This is a Special Purpose Acquisition Company (SPAC) — a blank check company with no operations, no revenue, or products. The SPAC raised $60M in its September 2024 IPO, with proceeds held in trust invested in U.S. government securities. Its sole purpose is to acquire a private company through a merger or similar transaction. The SPAC is focused on targets in Asia and has already signed a merger agreement with Mango Financial Group, a Cayman Islands company and parent of Mango Financial, a financial services firm affiliated with North Water Investment Group. The deal was signed in July 2025 but has not yet closed. The SPAC's sponsors — CEO Yawei Cao and Cayson Holding LP — acquired 1,725,000 founder shares for $25,000 total before the IPO; if the deal closes, these shares convert to full equity in the post-merger company. Public shareholders bought units at $10 each and retain the right to redeem at roughly trust value per share (~$10.87) if they choose not to participate in the acquisition. At an extraordinary general meeting in March 2026, shareholders approved monthly extensions through March 2027 to close the deal, funded by $125,000/month sponsor loans. At that meeting, holders of roughly 42% of IPO shares redeemed, materially reducing the trust. Mango Financial agreed to lend the SPAC $750,000 to fund these extensions, repayable upon deal close.