantum Corporation（纳斯达克：QMCO）、Apple Inc.（纳斯达克：AAPL）和Hewlett-Packard Company（纽约证券交易所：HPQ），（纽约证券交易所：HPE）担任过财务主管职位。在职业生涯早期，他在普华永道任职高级职位。\nMeloty-Kapella先生还通过Resources Global Professionals和Tatum担任过临时首席财务官，为跨企业软件、SaaS、数据分析、市场平台、电子商务、网络、半导体和生物技术领域的科技公司提供支持。\nMeloty-Kapella先生毕业于巴黎政治学院，并获得了巴黎第一大学索邦大学的法律和经济学学位，以及巴黎高等商学院的工商管理硕士学位。

我们的董事Soumen Das自2024年起担任SPACCatalyst LLC的管理合伙人。自2025年6月起，他同时担任SPACSphere Acquisition Corp.（纳斯达克：SSAC）的首席财务官和董事，这是一家特殊目的收购公司。自2021年6月至2024年5月，他曾在VIKASA Capital Inc.（一家投资公司）担任资本市场与投资部董事。在VIKASA期间，Mr. Das曾为Stardust在与Global Partner Acquisition Corp. II（一家SPAC）的业务合并中提供建议，该交易于2024年7月完成。在加入VIKASA之前，Mr. Das曾于2018年3月至2021年5月担任Explorer Acquisition LLC的SPAC IPO经理，该公司发起了七家SPAC：Enterprise 4.0 Technology Acquisition Corp.，于2023年7月清算；BioPlus Acquisition Corp.，于2023年10月清算；Epiphany Technology Acquisition Corp.，于2023年1月清算；Carney Technology Acquisition Corp. II，于2023年2月清算；E.Merge Technology Acquisition Corp.，于2022年8月清算；Apex Technology Acquisition Corp.，于2021年7月与AvePoint, Inc.（纳斯达克：AVPT）完成首次业务合并；以及ChaSerg Technology Acquisition Corp.，于2020年3月与Grid Dynamics Holdings, Inc.（纳斯达克：GDYN）完成首次业务合并。除了SPAC经验外，自2024年7月起，Mr. Das还担任Meditab Software Inc.（一家电子病历软件公司）的财务总监，并自2025年5月起担任DosePacker Inc.（一家健康科技公司）的首席财务官。Mr. Das还曾于2015年至2018年担任JENO RD的项目开发经理和首席财务官。Mr. Das获得了西班牙巴塞罗那ESADE商学院的工商管理硕士学位，以及印度Rourkela国立技术学院的电气工程学士学位。

在他们的职业生涯中，我们的管理团队积累了作为高管、企业家、投资者和顾问的丰富经验，成功地在早期到成熟公司的各个领域中推动了业务增长。我们的管理团队在投资和收购趋势方面有广泛的行业经验和见解，既是投资者也是运营者，并拥有广泛的联系网络，可以接触到思想领袖和行业专家。

我们的管理团队在识别增长机会和创造显著股东价值方面有着良好的业绩记录。我们认为，我们的管理团队在识别能够从有吸引力的行业趋势中受益并经历转型增长的业务合并机会方面处于有利位置。我们旨在通过提高被收购公司的运营表现，为股东创造有吸引力的回报并提升价值。我们认为，我们的管理团队在我们所关注的行业领域内的良好声誉，以及他们广泛的行业关键参与者的网络，将使我们能够识别出在公开市场中能够茁壮成长的机会。我们还相信，我们的管理团队可以通过丰富的行业知识、市场营销和财务专业知识，以及战略投资者和资源的网络，为一家新上市的公司创造显著价值。

董事

我们的管理团队的技能得到了独立董事的补充，他们在整个各行各业（包括数字资产、技术和医疗行业）拥有丰富的经验和专业知识以及人脉关系。Jeffrey W. Cordell先生、Stephen Markscheid先生、Diana Glassman女士和Daniel Torpey先生已同意加入我们的董事会，还有Soumen Das先生、John Dicconson先生和Augustin Meloty-Kapella先生。

我们的董事提名人Jeffrey W. Cordell先生自2022年11月起担任Health Advocate Solutions（一家医疗倡导公司）的总裁兼首席执行官，以及自2026年3月起担任ZP Better Together Communications（一家通信公司）的首席执行官。此前，Cordell先生于2019年6月至2022年12月担任Teleperformance公司专业服务部门的首席技术官。Cordell先生于2014年9月至2022年11月担任LanguageLine Solutions（一家语言解决方案公司）的首席信息官，2003年至2014年期间在West Corporation（一家基于云的技术提供商）领导多个高增长项目，以及在Electronic Data Systems（一家信息技术公司）从1998年至2000年担任首席信息官，此前他曾在美国空军担任通信官（上尉）。他拥有圣母大学电气工程学士学位，并拥有30多项美国专利的命名发明人。Cordell先生在推动技术驱动的服务公司扩张和领导复杂的并购整合方面有三十年的经验，这使他能够推动我们的战略增长。

Stephen Markscheid，我们的董事提名人，自2022年7月起担任Aerion Capital的管理合伙人，这是一家家族办公室。自2025年12月起，他还担任Future Money Acquisition Corporation（纳斯达克：FMAC）的首席财务官和董事，这是一家特殊目的收购公司。此外，他目前还担任六家其他上市公司的独立非执行董事：Richtech Robotics Inc.（纳斯达克：RR），一家机器人和人工智能公司（自2023年11月起）；Jinko Solar Inc.（纽约证券交易所：JKS），一家太阳能板制造商（自2010年起）；ConnectM Technology Solutions, Inc.（纳斯达克：CNTM），一家科技公司（自2024年7月起）；Charlton Aria Acquisition Corporation（纳斯达克：CHARU），一家特殊目的收购公司（自2024年10月起）；Pantages Capital Acquisition Corporation（纳斯达克：PGAC），一家特殊目的收购公司（自2024年12月起）；以及Starry Sea Acquisition Corporation（纳斯达克：SSEA），一家特殊目的收购公司（自2025年8月起）。\nMarkscheid先生之前曾担任多家上市董事会的董事，包括Four Leaf Acquisition Corporation（纳斯达克：FORL），一家特殊目的收购公司（2023年至2026年）；Cenntro Inc.（纳斯达克：CENN），一家电动汽车制造商（2023年至2024年）；UGE International（多伦多证券交易所：UGE），一家太阳能安装公司（2021年8月至2023年7月）；Fanhua, Inc.（纳斯达克：FANH），一家金融服务提供商（2007年至2024年）；Kingwisoft Technology Services Ltd.（香港交易所：8295.HK），一家信息技术公司（2016年至2024年）；以及多家特殊目的收购公司。他还是Princeton-in-Asia的名誉受托人。1998年至2006年，他在GE Capital工作。在GE Capital任职期间，Markscheid先生领导了GE Capital在中国和亚太地区的业务发展活动，主要是收购和直接投资。在加入GE Capital之前，Markscheid先生曾在整个亚洲地区为波士顿咨询公司工作。他在伦敦、芝加哥、纽约、香港和北京的花旗银行和芝加哥第一国家银行工作了十年。Markscheid先生最初在华盛顿特区和北京的美中贸易委员会开始了他的职业生涯。他于1976年从普林斯顿大学获得东亚研究学士学位，1980年从约翰霍普金斯大学获得国际事务硕士学位，并于1991年从哥伦比亚大学获得工商管理硕士学位，当时他是班级的优秀毕业生。

Diana Glassman，我们的董事提名人，自2019年12月起担任Federated Hermes Ltd旗下EOS的负责任投资公司（active and responsible investment）的管理主任。她代表机构投资者客户，就上市组合公司的业务战略、风险管理、可持续发展以及涵盖数字治理、人力资本和组织变革、数据中心能源考量的系统性人工智能监督进行公开交流。她共同领导该小组的科技行业，并领导石油和天然气行业的组合公司交流，还负责所有行业中的美国董事会有效性评估。2014年7月至2019年12月期间，Glassman女士是Integration Strategy, Inc.的首席执行官，这是一家为能源和基础设施领域的公司、私募股权公司和政府机构的领导者提供战略咨询的公司。她曾在TD银行集团、瑞银集团、一家私募股权公司及其全球能源服务组合公司以及普华永道任职，担任过越来越多责任的职位。 Glassman女士还于2022年9月至2026年8月期间担任能源服务公司Helix Energy Solutions（纽约证券交易所代码：HLX）的审计和提名及治理委员会的独立董事，是美国上市公司会计监督委员会（PCAOB）投资者咨询小组的成员，是INSEAD/KPMG人工智能治理咨询委员会的成员，并参加了2025年美国陆军战争学院国家安全研讨会（NSS）。Glassman女士在耶鲁大学以优异成绩获得生物学理学学士学位，在哈佛大学肯尼迪学院获得国际政治与经济发展公共管理硕士学位，并在哈佛商学院获得工商管理硕士学位。

Daniel Torpey，我们的董事提名人，自2024年6月起担任MDB Capital Group的独立董事和审计委员会主席，这是一家注册的经纪交易商。自2025年8月起，Torpey先生还担任Ankura Consulting Group的高级董事总经理。在此职位之前，Torpey先生是埃森哲（Ernst & Young LLP，简称EY）的保证合伙人。Torpey先生在EY工作了25多年，此前他曾于2001年7月至2002年5月在Arthur Anderson LLP担任合伙人，并于1992年至2001年在普华永道（及其前身公司Coopers & Lybrand）担任合伙人并担任其他各种职位。Torpey先生于1989年至1992年在EY的审计业务中担任审计师。Torpey先生曾在Matson Driscoll & Damico, LLP担任职员和高级会计师，时间从1986年至1989年。Torpey先生于1986年在纽约市牙买加的圣约翰大学获得会计理学学士学位，并在纽约州和德克萨斯州获得注册会计师执照。

我们发起人、董事和高管的过往表现并不能保证（i）我们可能完成的任何业务合并的成功，或（ii）我们能够找到适合我们首次业务合并的合适候选人。如本招股说明书所述，我们的一些高管和董事过去曾在空白支票公司或特殊目的收购公司（SPAC）中拥有管理经验。你不应依赖他们的历史记录或表现作为我们未来表现的指标。

我们的官员和董事\n不受禁止成为任何其他具有根据《1934年证券交易法》（经修订）注册的证券类别的特殊目的收购公司\n的董事或官员，我们将其称为《交易法》。

之前的SPAC经验

以下描述了我们的管理团队参与的SPAC\n业务合并，以及某些其他信息：

Mr. Das, our director, serves\nas the Chief Financial Officer of SPACSphere Acquisition Corp. (“SPACSphere”), which consummated its initial public offering\nof 17,250,000 units (including the sale of 2,250,000 units that were subject to the underwriters’ overallotment option) in February\n2026. Each unit consisted of one Class A ordinary share, one-half (1/2) of one redeemable warrant, and one-fifth (1/5) of one right to\nreceive one Class A ordinary share upon the consummation of an initial business combination. The units were sold at an offering price\nof $10.00 per unit, generating gross proceeds of $172,500,000. SPACSphere is currently looking for a target company with which to consummate\nan initial business combination. On June 3, 2026, the closing price of SPACSphere’s shares was $9.98.

Mr. Stephen Markscheid,\nour independent director, serves as a director of the following SPACs.

Four Leaf Acquisition\nCorporation (“FORL”). FORL consummated its initial public offering of 5,200,000 units in March 2023. Each unit consisted\nof one Class A ordinary share and one redeemable warrant to purchase one Class A ordinary share. The Units were sold at an offering price\nof $10.00 per unit, generating gross proceeds of $52,000,000. On March 17, 2023, the underwriters partially exercised their over-allotment\noption and purchased 221,000 additional units for $2,210,000. On December 17, 2024, FORL entered into an Agreement and Plan\nof Merger (with Xiaoyu Dida Interconnect International Limited. In June 2025, FORL held a special meeting of stockholders to, among other\nthings, extend the time by which it had to consummate an initial business combination up to an additional 12 times for one month each\ntime, from June 22, 2025 until June 22, 2026, or such earlier date as may be determined by the board in its sole discretion. In connection\nwith that meeting, stockholders holding 1,708,386 public shares, representing approximately 62.7% of the public shares outstanding, exercised\ntheir right to redeem such shares for a pro rata portion of the funds in the company’s trust account. In January 2026, FORL’s\nsecurities were delisted from Nasdaq for failure to file its periodic reports. On August 27, 2026, FORL entered into a business combination\nagreement with Data443 Risk Mitigation, Inc. On October 8, 2026, the closing price of FORL’s shares was $11.01.

Charlton Aria Acquisition\nCorporation (“CHAR”). CHAR consummated its initial public offering of 7,500,000 units in October 2024. Each unit consisted\nof one Class A ordinary share and one right to receive one-eighth (1/8) of one Class A ordinary share upon the consummation of an initial\nbusiness combination. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $75,000,000. In November\n2024, the underwriters’ over-allotment option was exercised in part to 1,000,000 units, generating additional gross proceeds of\n$10,000,000. On May 13, 2025, the sole shareholder of the sponsor sold all of his shares in the sponsor to Sovereign Global Trust LLC.\nOn October 8, 2026, the closing price of CHAR’s shares was $11.00.

Entity	Amount of Compensation to be Received or Securities Issued or to be Issued	Consideration Paid or to be Paid
Sponsor	5,750,000 Class B ordinary shares⁽¹⁾	$25,000

	266,590 private placement units (or 285,340 private placement units if the\nunderwriters’ over-allotment option is exercised in full)	$2,665,900 (or $2,853,400 if the underwriters’ over-allotment option\nis exercised)

	Up to $375,000	Repayment of loans and advances made to us to cover offer related and organizational expenses

	$10,000 per month	Office space and administrative services

	Private placement units convertible into up to $1,000,000 in working capital loans, at a price of $10.00 per unit, at the option of the lender	Working capital loans to finance transaction costs in connection with our initial business combination

	Additional Class A ordinary shares upon conversion of the Class B ordinary shares pursuant to the anti-dilution rights of the Class B ordinary shares	In the case that additional Class A ordinary\nshares, or any equity-linked securities, are issued or deemed issued in excess of the amounts issued in this offering (including\npursuant to the over-allotment option) and related to or in connection with the closing of our initial business combination, the\nratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority\nof the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance\nor deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,\nin the aggregate, approximately 33% of the sum of all ordinary\nshares issued upon completion of this offering (irrespective of whether or not such Class A ordinary shares are redeemed in connection\nwith our initial business combination) (including any Class A ordinary shares issued pursuant to the over-allotment option and excluding\nany Class A ordinary shares underlying any units our initial shareholders may purchase in this offering and the Class A ordinary\nshares underlying the private placement units issued to our sponsor) plus all Class A ordinary shares and equity-linked securities\nissued or deemed issued in connection with our initial business combination (including any Class A ordinary shares issued pursuant\nto a forward purchase agreement), excluding any shares or equity-linked securities issued, or to be issued, to any seller in our\ninitial business combination, any private placement-equivalent shares issued to our sponsor or an affiliate of our sponsor, members\nof the Company’s management team or any of their affiliates upon conversion of working capital loans made to us, and any Class\nA ordinary shares issued pursuant to a forward purchase agreement. Any conversion of the Class B ordinary shares described herein\nwill take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of\nCayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

	Finder’s fees, advisory fees, consulting fees, success fees or salaries(2)	Any services in order to effectuate the completion of our initial business, which, if made prior to the completion of our initial business combination, will be paid from funds held outside the trust account. We may engage our sponsor or an affiliate of our sponsor as an advisor or otherwise in connection with our initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions.

Subject Securities	Natural Persons \nand Entities Subject \nto Restrictions	Expiration Date	Exceptions to Transfer Restrictions
Private placement units	\n SPACCircle Sponsor LLC \n \n Soumen Das \n \n John Dicconson \n \n Augustin Meloty-Kapella \n \n Jeffrey W. Cordell \n \n Stephen Markscheid \n \n Diana Glassman \n\n\n\n Daniel Torpey \n	30 days after the completion of our initial business combination	Same as above

Any units, warrants, Share Rights, ordinary shares or any other securities convertible into, or exercisable for, any units, ordinary shares, founder shares, warrants, or rights	\n SPACCircle Sponsor LLC \n \n Soumen Das \n \n John Dicconson \n \n Augustin Meloty-Kapella \n \n Jeffrey W. Cordell \n \n Stephen Markscheid \n \n Diana Glassman \n\n\n\n Daniel Torpey	180 days from the date of this prospectus	No transfer without the prior written consent of D. Boral; provided, however, that we may (1) issue and sell the private placement units; (2) issue and sell the additional units to cover our underwriters’ over-allotment option (if any); (3) register with the SEC pursuant to an agreement to be entered into concurrently with the issuance and sale of the securities in this offering, the resale of the private placement units and their underlying securities and the Class A ordinary shares issuable upon conversion of the warrants, Share Rights, and the founder shares; and (4) issue securities in connection with our initial business combination. However, the foregoing shall not apply to the forfeiture of any founder shares pursuant to their terms or any transfer of founder shares to any current or future independent director of the Company (as long as such current or future independent director transferee is subject to the letter agreement, filed herewith, or executes an agreement substantially identical to the letter agreement, as applicable to directors and officers at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes a practical explanation as to the nature of the transfer). D. Boral in its sole discretion may release any of the securities subject to these lock-up agreements at any time without notice.

Securities offered:	\n 10,000,000 units (or 11,500,000 units if the underwriters’\nover-allotment option is exercised in full), at $10.00 per unit, each unit consisting of: \n

	●	One Class A ordinary share;

	●	One redeemable warrant; and

	●	One right to receive one-half (1/2) of a Class A ordinary share upon the\nconsummation of an initial business combination (the “Share Rights”).

Proposed Nasdaq symbols:	Units: “SCQCU” \n \n Class A Ordinary Shares: “SCQC” \n \n Warrants: “SCQCW” \n \n Share Rights: “SCQCR” \n

Trading commencement and separation of Class A ordinary\n shares, warrants, and Share Rights:	The units will begin trading promptly\nafter the date of this prospectus. The Class A ordinary shares, warrants, and Share Rights comprising the units will begin separate\ntrading on the 52^nd day following the date of this prospectus (or, if such date is\nnot a business day, the following business day) unless D. Boral informs us of its decision to allow earlier separate trading, subject\nto our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate\ntrading will begin. Once the Class A ordinary shares, warrants, and Share Rights commence separate trading, holders will have the\noption to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact\nour transfer agent in order to separate the units into the component securities. No fractional warrants will be issued upon separation\nof the units and only whole warrants will trade. No fractional shares will be issued in connection with the exchange of Share Rights.\nAccordingly, you must hold Share Rights in multiples of 2 in order to receive Class A ordinary shares for all of your Share Rights\nupon closing of a business combination. \n

Separate trading of Class A ordinary shares, warrants, and Share Rights is prohibited until we have filed a Current Report on Form 8-K:	In no event will the Class A ordinary shares, warrants, and Share Rights be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited balance sheet of the company reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriters’ over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters’ over-allotment option.

Units:

Number issued and outstanding before this offering		0

Number of private placement units to be sold in a private placement simultaneously with this offering		266,590

Number issued and outstanding after this offering⁽¹⁾		10,266,590

Ordinary shares:

Number issued and outstanding before this offering⁽²⁾		5,750,000

Number to be sold in a private placement simultaneously with this offering		266,590

Number issued and outstanding after this offering⁽³⁾		15,266,590

Warrants:

Number issued and outstanding before this offering		0

Number to be sold in a private placement simultaneously with this offering		266,590

Number of issued and outstanding after this offering and the sale of\n private placement units⁽⁴⁾		10,266,590

Share Rights:

Number issued and outstanding before this offering		0

Number to be sold in a private placement simultaneously with this offering		266,590

Number of issued and outstanding after this offering and the sale of private placement units⁽⁵⁾		10,266,590

Terms of Warrants:

Exercisability:		Each whole warrant offered in this offering\n is exercisable to purchase one Class A ordinary share. Only whole warrants are exercisable. No fractional warrants will be issued\n upon separation of the units and only whole warrants will trade. \n \n We have structured each unit to contain\n one warrant, with each whole warrant exercisable for one Class A ordinary share.

(1)	Assumes no exercise of the underwriters’ over-allotment option and 750,000 founder shares are surrendered for no consideration and includes an aggregate of 266,590 Class A ordinary shares underlying the private placement units.
(2)	Consists solely of founder shares and includes up to 750,000 Class B ordinary shares that are subject to forfeiture by our sponsor depending on the extent to which the underwriters’ over-allotment option is exercised.
(3)	Comprised of 10,000,000 Class A ordinary shares included in the units to be sold in this offering and 266,590 Class A ordinary shares underlying the private placement units. 5,000,000 Founder shares are currently classified as Class B ordinary shares, which shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment as described below adjacent to the caption “Founder shares conversion and anti-dilution rights.”
(4)	Comprised of 10,000,000 warrants included in the units to be sold in this offering and 266,590\nprivate placement warrants underlying the private placement units.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00	After the warrants become exercisable, we may redeem the outstanding warrants:

	●	in whole and not in part;

	●	at a price of $0.01 per warrant;

	●	upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the 30-day redemption period; and

	●	if, and only if, the last reported sale price (the “closing\nprice”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares\nissuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities - Warrants\n- Redemption Procedures - Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period commencing at\nleast 150 days after completion of our initial business combination and ending on the third trading day prior to the date on which we\nsend the notice of redemption to the warrant holders.

Terms of Share Rights:		Each unit contains one right to receive one-half (1/2) of a Class A ordinary share\nupon the consummation of an initial business combination. In the event we will not be the surviving company upon completion of our\ninitial business combination, each holder of a Share Right will be required to affirmatively convert its Share Rights in order to\nreceive the one-half (1/2) of one Class A ordinary share underlying each Share Right upon consummation of the business combination.\nWe will not issue fractional shares in connection with an exchange of Share Rights. Fractional shares will either be rounded down\nto the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands law. As a result,\nyou must hold Share Rights in multiples of 2 in order to receive shares for all of your Share Rights upon closing of a business combination.\nIf we are unable to complete an initial business combination within the required time period and we redeem the public shares for\nthe funds held in the trust account, holders of Share Rights will not receive any of such funds for their Share Rights and the Share\nRights will expire worthless.

Appointment and removal of directors; voting rights:		\n Only the holders of Class B ordinary shares will\n have the right to vote on (i) the appointment and removal of directors prior to the consummation of the initial business combination and\n (ii) prior to the closing of the initial business combination, and whilst any Class B ordinary shares are issued and outstanding, continuing\n the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents\n of the Company or to adopt new constitutional documents of the Company, in each case, as a result of the Company approving a transfer\n by way of continuation in a jurisdiction outside the Cayman Islands). Holders of our Class A ordinary shares will not be entitled to vote\n on the appointment and removal of directors or on continuing the Company in a jurisdiction outside the Cayman Islands during such time.\n On any other matters submitted to a vote of our shareholders, holders of the Class B ordinary shares and holders of the Class A ordinary\n shares will vote together as a single class, except as required by law. These provisions of our amended and restated memorandum and articles\n of association may only be amended by a special resolution passed by at least 90% of our Class B ordinary shares voting in a general meeting.\n With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination,\n except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each\n share entitling the holder to one vote. \n \n Each of our directors will hold office until terminated\n as described in the amended and restated articles and memorandum of association. \n

Founder shares:		On April 22, 2026, our sponsor paid $25,000 to cover certain offering costs in exchange\n for 5,750,000 founder shares. Up to 750,000 founder shares are subject to forfeiture by our sponsor depending on the extent to which\n the underwriters’ over-allotment option is exercised. If none of the founder shares are forfeited, the resulting purchase price\n would be approximately $0.004 per share.

Time\n to complete business combination		We will\nhave until 12 months from the closing of this offering to consummate an initial business combination or by such earlier liquidation date\nas our board of directors may approve.

		If we are unable to complete our initial business combination within the completion window, or by such earlier date as our board of directors may approve, we will redeem 100% of the public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned thereon not previously released to the Company (net of Permitted Withdrawals and less up to $100,000 of dissolution expenses), divided by the number of then issued and outstanding public shares, subject to applicable law as further described herein.

Anticipated expenses and funding sources:	Unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use, except for Permitted Withdrawals. The proceeds held in the trust account will initially be invested only in U.S. government treasury obligations 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 which invest only in direct U.S. government treasury obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended business combination and may at any time be held as cash or cash items, including in demand deposit accounts at a bank. We will disclose in each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in the trust account are invested in U.S. government treasury obligations or money market funds or a combination thereof or as cash or cash items, including in demand deposit accounts. Unless and until we complete our initial business combination, we may pay our expenses only from:

	●	the net\n proceeds of this offering and the sale of the private placement units not held in the trust account, which will be approximately\n $790,000 in working capital (including approximately $150,000 of director and officer liability insurance premiums included in prepaid\n expenses) after the payment of approximately $625,900 in expenses relating to this offering (after the underwriter’s reimbursement\n and other than deferred underwriting commissions); and

	●	any loans or additional investments from our sponsor, members of our management team or their affiliates or other third parties, although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business combination.

Conditions to completing our initial business combination:	Nasdaq rules require that our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the deferred underwriting commissions and any Permitted Withdrawals) at the time of our signing a definitive agreement in connection with our initial business combination. We refer to this requirement as the 80% fair market value test. If our securities are not listed on the Nasdaq after this offering, we would not be required to satisfy the 80% fair market value test. However, we intend to satisfy the 80% fair market value test even if our securities are not listed on the Nasdaq at the time of our initial business combination. We do not intend to purchase multiple businesses in unrelated industries in conjunction with our initial business combination. If the initial business combination involves more than one target business, the 80% fair market value test will be based on the aggregate value of all of the transactions and we will treat the target businesses together as the initial business combination for purposes of the tender offer or for seeking shareholder approval as applicable.

		●	if our sponsor, directors, officers, advisors and their affiliates were to purchase public shares from public shareholders, they would do so at a price no higher than the price offered through our redemption process;

		●	our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our sponsor, directors, officers, advisors and their affiliates would not be voted in favor of approving the business combination transaction;

		●	our sponsor, directors, officers, advisors and their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and

		In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period.

		Redemptions of our public shares may also be subject to a higher net tangible asset test or cash requirement pursuant to an agreement relating to our initial business combination. For example, the proposed business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration we would be required to pay for all 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, and all ordinary shares submitted for redemption will be returned to the holders thereof.

Tendering share certificates in connection with a tender offer or redemption rights:		We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,” to either tender their certificates (if any) to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the vote on the proposal to approve our initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company’s Deposit/Withdrawal At Custodian System, which we refer to as the DWAC System, at the holder’s option, rather than simply voting against the initial business combination. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements.

Limitation on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold shareholder vote:		Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering. We believe the restriction described above will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our sponsor or its affiliates to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights against a business combination if such holder’s shares are not purchased by us or our sponsor or its affiliates at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders’ ability to redeem to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders’ ability to vote all of their shares (including all shares held by those shareholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination. Our sponsor, officers and directors have, pursuant to a letter agreement entered into with us, waived their right to have any founder shares or public shares held by them redeemed in connection with our initial business combination. Unless any of our other affiliates acquires founder shares through a permitted transfer from our sponsor, officers and directors, and thereby becomes subject to the letter agreement, no such affiliate is subject to this waiver. However, to the extent any such affiliate acquires public shares in this offering or thereafter through open market purchases, it would be a public shareholder and subject to the 15% limitation in connection with any such redemption right.

Redemption rights in connection with proposed amendments to our amended and\n restated memorandum and articles of association:		Our amended and restated memorandum and articles of association will provide that any of its provisions,\nincluding those related to pre-business combination activity (including the requirement to deposit proceeds of this offering and\nthe private placement units into the trust account and not release such amounts except in specified circumstances, and to provide\nredemption rights to public shareholders as described herein and in our amended and restated memorandum and articles of association,\nbut excluding the provision of the articles relating to the appointment of directors), may be amended if approved by holders of at\nleast two-thirds of our ordinary shares who attend and vote in a general meeting, and corresponding provisions of the trust agreement\ngoverning the release of funds from our trust account may be amended if approved by holders of a majority of our ordinary shares.\nWe may not issue additional securities that can vote on amendments to our amended and restated memorandum and articles of association\nor in our initial business combination. Our initial shareholders will, in the aggregate, beneficially own approximately 33% of our\nordinary shares upon the closing of this offering (assuming they do not purchase any units in this offering), and they will participate\nin any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and will have the discretion\nto vote in any manner they choose. Our sponsor, officers, and directors have agreed, pursuant to a letter agreement with us, that\nthey will not propose any amendment to our amended and restated memorandum and articles of association (i) that would modify the\nsubstance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of\nour public shares if we do not complete our initial business combination within 12 months from the closing of this offering or by such earlier\nliquidation date as our board of directors may approve, or (ii) with respect to the other provisions relating to shareholders’\nrights or pre-business combination activity, unless we provide our public shareholders with the opportunity to redeem their Class\nA ordinary shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on\ndeposit in the trust account, including interest not previously released to the Company (which interest shall be net of Permitted\nWithdrawals), divided by the number of then issued and outstanding public shares. Our sponsor, officers and directors have entered\ninto a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder\nshares held by them, and any public shares they may acquire during or after this offering in connection with the completion of our\ninitial business combination.

Limited payments to insiders:	We are not prohibited from paying any fees (including advisory fees), reimbursements or cash payments 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, including the following payments, all of which, if made prior to the completion of our initial business combination, will be paid from funds held outside the trust account::

	●	repayment of an aggregate of up to $375,000 in loans made to us by our sponsor to cover offering-related and organizational expenses;

	●	reimbursement for office space, secretarial and administrative services provided to us by our sponsor, in the amount of $10,000 per month;

	●	reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination;

		These payments may be funded using the net proceeds of this offering and the sale of the private\n placement units not held in the trust account or, upon completion of the initial business combination, from any amounts remaining\n from the proceeds of the trust account released to us in connection therewith.

		Our audit committee will review on a quarterly basis all payments that were made by us to our\n sponsor, officers or directors, or our or any of their respective affiliates.

Audit committee:		Prior to the effectiveness of this registration statement, we will have established and will maintain an audit committee (which will be composed entirely of independent directors), to among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to promptly take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section entitled “Management — Committees of the Board of Directors — Audit Committee.”

	June 30, 2026
Balance Sheet Data:	Actual			As Adjusted
Working\n capital (deficiency)⁽¹⁾	$	(175,984	)		$	674,340
Total\n assets⁽²⁾	$	210,475			$	101,264,040
Total\n liabilities⁽³⁾	$	236,435			$	4,089,700
Value of Class A ordinary shares subject to possible redemption	$	-			$	100,500,000
Shareholders’\n deficit⁽⁴⁾	$	(25,960	)		$	(3,325,660	)

(1)	The “as adjusted”\ncalculation includes $790,000 in cash held outside the trust account, less $25,960 of actual shareholder’s deficit as of June\n30, 2026, less $89,700 for the over-allotment liability.
(2)	The “as adjusted”\ncalculation includes $100,500,000 cash held in trust from the proceeds of this offering and the sale of the private placement units,\nplus $790,000 in cash held outside the trust account, less $25,960 of actual shareholder’s deficit as of June 30, 2026.
(3)	The “as adjusted”\ncalculation equals up to $4,000,000 in the aggregate of deferred underwriting commissions, plus $89,700 for the over-allotment liability.\nThe $89,700 over-allotment liability represents the value of the 45-day over-allotment option granted to the underwriter to purchase\nup to 1,500,000 additional units at the initial public offering price, less the underwriting commissions. This over-allotment option\nis considered a freestanding financial instrument, indexed on the contingently redeemable shares, and is accounted for as a liability\nin accordance with ASC 480.
(4)	Excludes 10,000,000 Class A ordinary shares purchased in the public market which are subject to redemption in connection with our initial business combination. The “as adjusted” calculation equals the “as adjusted” total assets, less the “as adjusted” total liabilities, less the value of Class A ordinary shares that may be redeemed in connection with our initial business combination (approximately $10.05 per share).

Public shares		10,000,000
Private placement shares underlying the private placement units		266,590
Founder shares		5,000,000
Total shares		15,266,590
Total funds in trust available for initial business combination (less deferred underwriting commissions)	$	96,500,000
Public shareholders’ investment per Class A ordinary share⁽¹⁾	$	10.00
Sponsor’s investment per Class B ordinary share⁽²⁾	$	0.004
Initial implied value per public share⁽³⁾	$	9.65
Implied value per share upon consummation of initial business combination⁽⁴⁾	$	6.32

(1)	While the public shareholders’ investment is in both the public shares, warrants, and the Share Rights, for purposes of this table the full investment amount is ascribed to the public shares only.
(2)	The total investment in the equity of the Company by the sponsor is $2,690,900, consisting of (i) $25,000 paid by the sponsor for the founder shares, and (ii) $2,665,900 paid by the sponsor for 266,590 private placement units. For purposes of this table, the full investment amount is ascribed to the founder shares only.
(3)	The difference between the implied value per share and the NTBV per share (assuming no exercise of the over-allotment option) is primarily attributable to offering-related expenses, associated liabilities and dilution resulting from the conversion of founder shares from Class B ordinary shares to Class A ordinary shares, warrants, and the Share Rights included in the units sold. The NTBV reflects our tangible assets after accounting for these liabilities, resulting in a lower per share value compared to the initial implied value of the shares.
(4)	All founder shares would automatically convert into Class A ordinary shares upon completion of our initial business combination or earlier at the option of the holder.

	Without Over- Allotment\n Option			Over- Allotment Option Fully\n Exercised
Gross proceeds
Gross\n proceeds from units offered to public⁽¹⁾	$	100,000,000			$	115,000,000
Gross proceeds from private placement\n units offered in the private placement		2,665,900				2,853,400
Total gross proceeds	$	102,665,900			$	117,853,400
*Offering\n expenses⁽²⁾*
Underwriting\n commissions (2.0% of gross proceeds from units offered to public in the base offering, excluding deferred portion)⁽³⁾⁽⁴⁾	$	2,000,000			$	2,300,000
Legal fees and expenses		275,000				275,000
Financial consultant and auditor fees and expenses		79,500				79,500
SEC/FINRA Expenses		96,400				96,400
Nasdaq listing and filing fees (excluding deferred fees)		80,000				80,000
Printing and engraving expenses		20,000				20,000
Miscellaneous		75,000				75,000
Net offering expenses		2,625,900				2,925,900
Reimbursement by underwriter of offering\n expenses⁽⁵⁾		(1,250,000	)			(1,437,500	)
Proceeds after offering expenses	$	101,290,000			$	116,365,000
Held\n in trust account⁽⁴⁾	$	100,500,000			$	115,575,000
% of public offering size		100.5	%			100.5	%
Not held in trust account	$	790,000			$	790,000

	Amount		% of Total
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination	$	170,000		21.5	%
Director and officer liability insurance premiums		150,000		19.0	%
Legal and accounting fees related to regulatory reporting obligations, including certain regulatory fees		170,000		21.5	%
Nasdaq continued listing fees		65,500		8.3	%
Administrative and support services		180,000		22.8	%
Working capital to cover miscellaneous expenses		54,500		6.9	%
Total	$	790,000		100.0	%

(2)	A portion of the offering expenses have been paid from the proceeds of loans from our sponsor\nof up to $375,000 as described in this prospectus. As of June 30, 2026, we had borrowed $142,500 under the promissory note with our\nsponsor. These loans will be repaid upon completion of this offering out of the $625,900 of offering proceeds that has been allocated\nfor the payment of offering expenses (after the underwriter’s reimbursement and other than deferred underwriting commissions). In the event that offering expenses are less than\nas set forth in this table, any such amounts will be used for post-closing working capital expenses. In the event that the offering\nexpenses are more than as set forth in this table, we may fund such excess with funds not held in the trust account.
(3)	We estimate that our out-of-pocket offering expenses will be approximately $625,900.
(4)	The underwriters have agreed to defer underwriting commissions up to $4,000,000 in the aggregate (or up to $4,600,000 in the aggregate if the underwriters’ over-allotment option is exercised in full) upon and concurrently with the completion of our initial business combination from the funds held in the trust account, and the remaining funds, less amounts released to the trustee to pay redeeming shareholders, will be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriters will not be entitled to any interest accrued on the deferred underwriting discounts and commissions. Assumes that the number of private placement units to be purchased by our sponsor and the corresponding underwriting discounts payable upon completion of this offering are not reduced.
(5)	Pursuant\n to the terms of the Underwriting Agreement, in furtherance of this offering and without any additional consideration, the underwriters\n have agreed to reimburse certain of our offering expenses which will be deducted from the underwriting commission (excluding the\n deferred underwriting commission).
(6)	Includes organizational and administrative expenses and may include amounts related to above-listed\n expenses in the event actual amounts exceed estimates.
(7)	These expenses are estimates only. Our actual expenditures for some or all of these items may\n differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates\n in connection with negotiating and structuring a business combination based upon the level of complexity of such business combination.\n In the event we identify an acquisition target in a specific industry subject to specific regulations, we may incur additional expenses\n associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as\n a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change\n in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations,\n to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses.. In addition,\n in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of\n 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\n our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. Otherwise,\n such loans would be repaid only out of funds held outside the trust account. In the event that our initial business combination does\n not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds\n from our trust account would be used to repay such loaned amounts. Up to $1,000,000 of such loans may be convertible into private\n placement units at a price of $10.00 per unit, at the option of the lender. Such units would be identical to the private placement\n units. The terms of such loans by our sponsor, affiliate of our sponsor, or certain of our officers and directors, if any, have not\n been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than\n our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver\n against any and all rights to seek access to funds in our trust account.

As of June 30, 2026
Offering Price of $10.00 per Class A ordinary share		25% of Maximum Redemptions			50% of Maximum Redemptions		75% of Maximum Redemptions	Maximum Redemptions
NTBV		NTBV			Difference between NTBV and Offering Price		NTBV	Difference between NTBV and Offering Price		NTBV			Difference between NTBV and Offering Price		NTBV	Difference between NTBV and Offering Price
Assuming Full Exercise of Over-Allotment Option
$	6.37		$	5.73		$	4.27	$	4.77		$	5.23		$	3.20	$	6.80	$	0.13	$	9.87

Assuming No Exercise of Over-Allotment Option
$	6.37		$	5.72		$	4.28	$	4.77		$	5.23		$	3.19	$	6.81	$	0.13	$	9.87

	No Redemptions			25% of Maximum Redemptions		50% of Maximum Redemptions	75% of Maximum Redemptions		Maximum Redemptions
	Without Over- allotment			With Over- allotment		Without Over- allotment	With Over- allotment		Without Over- allotment			With Over- allotment		Without Over- allotment	With Over- allotment		Without Over- allotment			With Over- allotment
Public offering price	$	10.00			10.00		10.00			10.00			10.00		10.00			10.00			10.00		10.00		10.00
Net tangible book deficit before this offering	$	(0.03	)		(0.03	)	(0.03	)		(0.03	)		(0.03	)	(0.03	)		(0.03	)		(0.03	)	(0.03	)	(0.03	)
Increase/(Decrease) attributable to public shareholders	$	6.40			6.40		5.75			5.76			4.80		4.80			3.22			3.23		0.16		0.16
Pro forma net tangible book value/(deficit) after this offering and the sale of the private placement units	$	6.37			6.37		5.72			5.73			4.77		4.77			3.19			3.20		0.13		0.13
Dilution to public shareholders	$	3.63			3.63		4.28			4.27			5.23		5.23			6.81			6.80		9.87		9.87
Percentage of dilution to public shareholders		36.30	%		36.30	%	42.80	%		42.70	%		52.30	%	52.30	%		68.10	%		68.00	%	98.70	%	98.70	%

Numerator:
Net tangible book value deficit before this offering⁽⁵⁾	$	(175,984	)		(175,984	)	(175,984	)		(175,984	)		(175,984	)	(175,984	)		(175,984	)		(175,984	)	(175,984	)	(175,984	)
Net proceeds from this offering and the sale of private placement units⁽¹⁾		101,290,000			116,365,000		101,290,000			116,365,000			101,290,000		116,365,000			101,290,000			116,365,000		101,290,000		116,365,000
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value		150,024			150,024		150,024			150,024			150,024		150,024			150,024			150,024		150,024		150,024
Less: Deferred underwriting commissions⁽²⁾		(4,000,000	)		(4,600,000	)	(3,000,000	)		(3,450,000	)		(2,000,000	)	(2,300,000	)		(1,000,000	)		(1,150,000	)	-		-
Less: Over-allotment liability⁽³⁾		(89,700	)		-		(89,700	)		-			(89,700	)	-			(89,700	)		-		(89,700	)	-
Less: Amounts paid for redemptions		-			-		(25,125,000	)		(28,893,750	)		(50,250,000	)	(57,787,500	)		(75,375,000	)		(86,681,250	)	(100,500,000	)	(115,575,000	)
Total	$	97,174,340			111,739,040		73,049,340			83,995,290			48,924,340		56,251,540			24,799,340			28,507,790		674,340		764,040

Denominator:
Class B Ordinary shares outstanding prior to this offering		5,750,000			5,750,000		5,750,000			5,750,000			5,750,000		5,750,000			5,750,000			5,750,000		5,750,000		5,750,000
Class B Ordinary shares forfeited if over-allotment is not exercised		(750,000	)		-		(750,000	)		-			(750,000	)	-			(750,000	)		-		(750,000	)	-
Class A Ordinary shares offered		10,000,000			11,500,000		10,000,000			11,500,000			10,000,000		11,500,000			10,000,000			11,500,000		10,000,000		11,500,000
Private Placement Shares		266,590			285,340		266,590			285,340			266,590		285,340			266,590			285,340		266,590		285,340
Less: Ordinary shares redeemed		-			-		(2,500,000	)		(2,875,000	)		(5,000,000	)	(5,750,000	)		(7,500,000	)		(8,625,000	)	(10,000,000		(11,500,000	)
Total		15,266,590			17,535,340		12,766,590			14,660,340			10,266,590		11,785,340			7,766,590			8,910,340		5,266,590		6,035,340

(1)	Expenses applied against gross proceeds include offering expenses of approximately $625,900 (excluding deferred underwriting commissions). See “Use of Proceeds.”
(2)	Upon the consummation of our initial business combination, $0.40 per unit, or up to $4,000,000 in the aggregate (or up to $4,600,000 in the aggregate if the underwriters’ over-allotment option is exercised in full) will be payable to D. Boral for deferred underwriting commissions; provided, however that such $0.40 per unit shall be due solely on amounts remaining in the trust account following all properly submitted shareholder redemptions in connection with the consummation of our initial business combination. See also “Underwriting” for a description of compensation and other items of value payable to the underwriter.
(3)	Represents the value of 45-day over-allotment option from the date of this offering granted to the underwriter to purchase an aggregate of up to 1,500,000 additional units at the initial public offering price less the underwriting commissions. The over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and will be accounted for as a liability pursuant to ASC 480.
(4)	If we seek shareholder approval of our initial business combination and we do not conduct repurchases in connection with our initial business combination pursuant to the tender offer rules, our initial shareholders, directors, officers or any of their respective affiliates may purchase public shares in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our public shares prior to the completion of our initial business combination, the number of public shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See “Proposed Business Effecting Our Initial Business Combination — Effecting Our Initial Business Combination — Permitted Purchases and Other Transactions with Respect to Our Securities.”

	As of June 30, 2026
	Actual			As Adjusted⁽¹⁾
Promissory note – related party⁽²⁾	$	142,500			$	-
Deferred underwriting commissions		-				4,000,000
Over-allotment liability⁽³⁾		-				89,700
Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized; 0 and 10,000,000 shares are subject to possible redemption, respectively⁽⁴⁾⁽⁵⁾		-				100,500,000
Shareholders’ equity (deficit)
Preference shares, $0.0001 par value, 5,000,000 shares authorized; none issued and outstanding, actual and as adjusted		-				-
Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized; 0 and 266,590 shares issued and outstanding, actual and as adjusted, respectively		-				27
Class B ordinary shares, $0.0001 par value, 50,000,000 shares authorized 5,750,000 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively⁽⁶⁾		575				500
Additional paid in capital		24,425				-
Accumulated deficit		(50,960	)			(3,326,187	)
Total shareholder’s deficit		(25,960	)			(3,325,660	)
Total capitalization	$	116,540			$	101,264,040

	(1)	Assumes no exercise of the underwriter’s over-allotment option and the corresponding forfeiture of 750,000 Class B ordinary shares held by our sponsor.
	(2)	Our sponsor has agreed to loan us up to $375,000 to be used for a portion of the expenses of this offering. As of June 30, 2026, we had borrowed $142,500 under the promissory note with our sponsor.
	(3)	The $89,700 over-allotment liability represents the projected value of the 45-day over-allotment option granted to the underwriter to purchase up to 1,500,000 additional units at the initial public offering price, less the underwriting commissions. This over-allotment option is considered a freestanding financial instrument, indexed on the contingently redeemable shares, and is accounted for as a liability in accordance with ASC 480.
	(4)	\n Upon the completion of our initial business combination,\n we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the\n aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business\n combination, including interest not previously released to the Company (which interest shall be net of Permitted Withdrawals), divided\n by the number of then issued and outstanding public shares. All ordinary shares are redeemable and classified as such on the balance sheets\n until such date that a redemption event takes place. \n
	(5)	All of the 10,000,000 shares of Class A ordinary shares sold as part of the units in the offering contain a redemption feature which allows for the redemption of such public shares in connection with our liquidation, if there is a shareholder vote or tender offer in connection with the business combination and in connection with certain amendments to our amended and restated memorandum and articles of association. In accordance with the SEC and its guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Given that the 10,000,000 shares of Class A ordinary shares sold as part of the units in the offering will be issued with other freestanding instruments (i.e., warrants and public Share Rights), the initial carrying value of Class A ordinary shares classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. Our Class A ordinary shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes immediately.

Entity	Amount of Compensation to be Received or \nSecurities Issued or to be Issued	Consideration Paid or to be Paid
Sponsor	5,750,000 Class B ordinary shares⁽¹⁾	$25,000

	266,590 private placement units (or 285,340 private placement units if the underwriters’ over-allotment option is exercised in full)	$2,665,900 (or $2,853,400 if the underwriters’ over-allotment option is exercised)

	Up to $375,000	Repayment of loans and advances made to us to cover offer related and organizational expenses

	$10,000 per month	Office space and administrative services

	Private placement units convertible into up to $1,000,000 in working capital loans, at a price of $10.00 per unit, at the option of the lender	Working capital loans to finance transaction costs in connection with our initial business combination

	Additional Class A ordinary shares upon conversion of the Class B ordinary\n shares pursuant to the anti-dilution rights of the Class B ordinary shares	In the case that additional Class A ordinary\nshares, or any equity-linked securities, are issued or deemed issued in excess of the amounts issued in this offering (including\npursuant to the over-allotment option) and related to or in connection with the closing of our initial business combination, the\nratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority\nof the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance\nor deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,\nin the aggregate, approximately 33% of the sum of all ordinary\nshares issued upon completion of this offering (irrespective of whether or not such Class A ordinary shares are redeemed in connection\nwith our initial business combination) (including any Class A ordinary shares issued pursuant to the over-allotment option and excluding\nany Class A ordinary shares underlying any units our initial shareholders may purchase in this offering and the Class A ordinary\nshares underlying the private placement units issued to our sponsor) plus all Class A ordinary shares and equity-linked securities\nissued or deemed issued in connection with our initial business combination (including any Class A ordinary shares issued pursuant\nto a forward purchase agreement), excluding any shares or equity-linked securities issued, or to be issued, to any seller in our\ninitial business combination, any private placement-equivalent shares issued to our sponsor or an affiliate of our sponsor, members\nof the Company’s management team or any of their affiliates upon conversion of working capital loans made to us, and any Class\nA ordinary shares issued pursuant to a forward purchase agreement. Any conversion of the Class B ordinary shares described herein\nwill take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of\nCayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. \n

	Finder’s fees, advisory fees, consulting fees, success fees or salaries(2)	Any services in order to effectuate the completion of our initial business,\n which, if made prior to the completion of our initial business combination, will be paid from funds held outside the trust account.\n We may engage our sponsor or an affiliate of our sponsor as an advisor or otherwise in connection with our initial business combination\n and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for\n comparable transactions.

	Redemptions in Connection with \nour Initial Business Combination	Other Permitted Purchases of \nPublic Shares by our Affiliates	Redemptions if We Fail to Complete \nan Initial Business Combination
Calculation of redemption price	Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.05 per share), including interest not previously released to the Company (which interest shall be net of Permitted Withdrawals), divided by the number of then issued and outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination.	If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisers, or any of their respective affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. If our sponsor, directors, officers, advisors and their affiliates were to purchase public shares from public shareholders, they would do so at a price no higher than the price offered through our redemption process. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will be required to comply with such rules.	If we are unable to complete our initial business combination within 12 months from the closing of\nthis offering or by such earlier liquidation\ndate as our board of directors may approve, we will redeem all public shares at a per-share price, payable in cash, equal to the\naggregate amount then on deposit in the trust account (which is initially anticipated to be $10.05 per share), including interest\nnot previously released to the Company (which interest shall be net of Permitted Withdrawals and less up to $100,000 of interest to\npay dissolution expenses), divided by the number of then issued and outstanding public shares.

Impact to remaining shareholders	The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of the remaining deferred underwriting commissions and interest withdrawn in order for Permitted Withdrawals (to the extent not paid from amounts accrued as interest on the funds held in the trust account).	If the permitted purchases described above are made, there will be no impact to our remaining shareholders because the purchase price would not be paid by us.	The redemption of our public shares, if we fail to complete our initial business combination within\n12 months from the closing of this offering or by\nsuch earlier liquidation date as our board of directors may approve, will reduce the book value per share for the shares, held by\nour initial shareholders, and each of their respective permitted transferees who will be our only remaining shareholders after such\nredemptions.

	Terms of Our Offering	Terms Under a Rule 419 \n Offering
Escrow of offering proceeds	The Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited in a trust account. $100,500,000 of the net proceeds of this offering and the sale of the private placement units will be deposited into a trust account located in the United States with Equiniti Trust Company, LLC acting as trustee.	Approximately $84,600,000 of the offering proceeds, representing the gross proceeds of this offering less allowable underwriting commissions, expenses and company deductions under Rule 419, would be required to be deposited into either an escrow account with an insured depository institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.

Investment of net proceeds	$100,500,000 of the net offering proceeds and the sale of the private placement units held in trust will be 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, which invest only in direct U.S. government treasury obligations and/or held as cash or cash items (including in demand deposit accounts); the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended business combination. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that we hold investments in the trust account, we may, at any time (based on our management team’s ongoing assessment of all factors related to our potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account at a bank.	Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.