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美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(选择一项)

☒ 根据《1934年证券交易法》第13或15(D)条的季度报告

截至 2026年6月30日的季度

☐ 根据《1934年证券交易法》第13或15(D)条的过渡报告

或

从至的过渡期

委员会文件编号: 001-43451

KARMAN LINE ACQUISITION CORP.

(根据其章程规定的注册人准确名称)

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

开曼群岛		00-0000000 N/A
(注册成立的州或其他司法管辖区)		(联邦税务局雇主识别号码)

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

1200 N. Federal Hwy, Suite 200

Boca Raton, FL

33432

(主要执行办公室地址)

(邮政编码)

注册人的电话号码，包括区号: (212) 207-0090

根据《法案》第12(b)条注册的证券:

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

每类证券的名称:	交易代码:	每种证券的注册交易所名称:
单位，每个单位包括一股面值为0.0001美元的A类普通股和一个可赎回认股权证的半份	XTERU	纳斯达克股票市场有限责任公司
A类普通股作为单位的一部分	XTER	纳斯达克股票市场有限责任公司
可赎回认股权证作为单位的一部分，每个完整认股权证可在11.50美元的行权价下兑换一股A类普通股	XTERW	纳斯达克股票市场有限责任公司

通过勾选方框表明注册人(1)是否已提交根据《1934年证券交易法》第13或15(d)条在前12个月内(或注册人需提交此类报告的较短期间)要求提交的所有报告，以及(2)是否在过去90天内一直受此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据规章S-T第405条(本章第232.405条)在前12个月内(或注册人需提交并发布此类文件的较短期间)提交了所有要求提交的交互式数据文件。是 ☒ 否 ☐

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

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

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

如果为新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过复选框表明注册人是否为壳公司（根据《交易法》第12b-2条定义）。是 ☒ 否 ☐

截至2026年10月1日，20,650,000股A类普通股，面值0.0001美元，已发行和流通，以及6,666,667股B类普通股，面值0.0001美元，已发行和流通。

第一部分 – 财务信息
第1项。	财务报表。	1
	截至2026年6月30日（未经审计）和2025年12月31日的合并资产负债表。	1
	截至2026年6月30日的三个月和六个月期间的合并损益表（未经审计）。	2
	截至2026年6月30日的三个月和六个月期间的股东权益变动合并表（未经审计）。	3
	截至2026年6月30日的六个月期间的合并现金流量表（未经审计）。	4
	未经审计的合并财务报表附注	5
第2项。	管理层讨论与分析财务状况和经营成果。	20
第3项。	关于市场风险的定量和定性披露。	27
第4项。	控制和程序。	27

第二部分 – 其他信息
第1项。	法律诉讼。	28
第1A项。	风险因素。	28
第2项。	未注册的股权证券销售和资金使用。	28
第3项。	高级证券违约。	28
第4项。	矿山安全披露。	28
第5项。	其他信息。	28
第6项。	附录。	29

签名	30

第一部分 – 财务信息

第1项。财务报表。

KARMAN LINE ACQUISITION CORP.

合并资产负债表

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


	2026年6月30日			2025年12月31日
	（未经审计）
资产：
流动资产
现金	$	18,500			$	-
流动资产合计		18,500				-
非流动资产
发行费用递延		44,650				24,623
非流动资产合计		44,650				24,623
总资产	$	63,150			$	24,623

负债和股东权益（赤字）
流动负债：
应付账款	$	25,982			$	16,259
应计发行费用		35,693				24,623
关联方的期票		37,597				-
流动负债合计		99,272				40,882
总负债		99,272				40,882

承诺和或有事项（注释7）

股东权益（赤字）
优先股，面值$0.0001；1,000,000股授权；无股发行或流通		-				-
A类普通股，面值$0.0001，200,000,000股授权；无股发行或流通		-				-
B类普通股，面值$0.0001，20,000,000股授权；7,666,667⁽¹⁾股已发行和流通		767				767
额外支付资本		24,233				24,233
应收股份订阅款		-				(25,000	)
累计赤字		(61,122	)			(16,259	)
股东权益（赤字）总计		(36,122	)			(16,259	)
负债和股东权益（赤字）总计	$	63,150			$	24,623

\n \n \n \n

⁽¹⁾	包括最多1,000,000股B类普通股，如果承销商未全部或部分行使超额配售选择权，则这些股份将被没收（注8）。承销商于2026年8月18日放弃了超额配售选择权。因此，1,000,000股B类普通股被没收（注9）。

附注是这些未经审计的中期财务报表不可分割的一部分。

KARMAN LINE ACQUISITION CORP.

利润表（未经审计）

（未经审计）


	截至 \n6月30日			截至 \n6月30日的六个月
	2026			2026
成立、一般及行政费用	$	44,823			$	44,863
运营亏损	$	(44,823	)		$	(44,863	)

基本和稀释加权平均B类普通股流通股数⁽¹⁾		6,666,667				6,666,667
基本和稀释每股B类普通股净亏损	$	(0.01	)		$	(0.01	)

\n \n \n \n

⁽¹⁾	不包括最多1,000,000股B类普通股，如果承销商未全部或部分行使超额配售选择权，则这些股份将被没收（注8）。承销商于2026年8月18日放弃了超额配售选择权。因此，1,000,000股B类普通股被没收（注9）。

附注是这些未经审计的中期财务报表不可分割的一部分。

KARMAN LINE ACQUISITION CORP.

股东权益变动表（未经审计）

（未经审计）

截至2026年6月30日的三个月和六个月

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

	B类普通股		额外实收资本			股份 \n认购		累计	股东权益

	股份数量		金额			资本		应收款	赤字			赤字
2026年1月1日余额⁽¹⁾		7,666,667		$	767		$	24,233	$	(25,000	)		$	(16,259	)	$	(16,259	)
净亏损		-			-			-		-				(40	)		(40	)
2026年3月31日余额		7,666,667			767			24,233		(25,000	)			(16,299	)		(16,299	)
赞助商支付的B类普通股		-			-			-		25,000				-			25,000
净亏损		-			-			-		-				(44,823	)		(44,823	)
2026年6月30日余额		7,666,667		$	767		$	24,233	$	-			$	(61,122	)	$	(36,122	)

\n \n \n \n

⁽¹⁾	包括最多1,000,000股B类普通股，如果承销商未全部或部分行使超额配售选择权，则这些股份将被没收（注8）。承销商于2026年8月18日放弃了超额配售选择权。因此，1,000,000股B类普通股被没收（注9）。

附注是这些未经审计的中期财务报表不可分割的一部分。

KARMAN LINE ACQUISITION CORP.

现金流量表（未经审计）

（未经审计）


	截至 \n6月30日 \n2026年
经营活动产生的现金流量：
净亏损	$	(44,863	)
将净亏损调整为经营活动使用的净现金
由赞助商通过票据支付的一般及行政费用 – 关联方		3,640
经营性资产和负债的变化：
应付账款		9,723
经营活动使用的净现金		(31,500	)

融资活动产生的现金流量：
来自票据的收益 – 关联方		25,000
来自赞助商购买B类普通股的收益		25,000
融资活动提供的净现金		50,000

现金净变化		18,500
期初现金余额		-
期末现金余额	$	18,500

非现金融资活动的补充披露：
包含在应计发行费用中的递延发行费用	$	11,070
通过票据由赞助商支付的应计发行费用 – 关联方	$	8,957

附注是这些未经审计的中期财务报表不可分割的一部分。

Karman Line Acquisition Corp.
截至2026年6月30日的中期未经审计财务报表的附注
2026年6月30日

注释 1 — 组织与业务运营

Karman Line Acquisition Corp.（曾名为，Meteora Venture Partners Acquisition Corporation VI Ltd.）（“公司”）是一家于 2025 年 8 月 4 日在开曼群岛注册的免税公司。该公司注册的目的是与一个或多个企业进行合并、股份交换、资产收购、股票购买、资本重组、重组或类似业务合并（“业务合并”）。公司尚未选定任何特定的业务合并目标，且公司及其任何代表均未与任何业务合并目标进行任何实质性讨论，直接或间接地涉及与公司进行初始业务合并。

截至 2026 年 6 月 30 日，公司尚未开展任何业务。从 2025 年 8 月 4 日（成立）至 2026 年 6 月 30 日期间的所有活动均与公司的成立和首次公开发行（以下简称“首次公开发行”）有关。公司最早在完成首次业务合并后才会产生运营收入。公司将在首次公开发行所得资金购买的现金、现金等价物和可交易证券所产生的利息和股息收入方面产生非运营收入。公司已选定 12 月 31 日为其财年结束日。

2026 年 8 月 19 日，公司完成了首次公开发行（“首次公开发行”）的 20,000,000 个单位（“单位”），产生了 200,000,000 美元的毛收入。每个单位包括一股 A 类普通股（“公众股份”）和一个可赎回认股权证的半份（“公众认股权证”）（见注释 9）。

在首次公开发行结束的同时，Samara Acquisition Sponsor VI Ltd.（“发起人”）购买了 450,000 个单位（“私人单位”），Cohen & Company Capital Markets，Cohen & Company Securities, LLC 的一个部门（“代表”），以及 Clear Street LLC（“Clear Street”）购买了 200,000 个私人单位，总计 650,000 个私人单位，合计 6,500,000 美元。每个私人单位包括一股 A 类普通股（“私人发行股份”）和一个可赎回认股权证的半份（“私人发行认股权证”，与公众认股权证一起，统称为“认股权证”）。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，该价格可能会进行调整（见注释 9）。

交易费用为 12,574,886 美元，包括 4,000,000 美元的现金承销费用，最多 8,000,000 美元的递延承销费用（根据根据公司与承销商之间的承销协议，公司在赎回公众股份后信托账户中剩余资金的百分比计算），以及 574,886 美元的其他发行费用（见注释 9）。

公司管理层在首次公开发行和私人发行单位的净收益的具体应用方面拥有广泛自主权，尽管大部分净收益旨在一般用于完成业务合并（扣除递延承销佣金）。

公司与一个或多个目标公司的业务合并必须满足，这些目标公司合计的公允市场价值在签署业务合并协议时至少等于信托账户（如下所述）的净余额的80%（不包括已延期的承销折扣金额和信托账户收益产生的应缴税款）。然而，只有在合并后公司拥有或收购目标公司至少50%或以上的已发行投票证券，或以其他方式在目标公司中获得足够的控制权，使其无需根据《1940年投资公司法》（经修订）注册为投资公司时，公司才会完成业务合并。无法保证公司能够成功完成业务合并。

在首次公开发行（Initial Public Offering）结束后，总计$10.00每单位的首次公开发行销售金额，或$200,000,000被存入信托账户（“信托账户”）（参见注释9），并最初仅投资于到期日为185天或以下的美国政府国库券，或投资于符合投资公司法下规则 2a-7条件的货币市场基金，这些基金仅投资于直接的美国政府国库券；以这种形式持有这些资产是为了临时目的，以便促成拟议的业务合并。为降低公司可能被视为投资公司以符合投资公司法的风险，该风险会随着公司持有信托账户中投资的时间越长而增加，公司可以随时（基于管理团队对与公司潜在地位相关的所有因素的持续评估）指示受托人清算信托账户中的投资，并改以现金或在银行的利息支付型活期存款账户中持有信托账户中的资金。除非用于支付公司可能产生的税款，否则首次公开发行和私募单位销售的收益不会从信托账户中释放，直到以下最早发生的情况：（i）公司完成首次业务合并，（ii）如果公司无法在首次公开发行结束后21个月内或公司董事会可能批准的更早清算日期（“完成窗口”）内完成首次业务合并，则赎回公司的公众股份（“完成窗口”），受适用法律的约束，或（iii）在股东投票修改公司修订和重述的公司章程以（A）修改公司与首次业务合并相关的赎回实质或时间，或如果公司在完成窗口内未完成首次业务合并，则赎回公司100%的公众股份，或（B）与股东权利或首次业务合并前活动的其他重要条款有关的任何其他事项。存入信托账户的资金可能成为公司债权人（如有）的索赔对象，这些债权人的索赔可能优先于公司公众股东的索赔。

公司将在完成首次业务合并后，无论股东是否弃权、投票赞成或反对首次业务合并，都将为公司的公众股东提供机会，赎回其全部或部分公众股份，这可以通过召开股东大会批准首次业务合并，或者通过要约收购的方式无需股东投票。公司是否寻求股东批准拟议的首次业务合并或进行要约收购的决定，将由公司自行决定。公众股东有权以现金形式按每股价格赎回其股份，该价格等于在首次业务合并完成前两个营业日时信托账户中的总金额，包括信托账户中资金产生的利息（扣除应缴税款），除以当时流通的公众股份总数，受限制条件的约束。信托账户中的金额最初预计为每公众股份10.00美元。根据财务会计准则委员会（“FASB”）会计准则汇编（“ASC”）第480项“负债与权益的区分”，在完成首次公开发行后，可赎回的普通股将按赎回价值记录，并作为临时权益分类。

公司完成首次业务合并的期限仅为完成窗口期。然而，如果公司无法在完成窗口期内完成其首次业务合并，公司将尽快但不超过此后十个营业日，以现金形式按每股价格赎回公众股份，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（扣除用于支付税款和最多100,000美元的利息以支付清算费用），除以当时流通的公众股份总数，此次赎回将构成对公众股份的完全和最终支付，并完全终止公众股东作为股东的权利（包括如有的进一步清算或其他分配的权利），受公司根据开曼群岛法律对债权人索赔的义务的约束，并受适用法律的其他要求的约束。

发起人、高管和董事已与公司签订了一份备忘录，根据该备忘录，他们同意放弃其在完成首次业务合并时所持股份的赎回权。此外，如果公司在规定的时间框架内未能完成首次业务合并，发起人、高管和董事已同意放弃其从信托账户中获得清算分配的权利，针对其创始人股份和私募股份，尽管他们仍有权从信托账户外的资产中获得清算分配。如果公司未能在规定的时间框架内完成首次业务合并，私募单位（以及构成该单位的证券）将变得一文不值。此外，发起人、高管和董事已同意在以下日期之前不得转让、分配或出售其各自的创始人股份和私募单位：(i) 对于创始人股份，为首次业务合并完成日期后的六个月，或在首次业务合并后，首次业务合并完成后发生清算、合并、股票交换或其他类似交易，使所有股东都有权将其A类普通股兑换为现金、证券或其他财产的日期中的较早者；(ii) 对于私募单位或任何构成私募单位的证券，为首次业务合并完成后的30天。任何允许的受让人将受到与公司初始股东相同的限制和其他协议的约束，针对任何创始人股份和私募单位（“锁定期”）。“,

公司的发起人同意，如果第三方就为公司提供的服务或销售给公司的产品，或公司已签署书面意向书、保密协议或其他类似协议或业务合并协议的潜在目标业务提出的索赔，导致信托账户中的资金金额低于（i）每公开股份10.00美元或（ii）在信托账户清算之日每公开股份实际持有的金额（如果由于信托资产价值下降导致低于每股份10.00美元，则扣除应缴税款），则公司发起人将对该公司负责。但此类责任不适用于已放弃对信托账户中资金的所有权利的第三方或潜在目标业务（无论该放弃是否具有约束力），也不适用于公司对首次公开发行承销商的赔偿，包括根据《1933年证券法》（“证券法”）修订版规定的某些责任。然而，公司并未要求发起人预留用于此类赔偿义务的资金，公司也未独立核实发起人是否有足够的资金来满足其赔偿义务，公司认为发起人的唯一资产是公司的证券。因此，公司无法保证发起人能够履行这些义务。

流动性与资本资源

截至2026年6月30日，公司拥有18,500美元的现金和80,772美元的营运资本赤字。公司已发生并预计将继续发生重大费用，以推进其融资和收购计划。根据《美国通用会计准则》第205-40节“财务报表列报——持续经营”的规定，公司在2026年6月30日的评估中，没有足够的流动性来满足其营运资本需求，至少要到这些财务报表发布日期起一年。然而，公司已于2026年8月19日完成首次公开发行，这提供了足够的流动性来满足其营运资本需求，至少要到这些财务报表发布日期起一年。公司无法保证其筹集资金或完成首次业务合并的计划会取得成功。

注2 — 重要会计政策

列报基础

附带的财务报表已根据美国通用会计准则（“GAAP”）编制，适用于中期财务信息，并根据证券交易委员会（“SEC”）《法规S-X》第8条编制。根据SEC的规则和规章，某些通常包含在按照GAAP编制的财务报表中的信息或脚注披露已根据中期财务报告的要求被压缩或省略。管理层认为，附带的财务报表包含所有必要的调整，这些调整均为正常重复性质，以公允列报所列期间的财务状况。

附带的未经审计的简明财务报表应与公司于2026年8月19日提交的8-K表格一起阅读，并于2026年8月25日提交给SEC，其中包含公司经审计的资产负债表及其附注。截至2025年12月31日的财务信息来源于公司于2026年8月18日提交的最终招股说明书（表格S-1编号333-297706）中列示的经审计财务报表。截至2026年6月30日的三个月和六个月的中期结果不一定反映截至2026年12月31日的年度或任何未来期间的预期结果。由于公司于2025年8月4日成立，因此未提供比较的中期期间。

新兴成长公司地位

公司是《证券法》第2(a)节定义的“新兴成长公司”，根据2012年《为我们的创业公司注入活力法案》（“JOBS法案”）进行了修改，它可以利用某些豁免，这些豁免适用于其他非新兴成长公司的公开公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404节的审计师鉴证要求、在定期报告和代理声明中关于高管薪酬的披露义务减少，以及无需进行关于高管薪酬的非约束性咨询投票和无需股东批准任何之前未获批准的金色降落伞付款的要求。

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

估计的使用

按照GAAP编制财务报表需要管理层做出影响财务报表中资产和负债的报告金额以及在财务报表日期的或有资产和负债披露的估计和假设。

做出估计需要管理层进行重大判断。至少在合理可能的情况下，管理层在制定其估计时考虑的在财务报表日期存在的条件、情况或一组情况的影响估计，可能会因一个或多个未来确认事件而在近期发生变化。因此，实际结果可能与这些估计有显著差异。

现金及现金等价物

公司将购买时原始到期日为三个月或更短的短期投资视为现金等价物。截至2026年6月30日，公司有现金$18,500和无现金等价物。

信用风险集中

可能使公司面临信用风险集中的金融工具包括一家金融机构的现金账户，该账户在某些时候可能超过联邦存款保险公司$250,000的保险限额。任何损失或无法获得这些资金都可能对公司的财务状况产生重大不利影响。

递延发行成本

公司遵守ASC 340-10-S99和证券交易委员会（SEC）工作人员会计公报主题5A，“发行费用”的要求。递延发行费用主要包括与首次公开发行相关的专业费用和注册费用。FASB ASC 470-20，“可转换债务和其他选择权”，涉及将可转换债务发行所得款项分配到其股权和债务组成部分。公司应用此指导，通过剩余法将首次公开发行所得款项在公众股份和公众认股权证之间进行分配，首先将首次公开发行所得款项分配给公众认股权证的指定价值，然后分配给公众股份。分配给公众股份的发行费用计入临时权益。分配给公众认股权证的发行费用计入股东权益赤字，因为公众认股权证被作为权益分类的金融工具进行核算。

金融工具的公允价值

根据FASB ASC 820，“公允价值计量和披露”，公司资产和负债中符合金融工具定义的，其公允价值接近资产负债表中所列的账面金额，主要是由于其短期性质。

公允价值定义为在计量日，市场参与者之间有序交易中出售资产所获得的价格或转移负债所支付的价格。GAAP建立了一个三层公允价值层级，该层级对计量公允价值所使用的输入值进行优先排序。该层级将最高优先级给予活跃市场中相同资产或负债的未经调整的报价（第一层级测量值），最低优先级给予不可观察的输入值（第三层级测量值）。这些层级包括：

\n \n \n \n \n

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第一层级，定义为可观察的输入值，如活跃市场中相同工具的未经调整的报价；

\n \n \n \n \n

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

\n \n \n \n \n

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第三层级，定义为几乎没有或没有市场数据的不可观察输入值，因此需要企业开发自己的假设，例如从估值技术得出的估值，其中一项或多项重要输入值或重要价值驱动因素不可观察。

B类普通股每股净损失

B类普通股每股净损失是通过将净损失除以期间内发行的B类普通股加权平均数计算得出的，不包括受没收限制的B类普通股。加权平均B类普通股数量已考虑了1,000,000股B类普通股的总影响，这些股份如果承销商未行使超额配售选择权则将被没收（参见第8号注释）。截至2026年6月30日，公司没有任何可能被行使或转换为B类普通股并随后分享公司收益的稀释性证券和其他合同。因此，所列期间的B类普通股稀释性每股损失与基本每股损失相同。

首次公开发行后，该公司有两种类别的股份，即A类普通股和B类普通股。收入和损失按比例在两种类别的股份之间分配。该公司遵守ASC专题260“每股收益”的会计和披露要求。每股净收益是通过将净收益（亏损）除以期间内发行的普通股加权平均数来计算的。与可赎回A类普通股相关的增值不计入每股收益，因为赎回价值接近公允价值。

股权激励

该公司根据FASB ASC 718“薪酬—股票薪酬”对股权奖励进行核算，该规定要求所有股权奖励均应按其公允价值进行核算。公允价值在授予日进行计量，等于股票的底层价值。这些公允价值的成本根据预期将被授予的奖励数量，在要求的服务期内按比例确认，对于立即兑现且无未来服务条件的奖励，在授予期间确认，或在满足业绩条件后立即兑现的奖励，在该业绩条件变得很可能发生时（即发生企业合并时）确认。对于随时间兑现的奖励，在后续期间中，根据实际失效与公司初始估计的差异记录累计调整；如果服务或业绩条件未满足且奖励被失效，则之前确认的薪酬成本将被冲销。

所得税

该公司根据ASC专题740“所得税”对所得税进行核算，该规定要求采用资产和负债方法对所得税的财务会计和报告进行处理。对于资产和负债的财务报表和税务基础之间的差异，将根据适用的税法和税率计算递延所得税资产和负债，这些差异将在未来产生应税或可抵税金额。在必要时，建立抵销准备金，以将递延税资产减少至预计可实现的金额。

ASC专题740规定了在税务申报中或预期在税务申报中采取的税务立场在财务报表确认和计量中的确认门槛和计量属性。为了确认这些利益，税务立场必须在税务当局审查时很可能得到维持。该公司管理层确定开曼群岛是公司的主要税务管辖区。公司将与未确认税务利益相关的应计利息和罚款作为所得税费用确认。截至2026年6月30日和2025年12月31日，没有未确认的税务利益，也没有为利息和罚款计提任何金额。公司目前未发现任何可能产生重大支付、计提或与其立场出现重大偏差的问题。

该公司被认为是一家开曼群岛免税公司，与任何其他应税司法管辖区均无关联，目前在开曼群岛或美国均不需缴纳所得税或提交所得税申报表。因此，公司的税务支出为零，截至2026年6月30日和2025年12月31日的资产负债表上未记录任何应计所得税。

衍生金融工具

公司评估其金融工具，以确定这些工具是否为衍生工具或是否包含符合ASC第815条“衍生工具和对冲”的嵌入式衍生工具特征。对于按负债核算的衍生金融工具，衍生工具在授予日按公允价值初始记录，并在每个报告日重新估值，公允价值变动在损益表中报告。衍生工具的分类，包括此类工具是否应作为负债或作为权益核算，在每个报告期末进行评估。衍生负债根据在资产负债表日后的12个月内是否可能进行净现金结算或转换工具，分类为流动或非流动负债。

认股权证工具

公司将根据FASB ASC第815条“衍生工具和对冲”中的指导原则，对与首次公开募股和私募发行相关的公开认股权证和私募认股权证进行核算。因此，公司评估了认股权证工具的分类，并确定它们将按相对公允价值作为权益处理。截至2026年6月30日和2025年12月31日，没有公开认股权证或私募认股权证尚未行权。

近期会计准则

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

Note 3 — 首次公开发行

根据2026年8月19日的首次公开发行，公司以每单位10.00美元的购买价格出售了20,000,000个单位。每个单位包括一股公开股票和一个公开认股权证的半份。每个完整的公开认股权证将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，该价格可能进行调整。每个公开认股权证在初始业务合并完成后的30天后开始可行使，并在初始业务合并完成后的五年内到期，或在提前赎回或清算时到期。承销商在3,000,000个单位的超额配售选择权中，每单位价格为10.00美元，这将产生最多30,000,000美元的毛收益。2026年8月18日，承销商放弃了购买额外3,000,000个单位的超额配售选择权（参见注释9）。

公众认股权证 — 截至2026年6月30日及2025年12月31日，尚未发行任何公众认股权证。每份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，具体价格根据本文所述进行调整。认股权证须在首次业务合并完成后的30天后方可行权，并将在首次业务合并完成后的五年内于纽约市时间下午5:00到期，或在提前赎回或清算时提前到期。

公司根据认股权证的行权而无需交付任何A类普通股，且在与认股权证相关的证券法下未生效的注册声明及相应的招股说明书未处于有效状态时，公司也无需结算该认股权证的行权。除非与认股权证所依据的A类普通股相关的证券法下的注册声明有效且相关招股说明书有效，否则任何认股权证均不可行权，且公司也无需在认股权证行权时发行A类普通股。如果上述两段中所述条件未满足，则该认股权证的持有人将无权行权，该认股权证可能毫无价值并到期作废。公司绝不会要求以现金净额结算任何认股权证。如果针对已行权的认股权证的注册声明未生效，则购买包含该认股权证的单位的购买者将仅因该单位所含的A类普通股而支付了单位的全部购买价格。

根据认股权证协议的条款，公司同意在业务合并完成后尽快，但最迟不超过20个营业日，使用合理的商业努力向证券交易委员会提交首次公开发行的注册声明的补充有效文件，或提交一份新的注册声明，涵盖根据证券法对认股权证行权时可发行的A类普通股的注册，之后公司将使用合理的商业努力在公司首次业务合并后的60个营业日内使其生效，并按照认股权证协议的规定，在认股权证到期前保持一份关于可由认股权证行权时发行的A类普通股的最新招股说明书。如果在初始业务合并后的第六十（60^th）个营业日之前，涵盖可由认股权证行权时发行的A类普通股的注册声明未生效，认股权证持有人可以从第六十一（61^st）天开始，直到存在有效的注册声明以及在公司未能保持有效注册声明的任何期间，根据《证券法》第3(a)(9)条或另一豁免条款，以“无现金方式”行权。尽管有上述规定，如果在任何认股权证行权时，A类普通股未在国家证券交易所上市，从而满足《证券法》第18(b)(1)条中“受保护证券”的定义，公司可以选择要求公开认股权证持有人根据《证券法》第3(a)(9)条以“无现金方式”行权；如果公司作出此选择，公司将无需提交或维持有效的注册声明；如果公司未作出此选择，公司将使用合理的商业努力在适用的蓝天法下注册或获得相关证券的资格，除非无法获得豁免。

如果持有人以无现金方式行权，他们将通过放弃认股权证来支付行权价格，以获得相当于以下商数的A类普通股数量：（x）认股权证所涵盖的A类普通股数量乘以“A类普通股的公允市场价值”超过认股权证行权价格的差额，除以（y）公允市场价值。\"公允市场价值\"是指在收到认股权证代理人的行权通知或向认股权证持有人发送赎回通知的日期前三个交易日结束的10个交易日中，A类普通股的平均报告收盘价。

当每A类普通股价格等于或超过18.00美元时赎回认股权证：公司可以赎回未到期的认股权证：

\n \n \n \n \n

●

全部而非部分；

\n \n \n \n \n

●

以每份认股权证0.01美元的价格；

\n \n \n \n \n

●

在提前30天书面通知赎回的情况下（“30天赎回期”）；和

\n \n \n \n \n

●

如果在公司完成首次业务合并后至少30天开始的30个交易日期间内，任何20个交易日的A类普通股收盘价等于或超过每股18.00美元（根据认股权证行权或行权价格的调整进行调整），则触发条件。

此外，如果流通的A类普通股数量因以A类普通股支付的资本增加，或因普通股分割或其他类似事件而增加，则在该资本增加、分割或类似事件生效之日，每份认股权证行权可发行的A类普通股数量将按流通普通股增加的比例相应增加。如果向所有或基本上所有普通股持有者进行认股权证发行，使持有者能够以低于公允市场价格的价格购买A类普通股，则该认股权证发行将被视为等同于发行数量等于（i）该认股权证发行中实际售出的A类普通股数量（或在该认股权证发行中售出的其他可转换为或可行使为A类普通股的权益证券中可发行的A类普通股数量）与（ii）（x）该认股权证发行中A类普通股的单价和（y）公允市场价格的商的认股权证发行。就上述目的而言：（i）如果认股权证发行是针对可转换为或可行使为A类普通股的证券，在确定A类普通股的应付价格时，将考虑为该认股权证所获得的任何对价，以及行权或转换时可能支付的任何额外金额；（ii）公允市场价格是指在适用交易所或适用市场中，A类普通股在首个交易日之前十个（10）个交易日期间按常规方式交易的成交量加权平均价格，该首个交易日不具有获得该认股权证的权利。

注\n4 — 私募发行

在首次公开募股结束时，发起人购买了450,000\n私募单位，Cohen & Company Capital Markets，Cohen & Company Securities, LLC（“代理机构”）的一个部门，以及Clear Street LLC（“Clear Street”）购买了200,000\n私募单位，总计购买了650,000私募单位或总计6,500,000美元。每个私募单位包括一股A类普通股和一个可赎回认股权证的半份。每个完整的私募发行认股权证使登记持有人有权以每股11.50美元的价格购买一股A类普通股，该价格可能会进行调整。如果承销商的超额配售选择权部分或全部被行使，代理机构和Clear Street可能会额外购买30,000\n私募单位，这将产生最多300,000美元的额外毛收入。\n\n承销商于2026年8月18日放弃了超额配售选择权，因此代理机构和Clear Street并未购买任何额外的私募单位。

私募认股权证与首次公开发行中出售的公众认股权证相同，只要它们由发起人、CCM、Clear Street或其允许的受让人持有，私募认股权证（i）在首次业务合并完成后的30天内，除（包括这些私募认股权证可兑换的A类普通股外），在有限的例外情况下，持有人不得转让、分配或出售；（ii）将有权获得登记权；（iii）对于由CCM、Clear Street和/或其指定方持有的私募认股权证，根据金融行业监管局规则 5110(g)(8)，在首次公开发行销售开始后的五年内不得行权。

发起人、高管和董事已与公司签订了一份备忘录协议，根据该协议，他们同意（i）放弃与首次业务合并完成相关的任何所持股份的赎回权；（ii）放弃与股东投票批准修订后的公司章程（A）修改公司允许赎回的实质或时间安排，或在完成窗口期内公司未完成首次业务合并时赎回100%的公众股份，或（B）与股东权利或首次业务合并前活动的其他重大条款相关的任何其他事项的赎回权；（iii）如果公司在完成窗口期内未能完成首次业务合并，他们将放弃其创始人股份和私募股份从信托账户获得清算分配的权利，尽管如果公司在规定的时间框架内未能完成首次业务合并，他们仍将有权从信托账户获得其持有的任何公众股份的清算分配，以及从信托账户外资产获得清算分配；以及（iv）对他们持有的创始人股份和私募股份以及在首次公开发行期间或之后购买的任何公众股份（包括在公开市场和私下协商交易中购买的股份，但不包括他们根据《交易法》第14e-5条要求购买的股份，这些股份不会投票支持批准业务合并交易）进行投票，以支持首次业务合并。

注5 — 分部信息

ASC专题280，“分部报告”，规定了公司在其财务报表中报告有关经营分部、产品、服务、地理区域和主要客户的信息的标准。经营分部是指企业中从事可能产生收入和发生费用的业务活动的部分，并且其单独的财务信息可被公司首席运营决策者（“CODM”）或其小组定期评估，以决定如何分配资源和评估业绩。

公司的CODM被确认为首席财务官，他审查公司的整体运营结果以做出关于资源分配和评估财务表现的决策。因此，管理层决定公司只有一个报告业务部门。

CODM根据资产负债表上报告的流动性指标（即总资产）来评估单一业务部门的业绩，并决定如何分配资源。在评估公司的业绩并就资源分配和完成初始业务合并的能力做出关键决策时，CODM会审查包括总资产在内的若干关键指标，其中总资产包括以下内容：

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

部门信息表
	截至2026年6月30日 \n的三个月
现金	$	18,500
递延发行成本		44,650
总资产	$	63,150

CODM将形成、一般及行政费用作为管理及预测现金的关键指标，以确保有足够的资本在业务合并期内完成业务合并或类似交易。CODM还审查形成、一般及行政费用以管理、维护和执行所有合同协议，确保费用与所有协议和预算一致。如损益表所报告的形成、一般及行政费用，是定期提供给CODM的重要部门信息。

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


	截至2026年6月30日 \n的三个月			截至2026年6月30日 \n的六个月
形成、一般及行政费用	$	44,823			$	44,863
净损失	$	(44,823	)		$	(44,863	)

注6 — 关联方交易

创始人股份

在2025年9月19日，公司以总计25,000美元的价格向发起人发行了7,666,667股B类普通股（也称为“创始人股份”），约合每股0.003美元。最多1,000,000股创始人股份可能因承销商的超额配售选择权是否被行使而被发起人无偿 forfeit（放弃）。2026年8月18日，承销商放弃了超额配售选择权，导致发起人放弃1,000,000股创始人股份（参见注释9）。2026年7月17日，发起人以每股0.003美元的价格，根据发起人与ArgoSat之间的咨询协议，将500,000股创始人股份转让给ArgoSat（其管理成员Richard C. Davis和Dr. Graeme Shaw分别是公司的首席执行官和首席技术官）。ArgoSat还拥有但没有义务根据发起人与ArgoSat之间的咨询协议，以每股0.50美元的价格，最多以250,000美元的总价认购和购买额外的创始人股份（“ArgoSat权利”），该金额可根据发起人和ArgoSat之间的书面协议增加。2026年8月8日，ArgoSat根据ArgoSat咨询协议中的权利，以125,000美元（或每股0.50美元）的价格额外购买了250,000股创始人股份。根据ArgoSat咨询协议购买剩余创始人股份的权利在公司首次公开发行定价前一周到期。此外，发起人在注册声明生效前，以每股0.003美元的价格将20,000股创始人股份（或总计60,000股）转让给董事候选人（Michael Leitner、Keith Masback和Beth Michelson）。公司根据ASC 718“以股票为基础的薪酬”对创始人股份转让给ArgoSat和董事候选人进行了会计处理。将500,000股创始人股份转让给ArgoSat包括一个业绩条件，要求Richard C. Davis和Dr. Graeme Shaw在公司完成首次业务合并时担任高管或董事。由于该业绩条件，500,000股创始人股份的公允价值将在该业绩条件被认为很可能实现时确认，即在公司完成首次业务合并时。公司在首次公开发行完成时，根据授予日的公允价值，将60,000股创始人股份转让给董事候选人作为薪酬成本，在损益表中确认。

ArgoSat 获得的 500,000 股 B 类普通股的公允价值被确定为授予日为 2026 年 7 月 17 日，公允价值为 $290,000，即每股 0.58 美元。授予董事的 60,000 股 B 类普通股的公允价值被确定为授予日为 2026 年 8 月 17 日，公允价值约为 $43,600，即每股约 0.73 美元。B 类普通股的公允价值是通过对底层 A 类普通股的股价进行缺乏流动性折扣调整，并考虑了成功首次公开募股的估计概率后确定的。以下表格展示了用于 B 类普通股估值的市场假设的定量信息：

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

B 类普通股估值中使用的市场假设表
	2026 年 7 月 17 日			2026 年 8 月 17 日
预计波动率		35.00	%		37.50	%
无风险利率		4.11	%		4.12	%
到期时间（年）		2.50			2.26
首次公开募股成功的概率		85.00	%		100.00	%
预期没收折扣		70.00	%		70.00	%

The Company’s initial shareholders have agreed not to transfer, assign or sell any of their respective founder shares and Private Units until the date that is (i) in the case of the founder shares, the earlier of (A) six months after the date of the consummation of an initial Business Combination or (B) subsequent to an initial Business Combination, the date on which consummation of a liquidation, merger, stock exchange or other similar transaction after an initial Business Combination which results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property, and (ii) in the case of the Private Units or any securities underlying the Private Units, until 30 days after the completion of an initial Business Combination. Any permitted transferees will be subject to the Lock-up.

Promissory Note — Related Party

The Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering (the “Promissory Note”). The Promissory Note is non-interest bearing, unsecured and due at the earlier of (i) the closing of the Initial Public Offering or (ii) the date which the Company determines not to proceed with the Initial Public Offering. The Promissory Note was repaid out of the offering proceeds that have been allocated to the payment of offering expenses. As of June 30, 2026, the Company had borrowed $37,597, under the Promissory Note. On August 21, 2026, the Company repaid the Sponsor in full (see Note 9). Following the closing of the Company’s Initial Public Offering, the Promissory Note is no longer available for drawn down.

Administrative Services Agreement

Commencing on the effective date of the registration statement, the Company entered into an agreement with the Sponsor to pay an aggregate of $20,000 per month for company administration, office space, utilities, and secretarial and administrative support (the “Administrative Services Agreement”). Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the $20,000 per month fee.

On August 21, 2026, the Company assigned the Administrative Services Agreement with the Sponsor to Samara Capital Advisors, LLC (“SCA”) (see Note 9).

Consulting Agreement

The Company entered into a consulting agreement with ArgoSat Consulting LLC (the “Consulting Agreement”), pursuant to which ArgoSat has agreed to provide consulting, advisory and related services to Company with respect to general special purpose acquisition company structuring and capital markets matters through the earlier of the consummation of the initial business combination or the Company’s liquidation, in exchange for consideration a monthly cash fee of $10,000 to be paid by the Company commencing upon the pricing of the Initial Public Offering.

Related Party Loans

In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest basis (the “Working Capital Loans”). If the Company completes an initial Business Combination, the Company would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use amounts held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Units. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. As of June 30, 2026 and December 31, 2025, no such Working Capital Loans were outstanding.

Note 7 — Commitments and Contingencies

Risks and Uncertainties

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

Registration Rights

The holders of the (i) founder shares, which were issued in a private placement prior to the closing of the Initial Public Offering, (ii) Private Units (and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) which were issued in a private placement simultaneously with the closing of the Initial Public Offering, (iii) Private Units (and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) that may be issued upon conversion of Working Capital Loans will have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of an initial Business Combination pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering.

The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of an initial Business Combination. Notwithstanding anything to the contrary, CCM may only make a demand on one occasion and only during the five-year period beginning on the effective date of the registration statement of which this prospectus forms a part. In addition, CCM may participate in a piggyback registration only during the seven-year period beginning on the effective date of the registration statement of which this prospectus forms a part. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriter a 45-day option from the date of the Initial Public Offering to purchase up to an additional 3,000,000 Units to cover over-allotments, if any. On August 18, 2026, the underwriters forfeited the over-allotment option to purchase up to an additional 3,000,000 Units (see Note 9).

The underwriter was paid a cash underwriting discount of 2.00% of the gross proceeds of the units offered in the Initial Public Offering, or $4,000,000 in the aggregate. The underwriter used $2,000,000 of such funds to purchase from the Company 200,000 Private Units at $10.00 per Unit (See Note 9). Additionally, the underwriter is entitled to a deferred underwriting discount of 4.00% of the gross proceeds of the Initial Public Offering held in the Trust Account, or $8,000,000 in the aggregate. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, based on the percentage of funds remaining in the Trust Account after redemptions of public shares. For purposes of this calculation, funds remaining in the Trust Account exclude any capital sourced by the Company’s initial shareholders or their affiliates and any amounts remaining in the Trust Account pursuant to forward purchase agreements, non-redemption agreements, backstop agreements, or similar arrangements or incentives provided to shareholders not to redeem.

Note 8 — Shareholder’s Deficit

Preference Shares — The Company is authorized to issue a total of 1,000,000 preference shares at par value of $0.0001 each. At June 30, 2026 and December 31, 2025, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $0.0001 each. At June 30, 2026 and December 31, 2025, there were no shares of Class A ordinary shares issued or outstanding.

Class B Ordinary Shares — The Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $0.0001 each. On September 19, 2025, the Company issued 7,666,667 Class B ordinary shares to the Sponsor for $25,000, or approximately $0.003 per share. The founder shares included an aggregate of up to 1,000,000 shares subject to forfeiture if the over-allotment option was not exercised by the underwriter in full. The underwriters forfeited the over-allotment option on August 18, 2026, resulting in the forfeiture of 1,000,000 Class B ordinary shares. On July 17, 2026, the Sponsor transferred 500,000 founder shares to ArgoSat (whose managing members, Richard C. Davis and Dr. Graeme Shaw, are the Company’s Chief Executive Officer and Chief Technology Officer, respectively), at a price of $0.003 per share pursuant to the ArgoSat Consulting Agreement. ArgoSat had the right, but not the obligation, to subscribe for and acquire additional founder shares for an aggregate purchase price of up to $250,000 at a purchase price of $0.50 per share, which amount may be increased by mutual written agreement of the Sponsor and ArgoSat pursuant to the ArgoSat Consulting Agreement. On August 8, 2026, ArgoSat purchased an additional 250,000 founder shares pursuant to the right in the ArgoSat Consulting Agreement. The right to purchase the remaining founder shares pursuant to the ArgoSat Consulting Agreement expired one week prior to the pricing of the Company’s Initial Public Offering. In addition, the Sponsor transferred, immediately prior to effectiveness of the registration statement, 20,000 founder shares (or 60,000 in the aggregate) to the director nominees (Michael Leitner, Keith Masback, and Beth Michelson), at the price of $0.003 per share. Accordingly, at June 30, 2026, there were 7,666,667 Class B ordinary shares issued and outstanding, including 1,000,000 shares subject to forfeiture.

The founder shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the Trust Account if the Company fails to consummate an initial Business Combination) concurrently with or immediately following the consummation of an initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial business combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued

pursuant to the underwriter’s over-allotment option and excluding the Class A ordinary shares comprising part of the Private Units and the Class A ordinary shares underlying the Private Placement Warrants issued to the Sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent units issued to the Sponsor or any of its affiliates or to the Company’s officers or directors upon conversion of Working Capital Loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination and any Class A ordinary shares redeemed by public shareholders in connection with any amendment to the Company’s amended and restated memorandum and articles of association made prior to the consummation of the initial business combination (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with an initial business combination or to redeem 100% of the Company’s public shares if the Company does not complete an initial business combination within the completion window or (B) with respect to any other material provisions relating to the rights of holders of Class A ordinary shares or pre-business combination activity; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

Holders of record of the Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders. Unless specified in the Company’s amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange rules, a special resolution under Cayman Islands law and the Company’s amended and restated memorandum and articles of association, which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by the Company’s shareholders. Approval of certain actions require a special resolution under Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the Company’s amended and restated memorandum and articles of association, such actions include amending the Company’s amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the appointment of directors, meaning, following the Company’s initial Business Combination, the holders of more than 50% of the Company’s ordinary shares voted for the appointment of directors can elect all of the directors. Prior to the consummation of an initial Business Combination, only holders of the Company’s Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the Company’s constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Company’s Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the Company’s amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of an initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company.

Note 9 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through October 1, 2026, the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, other than those disclosed below.

On July 17, 2026, the Sponsor transferred 500,000 founder shares to ArgoSat at a price of $0.003 per share pursuant to the consulting agreement between the Sponsor and ArgoSat. ArgoSat also had the right, but not the obligation, to subscribe for and acquire additional founder shares for an aggregate purchase price of up to $250,000 at a purchase price of $0.50 per share (the “ArgoSat Right”), which amount may be increased by mutual written agreement of the Sponsor and ArgoSat pursuant to the ArgoSat Consulting Agreement.

On August 8, 2026, ArgoSat purchased an additional 250,000 founder shares for $125,000 (or $0.50 per share) pursuant to the right in the ArgoSat Consulting Agreement. The right to purchase the remaining founder shares pursuant to the ArgoSat Consulting Agreement expired one week prior to the pricing of the Company’s Initial Public Offering.

In addition, the Sponsor transferred, immediately prior to effectiveness of the registration statement, 20,000 founder shares (or 60,000 in the aggregate) to the director nominees, at the price of $0.003 per share.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 650,000 Private Units at a price of $10.00 per Private Unit, in a private placement to the Company’s Sponsor and certain underwriters, including Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM”),\nand Clear Street LLC (“Clear Street”), generating gross proceeds of $6,500,000. Each Private Unit consists of one Private Placement Share and one-half of one Private Placement Warrant.

The underwriter was paid a cash underwriting discount of 2.00% of the gross proceeds of the Units offered in the Initial Public Offering, or $4,000,000 in the aggregate. The underwriter used $2,000,000 of such funds to purchase from the Company 200,000 Private Units at $10.00 per Unit.

Transaction costs amounted to $12,574,886, consisting of $4,000,000 of cash underwriting fee, up to $8,000,000 of deferred underwriting fee (based on the percentage of funds remaining in the Trust Account after redemptions of Public Shares in accordance with the Underwriting Agreement between the Company and the Underwriters), and $574,886 of other offering costs.

Following the closing of the Initial Public Offering, an aggregate of $10.00 per Unit sold in the Initial Public Offering, or $200,000,000, from the net proceeds of the sale of the Units and the Private Units, was placed in a Trust Account and is initially invested in cash.

On August 18, 2026, the underwriters forfeited the over-allotment option to purchase up to an additional 3,000,000 Units. As a result, the Company forfeited 1,000,000 Class B ordinary shares, resulting in 6,666,667 Class B ordinary shares issued and outstanding.

On August 21, 2026, the Company assigned the Administrative Services Agreement with the Sponsor to SCA, a Delaware limited liability company wholly and solely owned by Vikas Mittal, the Managing Member of the Company’s Sponsor. Accordingly, SCA is a related party of the Company within the meaning of Item 404 of Regulation S-K. The assignment includes no changes other than as described above.

On August 21, 2026, the Company repaid the Sponsor $267,597 to settle the outstanding balance of the Promissory Note in full.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Unless otherwise stated or the context otherwise requires, references in this quarterly report to (i) the “Company,” “us,” or “we” are to Karman Line Acquisition Corp., a Cayman Islands exempted company; (ii) “founder shares” are to shares of our Class B ordinary shares initially purchased by our Sponsor in a private placement prior to our Initial Public Offering, and the shares of our Class A ordinary shares issued upon the conversion thereof; and (iii) “Sponsor” are to Samara Acquisition Sponsor VI Ltd., a Delaware limited liability company. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This quarterly report, including statements under this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” includes forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not a forward-looking statement. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying some of the important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the discussion under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our final prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 18, 2026. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a newly incorporated blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any specific business combination target, and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to a business combination with us. We intend to effectuate our initial business combination using cash from the proceeds of the initial public offering and the sale of the private units, our common equity or any preferred equity that we may create in accordance with the terms of our charter documents, debt, or a combination of cash, common or preferred equity and debt.

The issuance of additional ordinary shares or the creation of one or more classes of preference shares during our initial business combination:

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may significantly dilute the equity interest of investors in this offering who would not have pre-emption rights in respect of any such issue;

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may subordinate the rights of holders of ordinary shares if the rights, preferences, designations and limitations attaching to the preference shares are senior to those afforded our ordinary shares;

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could cause a change in control if a substantial number of ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;

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may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and

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may adversely affect prevailing market prices for our public shares.

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Similarly, if we issue debt securities or otherwise incur significant indebtedness, it could result in:

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default and foreclosure on our assets if our operating revenues after our initial business combination are insufficient to repay our debt obligations;

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acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

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our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

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our inability to obtain necessary additional financing if any document governing such debt contains covenants restricting our ability to obtain such financing while the debt security is outstanding;

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our inability to pay dividends on our ordinary shares;

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using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

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limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

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increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

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limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for the Initial Public Offering. Following the Initial Public Offering (defined below), we will not generate any operating revenues until after completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. After the Initial Public Offering, we expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three and six months ended June 30, 2026, the Company had net loss of $44,823 and $44,863 consisting of formation, general and administrative expenses, respectively.

Liquidity and Capital Resources

Our liquidity needs will be satisfied prior to the completion of the Initial Public Offering through $25,000 paid by the Sponsor to cover certain of our offering and formation costs in exchange for the issuance of the founder shares to our Sponsor and up to $300,000 in loans from our Sponsor.

On August 19, 2026, the Company consummated the initial public offering (the “Initial Public Offering”) of 20,000,000 units (the “Units”) generating gross proceeds of $200,000,000. Each Unit consists of one Class A ordinary share (the “Public Shares”), and one-half of one redeemable warrant (the “Public Warrants”).

Simultaneously\nwith the closing of the Initial Public Offering, the Company consummated the sale of 650,000 units (the “Private Units” and,\nwith respect to the Class A ordinary shares included in the Private Units being offered, the “Private Placement Shares”)\nat a price of $10.00 per Private Unit, in a private placement to the Company’s sponsor, Samara Acquisition Sponsor VI Ltd. (the\n“Sponsor”), and certain underwriters, including Cohen & Company Capital Markets, a division of Cohen & Company Securities,\nLLC (“CCM”), and Clear Street LLC (“Clear Street”), generating gross proceeds of $6,500,000. Each Private Unit\nconsists of one Class A ordinary share and one-half of one redeemable warrant (the “Private Placement Warrants” and together\nwith the Public Warrants, the “Warrants”). Each whole Warrant entitles the holder to purchase one Class A ordinary share\nat a price of $11.50 per share, subject to adjustment.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement Units, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination (less deferred underwriting commissions).

The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

Following the closing of the Initial Public Offering, an aggregate of $10.00 per Unit sold in the Initial Public Offering, or $200,000,000, was placed in a trust account (the “Trust Account”) and is initially 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. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments in the Trust Account, the Company may, at any time (based on the management team’s ongoing assessment of all factors related to the Company’s 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. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the Initial Public Offering and the sale of the Private Units will not be released from the Trust Account until the earliest of (i) the completion of the Company’s initial

Business Combination, (ii) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 21 months from the closing of the Initial Public Offering or by such earlier liquidation date as the Company’s board of directors may approve (the “Completion Window”), subject to applicable law, or (iii) the redemption of the Company’s Public Shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s Public Shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

We may withdraw interest to pay our taxes, if any. We expect the interest earned on the amount in the trust account will be sufficient to pay our income taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We believe that the amount of cash not held in the trust account will be sufficient to allow us to operate for at least the next 21 months from the closing of the Initial Public Offering, assuming that a business combination is not consummated during that time. Over this time period, we will be using these funds for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination. We anticipate that we will incur the following approximate expenses to be paid from the amounts not held in the trust account:

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$300,000 of expenses for the legal, accounting and other third-party expenses attendant to the structuring and negotiating of our initial business combination;

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$150,000 of expenses for SEC filing and other legal and accounting fees related to regulatory reporting obligations;

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$420,000 (equal to $20,000 per month for up to 21 months) for company administration, office space, utilities, and secretarial and administrative support made available to us;

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$150,000 for directors and officers insurance;

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$85,000 for NASDAQ other regulatory fees;

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$210,000 for consulting services to ArgoSat Consulting LLC; and

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$408,324 for working capital to cover miscellaneous expenses and general corporate purposes.

These amounts are estimates and may differ materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.

If our estimates of the costs of undertaking in-depth due diligence and negotiating our initial business combination is less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial business combination. Following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

As of June 30, 2026, we had $18,500 cash and a working capital deficiency of $80,772. We have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans. Our plans to raise capital and to consummate our initial business combination may not be successful.

Related Party Transactions

Founder Shares

On September 19, 2025 the Company issued 7,666,667 Class B ordinary shares (also referred to as “founder shares”) to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.003 per share. Up to 1,000,000 of the founder shares were subject to forfeiture by the Sponsor for no consideration depending on the extent to which the underwriter’s over-allotment option was exercised. On August 18, 2026, the underwriters forfeited the over-allotment option, resulting in the forfeiture of 1,000,000 founder shares by the Sponsor. On July 17, 2026, the Sponsor transferred 500,000 founder shares to ArgoSat (whose managing members, Richard C. Davis and Dr. Graeme Shaw, are the Company’s Chief Executive Officer and Chief Technology Officer, respectively), at a price of $0.003 per share pursuant to the consulting agreement between the Sponsor and ArgoSat. ArgoSat also had the right, but not the obligation, to subscribe for and acquire additional founder shares for an aggregate purchase price of up to $250,000 at a purchase price of $0.50 per share (the “ArgoSat Right”), which amount may be increased by mutual written agreement of the Sponsor and ArgoSat pursuant to the ArgoSat Consulting Agreement. On August 8, 2026, ArgoSat purchased an additional 250,000 founder shares for $125,000 (or $0.50 per share) pursuant to the right in the ArgoSat Consulting Agreement. The right to purchase the remaining founder shares pursuant to the ArgoSat Consulting Agreement expired one week prior to the pricing of the Company’s Initial Public Offering. In addition, the Sponsor transferred, immediately prior to effectiveness of the registration statement, 20,000 founder shares (or 60,000 in the aggregate) to the director nominees (Michael Leitner, Keith Masback, and Beth Michelson), at the price of $0.003 per share. The Company accounted for the transfer of founder shares to ArgoSat and the director nominees in accordance with ASC 718, “Stock Based Compensation”. The transfer of the 500,000 founder shares to ArgoSat includes a performance condition that requires Richard C. Davis and Dr. Graeme Shaw to be officers or directors at the time the Company completes an initial business combination. As a result of such performance condition, the fair value of the 500,000 founder shares will be recognized once the performance condition is deemed probable, which is upon the completion of the Company’s initial Business Combination. The Company recognized the transfer of the 60,000 founder shares to the director nominees as compensation costs at grant date fair value upon the consummation of the Initial Public Offering in a statement of operations.

The fair value of the 500,000 Class B ordinary shares transferred to ArgoSat was determined to have a grant date of July 17, 2026 and a fair value of $290,000, or $0.58 per share. The fair value of the 60,000 Class B ordinary shares transferred to the directors was determined to have a grant date of August 17, 2026 and a fair value of approximately $43,600, or approximately $0.73 per share. The fair value of the Class B ordinary shares was determined by applying a discount for lack of marketability to the underlying stock price of a Class A ordinary share, adjusted for the estimated probability of a successful initial Business Combination. The following table presents the quantitative information regarding market assumptions used in the valuation of the Class B ordinary shares:

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	July 17, 2026			August 17, 2026
Estimated volatility		35.00	%		37.50	%
Risk-free rate		4.11	%		4.12	%
Time to expiration (years)		2.50			2.26
Probability of IPO		85.00	%		100.00	%
Discount for expected forfeiture		70.00	%		70.00	%

Promissory Note — Related Party

The Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering (the “Promissory Note”). The Promissory Note is non-interest bearing, unsecured and due at the earlier of (i) the closing of the Initial Public Offering or (ii) the date which the Company determines not to proceed with the Initial Public Offering. The Promissory Note was repaid out of the offering proceeds that have been allocated to the payment of offering expenses. As of June 30, 2026, the Company had borrowed $37,597, under the Promissory Note. On August 21, 2026, the Company repaid the Sponsor in full. Following the closing of the Company’s Initial Public Offering, the Promissory Note is no longer available for drawn down.

Administrative Services Agreement

On August 21, 2026, the Company assigned the Administrative Services Agreement with the Sponsor to Samara Capital Advisors, LLC (“SCA”).

Consulting Agreement

Related Party Loans

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. No unaudited quarterly operating data is included in this Quarterly Report as we have not conducted any operations to date.

Registration Rights

The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of an initial Business Combination. Notwithstanding anything to the contrary, CCM may only make a demand on one occasion and only during the five-year period beginning on the effective date of the registration statement. In addition, CCM may participate in a piggyback registration only during the seven-year period beginning on the effective date of the registration statement of which this prospectus forms a part. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriter was paid a cash underwriting discount of 2.00% of the gross proceeds of the units offered in the Initial Public Offering, or $4,000,000 in the aggregate. The underwriter used $2,000,000 of such funds to purchase from the Company 200,000 Private Units at $10.00 per Unit. Additionally, the underwriter is entitled to a deferred underwriting discount of 4.00% of the gross proceeds of the Initial Public Offering held in the Trust Account, or $8,000,000 in the aggregate. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, based on the percentage of funds remaining in the Trust Account after redemptions of public shares. For purposes of this calculation, funds remaining in the Trust Account exclude any capital sourced by the Company’s initial shareholders or their affiliates and any amounts remaining in the Trust Account pursuant to forward purchase agreements, non-redemption agreements, backstop agreements, or similar arrangements or incentives provided to shareholders not to redeem.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting estimates as of June 30, 2026.

Recent Accounting Standards

Refer to Note 2 – Significant Accounting Policies in the Notes to the Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including our Certifying Officers, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of our management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of June 30, 2026.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Controls Over Financial Reporting

This Quarterly Report does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

To the knowledge of our management, there is no material litigation, arbitration or governmental proceeding currently pending against us, any of our officers or directors in their capacity as such or against any of our property.

Item 1A. Risk Factors.

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our Final Prospectus, filed with the SEC on August 18, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Final Prospectus. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On August 19, 2026, the Company consummated the Initial Public Offering of 20,000,000 Units generating gross proceeds of $200,000,000. Each Unit consists of one Public Share, and one-half of one Public Warrant. The securities sold in the Initial Public Offering were registered under the Securities Act on registration statement on Form S-1 (No. 333-297706). The SEC declared the registration statement effective on August 17, 2026.

Simultaneously with the\nclosing of the Initial Public Offering, the Company consummated the sale of 650,000 Private Units at a price of $10.00 per Private Unit,\nin a private placement to the Company’s Sponsor and certain underwriters, including Cohen & Company Capital Markets, a division\nof Cohen & Company Securities, LLC (“CCM”), and Clear Street LLC (“Clear Street”), generating gross proceeds\nof $6,500,000. Each Private Unit consists of one Private Placement Share and one-half of one Private Placement Warrant.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers during the Quarter Ended June 30, 2026

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

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

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Exhibit No.		Description
31.1*		Certification of the Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of the Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of the Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of the Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		XBRL Instance Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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

*	Filed herewith
**	Furnished herewith

SIGNATURES

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

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	Karman Line Acquisition Corp.

October 1, 2026	By:	/s/ Richard Davis
		Name:	Richard Davis
		Title:	Chief Executive Officer

October 1, 2026	By:	/s/ Vikas Mittal
		Name:	Vikas Mittal
		Title:	Chief Financial Officer

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