HSPOF — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• On April 20, 2026, we held an extraordinary general meeting in lieu of an annual meeting of shareholders (the “2026 Shareholder Meeting”), where the shareholders of the Company approved certain proposals, including, among others, the proposals to amend Articles 48.7 and 48.8 of the Company’s amended…

• On January 26, 2026, the Company issued one unsecured promissory note in the principal amount of $300,000 to the Sponsor (the “Sponsor Working Capital Note”). The proceeds of the Sponsor Working Capital Note, which may be drawn down from time to time until the Company consummates its initial busines…

• The Sponsor Working Capital Note bear no interest and are payable in full upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company (the “Maturity Date”). The following shall constitute an event of default: (i) a fai…

• The payees of the Sponsor Working Capital Note have the right, but not the obligation, to convert the Sponsor Working Capital Note, in whole or in part, respectively, into private units (the “Conversion Units”) of the Company, each consisting of one Ordinary Share, one warrant, and one right to rece…

• We have neither engaged in any operations nor generated any revenues to date. Our activities from inception through March 31, 2026 involved mainly searching for a suitable target for our initial business combination. There has been no significant change in our financial or trading position and no ma…

Text removed vs the prior filing · source: 10-Q · 2025-11-26

• On October 27, 2025, we held an extraordinary general meeting in lieu of an annual meeting of shareholders (the “2025 Shareholder Meeting”), where the shareholders of the Company approved certain proposals, including, among others, the proposals to amend Articles 48.7 and 48.8 of the Company’s amend…

• Effective October 3, 2025, the Company and Squirrel Enlivened Technology Co., Ltd, a Cayman Islands exempted company (“Squirrel HoldCo”) entered into a termination agreement (the “Termination Agreement”), which provides for the termination of the business combination agreement dated September 16, 20…

• The termination was by mutual agreement of the Company and Squirrel HoldCo pursuant to Section 10.1(a) of the Business Combination Agreement and no termination fee or other payment is due to either party from the other as a result of the termination. The effect of the termination of the Business Com…

• As of the date hereof, we have not selected any other target business for our initial business combination.

• On September 29, 2025, the Company entered into an amendment to the underwriting agreement dated as of December 21, 2022 (the “UA Amendment”) with Network 1 Financial Securities, Inc. (“Network 1”), the representative of several underwriters of the IPO.

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Insufficient segregation of duties due to limited personnel, resulting in inadequate independent oversight;

• Lack of effective management review controls over work performed by third-party consultants, which did not detect misstatements on a timely basis; and

• Deficiencies in period-end close procedures, including inadequate controls over expense accruals and cut-off, resulting in unrecorded liabilities.

• The Company has implemented certain changes in its internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) to remediate the material weaknesses identified in March for the three months ended March 31, 2026. These remediation efforts included:

• Addressing inadequate segregation of duties due to limited personnel by appointing a dedicated Chief Financial Officer or strengthening Board-level oversight, and enhancing the overall control environment through improved policies and procedures;

Text removed vs the prior filing · source: 10-Q · 2025-11-26

• Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communic…

• There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.